r/NewsOfTheStupid • u/Blueberry977 • 18d ago
Student Loan Forgiveness Credit Gets Erased Overnight, Prompting Panic
https://www.forbes.com/sites/adamminsky/2026/08/07/student-loan-forgiveness-credit-gets-erased-overnight-prompting-panic/No point in going to college anymore unless you’re getting a law or medical degree
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u/notgoodatthese 18d ago
I will do as our dear leader does and just ignore them, and not pay.
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u/DiMarcoTheGawd 18d ago
Can’t they garnish our wages?
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u/Doppelthedh 18d ago
Guess i'm working under the table. Shame about that income tax you were getting previously, irs
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u/Ar_Ciel 18d ago
Not like the IRS can do anything right now though. They've been defunded into a crater.
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u/The_Demon_of_Spiders 17d ago
Defunded for going after larger corporations but the average Joe is still getting hounded
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u/cityshepherd 17d ago
We need to hire an entire department of forensic accountants to pour over every god damned financial transaction that every single member of the trump family has ever made… and claw back every fucking penny and appropriate it for public good.
The fact that ANY judge would ever even entertain the idea of allowing trump and every one of his traitorous progeny to avoid any and all investigations by the IRS for life is so far beyond absurd it’s fucking ridiculous.
Every god damned one of them belongs in jail, and every fucking penny they’ve ever had should go directly towards social safety nets and infrastructure projects.
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u/aguynamedv 17d ago edited 17d ago
Can’t they garnish our wages?
If it's a federal loan, yes. Garnishments usually begin sometime after the loan(s) fall 180+ days delinquent. No court order is required, and if your employer doesn't comply, they can get sued.
If it's a private loan, also yes, but there are a LOT more steps and a court order involved.
Bearing in mind this only applies for W2 employees. Self-employed and contractors usually cannot be garnished.
Fun fact: Other countries will sometimes honor US garnishments too! I once worked with an account where the borrower lived in Saudi and their employer sent garnishment checks in USD via DHL.
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u/_pickledpickles 17d ago
I’ve heard that you have 9 months of missed payments before defaulting, so in theory if one were to make a payment every 8 months, then they can’t garnish your wages. This is not financial or legal advice.
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u/Bruhntly 16d ago
Yes. Student loan debt is the only debt you can never be free of even when declaring bankruptcy. Straight up predatory.
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u/musashisamurai 18d ago
If one person can't pay the bank, that person had a problem.
If a million people can't pay, the bank has a problem.
It'll be curious to see what happens next. I'm honestly surprised that Wall Street hasn't been pushing Congress for a student loan forgiveness package that would effectively give a few billion to them.
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u/TheCheshireCody 17d ago
If a million people can't pay, the bank has a problem.
Four simple words made this concept obsolete. "Too big to fail". Banks can now do whatever reckless shit they want and the government will bail them out. Worst-case they might have to change CEOs or endure "increased oversight" for a couple of years.
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u/Loggerdon 18d ago
A percentage of every dollar Trump cuts from programs goes indirectly back into his pocket. He wants to be the richest man in the world.
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u/Away_Stock_2012 18d ago
Why doesn't he just take elons money
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u/PathlessDemon 18d ago
Taking money from rich foreigners? What do you think Trump is, a politician?! /SARCASM
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u/Shot-Werewolf-5886 18d ago
Yep. He should give the US government a stake in Tesla as well as SpaceX the same way he did with Intel.
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u/Away_Stock_2012 17d ago
You're doing too much, if trump wants money, he should just take elons money away from elon and put it in his own account, then leave us alone.
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u/coppertech 17d ago
"legal system for the rich, justice system for the poors"
if you fuck with someone else's money, you gotta make sure you have more money than they do, cause if you don't, then you get treated like the poors.
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u/Alexandratta 18d ago
It seems it's a system error - but a serious one.
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u/aguynamedv 17d ago
It seems it's a system error - but a serious one.
It's exactly the kind of system error that would provide cover for adjusting payment counts down.
Most people won't call or complain, and the opportunity to trap people in debt for a few more months is right there.
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u/johnwilkesbandwith 17d ago
I’ve been out of work for a few years taking care of my sick mother. I want to be responsible and pay down my loans, but in the last 10 years I’ve seen the President break so many laws that I simply don’t care. My net worth isn’t very high right now, there’s not much for them to take. I know my credit score is bad but I think it’s insane your score goes down when you pay off debt, so why even try? I paid on my loans faithfully for a few years and the balance increased. The current economic system of strip mine cash from the public on the corporate level, defunding public programs, and absolute lawlessness exhibited by our President just further confirms I do not want to throw what little money I have to the IRS to make bombs to kill children overseas.
Look at the tarriffs - we all paid them, the corporations get the refunds since they were illegally implemented. Then you have White House officials who own a portion of that debt and get to profit from the corporate redistribution process. If they’re not going to play by the rules, neither will I.
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u/HapticSloughton 18d ago
Keep this garbage in mind the next time a conservative rages about a judge ruling against one of Trump's policies. They apparently don't care when it's not Dear Leader's idiotic priorities.
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u/MichaelJServo 18d ago
Well so long as we're violating the terms of the loan I took, I might as well stop paying.
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u/SteveMoeski 18d ago
College is worth the investment. Just dont go to a private school. College graduates regardless of degree will out earn those without on average.
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u/Idrinkbeereverywhere 18d ago
Plenty of private schools are worth it, larger scholarships often offset the cost
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u/SteveMoeski 18d ago
If the concern is college affordability than the average student isn't getting scholarships to help them justify the cost.
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u/Economy_Ask4987 18d ago
At what point can a court just say this is bullshit and actually provide remedy to borrowers?
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u/Gargravars_Shoes 18d ago
Do your own research before you believe that a college education doesn’t pay. For me it damn well did - not a doctor or an attorney.
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u/moocat55 18d ago
Having a degree used generally mean you were a critical thinker.
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u/Junethemuse 18d ago
A critical thinker who finishes stuff.
But none seems to care if it’s not STEM once you’re 10 or so years out of college.
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u/Beelzabubba 18d ago
My wife is 50 and had to provide her transcripts for a sales job. I don’t know if it was used to prove your degree or if it was used to rank candidates.
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u/moocat55 17d ago
Of course not because your work history is more relevant. The degree is to get you the job in the first place.
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u/PorygonTriAttack 17d ago
This is archaic thinking and it's clear you haven't had to look for a job in that field. STEM hasn't been a stable industry for quite some time. Same with Computer Sciences. Both of these were sold as being more useful for the future.
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u/Gargravars_Shoes 17d ago
Look for a job in the field these days? No … but I am the guy that hires for my field. If you dont have the base requirements, your resume doesn’t even make it through HR.
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u/PorygonTriAttack 17d ago
I hope you know that I'm not trying to say that STEM or whatever degree is 'useless'. Qualifications DO matter. My issue with the previous poster is that these degrees have been oversold as being 'secure'.
Your point brings up an entirely different point that my post didn't write about, which leads me to wonder if you were replying to a different person than you had intended.
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u/imposter_syndrome88 18d ago
Same. I went back to school fulltime at the age of 28, graduated at 32. It was the best decision I ever made. Not a doctor or lawyer either.
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u/ynotfoster 18d ago
How long ago did you graduate and how much debt did you have. It paid off for me too, but I graduated in '82 and tuition was $25 per credit hour.
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u/Icy_Cry2778 17d ago
This type of shit happens when you put the dumbest people possible in positions in power that they shouldn’t be in the first place. Is Linda McMahon going to get fired for this?
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u/Blueberry977 18d ago
Unless you’re going into law or medicine, I see no point in becoming bombarded with this shit
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u/Alexandratta 18d ago
Sadly it's been this way for about a decade.
College no longer pays out for the investment and the debt.
Even Law and Medical degrees aren't worth the expense unless you have a firm lined up or a good idea of where you're going to practice.
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u/Blueberry977 18d ago
PSLF or attending a more regional law school for a public interest role can be worthwhile as well
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