/biz/ - Business & Finance

It’s literally unpoppable due to being undeclarable in bankruptcy, sooo checkmate

Just wait anon, when the democrats vote to wipe all student debt for themselves, all the hardworking/fortunate people who had to actually pay for college will get rekt

>>12770387
Wait, what? So even if you declare bankruptcy, your student debt remain? fucking lmao, the absolute state

>>12770380
So what will happen if people can't pay?

>>12770380

God in heaven. I thank you for that my boomer parents ensured I didn't have student loan debt.

-t 26 y/o doomer with 0 debt.

How can I take out a loan for $100k and then disappear? I already know what to do and where to go, just don't know how to get those Jew bux

>tfw you paid for all of your student debt while working during college
>lived at home and went to a local university so you didn't have to take out an assload of loans
>graduated debt free
>now get hard listening to all my friends stories about their 100k student loan debt that they will pretty much die as a debt slave now as it continues to accumulate interest

The only part is it's impossible to find a mate because most worthwhile women were locked down in HS/College or are now fucked with 100k+ loan debt that I'm not getting myself attached to.

>>12770392
OF course, since students have no income they could trivially declare bankrupcy otherwise.

>>12770410
I know that feel. So many otherwise good women out there with 6 figures of fucking debt.

>>12770380
What people don't realize is that this will significantly depress consumer spending in the long run as too many people have too much debt they can't get out from under.

This will wreck corporate revenues, their bonds will suffer, all that over-leveraged corporate debt IS a massive bubble that WILL pop because of this and I don't think people fully realize how much worse than 2008 that would be.

>>12770387
>implying the companies furnishing the debt can't file bankruptcy
>implying those companies don't offer student loan backed securities
>implying students maintaining minimum payment on their debt for years won't eventually drag the economy to a crawl

>>12770380
i've figured out why the establishment pushes college. it's not even because they make money on the loans. it's because there aren't enough jobs and it's better to keep people chasing a future that doesn't exist than rioting in the streets.

>>12770380
short it

>>12770392
the federal backing of private student loans directly correlates with the skyrocketing price of education for obvious reasons. it's literally a scam. and to top it off these for profit lenders are guaranteed a positive return, there is no risk to them, total bullshit

>>12770461
>implying anyone is paying their loans

It will have no effect because we don't pay it. It's like it's not there.

>>12770380
>linear
No, that's actually perfect. You can sustain linear growth forever, the problem only comes with exponential growth which can only be sustained for a couple of years. Whoever is behind the student loan scam is very clever, this may be the bubble that never gets popped.

Can you buy student loan debt? If you have money to spare this may be the safest investment in financial history. You could easily just bundle up a couple of STEM student debt with shithole liberal arts debt and sell it.

>>12770514
this, I've never paid any of my loan.
I even changed my name and moved out of the country.
If they ever find me, I'll just follow rule number one of being a debtor, never admit that the debt is mine.
Eventually they'll either offer me a deal at pennies on the dollar or it will get lost forever.

They can't repossess my degree and there is no debtors prison.

>>12770514
KEK neither am I

>maxed out student loans in 2013-2014
>didn't even go to school, bought Bitcoin with them
>If I paid off the loans now I would only need to liquidate 0.4% of my BTC holdings
>still not gonna pay em

>>12770409
If you can get like super marketable lots of Latin American countries will take you as a citizen, not every country is a shithole you could probably rule in Argentina with a Computer Science degree from University of Texas and make a fucking LatAm startup, you then have no debt anymore.

>>12770567
they're mad at u for that btw
https://www.forbes.com/sites/zackfriedman/2019/02/13/student-loan-repayment-paycheck/#47d705153499

>>12770598
Hey genius I'm not trying to go to school I just want the money. I already have a country in mind too.

>>12770579
nice larp

>>12770380
Kek. Im one of them

How I short student loans. Is there a CDC sort of thing?

>>12770608
This is already happening in some instances and will be the standard in the near future.

>borrow money and spend it on luxury student apartments and spring break on top of a meme degree
>have to pay it back

Oy vey the fucking jews man!!!

>>12770579
>tfw this coulda been me
Now saving every penny into links will probably never pay my student debt. We shall see

>>12770608
Again, I'm not even in the country bruh.
And I've changed my name.
And they can't dock my income if I keep doing freelance.
And they can't dock my Link Node income.

>>12770660
I know, they're just mad

I love it

>>12770660
>They can’t dock your freelance or link. Tell me how.

>>12770669
Same here broski.
The boomers they could rig the system against us, but when they go to check their pension plans in 2020, they'll find out the Can't Cash Out Meme is too real.

>>12770387
If the debts are absolved by the government the dollar will hyperinflate.

If they aren’t then the economy will crash and there will be mass bankruptcies.

There’s no way out.

>>12770660
Based and redpilled.

>>12770928
Highy doubt forgiving all the loans would result in any significant inflation

>>12770408
I got so lucky too...my parents forced me to take a gap year between ha and college and wouldn’t let me take any loans bigger than combined value of 20k. Payed it all back in a few years and I’m free of that shit. I really dodge a bullet.

https://www.reddit.com/r/studentloandefaulters/

I go to this sub sometimes to have a laugh at ledditors cry over their debt.

>>12770947
somebody somewhere gets the bomb

you get forgiven after 20 years of income based repayment if ypu have any left

>>12770461
Do you really think normies will prioritize paying off their loans over buying a starbucks coffee or the newest gadget?

>>12771132
holy moly that whole site is a golden salt mine.

I have zero student debt from studying in Yurop, and then went on to move to the US with its low taxes. Debt free with a PhD & substantial savings from working while studying, vs local population which is drowning in debt.

Cant wait for literally nothing to happen
doom faggots can cry moar

>>12770649
>luxury apartments and vacations
this is a meme. most people on student loans are just barely surviving and living with roommates etc. cost of living is just insane these days.

>>12771227
no they'll waste most of the income on the interest payments instead, so they have even less of it available

>>12770380
It's not a bubble because you can't default. If you won't pay, we will just garnish your wages.

>>12771283
you can't garnish wages if they're making the minimum payment, and most people go on Income Based Repayment plans, so they are literally making like $30 a month payments on $100k+ loans. great system bro. definitely sustainable.

>>12771244
Now that's how you do it

>>12770410

Marry a Russian

>>12770629
What country? I have the same idea. The only way to realistically take out $100k+ is by going to grad school. (Capped out at $138500). By the time you get to grad school, you can also probably qualify for private student loans thanks to credit score + having a stipend for income.

>>12771298
At that rate, in 12 years, you will owe 200k

>>12771365
and it won't matter, because they'll keep paying based on their income. they will pay $30 a month until they're dead. try to follow along.

>>12770514
>>12770579
wait I (as a non american) though NOT paying your student loans would make you ineligible to get any other loan from financial institutions.
Can you even afford to live the rest of your lives without a credit card?
bizpill me on the effect of not paying sl

Hey /biz/ look at this really nice car I bought on credit. I have snobbish contempt for everybody who doesn't have such an expensive car. Anyway, my problem is I can't afford this car. Can all of you people who don't have a luxury car pay for it for me, please? Oh, one more thing: it's not just me. There are millions of Americans just like me and we all vote.

>The student loan crisis in a nutshell

>>12771480
Yeah except if a young teenager tried to get a loan to buy a sportscar, he would be denied. The same thing should happen to young teenagers taking out loans to buy meme degrees.

>>12770380

> 7 million Americans 90 days behind on car payments

Guys, truly there isn't anything to be worried about.

>>12770387

> being this dumb

Ppl will start running their payments on cc n personal loans, that they can claim in bankruptcy.

Even if they don't do it so direct, spending $100 on a cc to buy food to have that $100 in the bank to go to a payment is still paying your student loan with debt.

You ppl are like really retarded when it comes to economics and human behavior.

>>12771604

>Be creditor
>Debtor pays back the money he owes me
>Make a profit
>Give half a fuck what irresponsible decisions debtor made to pay me

>>12771664

> file for bankruptcy
> tax payers pay for boomers fucked up policies

Not really working when you factor in the end result you dumbass.

>>12770510
Well they aren't guaranteed a return because people could just choose to never pay up.

>>12771448
Earn more than you spend.
Infinite money, duh

What incentive do i have to ever pay back a loan besides the fact that no creditor qould ever loan me money?

What incentives do I have to ever pay back a loan besides the fact that no creditor would ever loan me money? There are zero incentives right? Debt doesn't follow your children around.

How much money should i save up to live in a $10m house?

>>12771604
>$100
You idiot. Do you think CC companies are going to give high credit limits to people with >$100,000 student loan debt?? Unless you’re earning 6 figures, you’d be lucky to get approved for more than $10k cumulative, and those people aren’t going to want to claim bankruptcy lol

>>12771604
So yeah, someone might be able to push 10% of their student loans into bad credit card debt. And declare bankruptcy to get a write off of 10% if their debt? Smart move.

>>12770392
How would the bank repossess a degree? That's why its undeclarable. You took money out and got a degree which cant be used anywhere else or by anyone else.

>>12771448
I guess it could work if you don’t ever want a house or car loan. What % of people who bought into the student loan meme are woke enough to drive a clunker and save to buy a home with cash?

>>12771480
Correct

>>12771566
Correct except a car is a depreciating asset. A degree is not, so far. Lots of people in the medical profession have 6-figure debt but don’t sweat it because they’re banking.

>>12771904
>Debt doesn't follow your children around.

Good goy, we already took counter-measures for that...

>>12770395
They get more interest acrued.

>>12772063

Awww lil baby doesn't know how credit works.

>>12772076

> 10%
> times millions of ppl in debt
> being this self centered

Holy shit anon

>>12770608
>i'm mad because people won't accept indentured servitude into perpetuity
the real problem is the shit's overpriced

>>12772095
They garnish any future wages so they only way to get out is to not make any income for the rest of your life.

>>12772310

Meth.

>>12770629
Well, whatever my advice still works but your idea is shit because you think a country will take you with 130K debt and no marketable skills? Fuck off lol

>>12770380
They could reset everyones interest and try to break even like personally I got 25K in just interest so I would be able to pay mine off in 2 or 3 less years if they'd make me owe what I originally owed.

>>12770380
so car payments and student loan payments aren't coming in?

>>12771604
There is no student loan payment system that accepts credit cards

>>12770408
Payed all 27k or whatever the ridiculous amount was in 2016. Feels good man

w-what will happen to me with 10k debt if the bubble pops??

>>12770514
Absolutely this. I know a guy at work over 100k in loans and he's not a doctor or anything. He's paying the minimum so it will be forgiven in 20 years. Oh and he drives an expensive as fuck truck and nice house. He also gambles a lot

>>12772494
How will the US Gov pay interest to the central bank on all the student loans they handed out to brainlets like yourself?

>>12771372
I think you can get forgiven after 20 years of income based payments. People will just do gig economy jobs and take money under the table.

>>12772704
the students are going to be sold into slavery for nonpayment.

>>12772063
Yes, yes I do. Mainly because I've talked with these people irl. Normies are retarded at thinking about anything past today. They think they deserve new cars every year and iPhones and shit

>>12770380
http://nymag.com/intelligencer/2018/02/lets-cancel-everyones-student-debt-for-the-economys-sake.html?gtm=top&gtm=top

>>12770380
https://www.bloomberg.com/news/articles/2019-02-16/u-s-student-debt-in-serious-delinquency-tops-166-billion

>>12772755
Cool, I always wanted a slave to do my chores.

>>12771365
The debt is forgiven after 20 years. This is where the bubble comes in

>>12770380
My friend's going back to school for video game design because he has no job and has a kid and a wife and both are unemployed. He took out a 20k loan and before he did and wanted to get my opinion, I told him that student debt bubble will crash before he ever has to start repaying that in 4 years, so don't worry about it.

There are literally thousands of people thinking this right now. Anyone that says there isn't going to be a massive crash starting from somewhere with all of this is braindead.

>>12770390
Will not happen
This would be an easy way out

>>12774192
1000 IQ is to max out student loans (federal and private), finish your degree-or even get a PhD to further racking up more.

>leave country

Nothing they can do.

>>12771904
> thinks death can absolve him or his loved ones from student loans

>>12770928
>If they aren’t then the economy will crash and there will be mass bankruptcies.
lol no it won't
fuck dumbasses who paid for useless shit

>>12772633
>There is no student loan payment system that accepts credit cards
lmao what
are you retarded?

>>12770410
>>12770446
>they care about debt and not virginity
lol enjoy your whore wife

>>12772310
>They garnish any future wages so they only way to get out is to not make any income for the rest of your life.

Move out of the country.

>>12771238
I give some props for those who moved to another country. Apparently some people with 100k or more are moving to Asia and leaving the government with the hot potato. Based.

>>12775573
Or accept Monero for payment.

>>12775550
>not buying life insurance to cover it

>>12775550
I'm pretty sure student loans are absolved upon death though. Could be wrong, not sure where I heard that.

>>12770477
CHECKED

Exactly whats happening in France right now

>take out a loan with shitty terms that you agreed too.

> cry like a bitch because you have to pay it back.

You keep chugging on America.

And Moody's still gives SLABS (student loan asset backed securities) Aaa.

I've been saying for years that it's just like 08 and it'll blow up in everyone's face. But even if consumer spending plummets, big firms will still make money via institutional accounting fraud.

>>12775558
>>12775560
>>12775572
>t. Failure at life

>>12776518
They are, at least the federal ones. Private ones will go after any estate you have, which is probably nothing.

>over 50k in debt
>jobs promised to me were a lie, they pay dirt and are hard to get
>unironically made more while bartending
>about to go back to it and screw the corporate world and their bullshit and the eye/back pain from a cubicle job that's so boring it makes me want to kms and they act like it's a privilege for me to work for them
>bartending manager was chill as fuark, thanked me for each shift, spoke real with me--none of that eggshells corporate speak where you feel you're in 1984 and being thinly threatened every word
>could have done this without the debt
>kick in the ass is I wanted to just be a bartender to begin with but my parents convinced me to go to college, threatened to disown me if I didn't
>now I get to pay the price
Thanks. Any youngfags reading this, NEVER take advice from your parents. Bunch of shitheads. Anyway I plain haven't been paying it, I have trouble making rent and keeping myself fed. Throwing a few hundred a month at that black hole of debt is the very last thing on my priorities list.
I'd give the degree back if they'd erase the debt. Any other damned thing you buy, you can return it for a refund if it doesn't work as described. Somehow college gets a free pass to provide a shitty product with deceptive marketing? What bullshit.

>>12770649
Bullshit. My "spring break" was a camping trip; in college I couldn't afford shit. I was living on potatoes and eggs unironically, living in a shitty shared house with 5 other people, and that was the norm except rich kids.
>>12771227
My phone is seven years old and my food budget is $25 a week. You try eating on that and get back to me. I'm doing OMAD just to afford life. They used to call that "poverty".

>>12771904
The goy point system. My credit is in the toilet. Unfortunately for them I don't give a tenth of a shit, the only thing a credit score is good for is getting yourself into more debt. Cars houses, nah, they can fuck off with that shit. Otherwise I can't think of a tangible negative consequence to not paying.
If they were gonna loan tens of thousands of dollars to 17 year old kids they should have had tuition-control measures in place, or at least been more realistic about jobs outlook. We were constantly shilled 50-60k starting salaries... It was a lie. 35k starting, if you're lucky enough to get a job at all that's fulltime and permanent. Combined with sky high cost of living and seriously depressed wages it's no wonder no one can pay that shit.
>>12775550
>no intent to have kids
>parents will be dead before I am
>???
>>12775180
>leave country
Easier said than done.

>>12777695
>$25 a week
Mine is like 15 - 20 euros a week, and also not a trash food either.

>>12777765
do people seriously think student loan debt just magically becomes the responsibility of your kids / relatives / spouse when you die? lol. it doesn't.

>>12777793
Good for you, Albanian. I have to buy everything on markdown and still end up eating weird ass poverty shit. Great for cutting though.

>>12770390
why not offer tax relief for people who paid their loans on time?

either way we're all screwed. They ought to punish these colleges for this shit.

>>12777614
>call someone a failure at life
>be a reddit faggot who wants loan forgiveness
top kek enjoy your shitty $60k/year job with your debt

>>12778748
My parents paid full tuition at an Ivy League school, but thx for trying :^)

>>12770461
I am planning on making minimum payments (currently paying $0) for 10 years then writing off loans as capital gains and paying the capital gains tax

Went to college for free, feels good.

(financial aid+gi bill, which I just pocketed as I didn't need it)

>>12770395
They are going to start garnishing your wages. Literally they are talking about passing a bill that will allow this. Putting the government in charge of student loans was a truely stupid move. Thanks obama

>its okay if everybody else falls because i got mine

You faggots are gonna be sorry when the economy crashes hard and the government imports more third worlders because nobody is having kids

>>12780003
I welcome a crash. Cheap real estate and stocks.

Work in healthcare, recessions mean nothing to me.

>>12776518
All loans are absolved upon death in that a creditor can settle debtor's obligations with the debtor's estate. A creditor can't come after an unconnected third-party, ever.

However, if you owe 100k and kill yourself, they can likely recover 100k. If you borrow 100k, and have your Brother co-sign on that 100k you borrowed, if you kill yourself they can go after your brother. Unless the third-party makes some sort of affirmation that would enable the creditor to collect, you generally aren't liable for other's debts. However, many people get tricked by the estate collectors "your Dad owed $100k to us when he died. It's your debt now, but we will absolve your debt if you only pay $60k". If you are dumb enough to agree to something like that, you are now on the hook for $60k of a debt that was never yours.

>>12770392

>>12770380
People go to uni, think it's gonna be fun(disappointing for most) and think they gonna end up with a degree and walk into good paying job paying their student loan in few years, no matter how big the debt is. That is why under 20 year old kids should not do these big decisions their brains arent mature enough and they think way too unrealistic

>>12770560
Underrated

>>12780104
The system is totally insane in america. Trump should immediately declare all student loans something people could declare personal bankruptcy on and Reverser what democrats did to them when banks asked them to make student loans immune for bankrupts

>>12777669
This. Every time I listen to my boomer parents I end up in debt/emotional anguish.
>had to sit through 2 hours of "I shook the managers hand so hard he made me CEO" stories at my birthday dinner last night
I'm starting to think boomers just have no concept of present economic realities

Speaking of student loan debt, what are some decent degrees to go for? Just finished gen eds at a community college and looking to go to State college for supply chain & logistics.

Will probably end up with 10k debt total due to what I have saved. Is that degree useful? Worth anything? What are some other options?

>>12770392
For years and years boomers defaulted on their loans because there was zero consequences for it. They won't millenials and zoomers do it, though.

>>12772310
Another reason wagecucking is for suckers

>>12777915
I literally could not deduct my student loan interest because I made too much money. You can't deduct any if you make more than 80K

how do I short the bubble?

better yet, how do I short Chinese real estate?

>>12771263
>cost of living is just insane these days.
just make more money bro it's easy dude

>be 120k in debt
>make fursuits for under the table cash
>make ~3k a month in a good month
I mean, it pays the bills

i just want it to pop already damnit. tired of waiting!

>>12770461
Did you go to college?

>>12778829

>>12771604
You can't pay student loans with credit cards.

>>12770380

BLOW IT UP!

BLOW IT UP!

BLOW IT UP!

>Being an literal educated slave while paying back bloomberg off for the next 30 years

How is the government ok with this?

>>12770560
Genius

>>12783602
cringe

>>12770380

>tfw student loans

FUCK I JUST WANT CIVIL WAR ALREADY SO I DON'T HAVE TO PAY THIS SHIT BACK!!!

>>12784392

Remember when trump said he was going to confront the student debt crisis...

..me too.

>>12784436
>retarded commies go bankrupt
>get tossed in labor camps to pay back their debt
>die childless at age 40
>US manufacturing reaches ATH
MAGA(Make America Great Again)

>>12784462

>enslave the working learned population with
them making compounded interest

>Goldman sachs and all the other jews get rich off of your hard work, while the government taxers and enforces goldbergs money theft of over half the population.

>US outsources degree jobs to pajeets while debt holders are forced to work at burger king and amazon making their debt payments last longer while the interests make the jews even more rich.

y-yeah... m-make america great.......again...

>>12784436
He said that?

>>12784592

He said something along the lines during the campaign. But, you know. Giving israel billions is more important.

>>12784599
Checked and based.
>>12784575
This