The nation’s first debtors’ union, organizing to build power with debt as leverage. You are not a loan! Press: press@debtcollective.org
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If you have federal student debt, you may have recently received an email from the Department of Education telling student debtors who are in the SAVE forbearance to switch plans.
We want to encourage you to not rush this next step.
Take a deep breath. You have until September.
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The Debt Collective 🟥 retweeted
Why should we pay when they can't get their shit together?
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You cannot talk about "affordability" without talking about debt.
We're being robbed twice.
First at our workplace by our bosses who refuse to pay use enough.
Then a second time by our creditors for charging us interest to borrow for what our bosses don't pay us.
It's a sham.
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There was a student debtor whose monthly payment rose from $0 to $2,000 based on an error
loading a supplemental file.
Another student debtor saw their payment increase by nearly tenfold because of an inappropriately shortened repayment term.
This system is riddled with errors.
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There are severe accounting failures happening every day.
Servicers are failing to apply the mandated 0% interest rate while people are in forbearance.
They have inflated balances for many debtors.
They apply excessive interest credits.
They capitalize interest in error.
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Student debotrs are suing.
Why? Their debts were canceled and their accounts were supposed to appear as closed on their credit reports.
But some balance never went away.
This why we need a payment pause.
washingtonpost.com/education…
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New: 12 Student Loan Ombudsman call for a Payment Pause.
“We have identified recurring systemic problems involving income driven repayment plans that materially affect borrower payment obligations, loan balances, and access to [cancellation].”
forbes.com/sites/adamminsky/…
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Credit card debt is crushing our nation. We're paying for groceries, health care, clothes and other necessities with the swipe of a little plastic card because we don't make enough at our job to pay for it up front. It's untenable.
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The Debt Collective 🟥 retweeted
we need a complete and total pause on student loan payments until we can figure out what's going on in the western Massachusetts lesbian bar
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had to restart my student loan payments and Jesus fucking Christ that’s a lot of money
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The federal government has a portfolio of nearly $2 trillion in student debt alone and 40M debtors can’t even access basic information about these debts — and there’s not really a member of Congress calling it out. It’s just a vacuum. A desert. Everything is going wrong.
Dozens of national organizations and state student loan ombudspersons warned Congress and the Education Department that cascading problems impacting federal student loans are quickly spiraling out of control. forbes.com/sites/adamminsky/…
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There is an entire system designed to profit off of our debts. They have squeezed every penny they can out of us from health care, housing and education. Our incarceration, our food/groceries and our transportation. Now they want to profit off of our desperation. It's sick.
BREAKING: Kalshi is asking the CFTC to allow margin trading on its platform, which would let users gamble with borrowed funds.
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