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(MSN)   Navient is forking over 1.7 Billion to some student loan borrowers? Awesome news. Subby may get $260, which would cover one month of interest accrued on loans. So subby has that going for them, which is nice   (msn.com) divider line
    More: Spiffy, MSN  
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1366 clicks; posted to Main » on 14 Jan 2022 at 12:17 AM (2 days ago)   |   Favorite    |   share:  Share on Twitter share via Email Share on Facebook



39 Comments     (+0 »)
View Voting Results: Smartest and Funniest
 
2 days ago  
Claw back executive salaries and benefits, then jail Executives.
 
2 days ago  
If your not learning actual- useful skills in college, you are getting screwed over badly.
 
2 days ago  
Well you also have your english degree at a 40k year school. Don't discount that.
 
2 days ago  

wademh: Claw back executive salaries and benefits, then jail Executives.


found the guy with a criminal justice and math dual minor, and Philosophical studies of the Aztecs major.
 
2 days ago  
Navient had predatory practices?

Sometimes I think Fark needs a No 💩 tag. It's when Obvious doesn't quite cut it.
 
2 days ago  
This thread is going to be fun.
 
2 days ago  
Know how I know subby didn't actually have a Navient student loan?

FTFA:  "The deal, announced Thursday, requires Navient to cancel $1.7 billion in private student loan debts for nearly 66,000 borrowers and pay $95 million in restitution."

So they cancelled $26k avg for each borrower.  This wasn't a "lawyers make all the money, those actually affected get a nickel" situation.  Note that millennials have $39k in debt each average, so $26k is a good 2/3rds the average debt load of the peers of those affected here...not insignificant.
 
2 days ago  

Straight Outta Wells Branch: Navient had predatory practices?

Sometimes I think Fark needs a No tag. It's when Obvious doesn't quite cut it.


I worked on a system of theirs that determined the likelihood that any and all borrowers would make a payment based on their criteria, and they used for cash flow projection.  That's fine since lending practices prevent using any obvious criteria that could be used for discrimination and it would be nice to see what accounts receivable is going to net in any business.  However, they could pretty much identify your ethnicity using private secondary sources and didn't exactly keep that private.
 
2 days ago  

viscountalpha: If your not learning actual- useful skills in college, you are getting screwed over badly.


Or you actually are one of the idle rich for whom "study whatever you want and don't worry about how you will make money"  actually is good advice for maximizing happiness.
 
2 days ago  

viscountalpha: If your not learning actual- useful skills in college, you are getting screwed over badly.


No. You're getting screwed either way.
Bachelor's vs not a bachelor's is a wide divide in terms of lifetime earning, regardless of degree.
But that doesn't even this out, not all degrees are bachelor's, and a ton of degrees are never completed.

Colleges are raising their prices to compensate for loan availability, states are cutting university subsidies, but who's really earning off this?
Navient.
The feds are handing out free money every year, not to schools, not to students, but to these parasitic farking lenders.
 
2 days ago  

IamAwake: Know how I know subby didn't actually have a Navient student loan?

FTFA:  "The deal, announced Thursday, requires Navient to cancel $1.7 billion in private student loan debts for nearly 66,000 borrowers and pay $95 million in restitution."

So they cancelled $26k avg for each borrower.  This wasn't a "lawyers make all the money, those actually affected get a nickel" situation.  Note that millennials have $39k in debt each average, so $26k is a good 2/3rds the average debt load of the peers of those affected here...not insignificant.


FINISH. THE. ARTICLE.
The settlement calls for payments of around $260 per person to be distributed to 350,000 federal loan borrowers who were placed in certain types of long-term forbearances.
 
2 days ago  

IamAwake: Know how I know subby didn't actually have a Navient student loan?

FTFA:  "The deal, announced Thursday, requires Navient to cancel $1.7 billion in private student loan debts for nearly 66,000 borrowers and pay $95 million in restitution."

So they cancelled $26k avg for each borrower.  This wasn't a "lawyers make all the money, those actually affected get a nickel" situation.  Note that millennials have $39k in debt each average, so $26k is a good 2/3rds the average debt load of the peers of those affected here...not insignificant.


"The settlement calls for payments of around $260 per person to be distributed to 350,000 federal loan borrowers who were placed in certain types of long-term forbearances. The deal, which was submitted to the US District Court for the Middle District of Pennsylvania, requires court approval."
 
2 days ago  
Usually when somebody steals from other people over and over, they go to prison.
Not just have to give some of the money back.
 
2 days ago  

moothemagiccow: IamAwake: Know how I know subby didn't actually have a Navient student loan?

FTFA:  "The deal, announced Thursday, requires Navient to cancel $1.7 billion in private student loan debts for nearly 66,000 borrowers and pay $95 million in restitution."

So they cancelled $26k avg for each borrower.  This wasn't a "lawyers make all the money, those actually affected get a nickel" situation.  Note that millennials have $39k in debt each average, so $26k is a good 2/3rds the average debt load of the peers of those affected here...not insignificant.

FINISH. THE. ARTICLE.
The settlement calls for payments of around $260 per person to be distributed to 350,000 federal loan borrowers who were placed in certain types of long-term forbearances.


So, basically worthless.

I settled my private loans for a lump payment of $18,000 after paying $200/mo for ten years.
 
2 days ago  
 
2 days ago  
Is this where we have the bad faith arguments about student loans and how you should be responsible and pay them even if there's a system arrayed against you to keep you in what's essentially a guaranteed government bond for the money movers?
 
2 days ago  

AwfulObject: Is this where we have the bad faith arguments about student loans and how you should be responsible and pay them even if there's a system arrayed against you to keep you in what's essentially a guaranteed government bond for the money movers?


Pretty much.
 
2 days ago  
The American higher education system funding practices are farking idiotic.

But hey! It makes wealthy people more wealthy at the expense of poor people... so, all systems functioning normally!
 
2 days ago  

Wendigogo: AwfulObject: Is this where we have the bad faith arguments about student loans and how you should be responsible and pay them even if there's a system arrayed against you to keep you in what's essentially a guaranteed government bond for the money movers?

Pretty much.


Also how they paid their loans back so everyone should be able to.
 
2 days ago  
I had $27k in debt and moved in with my parents for a year to pay it off. I don't see the problem, but I paid for things as I was in school, and had a gig.
 
2 days ago  
I cannot understand why people think that private loans will be easier than federal loans, not to mention I cannot understand why people didn't go fed vs private.

I have a feeling if Biden does anything with loans you're still going to be farked. Then again, you're still farked.

Eliminate all federal/private

Private can pay %, cuz well idiots
 
2 days ago  

OhioUGrad: I cannot understand why people think that private loans will be easier than federal loans, not to mention I cannot understand why people didn't go fed vs private.

I have a feeling if Biden does anything with loans you're still going to be farked. Then again, you're still farked.

Eliminate all federal/private

Private can pay %, cuz well idiots


Because Navient paid kick backs to school financial aid steer borrowers to private loans while obscuring the difference between Federal and Private. Navient paid a fine that was a fraction of their profits.

Keep up, ya idiot.  That was 4 Navient settlements ago.

Oh!!!  Wait until you hear what they got caught doing to military serving in combat arenas. (Spoiler alert, it was illegal but the fines were a fraction of the profits)
 
2 days ago  
You used all the money for booze so quit complaining.

/when a financial institution is caught farking people over it should be dissolved.
 
2 days ago  

moothemagiccow: IamAwake: Know how I know subby didn't actually have a Navient student loan?

FTFA:  "The deal, announced Thursday, requires Navient to cancel $1.7 billion in private student loan debts for nearly 66,000 borrowers and pay $95 million in restitution."

So they cancelled $26k avg for each borrower.  This wasn't a "lawyers make all the money, those actually affected get a nickel" situation.  Note that millennials have $39k in debt each average, so $26k is a good 2/3rds the average debt load of the peers of those affected here...not insignificant.

FINISH. THE. ARTICLE.
The settlement calls for payments of around $260 per person to be distributed to 350,000 federal loan borrowers who were placed in certain types of long-term forbearances.


For those whose college degrees didn't include 6th grade math,

350,000 x $260 = $91 million.
The number that seems so insignificant is the restitution number.

Going the other way, $1.7 Billion / 66,000 = $25,758
 
2 days ago  

AwfulObject: Is this where we have the bad faith arguments about student loans and how you should be responsible and pay them even if there's a system arrayed against you to keep you in what's essentially a guaranteed government bond for the money movers?


Balanced by those who took out loans that, statistically, a great many were bound to default on, "because they told me to". Should we make it illegal for anyone to take out a loan if they can't pass a math test on how compounding interest works? It won't be about trains leaving Chicago and Spokane. It will go like this.

Jonny plans to take out 4 $20,000 loans at 6% interest to pay for 4 years of college. He winds up needing to take out a fifth loan for $25,000 to finish his degree because he changed majors in his second year. During his 5 year, the loan company expected him to start repaying his loans and he didn't realize he had to file for a continued deferment every quarter he was still in school so the loan company sent him a notice about going into default for non payment at the end of January. However, they sent the notice to his parent's house. However, they had divorced and were renting that house out to strangers and the notice was tossed. By the time Jonny found out in April his loans were officially in default and no longer eligible for any deferred interest even though he was a full time student.

How much interest will Jonny owe on his loans at the end of June in his 5th year when he graduates? Please look up additional fees in the loan papers you are about to sign. Note the clause about how terms can be changed by the lender and multiply the fees for defaulting by 5.

What will be the total balance Jonny owes in June of his 5th year?

If Jonny wants to pay off that loan in 10 years at the 6% interest rate, adjusted to 7.5% because of the default, calculate how much Jonny needs to pay each month.

Jonny gets lucky and gets an unpaid internship that might lead to a great job but can't afford to start making payments on his loan until the internship is over and he gets that job in Sept. Calculate how much more this adds to his loan in interest, penalties and fees.

In August, Jonny's internship is canceled when the company reorganizes. His supervisors tell Jonny he's a great worker and wish him well. Jonny moves into his Mom and her "friend's" basement. He mows their lawn, and two neighbor's lawns for beer money, then hires on with a local landscaping company an old friend of his runs. He gets paid $200 / week under the table in cash for the next 7 weeks.

How much of that money will he be able to use to start paying his student loans if he spends about $10 / day on lunch and incidentals?

After that Jonny signs up for a temporary agency and gets scattered jobs during the holiday season averaging 32 hours per week at minimum wage. Jonny has no exemptions but has to pay standard payroll withholding taxes. Calculate his average income through the end of Dec. and decide how much he can afford to pay towards his student loans if he has been having his morning coffee at home and bringing a brown bag lunch to work?

How much larger is Jonny's debt at the end of December than it was when he graduated? Compare that number to the total amount borrowed.
 
2 days ago  

viscountalpha: If your not learning actual- useful skills in college, you are getting screwed over badly.


Buddy I have a doctorate in physics with a focus on nanophysics and nanoengineering, am working on some, frankly, impressive projects as a postdoc, and have a net worth of -$60,000.

and I'm farking *LUCKY* for my generation.

The issue isn't "useful skills".
 
2 days ago  

wademh: Claw back executive salaries and benefits, then jail Executives.


Yep, claw it back from the crooked schools, admin, and faculty.

Recent story on price fixing on student aid. Tenured professors making bank!
 
1 day ago  
Imagine being educated in America lmao
 
1 day ago  

IamAwake: Know how I know subby didn't actually have a Navient student loan?

FTFA:  "The deal, announced Thursday, requires Navient to cancel $1.7 billion in private student loan debts for nearly 66,000 borrowers and pay $95 million in restitution."

So they cancelled $26k avg for each borrower.  This wasn't a "lawyers make all the money, those actually affected get a nickel" situation.  Note that millennials have $39k in debt each average, so $26k is a good 2/3rds the average debt load of the peers of those affected here...not insignificant.


They only canceled loans of the 66K that attended the predatory private schools. i.e. The fix that was supposed to happen years ago that DeVos shiatcanned.

The other 350K Navient loan holders that were directed into long-term forbearance get an average of $260 (not $26K)
 
1 day ago  

wildcardjack: I had $27k in debt and moved in with my parents for a year to pay it off. I don't see the problem, but I paid for things as I was in school, and had a gig.


I would have been lucky to earn $27k total in a year living where my parents did, and I certainly wouldn't have gotten a job that would have helped build my career.

Also, half the point of working hard in college was so that I'd never have to live near them or, god forbid, under there roof again.
 
1 day ago  
I had Navient.  I never spoke to them and never took any of their deals.  Of course they wanted to "work with me!"  they could have put me on income-based repayment, and I'd be paying on it until I was dead.  Instead, if I couldn't make the payments, I just didn't make them.

/It's gone now, whew.
 
1 day ago  
Just finished paying my loans off after 20 years.

Daughter may have to take a small loan out to for her last year which is actually for a masters degree in a 5 year combined program.  Hope the son manages to do as well.
 
1 day ago  
My loan got discharged in November so fark you, I got mine
 
1 day ago  
I'd hate to be that guy, but what about those of us who worked hard and paid off our student loans? I'm all for helping people out, but it doesn't really seem fair that I paid mine off and there are bunch of people who are getting breaks who weren't as responsible. Just saying, don't take on the big boy debt if you're not getting a big boy degree to earn big boy money.
 
1 day ago  

giantmeteor: I'd hate to be that guy, but what about those of us who worked hard and paid off our student loans? I'm all for helping people out, but it doesn't really seem fair that I paid mine off and there are bunch of people who are getting breaks who weren't as responsible. Just saying, don't take on the big boy debt if you're not getting a big boy degree to earn big boy money.


What's that they say about everything before the word BUT?
 
1 day ago  

wademh: Claw back executive salaries and benefits, then jail Executives.


Unpatriotic typing detected.
 
1 day ago  
A family member was all excited that their Navient balance was $0 yesterday! But then remembered Navient transferred their loan to AidVantage back in December, just in time for this announcement! And confirmed with AidVantage that the balance still needs to be paid through them now.
 
1 day ago  

Zorba Paster's Wet Nurse: A family member was all excited that their Navient balance was $0 yesterday! But then remembered Navient transferred their loan to AidVantage back in December, just in time for this announcement! And confirmed with AidVantage that the balance still needs to be paid through them now.


Oh, that is very unfortunate timing.
 
1 day ago  

GardenWeasel: IamAwake: Know how I know subby didn't actually have a Navient student loan?

FTFA:  "The deal, announced Thursday, requires Navient to cancel $1.7 billion in private student loan debts for nearly 66,000 borrowers and pay $95 million in restitution."

So they cancelled $26k avg for each borrower.  This wasn't a "lawyers make all the money, those actually affected get a nickel" situation.  Note that millennials have $39k in debt each average, so $26k is a good 2/3rds the average debt load of the peers of those affected here...not insignificant.

They only canceled loans of the 66K that attended the predatory private schools. i.e. The fix that was supposed to happen years ago that DeVos shiatcanned.

The other 350K Navient loan holders that were directed into long-term forbearance get an average of $260 (not $26K)


Yea, I'm fairly certain they got off easy and that I'm not going to see anything meaningful. Some articles point to them only canceling out defaulted debt. I went to an expensive private school and ended up with a stack of private loans at 13% interest. Between all of the programs I had went through over the course of about a decade before landing a job leaving me able to pay them and get to a point where I could refinance to a much lower rate I had paid them somewhere between 2x-3x the original loan amount and still had basically the full original balance refinanced. I honestly would have just dealt with the credit consequences of defaulting on it long before that if it hadn't been cosigned by my parents.
 
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