Please consider this your wake-up call. All students, young graduates, in this situation need to do the following - even if it means paying a heavy price for it. Do it for the next generation - do it for your children - I don't care why you do it - just do it.
The Federal Government and large corporations around the world (such as SLM Corp. a.k.a. Sallie Mae) OWN you - and the rest of your life. If you continue to pay those student loans you are only feeding the vicious, insane cycle. There is only one course of action to take - and that's to put a stop to it.
ALL STUDENTS ACROSS THE UNITED STATES MUST IMMEDIATELY CEASE AND DESIST ON PAYING ANY AND ALL STUDENT LOANS!!
The ownership of this overall debt is how they got so fat and rich. Stop paying that debt and they loose all control over you, your life, and that of those to come.
See James Howard Kunstler on 4/9/12:
Students:
I am the father and partial co-signer for a student and son who was loaned more money than he should have been able to qualify for because these companies knew he would have no bankruptcy protection.
I've read a fair amount of stories about the student loan problem and would like others here to submit their ideas on what a solution or compromised solution could be for us. Someone or group of us need to take the bull by the horns and peacefully communicate with the authorities who can and will help us.
I think the first thing we all need to do is to have something that will simply bring each other up to speed on what solutions are offered by the Obama administration this year, which will be next month to start.
I will come back here today if possible and try to post what it is that Obama is doing for us. If anyone else can post anything I missed or class action or other lawsuits that have been initiated or completed successful or unsuccessful you can also post it here as we compile the current statuses here.
Other brainstorming ideas should be posted here and volunteers who want to take part should contact me so we can start a committee working on these tasks and a status list of ideas and tasks.
At some point I'd like to start a Skype chatroom of members but only for those who have shown their dedication to this project, so we know we can trust you should there be sensitive information contained in it.
Until later.. email blackhawk69@rock.com if you would like to join us. Please start by sending a summary of your story, contact information that will help our cause, and contacts of others you know will join us.
Thanks..
Blackhawk69 / SLS Committee Admin
I took the liberty of forwarding your email to my friend and specialist in Student Loan Law and here was his response:
Well, lenders can set their own terms for qualification (one of those
consequences of a non-regulated industry, obviously). I don't know if a
class action lawsuit would work (what would be the legal theory?), and I
don't do them anyway, so there's not a whole lot I can add.
Whether this person has any options (outside of some game-changing lawsuit) to make repayment easier depends largely on whether these are
federal or private loans.
I've cc'd him on this email so that you can answer his questions so that he can determine whether he can help you or not. Please "reply all" to this email so that he receives your response and then the two of you can take it from there.
Email at blackhawk69@rock.com to find out what he said. I'll send it to you then.
I think it is fine to fight back by not paying--indeed, give them as little as you can, and also leave yourself as free as possible to take other actions in order to change the laws. There are some groups doing a general debt revolt, and I think that is good. The current system, unfortunately, makes many people trapped and unable to do this.
College education should be free to all as it is in many countries, and as another thread recently stated, it should be illegal for anyone else to access your credit report.
Mr. Probable,
Your asking the masses to go on a financial strike.
Your asking the people to get garnished and have their hard earned tax returns seized...
Asking people to do that would mean that kids will have to start establishing their credit at age 14. :x
If a student loan is in default that parent will not be able to co-sign for their children.
That parent will not get the FHA assistance when looking into getting a house...
Will possibly have their social security benefits get pinched...
Student loans are backed by the government because financial institutions will not take the risk of lending out that type of money to a 17-18 year old with no credit...
If I had to say... Mr.probable I slightly disagree... They should send in a buck to avoid the garnishment at least... I'm NOT giving out any financial advices... but maybe they go exempt and pay the taxes later instead....
But honestly... If I had to say newly graduates should take advantage (if they qualify) of the IBR program... Its the Income based repayment program...
Defaulted loan holders should start making minimum payments to get out of default to take advantage of this IBR program..
By the way Defaulted Fed student loan holders your standard minimum monthly payment should be 1.29% of your balance on a monthly bases... You'll be able to get a lower monthly payment by providing some documents or additional info but its case by case... Ill explain later..
Best regards,
Mr. K "The Rogue student loan collector"
http://www.freestudentloanstuff.com
Although the idea itself is enjoyable the simple fact is you wouldn't be able to get a nation wide group large enough to get done what you want and the fact is those that do go along with this will never see a single dollar for the rest of their life. They would get backed up, have late fee's and so on... until it went to collections and they garnished your entire paycheck. Sorry to say this but the government works for them not you (glares at Supreme Court).
