We need a debt jubilee now to help BOTH borrowers and taxpayers.
A non-profit organization dedicated to the eradication of all student loan debt through activism, education, and legislation; because student loan debt is dangerous to the US economy and to the health and well-being of individual Americans and their families. CRYN JOHANNSEN, Founder & Executive Director
7 comments:
For those of us who already paid back our student loans, do we get a refund?
As I state clearly and in-depth in my book, and as I have stated here and in countless articles that can be easily found, the problem is a collective crisis. It affects you even without you realizing it. I presume you are a taxpayer. If you are a taxpayer, then this crisis is hurting you, and at one point the student lenders stole millions and millions and millions of dollars from you, me, and other taxpayers. In addition, the student loan crisis is hurting the overall economy, and that affects you and your family. Unless you have direct ties to the lending industry, then you are not benefiting from it. Quite the opposite. The problem is bigger than YOU. The problem is a collective problem, as I succinctly discuss, again, in my book, on my blog, and in article after article. Americans need to reclaim collective thinking and get away from this individualism - it's hurting us in immeasurable ways.
So basically you are saying that the answer is no to those who have already paid their student loans or paid their tuition straight up.
Yes - as a taxpayer, you are being harmed when borrowers repay their loans to the government. It's all in the book! Apparently.
Wrong. You have clearly no understanding of this systemic crisis. But thanks for trolling!
Trolls: go buy my book to understand my points and stop trolling. You must be paid some pathetic hourly rate by the lenders to continually post the same remarks - so buy the book to read the facts. Thanks!
New defaults are going down and have been for some time. What will always go up is the pool of loans which are in default. This is because, unlike other lenders, the government does not "charge off" debts that default. Chargeoffs are extremely rare with direct and guaranteed federal loans. The current pool of defaulted loans includes loans which entered repayment during the 1980s and 1990s. Once in default, you are in default even if you have reduced the balance to 50 dollars. The only ways out of default are payment in full, rehabilitation, and consolidation. Payment in full can occur voluntarily or involuntarily (wage garnishment and tax refund collection). Thus every quarter the pool of existing defaulted loans will increase, even (for a few years, at least), if new lending were to end tomorrow. That is the life cycle of the federal program. New regulations make it much easier for defaulted borrowers to rehabilitate their loans but unfortunately many of them re-default. With a debt jubilee I think the schools should have to repay some of the funds they benefited by from those loans; I apologize if you have already covered this issue.
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