General Discussion

Recursion

(56,582 posts) Sun Jun 30, 2019, 11:30 AM Jun 2019

Why is nobody talking about a student loan repayment boycott?

Debt boycotts have a very long history of working; I'm surprised there's been no push for this at least that I'm hearing:

Americans have $1.2 trillion or so of debt that is either owned or guaranteed by the Federal government. As the saying goes, "if you owe your banker $100,000, you have a big problem. If you owe him $1 trillion, he has a big problem." Why hasn't anybody been laying the groundwork for a massive student loan repayment boycott?

8 replies

= new reply since forum marked as read

Highlight:

Why is nobody talking about a student loan repayment boycott? (Original Post) Recursion Jun 2019 OP

How would that work ? Don't pay your loans and get screwed by the government ? CentralMass Jun 2019 #1

Most collective action has costs, yes. But there's a reason Recursion Jun 2019 #2

That is because federal loan borrowers can use Income Based Repayment. Opel_Justwax Jun 2019 #3

That's what I'm almost done with Recursion Jun 2019 #4

In the interim, love your menial jobs, as no one will give you loans or hire you after credit check. TheBlackAdder Jun 2019 #5

That was my first thought also. I know I zealously guard justhanginon Jun 2019 #6

because some ppl believe the quaint notion that if you borrow $$ you should pay it back? nt msongs Jun 2019 #7

A common misunderstanding Recursion Jun 2019 #8

CentralMass

(15,265 posts)

1. How would that work ? Don't pay your loans and get screwed by the government ?

Reply to Recursion (Original post)

Sun Jun 30, 2019, 11:35 AM

Jun 2019

Recursion

(56,582 posts)

2. Most collective action has costs, yes. But there's a reason

Reply to CentralMass (Reply #1)

Sun Jun 30, 2019, 11:38 AM

Jun 2019

that they almost never garnish wages for student loans: it's not worth it to them. And ironically as the economy moves to everybody being a 1099 they can't garnish those payments.

Opel_Justwax

(230 posts)

3. That is because federal loan borrowers can use Income Based Repayment.

Reply to Recursion (Original post)

Sun Jun 30, 2019, 11:55 AM

Jun 2019

For 25 years then have the loan written off.

Recursion

(56,582 posts)

4. That's what I'm almost done with

Reply to Opel_Justwax (Reply #3)

Sun Jun 30, 2019, 11:56 AM

Jun 2019

It's really more equity than debt, I guess.

TheBlackAdder

(28,225 posts)

5. In the interim, love your menial jobs, as no one will give you loans or hire you after credit check.

Reply to Opel_Justwax (Reply #3)

Sun Jun 30, 2019, 12:02 PM

Jun 2019

.

Whoever is trying to start this boycott is a fucking moron, since there is no way to really see who participates.

.

justhanginon

(3,290 posts)

6. That was my first thought also. I know I zealously guard

Reply to TheBlackAdder (Reply #5)

Sun Jun 30, 2019, 12:24 PM

Jun 2019

my credit score and I am not sure but it probably takes quite a while to recover your score if it is in the toilet no matter how high minded the reason may seem at the moment. Yeah, dumb idea.

msongs

(67,459 posts)

7. because some ppl believe the quaint notion that if you borrow $$ you should pay it back? nt

Reply to Recursion (Original post)

Sun Jun 30, 2019, 01:57 PM

Jun 2019

Recursion

(56,582 posts)

8. A common misunderstanding

Reply to msongs (Reply #7)

Sun Jun 30, 2019, 03:00 PM

Jun 2019

A contract is not an agreement to do the thing contracted, but rather an agreement to accept the breach penalty if the thing is not done.

Businesses strategically breach contracts all the time. People should treat their finances like a business.

Reply to this discussion