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Not at all. The whole thing was a canard. And it makes total sense. Filing for bankruptcy is no small thing. The narrative was something like “people will just
by thathndude 4y ago
Not at all. The whole thing was a canard. And it makes total sense. Filing for bankruptcy is no small thing. The narrative was something like “people will just file bankruptcy“ but you don’t “just“ file bankruptcy. You destroy your credit for 5+ years when you file bankruptcy. So good luck to all these grad students getting a mortgage. Heck, there are a lot of jobs out there where filing for bankruptcy will weaken your chance of getting the job or outright exclude you. People don’t halfheartedly file bankruptcy.
And beyond those systemic barriers, believe it or not, most people aren’t looking to just screw over whatever entity On their loans. You think people want to screw over student loan companies because you exist in the current system where predatory behavior occurs, where you can’t discharge your loans in bankruptcy. As such, you are used to seeing stories about peoples lives being ruined by their student loans. That’s why people hate student loan companies. In a world where student loan companies weren’t so predatory and encouraged to be predatory by unfair bankruptcy exemptions, the narrative towards that might be completely different, and more favorable.
*Just to get a head of a comment that might be forthcoming, I am well aware that student loans actually can be discharged in bankruptcy. But they are given favorable treatment (for the creditor), and you have to make an above and beyond showing to have them discharged relative to other forms of debt.
- dfadsadsf 4y agoIn current environment few people buy houses <5 years after graduation and I have never heard about job checking credit score/bankruptcy data. May be some jobs related to finances? Definitely not tech companies. And in retail/low wage jobs most people have shitty credit so there is no point in checking.
- Retric 4y ago“31% of employers ran credit checks on some applicants, and 16% checked all applicants' credit.” Which understates things as larger companies are more likely to run routine credit checks.
- deleted 4y ago[deleted]
- bb88 4y agoIn many jobs, (banking, defense...) a good credit score is a mark of trustworthiness. And when you think about it, if you're going to hire someone involved in your money stream, wouldn't you want to know if they've ever, say, been indebted to a casino? Had a home repossessed? Hell, even a walmart cashier might handle 1k or 2k of currency a day.
- jlokier 4y agoPeople <5 years after graduation not buying houses are usually renting, and renting often requires a credit check, so bankruptcy would still adversely affect their housing.
- redeeman 4y agoa sitting member of US congress is refusing to pay off her loans, and is trying extremely hard to get loan forgiveness done by the president, and is seemingly(my speculation) not paying off, even the minimum amount, as she (again, my speculation) seems to bank on the loan forgiveness happening. She drives(or was it sold?) a Tesla, but wouldnt make minimum payments.
- thathndude 4y agoBit of an outlier, wouldn’t you say? In this case, the Congressperson is essentially doing a form of performative art, to make a point.
- redeeman 4y agooh please, she isnt even, as far as I know, marketing this fact heavily. When she does performative art, it is the photo-ops down at the border, simulating arrests while protesting, or talking about how her "abuela" has no way to fix her roof in another country. Downvote away, but she simply isnt paying the student debt, and that is because she feels that it is a god given right to get it for free(aka have other people pay for it). Thus proving my point, people do not neccesarily pay simply because they are able to.
- bandyaboot 4y agoYou realize there are much simpler, reliable, and time-honored methods of monetizing a congressional seat, right?
- redeeman 4y agoobviously i am not at all suggesting that she had an ambition to take office to get rid of student debt. But clearly it is unreasonably to say "anyone that could pay off would do it"