Current Events > Bloomberg wants to take your student loan payments out of your paycheck.

(+) Yeah! (+)

http://inthesetimes.com/article/22319/bloomberg-education-plan-student-debt-paycheck-repayment-strike


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he would place all student debtors in an income-driven repayment plan so that payments are taken directly from borrowers paychecks.

This is completely reasonable. You borrow money, you pay it back.

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DifferentialEquation posted...

he would place all student debtors in an income-driven repayment plan so that payments are taken directly from borrowers paychecks.

This is completely reasonable. You borrow money, you pay it back.

Tell that to the government. Several Trillion in debt and continually going up XFD

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no different than bernie's free college plan

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DifferentialEquation posted...

he would place all student debtors in an income-driven repayment plan so that payments are taken directly from borrowers paychecks.

This is completely reasonable. You borrow money, you pay it back.

Sure man. Why not have all bills be forcefully taken out of your check?

Sure my kids gotta eat but not before I FUCKING PAY THAT CABLE BILL.
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DifferentialEquation posted...

he would place all student debtors in an income-driven repayment plan so that payments are taken directly from borrowers paychecks.

This is completely reasonable. You borrow money, you pay it back.

It's my right as an American to make late payments. <_<

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DifferentialEquation posted...

you borrow money, you pay it back.

HOW DARE YOU

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>Colleges charge 700 dollars for an outdated textbook that you can't resell because the most important part is the electronic key.
>government is ultimately the one collecting the interest on out of control college prices

:thinkingemoji:

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Bloomberg can take deez nuts

Fuck him
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Good thing he has no chance of winning.

its like everything he says is straight out of a cartoon villains diary

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EffectAndCause posted...

Sure man. Why not have all bills be forcefully taken out of your check?

Sure my kids gotta eat but not before I FUCKING PAY THAT CABLE BILL.

That's a pretty bad example. If someone is so poor that cable is the tipping point between their kids eating or not and chose to keep it, they're a scumbag.
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voldothegr8 posted...

That's a pretty bad example. If someone is so poor that cable is the tipping point between their kids eating or not and chose to keep it, they're a scumbag.

Yup, unexpected financial hardships never happen where we need to choose which bills we pay that month! Let the government FUCKING choose for us!
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_____Cait posted...

Good thing he has no chance of winning.

its like everything he says is straight out of a cartoon villains diary

We said the same thing about Trump.

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I want to know what the other candidates will give me for being college debt free. Warren already laughed at one guy for asking and said nothing. Sort of irks me.

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_____Cait posted...

Good thing he has no chance of winning.

its like everything he says is straight out of a cartoon villains diary

If you think its villainous to be expected to pay back money you borrow, remind me never to lend you anything.

ArchNemo posted...

If you think its villainous to be expected to pay back money you borrow, remind me never to lend you anything.

Full on bro.. some of these people are delusional. They want to sit around all day surfing from class to class, in many cases not even making the grade, and expect everything to be paid for.

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Is this not literally what already happens though? I have acquaintances who have mentioned that their student loans are being paid for out of their own paychecks via wage garnishment.

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_____Cait posted...

Good thing he has no chance of winning.

its like everything he says is straight out of a cartoon villains diary

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Houston posted...

I want to know what the other candidates will give me for being college debt free. Warren already laughed at one guy for asking and said nothing. Sort of irks me.

A society where young professionals are free to pursue risks and innovation without the specter of crushing financial debt.

A more educated populace due to financial concerns no longer being a barrier to college.

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ArchNemo posted...

If you think its villainous to be expected to pay back money you borrow, remind me never to lend you anything.

Spoken like someone who has never had any hardships in life. Your life goes exactly the way you want it to so your expenses are the exact same every month.

I once had a massive kitchen roof leak and my car break down in the same week. $10,000 gone, just like that, through absolutely no fault of my own, just horrible luck and horrible timing.

And while I attempted to recover financially, lesser important bills slid for a while so I could rebuild my life (for example, the least important one, student loan payments).

So yeah, fuck forced bill paying from our paychecks.
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Just shut the hell up and stop voting. You literally hate every candidate that has any chance of winning (insert "muh Andrew Yang tears" here). People born after 1980 hate ever facet of the way our country is run.

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Houston posted...

Full on bro.. some of these people are delusional. They want to sit around all day surfing from class to class, in many cases not even making the grade, and expect everything to be paid for.

Still better than only the rich getting an education.

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EffectAndCause posted...

Spoken like someone who has never had any hardships in life. Your life goes exactly the way you want it to so your expenses are the exact same every month.

I once had a massive kitchen roof leak and my car break down in the same week. $10,000 gone, just like that, through absolutely no fault of my own, just horrible luck and horrible timing.

And while I attempted to recover financially, lesser important bills slid for a while so I could rebuild my life (for example, the least important one, student loan payments).

So yeah, fuck forced bill paying from our paychecks.

No, I just think it's hyperbole to say that having to pay back something you've borrowed is cartoonishly villainous.

ArchNemo posted...

If you think its villainous to be expected to pay back money you borrow, remind me never to lend you anything.

Right, forget that the schools lied and the lenders broke contract. They dont have to follow the contract, only the poor people.

PS, if you have kids, they will get taken advantage of when they go to college, because you allowed this to continue. Thats why this needs to be taken car eof now.

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DifferentialEquation posted...

he would place all student debtors in an income-driven repayment plan so that payments are taken directly from borrowers paychecks.

This is completely reasonable. You borrow money, you pay it back.

Sure but college shouldn't be that expensive.

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AlisLandale posted...

>Colleges charge 700 dollars for an outdated textbook that you can't resell because the most important part is the electronic key.
>government is ultimately the one collecting the interest on out of control college prices

:thinkingemoji:

I use my textbooks more now that I am done my program than when I was in it.

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YonicBoom posted...

Is this not literally what already happens though? I have acquaintances who have mentioned that their student loans are being paid for out of their own paychecks via wage garnishment.

this. i'm not american so i don't know how else you guys do it over there. i have repayments taken out of my payslip, and while it is based on income, it's only about $5 a month i'm paying back. i feel like the people saying they could be put in positions where they won't be able to afford necessities are blowing things out of proportion.

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_____Cait posted...

Good thing he has no chance of winning.

its like everything he says is straight out of a cartoon villains diary

I don't know about that. There are plenty of people who could get suckered in by his barrage of ads.
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TwoDoorPC posted...

this. i'm not american so i don't know how else you guys do it over there. i have repayments taken out of my payslip, and while it is based on income, it's only about $5 a month i'm paying back. i feel like the people saying they could be put in positions where they won't be able to afford necessities are blowing things out of proportion.

Garnishment also usually comes with bad credit. You get garnished for going into default. Your credit crashed when you default. You cant buy big things like cars or houses or event rent some apartments with bad credit,

Bloomberg wants to skip default and just take it out of your paycheck, forcing you to pay it back. You can choose to default and wreck your credit now. You get no choice with Bloombergs plan.

it also begs the question.... What happens if you cant pay?

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M_Live posted...

How does this address the predatory nature of college loans in any way

It encourages it

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M_Live posted...

Higher education costs can easily build up to the tens of thousands of dollars, with interest rates on them being absurd. My GF finished her master's program last year and the place she took the loans from initially wanted like $700 a month from her when she graduated. Nobody is paying $5 a month lol. I've been paying off my loans since like 2013, and I still have like $700 left, never missed a payment or anything, they're just outlandish with the amount of interest they hit you with. I only went to community college.

5 dollars a month can happen with Income Based Repayment, but you need to be near destitute to do that.

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well i'm not destitute, but i'm definitely only paying back $5 a month. i think you're forgetting the detail that i'm not american and you're comparing my repayments to your system

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SauI_Goodman posted...

no different than bernie's free college plan

Except people that didn't go to college or already paid for it wouldhave to pay again under Bernie

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_____Cait posted...

Garnishment also usually comes with bad credit. You get garnished for going into default. Your credit crashed when you default. You cant buy big things like cars or houses or event rent some apartments with bad credit,

Bloomberg wants to skip default and just take it out of your paycheck, forcing you to pay it back. You can choose to default and wreck your credit now. You get no choice with Bloombergs plan.

it also begs the question.... What happens if you cant pay?

Debtors prison, of course.

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What we need to do to stop allowing the government to issue student loans.

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This isn't that radical an idea and is already employed successfully in Australia, the UK, and probably half of europe. They take a percentage based on your income bracket and it can be negotiated on to a degree if you have hardships.

Not a bloomberg fan but it's not that ridiculous intrinsically. The bigger problem here is that student loans in the countries I mentioned are a fraction of what they are over in the USA.

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SocksForWok999 posted...

What we need to do to stop allowing the government to issue student loans.

well, about that.

Devos is also in with the private loan lenders ;)

The rabbit hole goes deep with student loans.

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i wish they'd just let the students default on federal loans

Dat_Cracka_Jax posted...

Except people that didn't go to college or already paid for it wouldhave to pay again under Bernie

excellent point

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TheMikh posted...

i wish they'd just let the students default on federal loans

excellent point

i mean...... You can default. But it leads to garnishment, bad credit, or both.

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DifferentialEquation posted...

he would place all student debtors in an income-driven repayment plan so that payments are taken directly from borrowers paychecks.

This is completely reasonable. You borrow money, you pay it back.

The issue here is with late stage capitalism, costs of higher education have ballooned to ridiculous levels, increasing at rates far higher than the rate of inflation

much like the healthcare industry schooling should be considered a public necessity, especially with automation of lower skilled jobs looming.

the issue should not be making the people who took out loans to pay $60,000 to attend an in state, public university, which is patently ridiculous, it should be working to reduce those costs and making things easier on those who were affected. And note that this is not an issue that affects all Americans. College prices have only gotten completely out of control in the past 15 years or so. That is what we need to fix, not making sure this preyed-upon segment of young Americans pays back their exorbitant debt

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pinky0926 posted...

This isn't that radical an idea and is already employed successfully in Australia, the UK, and probably half of europe. They take a percentage based on your income bracket and it can be negotiated on to a degree if you have hardships.

Not a bloomberg fan but it's not that ridiculous intrinsically. The bigger problem here is that student loans in the countries I mentioned are a fraction of what they are over in the USA.

Don't forget the uneven costs of inflation here in the US, which would make a "means-driven" payment format in reality not that much better than what it is now. Also even though fed interest rates are on the "low" side, it's still placing a burden on debtors who must either pay extra per month to offset it or pay less and not make any significant dents in their total balance over time.

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TheGoldenEel posted...

The issue here is with late stage capitalism, costs of higher education have ballooned to ridiculous levels, increasing at rates far higher than the rate of inflation

Blame the government for backing student loans.


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i have no student loan debt but that is just horribly cruel to proposition

why would anyone trust a billionaire?
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Why is this a bad idea? Seems like a reasonable way to make progress on student loans so you don't end up falling behind on payments

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E32005 posted...

i have no student loan debt but that is just horribly cruel to proposition

why would anyone trust a billionaire?

This is not a cruel policy. What would be cruel is Bernie's policy, i.e. expecting you and others who have avoided or paid back their student loan debt to fund everyone else's fiscal irresponsibility.

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DifferentialEquation posted...

This is not a cruel policy. What would be cruel is Bernie's policy, i.e. expecting you and others who have avoided or paid back their student loan debt to fund everyone else's fiscal irresponsibility.

we fund other things we dont use all the time. its called taxes.
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Romulox28 posted...

Why is this a bad idea? Seems like a reasonable way to make progress on student loans so you don't end up falling behind on payments

Like someone said earlier in this topic, if I have some exorbitant expense that month, student loan payments will take a backseat, I don't get that option if it's taken out.

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pinky0926 posted...

Not a bloomberg fan but it's not that ridiculous intrinsically. The bigger problem here is that student loans in the countries I mentioned are a fraction of what they are over in the USA.

Hence why it's a really bloody stupid plan. It doesn't address the US' problem of exorbitant tuition prices that the government and colleges colluded on to enslave the population in debt.

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