Navient to Forgive $1.7 Billion in Student Debt: Here’s Why | WSJ
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- Опубліковано 10 бер 2022
- Navient’s recent $1.7 billion settlement will erase student debt for about 66,000 borrowers. WSJ’s Josh Mitchell breaks down the settlement and explains which borrowers will receive debt relief. Photo: Storyblocks
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#Navient #StudentLoans #WSJ
I suggest three options:
1) cancel ALL student debt
2) cancel all interest upon volunteer reconsolidation. So the whole loan starts over with out the accrued interest.
3) Restore bankruptcy rights and consumer protections.
The entire loan system was predatory and corrupt.
Congratulations on professional victim-hood. Now go buy your $400 bag of groceries. AOC would be proud.
@@PhukUA-cam Congratulations on your anti-American sentiment, all founders of the republic were for universal consistent bankruptcy laws which have been abandoned in this instance, and the democrat-republicans were against central federal lending, and were against monopolies which the Student loan asset back derivatives became.
And in the case of Thomas Jefferson he was for universal access to higher education including free tuition for the poor as outlined in the University of Virginia Charter.
You worship of the corrupt financial system vs a democracy for the people is distinctly anti-American and shameful, but I clearly understand that you are brainwashed to believe in it.
@@matthewkopp2391 So nice to be told off by one so articulate. The price for the bag of groceries has doubled once more while we were gently speaking. Looks like you're gonna pay for that free education one way or another. Why do you bother to respond to such a brainwashed anti-American as I? Since you are the better American, please tell me when and how YOU served?
@@PhukUA-cam congratulations on killing the education of the next generation. When China is ahead in every industry, be sure to ask them nicely for some breadcrumbs
Who’s paying for all this? The people who were responsible and smart enough to not sign bad student loans?
Just had $74K of my student loans forgiven overnight after doing my 4 years in the military. Indescribable feeling 😎
It's great that you benefited from student loan forgiveness paid for by American citizens.
Wall Street journalists doesn't like this but they love defending greedy socialism the rich has with the government
@@ensignmjs7058 And in return he served in the military for 4 years.
@@samyak4165 , how is the military paid for?
@@ensignmjs7058 By taxes, I guess.
We can apparently afford to spend Ukraine 13 billion but can't afford to wipe out Americans student loan debt. We were conditioned and told to over and over to go to college after high school to live a better life. What a joke 🤡🤡🤡🤡
Tbf, student loans is 100 X that amount. If Ukraine received $1.8 trillion, they’d be in Moscow within a week
If they are waived, who would pay loans next time...
&
Only way is to education free.... Which is not possible
Why do ppl act like the government can't afford to clear student loans. How many times they print money out of thin air to bail out big business from going bankrupt. We always somehow can always afford to go to war and help other countries but never can afford to make thing right in our own country.
@@ike2891 okay they did that for covid gave out free money look at the price of everything compared to precovid, or better yet look into basic economics
I want to see Navient held accountable for their business practices
I hate when people say public servant. Everyone is a public servant. You pay taxes on things you already own and worked most of your life to achieve. Example, you buy your house and pay off your mortgage. Every year you have to pay taxes on your 🏡. (Why) The minute you don’t pay taxes on your home, your paid off home becomes state property. (why). Taxes on a car you paid in full for. Highway tax I understand $30 to $50 dollars but why $499-$500 in car taxes every year? Everyone is a public servant except Afghanistan, Ukraine and every other country our government sends our tax dollars. Yet, none of these countries are refunding anything. Yet, we the citizens must keep contributing to a war we didn’t create but these countries education system is FREE………
Everyone in the US is a servant no matter how you look at it.
U.S. sends $ to Ukraine that goes into the pockets of the Deep State. duh!
Finally someone says it.
Navient is a monster. The people making the rules are dirty.
It’s not forgiving they are simply paying their fine for scamming students. What a deceptive title
Truth ua-cam.com/video/kbr1M-S4tMQ/v-deo.html
They forgave my private debt that was already charged off and uncollectable , took credit for nothing; all spin and lies.
It’s not a fine, they settled out of court rather than going through the court case and loosing everything.
Saying there cancel $1.7 trillion dollars 💵 of student loans was the biggest lie
Government says give everyone who wants student loans, bank dose, gov WHY ARE YOU GIVING EVERYBODY STUDENT LOANS?!?!
Because most students succeed in the real world and those loans are paid back. But in every system, there are winners and losers.
Did the students make the mistake for being idiots? Yeah they did. But so did many corporations and wealthy folks who get a pass and operate at a different level.
Do I think we should cancel loans? No, but I think we should cut them some slack. Wall Street gets hand outs too, but we just don’t call it handouts
@@snowycatinseattle lol so many assumptions, it's not the banks job to telling you doing 4 years of art history is idiotic, of course the gov makes money, if they cared they stopped giving loans for stupid degrees, everything government touches it ruins, 40 years ago when my dad whent to college he couldn't afford it too, he worked at a diner in the weekends, college tuition was a joke compared to now, you give unlimited loans and your surprised tuition is through the roof?
Great Lakes needs to be investigated as well because they are just as bad.
Yeah, I have been getting emails from them asking me to sign up for autopay when my loans come due again and they say if I don't they can charge me .25% extra interest rate. But my loans are federal loans that are fixed. If they try it I'm getting a lawyer.
My student loans are 25 year old and should be forgiven. I cannot get a response from Navient or Nelnet.
This was upsetting to see that so many people are still in debt
Next time if you take a loan never use it on useless degree.
A degree alone will not get you a job. Jobs require experience and skills.
More like interest forgiveness. I am pretty sure those young students who were preyed for to take loans ended up with paying huge interest compared to the original loan amount. Taking out a $50.000 loan but you end up have to pay more than $80.000 that is a predator! 10% - 20% interest is more than enough.
ua-cam.com/video/f4rY3ezA5cI/v-deo.html
Why are only 39 States included in this lawsuit?
What they don't tell you is that if your AG in your state doesn't participate then your loans aren't forgiving
@@rox-tn1cf Which is weird. Why wouldn't a state want to participate?
@@CatinaWillis if it's conservative states like we're I live they tell you, you made your bed lay in it cause no one made you take loans or go to college.
Paid off 68k last year, 8 years after graduation on a 60k a year combined salary with my wife. And yes, we bought our first home and sold it within that 8 years. It can be done.
What city do you live in though?
@@willdazns why would that matter
@@TheAlchemist1089
One reason for instance:
In San Francisco your expenses are different than in Albuquerque
@@timebank1949 yeah there's a reason for that.
Your salaries are low in Albuquerque too.
Nice video.
If you are on PSLF make sure you keep checking your ineligible and eligible payments along with the employment certification. I had several that were ineligible due to employment verification not certified. Which was not true and she had to send it to review because all 10 should have been eligible… also keep up with your own copy of your employment certification after you uploaded… they human and make mistakes
As much money that’s being sent for Ukraine, Cancel all student debt from 2005
Thank you
Like most of people if you own you have to pay. Instead of free money help reducing the rates or increase the time to pay it.
Do I get reimbursed for my education from 10 years ago ?
Nothing is free in life.
"Sallie Mae has been seperate from Navient for over a decade" Well NOT from 2002-09 while this predeatory lending was happening!!!
Evil credit
This story is from January and WSJ is just now covering it...? And they're not just giving 260 to everyone. There's supposed to be quite a few borrowers who are getting their loans completely canceled.
There won't be. Not if Navient can help it.
I got denied, and I imagine many others did too.
There's no debt forgiveness or cancellation. Someone else is paying for it.
We can give billions to the Ukraine Iraq and Afghanistan, but we won't help our own..... got it. Here's a better idea, cancel politicians benefits once voted out office since they were such high earners as well with a high earning degree.
Still waiting
260!?
That’s pennies on what they made from the loans itself.
$260?
Week in gas?
I can't believe it can be this good
You had to be in default to qualify. Too bad for those of us who kept paying our loans for 20 + years.
I got my Navient letter, it's a lie. They "forgave" my loans that were already past statutes of limitation..it's been off my credit report so no help for me (was not asking for help) What a joke, take credit for something that was going to happen anyways.
Luck you no one else got there loans forgiven I only wish this was me.
@@beejohnson4198 Only "forgiven" because I never paid and it's past the statutes of limitations for a private loan....not really a forgiveness just uncollectable. Just like all of the other things Biden took credit for, was going to happen anyways but the general public does not know.
I just got told that my loans didn't qualify because they were never "in default", and they expect payment and every email I've sent so far has been met with the same canned response and demands that I speak to them over the phone where conveniently there's no paper trail or record of anything they say.
Students should be provided money just like small businesses get free money. We provide jobs to people also. Banks, schools, food vendors. Etc. or allow bankruptcy
Someone else is paying for it
2002-2010 All of the Bush Administration 🙄
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Why is this being framed as forgivess... Are wsj so coldhearted that they dont what the term means
That's not debt forgiveness.
My thoughts exactly. Don’t make them look like the good guys WSJ
I need my 94,0000 dollar loan cancelled that was under this company.
yes that debt can be collected from robbing asia and africa anytime
California is not doing anything for the people who is under this company. 😔😔😔😞😞😞😭😭😭😭😭😭 We need to be included in this statement.
Ah yes, address the effects of the problem, but not the root of it
Do both.
Wow, it was that easy huh?
Lol why it even exist! Why does institution asks so much of tuition fees in US ? To go to a college is like a dream for US citizens young ones. !!
Watch this video on UA-cam "john stossel the college scam" answers your question
The school system is jacked up
@@crazyassgerardo23 actually i did watch a documentary on netflix - how this man scams people and big instituition like Stanford acted innocent when confronted. its true, it is a transparent scam with students blood on their hands ! I am from India and I did my both bachelors and masters together in only about 2000 USD. and now I am in czech as a researcher. I feel for those parents in the US and kids who works so hard to live upto the fees. these institution may have a tag of prestige but everyone knows they are parasites !
@@snowycatinseattle i see now
Aigoo
Nice
Companies can forgive, but shareholder can’t forget. 🤡🤠
Disgraceful how you report this. NOT A BIG DEAL. NOT A BIG DEAL. NOT A BIG DEAL. 1.7 Billion on the total debt of 1.7 Trillion? People are dumb so you convince them this is a big deal . THIS IS NOT A BIG DEAL.
This is all BS. Sure after I pay 100k..
They might owe you check theres vid of people getting check bec they over paid due to the lies. Youre owe a nice check id look into it asap..
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1.7 billion yes not 1.7 trillion.
Thank God I served in our Air Force for six years, traveled the world, completed my undergrad debt-free, and now get to complete my master's in Finance DEBT FREE thanks to the GI Bill. The government does offer a way to complete a degree debt-free--enlist or commission via ROTC scholarship.
Is it true yall see ufo's all the time?
This is true, my brother had a 4 year full ride to a private university for ROTC
I have asthma so no, this would never work for me. Anyone with any disability whatsoever doesn’t have this option.
This isn't the 70s.
If you have any physical issues you may be ineligible to join. In fact you can get kicked out if you aren't able to pass certain physical tests.
It's great that you recieved those social benefits. And saw the world on tax dollars.
Thank you Biden
It’s funny but you gave the same amount to the Ukraine government to assist their government and people. No I’m ok cancel debt.
"8 years of gender studies was put to an end when they asked " what is a woman?" on the final exam"
If a person has taught in a public school for five years, then their student loan debt should be cut in half immediately. Also, the PSLF program should forgive 10% of debt reduced per year instead of waiting 10 years to "possibly" get the debt forgiven.
Lol at this nonsense
It is the tease into a loan.
Even if a lender (Navient) is liable for its "predatory" lending practices, cancellation should only cover the interest, not the principal.
If predatory lending practices justify a cancellation, why don't we also cancel credit card loans and many others? Many of them are having similar practices.
Because those other loans that you mention can be canceled through bankruptcy whereas student debt cannot (in most cases).
@@abbyc.4215 Then why don't we focus on advocating for being able to discharge student loans in bankruptcy instead of outright forgiveness?
@@abbyc.4215 Well, if a lender is liable for exercising "deceptive and predatory" practices which causes unjust damages to borrowers, why should we let it get away just because borrowers can file bankruptcy (which can hurt their credit for a decade)? They should be cancelled as well.
So tell me why we should give student loan a special treatment?
The loans are held by the government who, as the creditor, is effectively saying to certain people "you don't owe us this amount". The equivalent would be MasterCard and Visa writing you and saying, "Hey, don't worry about that last bill. You don't owe us that anymore." The government isn't overriding Navient's will. Navient is just the servicer.
@@Alexis-wh2de You know to hold someone liable, you have to prove the liability in court through a due process, don't you?
And even if you're right, you know debtors still owe at least the principal, don't you?
Hu
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Or don't pursue degree in gender studies or anthropology or comparitive religion
Are you a conservative Indian American or just an Indian who is brainwashed by American propaganda? I would think Indians would appreciate at least comparative religion. Modi and Trump has warped your brain.
This includes grants
I paid off my loans. Buy me a house instead.
Good for you, but things have changed since 1973...
Old fart.
What kind of cardboard box did you want for $260?
@@KleWdSide I'm a millennial, I just skipped spring bring and worked 2 jobs while while all my roommates lived it up on their loans. Cry me a mf river, you knew what you were borrowing.
@@Matthew-rp3jf Uh-huh. I'm sure there's something you're leaving out (a generous mommy and/or daddy), but you have too much pride to fess up....
Must be nice to cry about making bad decisions that end up in owing money for something and then having it all "forgiven" because no one can ever be responsible for making bad decisions.
Somebody help! I've borrowed money that I can't afford to pay back.
Ah yes. The simplistic answer.
I disagree. The lending docs are not transparent.
@@silky2204 So you are trying to say that people force you to take loans? We both know that's not true. If you can't afford it, don't take the loan, the docs are transparant because the law enforces that they are, if you sign them without knowing what you are signing that is your fault to begin with. Learn to ask questions.
@@helloworld5644 LOL@ preyed upon. How about basic common sense, if you can't afford something...don't get it or buy it. Shocking i know to think this way, even more shocking to have common sense for someone who is laughably "preyed upon", poor dumbasses. If you are dumb enough to get and use credit cards because you get a free water bottle that tells you the REAL problem right there, stupidity. No one forces you to sign up for loans or credit cards, no one is holding a gun to your head saying do it, there is no predatory practices, only stupid people doing stupid things that have buyers remorse and want the tax payer to hold their hand through their stupidity. What's worse is that those stupid people learn nothing if the tax payer "fixes" their mistake other than to run to the government every time they do something stupid.
No student loan forgiveness now, no student loan forgiveness ever for the chronically stupid. These people will be eternally victims and never learn how to be self aware or accountable for their own actions, just how to blame everyone else for their own stupidity. Not really shocking that there are a lot of stupid people out there, after all the vast American population knows more about the Kardashians than they do about basic common sense.
#StudentLoans
#Navient
#WSJ
Seems like a political no brainer. Change lives + act as a stimulus for the economy
I think this is ridiculous that you dont have to pay back a loan,
Why they don’t offer the free college instead of loan ? 16 yrs of free education
I never went to college. Don't make me pay for your education.