3 ms·

Here's the thing... when you do it en mass, it doesn't matter if it's illegal because nobody can do anything to stop you. It's called a strike. Apparently the

Here's the thing... when you do it en mass, it doesn't matter if it's illegal because nobody can do anything to stop you. It's called a strike. Apparently the people that started http://rollingjubilee.org/ http://rollingjubilee.org/ were originally working on a student debt strike project. Not sure exactly why they switched to a medical debt project, but it's certainly a worthy one.

jrs235 7y ago
>Not sure exactly why they switched to a medical debt project My assumption is that the government and lenders of government guaranteed loans aren't selling the delinquent accounts for pennies on the dollar.
- tehjoker 7y ago
  I only mentioned them because I was googling for student debt strike projects and I'd heard of them before. The jubilee project is a form of mutual aid and less a strike. The point of a strike is to build power for the striking class so that the creditor class is forced to make significant concessions up to and including relieving all of it. To be clear, this would mean huge numbers of people simply stop paying in a coordinated and public fashion.
  - jrs235 7y ago
    If they stop paying government student loans en masse and then hid thier income (get paid and work cash only) all that would happen is our current trillion dollar deficit might increase a little bit. The government budget takes into account payments and interest from these loans. The total amount of all the loans is likely spread across repayments over 20 years.
    - tehjoker 7y ago
      That's a really great argument for free education, which is an argument the strikers would make. I do think though that you are underestimating the power ordinary people have. If the various funding mechanisms suddenly go into crisis, this will cause a very large ruckus with the potential for positive change.
- vonmoltke 7y ago
  There are no "lenders of government guaranteed loans" anymore, and there haven't been for at least nine years. Either the government is the lender, or it is a completely private (and dischargeable) loan.
  - jrs235 7y ago
    Thank you for the correction/clarification. However I still have a government guaranteed loan that was issued by a bank. If I default on it that bank isn't selling my account. They'll garnish my wages. Also I never plan on paying off my loan early! It's only 2.25% apr! I got lucky. Rates were really really low when I graduated and consolidated my loans.
  - selimthegrim 7y ago
    How is a private loan dischargeable given the 2005 law?
lotsofpulp 7y ago
What happens when the government starts garnishing wages from the debtors direct deposit payments?
int_19h 7y ago
From their FAQ: "Student debt has surpassed $1 trillion partly because it is one of the most protected forms of debt by federal law. Student debtors can rarely discharge their loans in bankruptcy and lenders have rights to garnish wages and social security payments. The vast majority of student loans have these federal guarantees. We cannot buy these loans because there is no secondary market."

jrs235 7y ago

>Not sure exactly why they switched to a medical debt project My assumption is that the government and lenders of government guaranteed loans aren't selling the delinquent accounts for pennies on the dollar.

tehjoker 7y ago
I only mentioned them because I was googling for student debt strike projects and I'd heard of them before. The jubilee project is a form of mutual aid and less a strike. The point of a strike is to build power for the striking class so that the creditor class is forced to make significant concessions up to and including relieving all of it. To be clear, this would mean huge numbers of people simply stop paying in a coordinated and public fashion.
- jrs235 7y ago
  If they stop paying government student loans en masse and then hid thier income (get paid and work cash only) all that would happen is our current trillion dollar deficit might increase a little bit. The government budget takes into account payments and interest from these loans. The total amount of all the loans is likely spread across repayments over 20 years.
  - tehjoker 7y ago
    That's a really great argument for free education, which is an argument the strikers would make. I do think though that you are underestimating the power ordinary people have. If the various funding mechanisms suddenly go into crisis, this will cause a very large ruckus with the potential for positive change.
vonmoltke 7y ago
There are no "lenders of government guaranteed loans" anymore, and there haven't been for at least nine years. Either the government is the lender, or it is a completely private (and dischargeable) loan.
- jrs235 7y ago
  Thank you for the correction/clarification. However I still have a government guaranteed loan that was issued by a bank. If I default on it that bank isn't selling my account. They'll garnish my wages. Also I never plan on paying off my loan early! It's only 2.25% apr! I got lucky. Rates were really really low when I graduated and consolidated my loans.
- selimthegrim 7y ago
  How is a private loan dischargeable given the 2005 law?

lotsofpulp 7y ago

What happens when the government starts garnishing wages from the debtors direct deposit payments?

int_19h 7y ago

From their FAQ: "Student debt has surpassed $1 trillion partly because it is one of the most protected forms of debt by federal law. Student debtors can rarely discharge their loans in bankruptcy and lenders have rights to garnish wages and social security payments. The vast majority of student loans have these federal guarantees. We cannot buy these loans because there is no secondary market."