Post B6WYRHYViVT3GcvKK0 by Yo@noauthority.social
(DIR) More posts by Yo@noauthority.social
(DIR) Post #B6WVKQdjFC09YGP9uK by sickburnbro@poa.st
2026-05-21T13:47:27.317237Z
11 likes, 4 repeats
given that you can't discharge student loans, charging interest on them is actually usury under any definition.
(DIR) Post #B6WVMgRVSbPV8tlNIG by sickburnbro@poa.st
2026-05-21T13:47:51.691068Z
4 likes, 0 repeats
but we should also ban student loans.
(DIR) Post #B6WVxY2Nfpc5mxaaVU by Yo@noauthority.social
2026-05-21T13:54:14Z
2 likes, 1 repeats
@sickburnbro If you don't understand that if you don't pay down the principal and just make interest payments, you get what you deserve. If she paid $500/mo, it'd be paid off. And yes, shed have paid $10k in interest. In the banks view, that return is lower than traditional investing. Its all shitty, not disagreeing with your discharge argument
(DIR) Post #B6WWD4PLbTaWWljVrc by sickburnbro@poa.st
2026-05-21T13:57:19.431204Z
2 likes, 1 repeats
yes, the "you need to understand what minimum payment means" is what FN is getting into here, and that's totally valid.I think we should not be giving loans to people who don't understand how the instrument works, because it's dishonest.Either you say "you pay X per month and we earn Y on this" and keep it simple, or you only allow people to may minimums that understand they are not paying off their balance.
(DIR) Post #B6WWRn7s8h69GxZwsi by poastoak@poa.st
2026-05-21T13:59:59.748597Z
1 likes, 0 repeats
This is kind of a bad example because the foid in the video understood it perfectly, she was enrolled in PSLF
(DIR) Post #B6WWZncACs2j6XZ8xU by Yo@noauthority.social
2026-05-21T14:00:09Z
0 likes, 0 repeats
@s2208 @sickburnbro there are a million loan payoff calculators on the internet
(DIR) Post #B6WXXSUxqRAIzNe7mq by Yo@noauthority.social
2026-05-21T13:59:39Z
0 likes, 0 repeats
@sickburnbro Well, the education system is the obvious failure here. Along with parents not explaining this to their kids. I hate to defend bankers, but that's not their job. Loans aren't any different now than they have been for a long time.
(DIR) Post #B6WXXTuAcCvDLqRliK by EvilSandmich@poa.st
2026-05-21T14:12:12.790330Z
0 likes, 1 repeats
A couple issues:-They priced interest like the loan would default, even though it can't be defaulted-We used to have laws against crap like this because the arrangement is uneven. Unless they're a professional in the industry (and maybe not even then) there is no situation where the borrower will know more about these semi-exotic lending instruments than the people putting them together. It's like expecting patients to have known more than their doctor when the hospital screws them over.
(DIR) Post #B6WXr8RG8V6WZBIOOG by Oughtism@shin.mugicha.club
2026-05-21T14:09:56.411229Z
0 likes, 0 repeats
Women weren't allowed credit cards without a co-signer until the 70s for the same reason we don't give loans to children.
(DIR) Post #B6WXt54PdBj0hMXM4u by Yo@noauthority.social
2026-05-21T14:06:07Z
0 likes, 0 repeats
@s2208 @sickburnbro then are they really smart enough to go to college?
(DIR) Post #B6WYCzSsBKVp6ZTJWi by Yo@noauthority.social
2026-05-21T14:17:15Z
0 likes, 0 repeats
@s2208 @sickburnbro only loans for degrees where people make enough to pay it back
(DIR) Post #B6WYRHYViVT3GcvKK0 by Yo@noauthority.social
2026-05-21T14:21:34Z
0 likes, 0 repeats
@s2208 @sickburnbro so only the rich can go? A smart poor that can't afford $300k to become a doctor (that they can pay off in a couple years) doesn't get to be a doctor. Just the rich kids?
(DIR) Post #B6WYTU0CPaQORsvMMS by Yo@noauthority.social
2026-05-21T14:16:35Z
0 likes, 0 repeats
@EvilSandmich @sickburnbro after two months paying the minimum, you look at the loan amount remaining and go "wait, why isn't this going down. Maybe I should look into this"
(DIR) Post #B6WYTVXYh2hfDdXVzs by EvilSandmich@poa.st
2026-05-21T14:22:41.929302Z
0 likes, 0 repeats
The casinos are full of people who struggle with such insights (which is why gambling was usually banned too, after all, what is a student loan but a call option on one's own future).
(DIR) Post #B6WYXmPDvgUigWg6IS by Yo@noauthority.social
2026-05-21T14:22:48Z
0 likes, 0 repeats
@s2208 @sickburnbro fair.
(DIR) Post #B6WZUfmsBFlvF8p2Xo by ForbiddenDreamer@poa.st
2026-05-21T14:34:07.461324Z
0 likes, 0 repeats
You used to be able to pay for college with a summer job, kids just have to stop being lazy and get a pressure washer
(DIR) Post #B6WaFdBJgbzQlveAIC by nike@nationalist.social
2026-05-21T14:42:15.562625Z
1 likes, 0 repeats
I think plenty of hapless middle class under 40s understand compound interest but cannot afford to make payments to stay ahead of it.
(DIR) Post #B6WaREwfcc5N50KdQO by wizardmanperson@poa.st
2026-05-21T14:44:40.082526Z
3 likes, 2 repeats
@s2208 @Yo @sickburnbro indeed
(DIR) Post #B6WbCSc0cvKD4pBTjE by sickburnbro@poa.st
2026-05-21T14:53:14.272436Z
3 likes, 0 repeats
yes, that's a part of what is happening in that we are being squeezed by stuff like this.But this is *also* why making 18 year old kids agree to a 40-200k loan is just pathetically stupid and evil.Society has told them that they HAVE to go to college or else they'll be penniless losers and then they're marched up to sign their life away
(DIR) Post #B6Wq4NPbZjHRwdzAYK by HatkeshiatorTND@annihilation.social
2026-05-21T17:38:46.408925Z
0 likes, 1 repeats
@sickburnbro i mean you could just not take out a loan.
(DIR) Post #B6Wq4OH8Mi6Acf1uzI by sickburnbro@poa.st
2026-05-21T17:39:50.934065Z
3 likes, 0 repeats
and what? not get a college degree? I'm not sure that's a easy thing to do right now
(DIR) Post #B6Wq5SMOfBWZa603M0 by shortstories@merovingian.club
2026-05-21T17:40:00Z
2 likes, 2 repeats
@sickburnbro What I find especially evil about student loans is that a so called private sector corporation would give out the loans but governments wpuld fund the corporation that gave out the loansSo taxpayers paid for the loans but when people paid off the loans the money did not go back to the taxpayer but to a corporationThis was corporate welfareSupposedly they have a new policy now where the loan payments go back to the governmentAm I wrong about how this worked & is working?
(DIR) Post #B6WqfAq3HmlXfCtzxQ by HatkeshiatorTND@annihilation.social
2026-05-21T17:41:54.007818Z
1 likes, 1 repeats
@sickburnbro fair enough.honestly, the next [head of state] of [country] (for any country) should simply drop nukes, cluster bombs, napalm, white phosphor, and rods from god on all schools and universities within a week of assuming office. this would solve a good chunk of problems.
(DIR) Post #B6WvJKrXprcm9X0Shs by ForbiddenDreamer@poa.st
2026-05-21T18:38:33.412931Z
0 likes, 0 repeats
Don't forget they can also jack up the rates because those poor women and negroes get a significant chunk covered by the taxpayers.