Anyone here know if this whole mess is going to end badly?This is something I google a lot as I kind of don't want to pay, but I suffer from selection bias and HN usually has good insight on things.
Student Debt Giant Navient to Borrowers: You’re on Your Own
81–90 of 238 posts
Re: Student Debt Giant Navient to Borrowers: You’re on Your Own
#82> There is no expectation that the servicer will act in the interest of the consumer... Navient says its public statements encouraging borrowers to contact the company didn’t mean it would act in their best interest. So, pardon in advance for the vulgar language, but why the fuck is this OK? From any company? I'm getting real damn sick and tired of "what the big print gives, the spidery print takes away" and how we'r…
>I'm getting real damn sick and tired of "what the big print gives, the spidery print takes away" I propose "the bigger the print, the stronger the statement". Therefore, if you make one claim in 24 point and then attempt to rescind or modify it in 8 point, the 24 is legally binding because it was larger and so nullified the smaller. This also means that if you want to place limitations (like 'one per customer' etc)…
Billboards would be blood oaths guaranteed by the life of the firstborn of the CEO.
Re: Student Debt Giant Navient to Borrowers: You’re on Your Own
#83> There is no expectation that the servicer will act in the interest of the consumer... Navient says its public statements encouraging borrowers to contact the company didn’t mean it would act in their best interest. So, pardon in advance for the vulgar language, but why the fuck is this OK? From any company? I'm getting real damn sick and tired of "what the big print gives, the spidery print takes away" and how we'r…
> So, pardon in advance for the vulgar language, but why the fuck is this OK? From any company? shareholder capitalism. they have zero accountability except to their shareholders.
They presumably have a charter to operate from a government that is supposedly by and of the people (all chuckling aside). That type of ideology is cancerous (it uses the resources of a host to replicate itself without regard to the host's well-being) to a social system.
Re: Student Debt Giant Navient to Borrowers: You’re on Your Own
#84Institutionalized debt slavery.
Re: Student Debt Giant Navient to Borrowers: You’re on Your Own
#85Earlier quoted context omitted.
>I'm getting real damn sick and tired of "what the big print gives, the spidery print takes away" I propose "the bigger the print, the stronger the statement". Therefore, if you make one claim in 24 point and then attempt to rescind or modify it in 8 point, the 24 is legally binding because it was larger and so nullified the smaller. This also means that if you want to place limitations (like 'one per customer' etc)…
Billboards would be blood oaths guaranteed by the life of the firstborn of the CEO.
A controversial way to deal with generational wealth, but probably not the most controversial
Re: Student Debt Giant Navient to Borrowers: You’re on Your Own
#86> There is no expectation that the servicer will act in the interest of the consumer... Navient says its public statements encouraging borrowers to contact the company didn’t mean it would act in their best interest. So, pardon in advance for the vulgar language, but why the fuck is this OK? From any company? I'm getting real damn sick and tired of "what the big print gives, the spidery print takes away" and how we'r…
> So, pardon in advance for the vulgar language, but why the fuck is this OK? From any company?
I dunno, why wouldn't it be okay? I interact with a lot of companies on a day-to-day basis; big ones (Facebook, Google), small ones (the corner shop I bought an energy drink at on my way to work), and everything in between.
Offhand I'd say that none of them have a legal expectation to work in my best interest, nor would I have expected any of them to, nor do I believe a law requiring them to would be workable.
My interest in buying an energy drink is to get the brand I wanted at the lowest possible price; the store's interest is in selling it to me at the highest possible price. If they had to work in my best interests would they be required to sell it to me at cost? Maybe I drink too many energy drinks, would they be required on pain of criminal sanctions to try and talk me into buying some fruit juice instead? The mind boggles. :)
Or do you think there's something special about this particular product that makes it different than every other good or service in the economy? Or that their very vague ads somehow set up a special relationship that's more akin to a doctor/patient relationship than the borrower/lender relationship one would expect from, you know, a loan company?
Re: Student Debt Giant Navient to Borrowers: You’re on Your Own
#87Earlier quoted context omitted.
On the flip side, your chances of ever getting past 200k/year (or equivalent) are much better with a degree... if you accept that you aren't likely to hit the top 5-10% of income earners, then most people are not better off with the college experience.
Your point stands, but FYI - you're way off on your numbers. $100k would put you in the top 5% of individuals. $200k would put you in the top 3% of households.
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Re: Student Debt Giant Navient to Borrowers: You’re on Your Own
#88Earlier quoted context omitted.
I've heard you lose a lot of rights refinancing that way.
Really? Any links/citations/posts? Curious about this. Also debatable as to whether you had those rights in the first place (see: this thread)
Some government loans are discharged at death [0]. SoFi etc loans would still go after the estate.
In my analysis, this risk/reward analysis matters most for debters considering marriage.
[0]: https://studentaid.ed.gov/sa/repay-loans/forgiveness-cancell...
Re: Student Debt Giant Navient to Borrowers: You’re on Your Own
#89Earlier quoted context omitted.
> So, pardon in advance for the vulgar language, but why the fuck is this OK? From any company? shareholder capitalism. they have zero accountability except to their shareholders.
> shareholder capitalism. they have zero accountability except to their shareholders. Random thought that just came to mind. Have coalition of debt holders (borrowers ) ever considered buying stock in these companies to influence them in the form of another company that is jointly owned or invested in by thousands or tens of thousands of folks? Eg, mass activism campaign launches request for everyone to invest X% of…
Ever seen those articles talking about how in the last few decades increases in wealth have overwhelmingly gone to the top 1%? This is the outcome. The little people can't hope to compete.
Re: Student Debt Giant Navient to Borrowers: You’re on Your Own
#90Earlier quoted context omitted.
I believe that school loans should only be allowed for jobs. If you love art and are interested in "under water basket weaving" as a degree that is great, but it won't pay the bills and so you should save your money to pay for it. When you decide to become a medical doctor, it is understood your eventually worth will pay off reasonable loans. My solution: student loans may be discharged in bankruptcy, but your school…
Allow borrowers to default on student loans. Then banks can charge an appropriate interest rate for the credit risk of the borrower, based on pursued major (among other things).
Are there any policies in place that prohibit discrimination of borrowers based on the major pursued?