The nation’s first debtors’ union, organizing to build power with debt as leverage. You are not a loan! Press: [email protected]
Joined June 2012
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The Debt Collective 🟥 retweeted
What’s fucked up about this too is that none of the department of educations repayment plans do any favors for borrowers. They are all dog shit repayment plans designed to keep you in debt your entire life
News: Trump admin getting ready to move forward w/ garnishing wages & benefits of defaulted student loan borrowers after internal dispute bw Treasury, OMB & Ed
Treasury looking to mitigate downsides
Were warnings of consequences for low income borrowers
washingtonsun.com/economy/tr…
Spoiler: young people are in crushing amounts of debt.
To be very straightforward here, we have a series of creative strategies we think *many* people can use to avoid defaulting on their loans or *fighting* the default. Millions will default — but that doesn't have to be the end. Join us to avoid financial ruin and fight back.
BREAKING: The Trump administration is reportedly preparing to pursue wages and benefits of borrowers with defaulted federal student loans, per Forbes.
The Education Department is working with the Treasury Department to hire private debt collection agencies.
Borrowers in default may face administrative wage garnishment of up to 15 percent of their earnings without a court order.
Our next "Default Office Hours" call is in November.
debtcollective.org/event/off…
The Debt Collective 🟥 retweeted
sounds like buyers took risk. maybe the Treasury should hire a series of private debt collectors and use the full force of the law to collect these erroneous debts because they signed a contract. surely they aren't worthy of a bailout right? this is a tweet about student debt
"Speculative data center debt is being repackaged and sold to pension and retirement funds, university endowments, and other institutional investors in a manner eerily reminiscent of the subprime bubble."
ourfinancialsecurity.org/res…
"That skyrocketing debt means that AI giants will need to earn multiples more in revenue than they are earning now to cover their spending. If the AI industry can’t pay back its mounting debts, a financial crash could follow — and it could spread well beyond the tech sector."
"Speculative data center debt is being repackaged and sold to pension and retirement funds, university endowments, and other institutional investors in a manner eerily reminiscent of the subprime bubble."
ourfinancialsecurity.org/res…
One of the things we've been pushing Democrats on the past six months are legitimate administrative errors in the student debt system — just catastrophic levels that easily justify a pause on payments. Pressure from Dems on a payment pause could easily prevent wage garnishment.
Trump Plans to Target Americans Behind on Student Loans
The Department of Education has been preparing to sic debt collectors on millions of borrowers.
rollingstone.com/politics/po…
to be against student debt relief is to be against job creation, economic growth, homeownership, racial and gender justice, and allowing people to live with dignity. to be for *means-tested* student debt relief is to agree with all of this in theory but not in practice
The Debt Collective 🟥 retweeted
This is just another step by Trump and the WWE Secretary to distract, harm borrowers, & shut down the Ed Dept entirely.
While millions default on their student loans, the Trump Admin. is doing NOTHING to fix the broken student loan system.
The cruelty is the point.
The Education Department is planning to offload its student loans office, working rapidly to stand up a new independent agency that would take over what has long been a core part of the department’s mandate. washingtonsun.com/administra…
The Debt Collective 🟥 retweeted
When Debt Collective organized the first loan strike more than 10 yrs ago, the Obama admin was condescending & slow to respond to borrowers' demands. But everyone acknowledged that garnishing wages was a bad look. Trump relishes pushing the poor and the elderly into the street.
News: Trump admin getting ready to move forward w/ garnishing wages & benefits of defaulted student loan borrowers after internal dispute bw Treasury, OMB & Ed
Treasury looking to mitigate downsides
Were warnings of consequences for low income borrowers
washingtonsun.com/economy/tr…
The Debt Collective 🟥 retweeted
Trump wants to squeeze families who are already struggling with their student debt, after already raising their prices on everything from gas to health care.
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Absolutely not. I'll be pushing back.
The Trump admin is moving forward on plans to impose financial penalties on Americans in default on their federal student loans and hire private debt collectors to go after them.
The plans are unlikely to be announced until after the midterms. washingtonsun.com/economy/tr…
Something to note here: the plan for Treasury to hire private debt collectors to go after student debt would probably be very illegal. The federal government cannot prove many of these debts as legally permissible or collectible. We need lawsuits filed quick.
Trump aides are preparing to impose financial penalties on millions of Americans in default on their federal student loans next year
The plans are unlikely to be announced before the midterm elections, according to this report
washingtonsun.com/economy/tr…
This would be a good moment for Democrats to say something like "we won't let this happen."
The Trump admin is moving forward on plans to impose financial penalties on Americans in default on their federal student loans and hire private debt collectors to go after them.
The plans are unlikely to be announced until after the midterms. washingtonsun.com/economy/tr…
You can obtain a government issued passport or file your taxes months faster than you can expect to hear back about your student debt plan.
There are student debtors who are waiting for 10, 12 and 14 months for a response on response on their PSLF buyback. That’s untenable.
Let's be clear about what this is: if you separate student loans from the Department of Education, it makes oversight harder. And it makes attempts to sell off chunks of the portfolio to a private company easier. This a shady plan to profit even more off student loans.
SCOOP: The Education Department is making plans to offload student loans from its purview.
The Federal Student Aid office would be an independent agency. The goal is to spin it off within a year, which employees say will sow chaos for 45M borrowers
washingtonsun.com/administra…
Just to note how stupid this system is...we just learned that 15 days ago, the Dept of Education awarded a brief contract to consulting firm Accenture to oversee sending emails to student debtors.
It's a $350M contract.
So it costs more to *service* the debt than to cancel it.
When the ruling classes drive us into debt, they're not just stealing our cash by forcing us to pay interest — they're also stealing our time. Workers in Brazil just got a lot of time back.
This constitutional amendment allows the most precarious workers of Brazil to work LESS for the SAME PAY. The amendment caps the working week at 40 hours across five days, guarantees two paid rest days weekly, and bars any reduction in existing wages.