(02-07-2021, 02:04 PM)NYC4jags Wrote:

(02-07-2021, 01:29 PM)wrong_box Wrote: I feel that there will always be some kind of Social Security. I think they will eventually do away with SS but replace it with something else. Something I havent seen anyone mention yet, is SS is not just retirement, it's also disability SSI and SSD. So if some of these people are excluded from SS retirement, are they excluded from SSI and SSD as well?

I'm 54 so I'm old school...these people made the decision to take out the loan and they should be forced to pay it back. Garnish their wages, take their tax return, place liens on their property (if they own any). Take it back just as they take Child Support.

That being said, colleges should be held accountable for the incredibly expensive "education" they provide along with these Bull [BLEEP] degrees that there are no damn jobs for.

I kind-of look at SS the way I look at my union pension fund which is in critical status after they invested w/ Bernie Madoff. 

I'll get something - but it probably ain't gonna be what they owe me. 

I also believe that reducing the price of education and zero interest/very low interest loans are a much better way to deal with student loan debt than outright forgiveness.

I hear ya about your Union Pension...They did the same thing in my Union... Some of us are still grandfathered in with a pension, but it's capped, and they replaced it with a 401k which the employer contributes .75 for every regular hour we work. It used to be every hour including OT but we have unlimited overtime so they stopped contributions on OT hours. I agree the price of education is too high.

(02-07-2021, 03:14 PM)flsprtsgod Wrote:

(02-07-2021, 01:29 PM)wrong_box Wrote: I feel that there will always be some kind of Social Security. I think they will eventually do away with SS but replace it with something else. Something I havent seen anyone mention yet, is SS is not just retirement, it's also disability SSI and SSD. So if some of these people are excluded from SS retirement, are they excluded from SSI and SSD as well?

I'm 54 so I'm old school...these people made the decision to take out the loan and they should be forced to pay it back. Garnish their wages, take their tax return, place liens on their property (if they own any). Take it back just as they take Child Support.

That being said, colleges should be held accountable for the incredibly expensive "education" they provide along with these Bull [BLEEP] degrees that there are no damn jobs for.

If you were in the position of facing that kind of punitive action with any other loan you could declare bankruptcy and legally have yourself out of that jam in seven years. Student loans are not dischargeable that way, another link in the unbreakable chain of debt slavery for a good many of these people. The simple fact that mandates some action on this is that money that cannot be paid back simply will not be paid back. Either deal with it now and reform the whole system or deal with it later when the whole economy crashes because of the deficit, but one way or the other we will have to deal with that fact.



Actually student loans can be discharged in bankruptcy...If you have a Government backed student loan, no UNLESS you refinance the loan through a company such as Fedloan which actually buys your government backed loan and pays it off, and then they issue you a new loan on the remaining portion. Once they pay the original loan off with the original loan provider, the government backing is no longer in place because the original loan is paid off in full and you now have a loan with a little higher interest and monthly payment but no government backing. My former father in law is a bankruptcy lawyer and tried to get my now ex wife and I to file bankruptcy prior to our divorce and he recommends people to refinance their student loans so they can be discharged in Bankruptcy... IDK if it works with chapter 7 but it does with Chapter 13. The key to making it work, is finding a company that actually buys the government backed loan in full by paying it off... 

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(02-07-2021, 02:04 PM)NYC4jags Wrote: I kind-of look at SS the way I look at my union pension fund which is in critical status after they invested w/ Bernie Madoff. 

I'll get something - but it probably ain't gonna be what they owe me. 

I also believe that reducing the price of education and zero interest/very low interest loans are a much better way to deal with student loan debt than outright forgiveness.

Unfortunately playing the interest game doesn't really do anything to curb the increasing costs associated with an education.

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