there could be almost 10 million borrowers in default in a few months
That’s not a small amount. That’s fucking with economic outlook levels.
As for their program to “guide” folks to repayment, I mean you might as well tell them that they’re indentured servants at this point. Bully tactics are not going to work in an economy where it does not matter how much or little credit you have.
And I highly doubt this administration has any kinds of plans to gentle get folks back to repayment. I fully expect, “pay your loans or we will make you a slave for the rest of your life” to be their go to solution.
There’s a correct manner to handle this, I expect Trump’s administration to fuck it up every step of the way.
Why do you think things like CFPB are/were being lied about so much? Andreesen sat there and brazenly lied about them.
But the elites hate that there is anything protecting the little guy. They’d much rather have zero regulation and have the parasitic, predatory idle rich class be able to fleece the poor and middle class even harder, and imprison those that cannot repay…
A friend of my parents once invited them to an investment seminar (“free dinner!”), and it turned out to be an investment in a private prison company. Their friend bought in, and was surprised my parents didn’t. It was partially because they are very risk averse, but also because they simply didn’t like the idea of profiting off of human misery.
It could go that direction, or could go toward forcing otherwise unwilling people to join the military through a program that pays off student loans. This program looks pretty limited, but it looks like it has all the linkage to be expanded to be more generally applicable to more people:
College Loan Repayment Program (LRP)
Summary
The Loan Repayment Program (LRP) is a special incentive that the Army offers to highly qualified applicants entering the Army. Under the LRP, the Army will repay part of a Soldier’s qualifying student loans. Only specified Military Occupational Specialties (MOSs) qualify for the LRP.
Benefit Highlights
The Army will repay 33 1/3% of the outstanding principal balance, less taxes of the Soldier’s student loans annually or $1,500, whichever is greater, after each year of service (up to $65,000, less taxes) up to three years total. Loans must not be in default before entering active duty, and during the repayment process
I don’t think so, at least when it comes to US citizens, because deportations would cost them and spark controversy for no benefit. I think they’d prefer to keep these deeply indebted people in the US as indentured servants willing to work for pennies and too poor to engage politically.
That’s not a small amount. That’s fucking with economic outlook levels.
As for their program to “guide” folks to repayment, I mean you might as well tell them that they’re indentured servants at this point. Bully tactics are not going to work in an economy where it does not matter how much or little credit you have.
And I highly doubt this administration has any kinds of plans to gentle get folks back to repayment. I fully expect, “pay your loans or we will make you a slave for the rest of your life” to be their go to solution.
There’s a correct manner to handle this, I expect Trump’s administration to fuck it up every step of the way.
🔥🔱?
Can’t use a trident, that’s lord Neptune’s weapon and directly incompatible with fire.
There didn’t seem to be a normal pitchfork emoji, at least not that I could find. 🤷
How about 🔥🍾
Think deportation could be on the table? Default on your loan and off to El Salvador? There’s no telling with these assholes
Calling it now: Debtor’s prisons are going to be the “next big thing” from private incarceration companies.
I had to do a quick google for a reminder of how they were done away with in the US in the first place… Supreme Court ruled it unconstitutional.
So yeah, I look forward to them coming back.
Why do you think things like CFPB are/were being lied about so much? Andreesen sat there and brazenly lied about them.
But the elites hate that there is anything protecting the little guy. They’d much rather have zero regulation and have the parasitic, predatory idle rich class be able to fleece the poor and middle class even harder, and imprison those that cannot repay…
Best Simpsons line ever:
“Poor people get all the breaks!”
This is some future we’ve built/inherited, huh?
A friend of my parents once invited them to an investment seminar (“free dinner!”), and it turned out to be an investment in a private prison company. Their friend bought in, and was surprised my parents didn’t. It was partially because they are very risk averse, but also because they simply didn’t like the idea of profiting off of human misery.
deleted by creator
What a great way to discourage up-and-coming (other than white) poor people from getting (higher) education. /s
Equate ‘not being able to pay for it outright’ to imprisonment.
Yeah I’m pretty sure that’s by design
It could go that direction, or could go toward forcing otherwise unwilling people to join the military through a program that pays off student loans. This program looks pretty limited, but it looks like it has all the linkage to be expanded to be more generally applicable to more people:
College Loan Repayment Program (LRP)
source
Oh, yeah, I’ve been predicting that for a while now. Low credit ratings will also mark you as a potential criminal.
I don’t think so, at least when it comes to US citizens, because deportations would cost them and spark controversy for no benefit. I think they’d prefer to keep these deeply indebted people in the US as indentured servants willing to work for pennies and too poor to engage politically.
If there’s anything Trump is careful about it’s not sparking controversy for no benefit.
Unfortunately we’ve reached a point where you must add the sarcasm /s to your comment otherwise it cannot be interpreted correctly.
Goddamnit you’re right.
I mean, to keep morale in check maybe? But why would you kill off your own slaves? That’s like burning your own car.