My kids were hyper aware out of high school of the burden of student loan debt and refused to sign on any federal loans. I’m proud they graduated college without debt… they did it sacrificing party time with work time, but they are financially better off because of it.
So many kids now have learned that signing paperwork can mean financial ruin that can’t be bankrupted.
That’s a good thing.
All I know is that if IDR is killed off, I’ll have to go into bankruptcy as i don’t have enough for groceries for my family as is. I know the likelihood of getting the stident debt is next to impossible, but i might be able to afford that payment if my cc debt is killed off ($40k) but would still have mortgage, car payment, roof loan payment, and my private student loans as well. I’m just pretty much tapped out. Probably worth more dead than alive, though I’m the bread winner.
You shouldn’t assume you know things you’ve not done before. Student loan relief through bankruptcy is not ‘next to impossible’. Since the new guidelines were drafted for judges about 98% of student debt holders seeking bankruptcy had some or all of their loans discharged.
You should also be aware that not all studen loan debt is equal. The higher requirements for discharge only apply to loans for tuiton specifically. If you got extra in your loans for computers, car, room, board, etc, then those amounts are treated like any other unsecured debt during bankruptcy.
There are articles/guidelines/worksheets that you can find on the Dept of Education and the Consumer Financial Protection Bureau websites to help you get a good idea of how your specific situation is likely to turn out.
There will be a lot of bankruptcies and I can’t see how that benefits the corporations that are expecting loan repayments. It seems like they lose either way, so maybe we should have let them lose without fucking over so many other people.
LOL. The absurdity at this rate…
Election promises mean nothing when they all (ALL OF THEM) are in the pockets of the evil rich
Republicans are the only reason this promise wasn’t fulfilled. Biden has been trying again and again to get this through.
“The bad cop is the only reason we’re in this mess. The good cop has been honest and reassuring us that they’re trying their hardest to ensure we get treated fairly.”
I’m so sick of our financial wellbeing being a pawn for these political asshats to play with…
My loan repayment period was supposed to end in June of this year as part of the service workers repayment plan. I wasn’t even on the SAVE plan and my account has been put into some sort of weird limbo because of all this stupid garbage. My servicer won’t even touch my account. They just keep extending the forbearance on it every time a new judge steps in.
Now Trump’s gonna step in yet again and fuck us all even more…
