Celebrating 10 years! 2007-2017

Loan defaulters, you have been Trumped

https://www.washingtonpost.com/news /grade-point/wp/2017/03/1 guyingorillasuit03/18/17
Didn't go far enough. Bring back debtor's prison for those u turde03/18/17
This is his position as a candidate: "Trump’s plan would guyingorillasuit03/18/17
I would bet all my loan balance that he did this knowing tha spaghetti03/19/17
Food for thought... Technically, I defaulted on my loans qdllc03/20/17
guyingorillasuit (Mar 18, 2017 - 9:33 pm)


"Days after a report on federal student loans revealed a double-digit rise in defaults, President Trump’s administration revoked federal guidance Thursday that barred student debt collectors from charging high fees on past-due loans.

The Education Department is ordering guarantee agencies that collect on defaulted debt to disregard a memo former President Barack Obama’s administration issued on the old bank-based federal lending program, known as the Federal Family Education Loan (FFEL) Program. That memo forbid the agencies from charging fees for up to 16 percent of the principal and accrued interest owed on the loans, if the borrower entered the government’s loan rehabilitation program within 60 days of default."

Prepare your rears. Omar comin'. #MAGA.

turde (Mar 18, 2017 - 10:06 pm)

Didn't go far enough. Bring back debtor's prison for those useless snowflakes.

guyingorillasuit (Mar 18, 2017 - 10:21 pm)

This is his position as a candidate:

"Trump’s plan would also consolidate the current repayment programs in place and allow them to apply to both federal and private loans. (Currently, only federal student loans are eligible for income-driven repayment plans.) According to Trump, the new plan would be funded by reining in federal spending and the subsequent decrease in student loan defaults.

“Students should not be asked to pay more on the debt than they can afford,” said Trump at the rally, “And the debt should not be an albatross around their necks for the rest of their lives.”

His proposal is a radical shift to the current government programs. Today, borrowers have access to income-driven repayment plans such as Revised Pay As You Earn (REPAYE) and income-based repayment (IBR). But under those plans, the government does not forgive the balance of the debt until after 20-25 years of on-time payments."


spaghetti (Mar 19, 2017 - 4:08 am)

I would bet all my loan balance that he did this knowing that about 75% of the people negatively affected by this voted for HRC.

qdllc (Mar 20, 2017 - 2:12 pm)

Food for thought...

Technically, I defaulted on my loans in 2012. The Department of Education moved to a new computer system and not all the migrated data translated properly. I was one of thousands whose addresses were mucked up and mail was being returned as undeliverable.

As they had no good current address on file, their trained monkeys put me in default for non-compliance. Nobody double checked against the old files to ensure it wasn't a computer glitch.

Once I found out and corrected the issue, they openly admitted that I wasn't the only one affected.

They refused to take the default off my credit report although it was 100% their mistake.

I had to get my congressman involved, and once his office confronted the Department of Education, they issued a letter telling the credit agencies to remove the default from my credit report. Even then, it took EIGHT MONTHS to get it straightened out.

Other than my congressman getting involved, legally I had no rights to challenge what they had done thanks to the gutting of most all consumer protection and credit reporting laws where student loan lenders are involved.

You don't have to welch on a student loan to get screwed...just have a computer error happen on your file. Most of the people you'll talk to at the Department of Education are low-pay lackies who don't care about your problems.

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