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Started By
Message
re: Student loan defaults trigger paycheck garnishment starting next month
Posted on 12/23/25 at 3:04 pm to stout
Posted on 12/23/25 at 3:04 pm to stout
quote:
If there is no risk of garnishment, how do you expect these loans to be enforced or repaid?
CC companies seem to do fine. Probably because they weigh risks when lending money. Ruined credit is a deterrence for most.
1
Posted on 12/23/25 at 3:04 pm to AwgustaDawg
Or the borrowers could've not taken out loans for college to begin with?
Posted on 12/23/25 at 3:07 pm to ATrillionaire
quote:
CC companies seem to do fine. Probably because they weigh risks when lending money. Ruined credit is a deterrence for most.
Credit card companies will sue and often obtain default judgments, which they can then use to seize property. Damaged credit is not the only consequence of defaulting on a credit card.
Posted on 12/23/25 at 3:08 pm to SoFla Tideroller
quote:
If that pile of drivel removing personal responsibility from the borrower means you'd support the complete elimination of the federal student loan program, then you and I could find some common ground.
Agreed, but for all student loan programs
And the price of college would free fall
Posted on 12/23/25 at 3:09 pm to stout
If you're over 40 and still carrying a student loan balance, you should just be sent to jail.
Posted on 12/23/25 at 3:15 pm to Mingo Was His NameO
quote:
PPP and employee retention credits were two of the biggest scams
PPP was a pile of crap as it was written. I have plenty of friends/associates, small, to medium size business owners, who took advantage. Legally. There was no means testing. You simply reported your expected payroll $$ and they cut you a check. Now these funds were used for payroll. These companies simply converted the funds that would have been for payroll to other purposes.
Now keep in mind these companies, suffered no loss of business during covid, in fact most had great years. They simply used our tax dollars for equipment and plant upgrades.
What a farce.
Posted on 12/23/25 at 3:16 pm to stout
Higher ed is the biggest indoctrination factory of Marxism while also the largest contributor to institutional debt slavism with its insane and crippling tuition costs and fees. So strange how universities don't seem to discuss this with their impressionable young students.
But muh post-capitalism.
But muh post-capitalism.
Posted on 12/23/25 at 3:17 pm to GRTiger
quote:
If you're over 40 and still carrying a student loan balance, you should just be sent to jail
That's like 30% of doctors. You think healthcare is bad now?
This post was edited on 12/23/25 at 3:37 pm
Posted on 12/23/25 at 3:19 pm to Shexter
quote:while the exact opposite is happening
pay decreasing as prices are increasing should be an interesting 2026
Posted on 12/23/25 at 3:19 pm to stout
I really want to be pissed about this, since we hardly garnish for any other debt, but they are the lender, and have already been EXTREMELY accommodating with deferrments for almost any reason. So, meh.
Posted on 12/23/25 at 3:19 pm to stout
This will help with midterms!
Genius!
Genius!
Posted on 12/23/25 at 3:20 pm to stout
quote:
Credit card companies will sue and often obtain default judgments, which they can then use to seize property. Damaged credit is not the only consequence of defaulting on a credit card
How often do they seize property?
Posted on 12/23/25 at 3:21 pm to stout
Good
Posted on 12/23/25 at 3:26 pm to ATrillionaire
quote:
How often do they seize property?
Probably not often, since they are usually second or third in line due to mortgages. However, interest on the judgment continues to accrue, and in Louisiana, the judgment can be renewed after 10 years for an additional 10-year term.
FYI, once a judgment is obtained, creditors can also pursue wage garnishment or levy bank accounts.
Around 70% of credit card defaults result in default judgments.
My point is that you framed damaged credit as the primary deterrent when, in reality, creditors have several enforcement options.
Posted on 12/23/25 at 3:30 pm to stout
quote:
My point is that you framed damaged credit as the primary deterrent when, in reality, creditors have several enforcement options.
It is. Usually when the word "primary" is used, a secondary, etc follows. Not my word, but assumed it was implied.
I'm not against wage garnishment. Money must be repaid. I just hate how we come down so hard on the druggie and say nothing abt the dealer.
Really wish the taxpayer could sue the gov't for misuse of funds.
Posted on 12/23/25 at 3:30 pm to Tangineck
quote:
Good. I paid mine off in less than 4 years by working my arse off.
Agreed. I had to do substitute teaching as a second job to pay off my student loans. This was 2007-12.
People who owe money today act as if 10 to 15 years ago = the Stone Ages. MF-ers are like: "College costed $3.50 per semester back then!"
Posted on 12/23/25 at 3:31 pm to ATrillionaire
quote:
Really wish the taxpayer could sue the gov't for misuse of funds.
Blame the universities, too
Posted on 12/23/25 at 3:33 pm to Teddy Ruxpin
quote:
That's like 30% of doctors.
I bet 30% of doctors these days truly are deadbeat tards.
I only see doctors who received scholarships.
Posted on 12/23/25 at 3:35 pm to Tangineck
quote:
Tangineck
you are such a fricking loser. General studies degree im sure
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