These fossils still think that Millennials are kids. Bro, my kids are almost in high school, my back hurts, I feel this flesh prison decaying around me. I’m entering the part of my life where I’m traditionally supposed to be the most economically advantaged, and this bullshit is going to basically nuke my generation’s ability to participate in the economy, because we were all told that we need to go to college to have a good life.
At this point I pray for an afterlife so that I actually have a life I can enjoy
I stopped paying mine. It was homelessness or student loans. Fuck em. If they can write off billions of small business loans, they can write off my student loans. Fuck that game.
I agree with you in principle, but they won’t do it and you’re likely going to end up struggling. There are other payment plan options that I encourage you to research before you end up in more debt which you can’t offload. It’s fucked up, I know. And I’m sorry you’re having to decide between a payment or shelter. Obviously shelter comes first. But there might be other options to allow you to have both.
Consider killing a CEO
NO we should all stop paying. If everyone of us who have student loan debt stop paying we crash the system. It needs to burn like Elon dealerships.
My student loans were private, not federal, which actually worked out great when it came to discharging them.
Defaulting on them fucked my credit for a while, but then it left my credit report after 7 years. And my debt to income ratio was so fucked from them anyway that it really didn’t hurt that bad, and it was okay in 7 years, whereas paying double my rent every month would only cover interest and keep going indefinitely.
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.
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.
Why have people not revolted?
Our cops will fucking kill us
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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.
During Trump’s first term I was convinced that he would try to increase revenue from student loans, so I converted mine to a low interest private loan.
Sadly low interest private options are no longer available for those still stuck in the federal student loan system. The administration knows that low interest private loans are no longer an option, and has a captive market to extract revenue from.
Trump has been grooming his supporters to cheer actions taken against the educated. I hope this move alienates millennial and younger college educated Republicans and finally turns them against the administration.
Owning the libs… bah…
Has a different meaning now.
Republicans always crash the economy.
Do Americans not have eyes?
How do they not see this pattern?
Educated people don’t support the regime.
Damn too bad I ain’t paying shit
Can’t get blood from a stone.
Only millennials? Take a look at your own future.
It’s messed up how low my federal student loan interest rates were. I was paying my loans off in the early 2000s and I swear my interest was only like 2%!
All the better to declare himself supreme leader for life so he can “fix everything” and MAGA.
Wasn’t there a story going around about how Harvard is doing tuition free if you make less than $200k or something? lol
