NYT op-ED " why I defaulted on my student loans"

[pharmdpharmd]

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http://www.nytimes.com/2015/06/07/o...ted-on-my-student-loans.html?ref=opinion&_r=0

quite an interesting read.. I personally thinks he is a deadbeat and rationalizing stealing, but he makes a lot of valid points in a broken system

 

[confettiflyer]

I think he's actually pretty dumb. But I suppose if your plan is to live off the grid and become dependent on others completely and become a martyr, go ahead.

But with wage garnishment, social security garnishment, etc... at the disposal of the federal government, why doesn't he just go on income based repayment and pay $0? At least at the end of 20-25 years, it could get discharged.

In that sense, going into default is really stupid and requires a lot of work.

 

[Sparda29]

I think he's actually pretty dumb. But I suppose if your plan is to live off the grid and become dependent on others completely and become a martyr, go ahead.

But with wage garnishment, social security garnishment, etc... at the disposal of the federal government, why doesn't he just go on income based repayment and pay $0? At least at the end of 20-25 years, it could get discharged.

In that sense, going into default is really stupid and requires a lot of work.

Yeah, with federal it's pretty easy.

Private student loans on the other hand. Probably better to just let them default and then go to collections and negotiate with the collection agency to pay a fraction of the loan.

 

[owlegrad]

While the author raises some valid points, the amount of entitlement is expressed in the article is off the charts.

 

[confettiflyer]

Heather Jarvis reply (Vice interview)

http://www.vice.com/read/what-happens-if-i-dont-pay-my-student-loans-182?utm_source=vicefbus

Slate rebuttal linked within that

 

[Jrapp]

Hi there been lurking on here for a long time . Just thought I'd add my own 2 cents.

First off tuition all over the US is insane. Second the NYT is a propaganda mouthpiece for people with lots of money - the toilet paper of record as I like to call it. Third this guy is trying to rationalize his theft just like any crook who gets caught does - he just chooses to broadcast it to the 2 or so people who actually subscribe to that junk paper. Fourth he's not a doctor or lawyer - they wouldn't get any pity for sure if they did what he advocates.

Finally back to my first point education costs here are totally out of whack with the rest of the world - this country asks 18 and 19 year olds to consider 10 or 20 k per year in debt - crazy!!! I agree with him that people should just stop paying in order to effect change - its obscene how much money all the other stakeholders in this scam make.

 

[SClENCE]

People like this really piss me off. Going on about insider trading, the tax rate of those with 7 figure incomes... all info that is completely irrelevant to the situation that he put himself in. The success of others did not create his failure.

Not to mention if he took his last student loan 30 years ago, how much could the principle even have been...

 

[Ackj]

Not to mention if he took his last student loan 30 years ago, how much could the principle even have been...

Exactly, the problems of today were nonexistent at the time. He's trying to be clever by using current events as an excuse for his crimes years ago. Granted there was no IBR, PAYE, etc at the time, but there were no 6 figure debts with 7-9% interest rates either. He just finally found an issue that he can talk about that makes him feel he is justified in what he did. What if he wrote that article 10-15 years ago? There was no student loan bubble, but he was in the exact same position then as he is now. Why wait to write the article?

 

[confettiflyer]

Second the NYT is a propaganda mouthpiece for people with lots of money - the toilet paper of record as I like to call it.

I balance my NYT subscription with my WSJ subscription and consider that my middle-of-the-road option.

 

[PharmaSex]

I think everyone should stop hating on the guy. Blame the government for charging obscene interest rates on student loans. I get charged 7.9% on my consolidated loans. That's more than a house or car loan. And more loans amount to more than either.

 

[radio frequency]

I think everyone should stop hating on the guy. Blame the government for charging obscene interest rates on student loans. I get charged 7.9% on my consolidated loans. That's more than a house or car loan. And more loans amount to more than either.

Of course it is. A house or car can be foreclosed on, but not an education.

 

[pharm B]

Of course it is. A house or car can be foreclosed on, but not an education.

I just homesteaded my diploma. Come get it, suckas!