I'm so glad that I got a surprise letter in January of 2024 stating that the Biden SAVE program had forgiven my entire $320,000 worth of student loans. I had originally borrowed $150k.
this post was submitted on 18 Mar 2025
470 points (100.0% liked)
A Boring Dystopia
11353 readers
1663 users here now
Pictures, Videos, Articles showing just how boring it is to live in a dystopic society, or with signs of a dystopic society.
Rules (Subject to Change)
--Be a Decent Human Being
--Posting news articles: include the source name and exact title from article in your post title
--If a picture is just a screenshot of an article, link the article
--If a video's content isn't clear from title, write a short summary so people know what it's about.
--Posts must have something to do with the topic
--Zero tolerance for Racism/Sexism/Ableism/etc.
--No NSFW content
--Abide by the rules of lemmy.world
founded 2 years ago
MODERATORS
Wait, was that all fucking interest???
Also for 150k you better be a fucking doctor, mate.
This isn't uncommon, there are deferral programs for student loans but these typically come with compounding interest (basically, your payments are covered each month by an additional loan which gets added to the principle).
Crashing the stock market may be the plan here. Follow me on this ...
Crashing the market and removing 20 to 30 percent of value.
Then at the low point invest heavily into the DOW.
Now support the market and get it back to previous levels.
Fucking rich fucks just made 30% in 1 to 2 years on that investment.
Hey now you're forgetting that they're also going short on everything and making money on the fucking way down too!
Crashing the economy is the point, isn't it. Every crash the richest few scoop up the assets and the peasants (most of Americans) settle for working for whatever scraps they can manage.
What is the economy and the stock market except a perpetual bubble built on debt, as we lower rates and do QE to encourage people to borrow, in order to derive consumption via the wealth effect created by the cantillon effect?
The last crisis the housing bubble was created because housing was useful as a liquidity sponge, as we can gatekeep an inelastic good behind a wall of debt to create a wealth effect so people consumed more.
This all seems to me by design, inherent in the system, which project 2025 seemed to be fighting against. For instance they want a cap on money creation of something like 3%, which means a lot smaller bubble. Maybe they do want less froth before they flip that switch, assuming it is their plan.
I'd replace collecting food stamps for collecting heads.
I am reminded again of how we need to organized. A few people here or there defaulting on loans or refusing to pay won't make a difference. A lot of people not paying, but not talking to each other, is kind of a wild card. But if you and fifty thousand of your closest friends went to DC together to tell your reps this is unacceptable, and if they want to sleep at night it will change, maybe we'd see change.
But organizing is really hard and I don't know how to go about it effectively.
this story is actually insane.
Just don't pay. Debt-strikes are far more damaging than a work-stoppage.
This works great up until the point where a collection agency comes for your property and/or credit rating. I'm not saying don't strike, but do it with full knowledge there may be repercussions.
load more comments
(23 replies)
An rendition of Trump's Greater Depression:
My only hope is that America slingshots back to Roosevelt era policies. Wild that this exact shit happened and what saved us? Oh social programs and high tax rates on the wealthy.
Don't pay. Debt strike.
Quick numbers for those reading:
- Overall debt grew by $93 billion in the last three months of 2024 -- and about half of that increase was new credit card debt.
- Americans' total credit card balances now stand at a record-high $1.21 trillion.
- Americans hold nearly $1.7 trillion in auto loan debt.
- Americans' total household debt is $18.04 trillion -- including credit cards, mortgages, auto loans and student loans
STUDENT DEBT:
- Americans hold $1.62 trillion in student debt.
- Missed federal student loan payments were not reported to credit bureaus between 2020Q2 and 2024Q3.
- Consequently, less than % of aggregate student debt was reported 90+ days delinquent or in default in 2024Q4.
- Missed federal student loan payments will likely begin appearing on reports beginning in 2025Q1.
Here’s the report: House Hold Debt and Credit: Q4 2024 (published 2025 by Federal Reserve Bank of New York)
$5000? …A month? A sudden rate increase 10 times the agreed amount? This smells like rage bait. We are not in post-World War I, Germany, yet.
You are post world war germany. Namely 1933. Wake up.
My partner was eligible for ~$750 per month repayments under a Biden era plan that Trump scrapped. They now have to pay ~$4300 per month. The headline isn't far off.
I mean... There's a full article explaining the cause for the increases, it's not like there's no reasoning provided.
load more comments
(5 replies)
load more comments
(1 replies)
With no DOE employees to process defaults?
Nobody should be paying a red cent.
If your choice is draining your entire bank account to the point you can't afford to live or suffering a credit score penalty, then the credit score should be sacrificed.
"but they can..."
Stop. Nothing they can do is worse than starving. Don't pay them. Use your money for your own needs.
load more comments
(25 replies)
view more: next ›