The Debt Collective 🟥 Profile picture
Dec 8, 2021 9 tweets 5 min read Read on X
Do you want to see a preview of the shitshow we all are going to face on Feb 1 if @JoeBiden @JamesKvaal and @FSACOO turn on student loan payments?

This crisis is avoidable. Let's avoid it.

🧵 as preview Image
On Aug 18, 2021 @Navient sent an email demanding a payment of $128.42 on a federal direct loan due Nov 1, 2021 even though the payment pause is still in effect.

This is the kind of totally false info Navient is sending millions of people. Image
This is all part of a game that @Navient plays. Half of the info they send you is false, the other half is accurate.

The fun is guessing which is which but be careful, your financial (and often physical) life depends on guessing correctly.
Today at 9:26 p.m. ET @Navient sent this message saying that on Nov 29, 2021 I reported a change in address.

The only trouble is, I didn't! Is that a problem? Seems like it. @Navient says to call IMMEDIATELY!

But they sent this email at 9:26 p.m. ET after Navient is closed. Image
Meanwhile there are dozens of emails like this being sent out every other day.

It's not just that every single message in and of themselves is confusing, it is also the sheer volume of messages. It is a lot of info to wade through, and remember half of it is false! Image
This is happening to 45 million people

Everyone at the Department of Education knows what is going to happen on Feb. 1. Everything that can go wrong will go wrong.

This is a crisis they are deciding to create themselves. It is avoidable. We don't have to do this.
Put down your weapons @JamesKvaal @FSACOO

You are liable to hurt someone
Let's live tweet trying to call @Navient about this Image
As expected @Navient told me this communication was an error. Everything they send has false info in it.

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More from @StrikeDebt

Oct 1
Today, 40M student debtors fall back into the throes of the student debt crisis. Student debt payments resumed in October 2023—but borrowers had a 1yr grace period: no hits to credit, wage garnishment or default. Half of debtors didn't pay.

Those protections ended yesterday.
The pause has ended + broad scale relief never happened.

In many ways, we are back to the crisis we had in 2019—the crisis every Dem presidential candidate raced to promise to solve.

Except today is worse than 2019: There is no repayment plan option because of court litigation.
Today is worse than 2019: Student loan servicers are not only unresponsive, they're actively colluding with Republican politicians to stop relief—and profit along the way.

Today is worse than 2019: COVID + inflation happened and debtors didn't get relief from that economic hit.
Read 5 tweets
May 20
We're the nation's first union of debtors, organizing to cancel unjust household debts like student, medical, housing and criminal legal.

We believe debt cancellation is crucial for resetting the moral and economic order—plus, that means workers taking home a bigger paycheck.
Canceling debt is important—and we've been able to get debt canceled both through pressuring local and federal governments and by erasing debt for pennies on the dollar ourselves.

But the true goal is free, reparative public goods so nobody goes into debt in the first place.
You can join the Debt Collective by becoming a dues-paying member of $0/month—or whatever you can give.

Join our organizing efforts, get access to advice, and be connected to the first digital "factory floor" for debtors—which wouldn't otherwise exist!
debtcollective.org
Read 4 tweets
Apr 30
People are wondering if they should consolidate their student loans before the April 30 deadline. The answer is yes!!!

Do so here ASAP. It takes 10 min:

Here is a thread with answers to common questions we are seeing 🧵studentaid.gov/loan-consolida…
Will consolidating restart my loans to zero?

No! This used to be the case, but it no longer is. Never fear. If I consolidate, will that reset my payment count for IDR and PSLF? Not right now. If you apply for consolidation by April 30, 2024, the adjustment will count periods of repayment on your loans prior to the consolidation toward IDR forgiveness and (for eligible borrowers) PSLF.  This differs from the earlier approach, in which consolidating your Direct Loans would reset your payment count to zero. After the adjustment has been applied to all borrower accounts in 2024, accounts will be treated in accordance with the regulations in place at that time.  If you recently consolidated your loans...
Will my interest rate go up?

Not really. Your new interest rate will be a weighted average of the underlying loans (rounded up to the nearest 1/8%
Read 6 tweets
Apr 24
This morning the Dept of Education is in court for failing to cancel student debt and issue refunds in compliance with a settlement & court order 🧵
The first question the judge asked was "which one of you is Cordray"

Lawyers for student loan servicers are also there
The Department of Education has not kept records. Doesn't know how many people are still owed money. And wants unlimited time to maybe someday cancel their debts.
Read 16 tweets
Feb 26
🚨🚨🚨Instead of cancelling student debt Congress is about to pass a bailout for fraudulent for-profit scam schools with overwhelming bipartisan support

Educate yourself about H.R.6585 the so-called Bipartisan Workforce Pell Act, then educate your Representatives 🧵
This bill is a direct assault on Pell Grants, swindling public money had handing it over to scam "coding bootcamps"
highereddive.com/news/governmen…
We need to protect Pell grants from greedy billionaire fraudsters. Congress is about to give away the farm
Read 5 tweets
Aug 31, 2023
People's balances are incorrect but Biden is still turning student debt payments back on.

Loan servicers don't answer the phone but student debt payments are still turning back on.

People are waiting to hear back from their PSLF application but payments are turning back on.
Millions of people went to schools that defrauded them but student debt payments are turning back on.

The SAVE plan is incorrectly forcing people to pay 2X, 3X and 10X more than they should and payments are turning back on.
Millions have paid for 20+ years through IDR and shouldn't have a balance but payment are still turning back on.

Tens of millions were promised and approved for relief but payments are turning back on.
Read 5 tweets

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