Non-millenial here, also watching my payments skyrocket by 440%. Can’t get loans with my excellent credit score because my debt to income ratio is super high. At this point it would cost me less to tank my credit, go into default, and be garnished since my credit score is meaningless anyway.
And the kicker is that in the 10 years that I have paid, my principal balance has not decreased at all.
Oh, and the real treat? Since the Federal injunction, I can’t recertify my repayment information, which means I lost all progress towards loan forgiveness.
As I understand things from my own reading, Student Loans typically can’t be discharged with bankruptcy, and they start garnishing your wages eventually if you don’t pay voluntarily.
Short of keeping all your money in cash and living off the grid in a hovel not worth the trouble for the bank to foreclose on, I think I’m pretty much fucked.
You can’t “not pay”, but a million people can “not pay”. You all need to get organised. These student loans are ridiculous, debilitating, crippling maybe even killing.
They will garnish any wages that they can. Not to mention the late fees that are added to your principal (and interest is charged) each month you don’t pay.
Holy shit!! I won the birth lottery be being born in Norway, and I watch Last week tonight with John Oliver weekly, read the news about what’s happening around the world, to be informed, listen to Behind the Bastards, Lemmy, local news etc., so I feel pretty informed. However, 440% increase? And the other commentary who’s paid for 10 years with no decrease - what in the actual fuck???
There are SO many property owners who could not keep their house with a 5% increase on their house loan (article from COVID years), and I remember reading about people going to the news complaining that they had to cancel one of their streaming services, and others who maybe had to sell ONE of their two cabins.
450%‽‽‽‽‽‽‽‽‽‽‽ Why have people not revolted? How can you still be complacent? I’m so sorry to hear about this happening.
Yeah they talk like there’s a massive number of dangerous criminals who want nothing more than to kill cops out of pure evil and desire for chaos that are just hiding among the everyday population. I’ve had cops refuse to respect that I’m panicking during a traffic stop because I have an anxiety disorder and just keep asking with increasing intensity why I’m scared. And like I’m not going to tell them it’s because an armed lunatic is asking me why I’m scared.
And the other commentary who’s paid for 10 years with no decrease - what in the actual fuck???
Not to justify, just explain: That person likely only ever paid the bare minimum to cover interest. It’s like when you have a credit card. You can make interest-only payments, or you can pay more to start clearing the actual debt.
There are SO many property owners who could not keep their house with a 5% increase on their house loan
But it’s not a 5 percent increase, it’s a five percentage point increase on the interest.
I’ll take a loan calculator with typical Estonian values for an apartment, not a detached house, bought before the Ukraine war with the standard margin + euribor interest scheme.
250k @ 15% down, 30 years, 1.7% base interest + 6 months euribor. Euribor was 0, so we input that into the calculator. Monthly payment is 754 euros. About the same as rent for a decent 3 bedroom apartment, so not a bad deal, right? At least you get to keep it at the end of the 30 years, plus Euribor has been 0% for like a decade, it’s never going to go up. Well, now Putin attacked Ukraine and it triggers raised interests because they’ve already been too low and inflation has been too high. Over the course of the next ~2 years, Euribor goes up to 4%. Now your interest has gone from 1.7% to 5.7% annually, with the euribor part being updated every 6 months. And the payment? 754 euros monthly to 1233 euros monthly. If you’re making 2500 euros neto, 754 euros for a mortgage isn’t a bad deal, but 1233 euros as the prices on absolutely everything is going up 2-3x? Suddenly it’s a lot less affordable, at least if you have a family and such. For a single person it would still be doable.
Same. Born in Belgium and I had to pay less than 1000 € for a full academic year at the University. The quality of education is good. I got a decent job, correctly paid. I did not had any debt when I started my career. What more did you get in the USA ?
I would be depressed as hell to be in the shoes of that guy who claimed above that he paid only the interests of his student debt, after ten years of reimbursement.
Funny you think the higher price tag gets us anything more. I spent 60k to get my degree, and graduated into a recession where I couldn’t get a job flipping burgers. I’ve been on income-based payments for my student loans ever since and have never paid even the full amount of interest for one period because of my income. So now I owe 10k more than I graduated with, and km homeless and unemployed cause I’m overqualified for anything entry and don’t have the experience for things that need a degree. Yay for the American dream.
Non-millenial here, also watching my payments skyrocket by 440%. Can’t get loans with my excellent credit score because my debt to income ratio is super high. At this point it would cost me less to tank my credit, go into default, and be garnished since my credit score is meaningless anyway.
299.56% for me.
And the kicker is that in the 10 years that I have paid, my principal balance has not decreased at all.
Oh, and the real treat? Since the Federal injunction, I can’t recertify my repayment information, which means I lost all progress towards loan forgiveness.
I am fucking livid.
When the game is that tilted against you, when do you just stop playing? You’re literally getting nowhere playing by the rules.
I wonder how that plays out though. What’s the punishment for non-payment?
As I understand things from my own reading, Student Loans typically can’t be discharged with bankruptcy, and they start garnishing your wages eventually if you don’t pay voluntarily.
Short of keeping all your money in cash and living off the grid in a hovel not worth the trouble for the bank to foreclose on, I think I’m pretty much fucked.
You can’t “not pay”, but a million people can “not pay”. You all need to get organised. These student loans are ridiculous, debilitating, crippling maybe even killing.
It is killing people. It’s social murder.
They will garnish any wages that they can. Not to mention the late fees that are added to your principal (and interest is charged) each month you don’t pay.
They will almost certainly change the rules once the injunction finalizes. Call your representative and tell them what’s going on.
Good thought, and I absolutely have.
Holy shit!! I won the birth lottery be being born in Norway, and I watch Last week tonight with John Oliver weekly, read the news about what’s happening around the world, to be informed, listen to Behind the Bastards, Lemmy, local news etc., so I feel pretty informed. However, 440% increase? And the other commentary who’s paid for 10 years with no decrease - what in the actual fuck???
There are SO many property owners who could not keep their house with a 5% increase on their house loan (article from COVID years), and I remember reading about people going to the news complaining that they had to cancel one of their streaming services, and others who maybe had to sell ONE of their two cabins.
450%‽‽‽‽‽‽‽‽‽‽‽ Why have people not revolted? How can you still be complacent? I’m so sorry to hear about this happening.
Our cops will fucking kill us
deleted by creator
Yeah they talk like there’s a massive number of dangerous criminals who want nothing more than to kill cops out of pure evil and desire for chaos that are just hiding among the everyday population. I’ve had cops refuse to respect that I’m panicking during a traffic stop because I have an anxiety disorder and just keep asking with increasing intensity why I’m scared. And like I’m not going to tell them it’s because an armed lunatic is asking me why I’m scared.
Not to justify, just explain: That person likely only ever paid the bare minimum to cover interest. It’s like when you have a credit card. You can make interest-only payments, or you can pay more to start clearing the actual debt.
But it’s not a 5 percent increase, it’s a five percentage point increase on the interest.
I’ll take a loan calculator with typical Estonian values for an apartment, not a detached house, bought before the Ukraine war with the standard margin + euribor interest scheme.
250k @ 15% down, 30 years, 1.7% base interest + 6 months euribor. Euribor was 0, so we input that into the calculator. Monthly payment is 754 euros. About the same as rent for a decent 3 bedroom apartment, so not a bad deal, right? At least you get to keep it at the end of the 30 years, plus Euribor has been 0% for like a decade, it’s never going to go up. Well, now Putin attacked Ukraine and it triggers raised interests because they’ve already been too low and inflation has been too high. Over the course of the next ~2 years, Euribor goes up to 4%. Now your interest has gone from 1.7% to 5.7% annually, with the euribor part being updated every 6 months. And the payment? 754 euros monthly to 1233 euros monthly. If you’re making 2500 euros neto, 754 euros for a mortgage isn’t a bad deal, but 1233 euros as the prices on absolutely everything is going up 2-3x? Suddenly it’s a lot less affordable, at least if you have a family and such. For a single person it would still be doable.
Same. Born in Belgium and I had to pay less than 1000 € for a full academic year at the University. The quality of education is good. I got a decent job, correctly paid. I did not had any debt when I started my career. What more did you get in the USA ? I would be depressed as hell to be in the shoes of that guy who claimed above that he paid only the interests of his student debt, after ten years of reimbursement.
Funny you think the higher price tag gets us anything more. I spent 60k to get my degree, and graduated into a recession where I couldn’t get a job flipping burgers. I’ve been on income-based payments for my student loans ever since and have never paid even the full amount of interest for one period because of my income. So now I owe 10k more than I graduated with, and km homeless and unemployed cause I’m overqualified for anything entry and don’t have the experience for things that need a degree. Yay for the American dream.
Because apparently they won’t start collecting those new prices until December?