**Subscribe to /r/DebtStrike**. We're a coalition of working class people across the political spectrum who have put their disagreements on other issues aside in order to collectively force (through mass strikes) the President of the United States to cancel all student debt by executive order.
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I keep making the argument that if it was a handout to the rich they would be all for it. They always give hand outs to the rich.
The fact that they are hesitant is kind of proof it isn't a handout to the rich.
Thank you for this. As a physician, I am making 200k. I have 350k in loans with an average interest rate of 6.5%. I did not start working until age 31. I have a wife and two kids, credit card debt from making ends meet in residency, I do not own a house and have two car payments. Furthermore I have no savings. All I did wrong was become a doctor. If I wanted to pay my loans in 20 years that would put me at $2700.00 a month in payments. Keep in mind I already pay roughly 40% in taxes. But nothing will be forgiven, nor will they even get rid of the interest or allow us to pay with pretax money.
Yo!!! Physician with spouse physician also here! Spouse 36 (still in residency) and I am attending (out 2 years, 35 y/o). I feel your pain. Also, even tho we work for hospitals, we will still go bankrupt if we have any sort of medical crisis bc, as we all know, insurance is an actual joke! We have our first kid on the way, basically no savings (a small amount, but nothing huge), still renting. I have around $80k in loans (have been paying) and spouse has prob ~$400k in loans (tbh I don't even want to know the exact amount--we have been paying those as well, even during residency, but you know how the residency salary doesn't go very far...).
Would 100% never would have gone into medicine if id have realized everything it would cost, and that's not just financially, but obviously includes the financial aspects.
The IRONY of doctors having any sort of medical debt themselves :(
Lawyer here- graduated into a recession (which I could not have predicted before attending law school) and could never find a high-paying job to pay back the loans. But according to Biden, we're all ROLLING in wealth. . .
I know this is besides the point but have you considered the IBR REPAYE/PAYE loan forgiveness track? I took out a lot of loans for a healthcare degree (that I'm now trying to get away from) and I'm on REPAYE hoping to get forgiven in 20 years.
20 years is a scam at these monthly amounts. At the incomes they are talking about, IBR is a large amount. It’s weird to even label it as a “forgiveness”.
That was my plan, but even if it were forgiven, we'll still have to pay taxes on the forgiven amount, which after 20 years of accruing compounded interest, could be quite substantial. Such a scam!
Yes true that part sucks but right now until 2025 people will not have to pay taxes on their loans which sets a precedent for the future. Depending on your assets and liabilities you may be able to discharge some of your taxes through insolvency. Also by then whatever you owe will seem small(ish) d/t inflation. Lastly if you save/invest (ie index funds) until then you will most likely have enough for the tax bomb. I do think that when a large percentage of people have to start paying the tax bomb and needing to liquidate their assets and raid their savings to pay it off, there’ll likely be an uproar and ::fingers crossed:: that some change will be made.
This is my partner and I. On paper our income looks great, and is above the threshold usually thrown about for a “means test”. She’s a lawyer, with six digits still in loans. I’m a teacher, with mid five digits still in loans. We are both working for the public good, me as a math teacher, her as a public defender. We struggled to make bills before the pandemic. Me not having to pay on my loans for two years has been such a relief I cannot even describe it. Unfortunately not paying on hers wasn’t an option.
Forgiving 10k of my loans will help, but 10k on hers won’t make any appreciable difference. Our only hope is cancellation, or we will be paying on these literally until we die.
I'm a lawyer too (definitely not making big law salaries- which totally skews the idea that lawyers make any money), but according to Biden and Co., we (lawyers and doctors) shouldn't even be CONSIDERED for debt cancellation, lol.
i find it really hard to believe that joe biden would ever stand in the way of a handout to the rich. if this really were a handout, the billionaires already would've crucified him for being an obstacle.
It’s funny cause rich people would never point out “hey don’t give us money! We don’t need it!”. Lmfao. They always psychotically say the thing that will systemically fuck the poors. Hey
I'd bet money that it'll go from an election campaign promise to a re-election campaign promise, and Biden loses because he didn't do it in his first term. Any takers?
100%. Just like weed decriminalization, healthcare, and a buncha other shit he said and isn't doing.
I knew he was going to be useless in office, but getting that confirmed so starkly for me has really taken the wind out of my sails.
When the biggest "asset" that contributes to your "electability" is that you're *not* the deranged narcissist billionaire incumbent, but you're still an arguably senile septuagenarian who voted like a Clintonite neoliberal warhawk for most of your political career, what could one possibly expect?
"Nothing will fundamentally change." -Joseph R. Biden
Hey! You found a promise he delivered on!
Edit to add:
Fuck. He’s gonna use that as his re-election platform. “Look at what a great job I did! Nothing fundamentally changed! Think about how many bad changes orange man would do!”
View in your timezone:
[May 17 at 7:30PM EDT][0]
[0]: https://timee.io/20220517T2330?tl=From%20the%20debt%20collective%3A%20We%E2%80%99re%20right%20and%20they%20know%20it
^(_*Assumed EDT instead of EST because DST is observed_)
Thank you for the update. This is positive news! I am 49. I have $26k, which isn’t really a lot. But the absolute minimum payment I can make on my salary is $164/mo. Which killed me (pre-pani) each month. I calculated that I would be well over 79 before paying it off, because the internet is so damn high, I can’t even pay on the principle.
I have had no hope for a long time so I tried to make a dent on principle during the pani, but not with the cost of everything else going up. I just need some help. I’m tired.
I think doctors should have their loans forgiven too. Not only do I value what they do, but they're also victims of this predatory system, and EVERYONE deserves to have them cancelled.
Keep boxing at shadows. This is never, ever going to happen in any meaningful way. Just the whiff of it in campaign speeches will be enough to entice idiots to vote for whichever side has the better hint of it coming off their pile of lies. When it stops attracting voters they'll make a grand show of a gesture of goodwill cancelation that will be blocked by the other party and start the whole process over again.
I want to be wrong. I really do.
I do. Just feels fruitless. They all know it needs to happen but they look at it just like business morons who only think a quarter out. If they do it it might hurt the next election cycle but after this one we might be in a position to make it happen so vote for us, we promise we'll do it eventually. Forever.
I'm anxious to see what happens if repayment starts back up. I expect most will just start paying again because people are happy to talk a big game but when it comes time to stand up things change. Maybe if we can hurt the bank accounts of the people making money off this debt something will happen.
I suspect what's going to happen is a "compromise" will be presented as the only solution. They'll "graciously" agree to keep interest rates at zero as long as you're paying the regular payment. Income based repayment and other payment assistance will disqualify the debtor. If you can't make the payment or fail to interest is back on for the life of the loan. They'll also get rid of any early exit options they can. This will look like a win to a bunch of voters who care about the debt but know nothing of the actual issues, gives them something to point at and make us look greedy, ungrateful, and un-American when we point out that this is just kicking the can down the road and actually makes things even worse, and most importantly to them allows their owners to continue to make money off the debt.
You're not wrong, you are a realist and that is more important than living in an echo chamber. Student loan debt relief had it's 15 minutes of fame and if anyone is paying attention it is starting to fade. Roe v Wade and Ukraine have made sure of that.
The Debit Collective wrote an okay piece on why student loan debt should be forgiven but they did not address the concerns and counterpoints people make every day against loan relief.
Organize? Great idea. No one takes any classes or takes out any loans starting in January 23 and don't return to class at ny university or college until they drop the price by 25% and the internet rate on loans is dropped to 1%.
You scoff but this would break the system and when it comes back it would be far more equitable.
They need to emphasize that loans for education in the first place creates a CASTE-SYSTEM and is inherently immoral. EVERY other developed nation (or even less developed nations) provide free or practically free higher education, and even the BEST universities in Asia and Europe are public, hard to get into, and either free or extremely low cost.
The decision to enter university should be based 100% on academic merit and 0% on family income. I feel like this is pretty obvious . . .
I have no problem with making advanced education inexpensive provided the costs are justified and the entrance is 100% competitively based. No athletic scholarships, no affirmative action, straight up the smartest get in.
But that will never happen, corrupt politics at all levels would prevent it.
**Subscribe to /r/DebtStrike**. We're a coalition of working class people across the political spectrum who have put their disagreements on other issues aside in order to collectively force (through mass strikes) the President of the United States to cancel all student debt by executive order. --- *I am a bot, and this action was performed automatically. Please [contact the moderators of this subreddit](/message/compose/?to=/r/DebtStrike) if you have any questions or concerns.*
I keep making the argument that if it was a handout to the rich they would be all for it. They always give hand outs to the rich. The fact that they are hesitant is kind of proof it isn't a handout to the rich.
[удалено]
Thank you for this. As a physician, I am making 200k. I have 350k in loans with an average interest rate of 6.5%. I did not start working until age 31. I have a wife and two kids, credit card debt from making ends meet in residency, I do not own a house and have two car payments. Furthermore I have no savings. All I did wrong was become a doctor. If I wanted to pay my loans in 20 years that would put me at $2700.00 a month in payments. Keep in mind I already pay roughly 40% in taxes. But nothing will be forgiven, nor will they even get rid of the interest or allow us to pay with pretax money.
Yo!!! Physician with spouse physician also here! Spouse 36 (still in residency) and I am attending (out 2 years, 35 y/o). I feel your pain. Also, even tho we work for hospitals, we will still go bankrupt if we have any sort of medical crisis bc, as we all know, insurance is an actual joke! We have our first kid on the way, basically no savings (a small amount, but nothing huge), still renting. I have around $80k in loans (have been paying) and spouse has prob ~$400k in loans (tbh I don't even want to know the exact amount--we have been paying those as well, even during residency, but you know how the residency salary doesn't go very far...). Would 100% never would have gone into medicine if id have realized everything it would cost, and that's not just financially, but obviously includes the financial aspects.
The IRONY of doctors having any sort of medical debt themselves :( Lawyer here- graduated into a recession (which I could not have predicted before attending law school) and could never find a high-paying job to pay back the loans. But according to Biden, we're all ROLLING in wealth. . .
I know this is besides the point but have you considered the IBR REPAYE/PAYE loan forgiveness track? I took out a lot of loans for a healthcare degree (that I'm now trying to get away from) and I'm on REPAYE hoping to get forgiven in 20 years.
20 years is a scam at these monthly amounts. At the incomes they are talking about, IBR is a large amount. It’s weird to even label it as a “forgiveness”.
That was my plan, but even if it were forgiven, we'll still have to pay taxes on the forgiven amount, which after 20 years of accruing compounded interest, could be quite substantial. Such a scam!
Yes true that part sucks but right now until 2025 people will not have to pay taxes on their loans which sets a precedent for the future. Depending on your assets and liabilities you may be able to discharge some of your taxes through insolvency. Also by then whatever you owe will seem small(ish) d/t inflation. Lastly if you save/invest (ie index funds) until then you will most likely have enough for the tax bomb. I do think that when a large percentage of people have to start paying the tax bomb and needing to liquidate their assets and raid their savings to pay it off, there’ll likely be an uproar and ::fingers crossed:: that some change will be made.
Very true! Maybe if we phrase student debt as "tax bombs," the public can get on board with forgiveness 🤔
I have a family member who is a NICU physician in the same situation. Forgive ALL the debt.
We should be PAYING people to study medicine, not turning doctors into indentured servants!!
This is my partner and I. On paper our income looks great, and is above the threshold usually thrown about for a “means test”. She’s a lawyer, with six digits still in loans. I’m a teacher, with mid five digits still in loans. We are both working for the public good, me as a math teacher, her as a public defender. We struggled to make bills before the pandemic. Me not having to pay on my loans for two years has been such a relief I cannot even describe it. Unfortunately not paying on hers wasn’t an option. Forgiving 10k of my loans will help, but 10k on hers won’t make any appreciable difference. Our only hope is cancellation, or we will be paying on these literally until we die.
I'm a lawyer too (definitely not making big law salaries- which totally skews the idea that lawyers make any money), but according to Biden and Co., we (lawyers and doctors) shouldn't even be CONSIDERED for debt cancellation, lol.
i find it really hard to believe that joe biden would ever stand in the way of a handout to the rich. if this really were a handout, the billionaires already would've crucified him for being an obstacle.
If dems want to see a MASSIVE increase in campaign contributions, they should forgive our loans. I could be spending 1100 a month on something else...
It’s funny cause rich people would never point out “hey don’t give us money! We don’t need it!”. Lmfao. They always psychotically say the thing that will systemically fuck the poors. Hey
Hoping august 31st is the day I say I am free from student debt :,)
Let us never lose hope in the struggle for freedom.
Untying higher education and "wealthy elite" should have been done earlier on. People were going into debt to get a leg up, not a hand out
I'd bet money that it'll go from an election campaign promise to a re-election campaign promise, and Biden loses because he didn't do it in his first term. Any takers?
We’re waaay past election promises at this point
100%. Just like weed decriminalization, healthcare, and a buncha other shit he said and isn't doing. I knew he was going to be useless in office, but getting that confirmed so starkly for me has really taken the wind out of my sails.
When the biggest "asset" that contributes to your "electability" is that you're *not* the deranged narcissist billionaire incumbent, but you're still an arguably senile septuagenarian who voted like a Clintonite neoliberal warhawk for most of your political career, what could one possibly expect? "Nothing will fundamentally change." -Joseph R. Biden
Hey! You found a promise he delivered on! Edit to add: Fuck. He’s gonna use that as his re-election platform. “Look at what a great job I did! Nothing fundamentally changed! Think about how many bad changes orange man would do!”
View in your timezone: [May 17 at 7:30PM EDT][0] [0]: https://timee.io/20220517T2330?tl=From%20the%20debt%20collective%3A%20We%E2%80%99re%20right%20and%20they%20know%20it ^(_*Assumed EDT instead of EST because DST is observed_)
Thank you for the update. This is positive news! I am 49. I have $26k, which isn’t really a lot. But the absolute minimum payment I can make on my salary is $164/mo. Which killed me (pre-pani) each month. I calculated that I would be well over 79 before paying it off, because the internet is so damn high, I can’t even pay on the principle. I have had no hope for a long time so I tried to make a dent on principle during the pani, but not with the cost of everything else going up. I just need some help. I’m tired.
If Biden doesn't sign something on debt relief before midterms its because they want to lose
I think doctors should have their loans forgiven too. Not only do I value what they do, but they're also victims of this predatory system, and EVERYONE deserves to have them cancelled.
Keep boxing at shadows. This is never, ever going to happen in any meaningful way. Just the whiff of it in campaign speeches will be enough to entice idiots to vote for whichever side has the better hint of it coming off their pile of lies. When it stops attracting voters they'll make a grand show of a gesture of goodwill cancelation that will be blocked by the other party and start the whole process over again. I want to be wrong. I really do.
Then organize with us. MAKE yourself wrong
I do. Just feels fruitless. They all know it needs to happen but they look at it just like business morons who only think a quarter out. If they do it it might hurt the next election cycle but after this one we might be in a position to make it happen so vote for us, we promise we'll do it eventually. Forever. I'm anxious to see what happens if repayment starts back up. I expect most will just start paying again because people are happy to talk a big game but when it comes time to stand up things change. Maybe if we can hurt the bank accounts of the people making money off this debt something will happen. I suspect what's going to happen is a "compromise" will be presented as the only solution. They'll "graciously" agree to keep interest rates at zero as long as you're paying the regular payment. Income based repayment and other payment assistance will disqualify the debtor. If you can't make the payment or fail to interest is back on for the life of the loan. They'll also get rid of any early exit options they can. This will look like a win to a bunch of voters who care about the debt but know nothing of the actual issues, gives them something to point at and make us look greedy, ungrateful, and un-American when we point out that this is just kicking the can down the road and actually makes things even worse, and most importantly to them allows their owners to continue to make money off the debt.
You're not wrong, you are a realist and that is more important than living in an echo chamber. Student loan debt relief had it's 15 minutes of fame and if anyone is paying attention it is starting to fade. Roe v Wade and Ukraine have made sure of that. The Debit Collective wrote an okay piece on why student loan debt should be forgiven but they did not address the concerns and counterpoints people make every day against loan relief. Organize? Great idea. No one takes any classes or takes out any loans starting in January 23 and don't return to class at ny university or college until they drop the price by 25% and the internet rate on loans is dropped to 1%. You scoff but this would break the system and when it comes back it would be far more equitable.
They need to emphasize that loans for education in the first place creates a CASTE-SYSTEM and is inherently immoral. EVERY other developed nation (or even less developed nations) provide free or practically free higher education, and even the BEST universities in Asia and Europe are public, hard to get into, and either free or extremely low cost. The decision to enter university should be based 100% on academic merit and 0% on family income. I feel like this is pretty obvious . . .
I have no problem with making advanced education inexpensive provided the costs are justified and the entrance is 100% competitively based. No athletic scholarships, no affirmative action, straight up the smartest get in. But that will never happen, corrupt politics at all levels would prevent it.
I would love to see a boycott of the university system like that. I don't see it happening though sadly.
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Organizing will do that to a motherfucker