Government Garnishes $176 Million In Unpaid Student Loans Over 90 Days

originally posted by: onequestion

originally posted by: murphy22
Don't put your name on it, if you can't or don't want to pay it back. If the "Gov" offers a "good idea"? It's probably not a "good idea". Welcome to "civics"/taxpayer 101. "Student loan". What part of a "loan" did your knowledge and "education" escape you? Loan, means...other taxpayers financed your "education". ...you went to "school" on someone's dime. I have no feelings for these "educated" idiots.

Oh yeah then what the hell are they suppose to do for a living?

The trades can't handle that kind of growth and manufacturing is dead.

Staffing agencies warehouses and service jobs are what's left.

So now what?

So the job market obviously sucks. Saturation at maximum. Gee. I think I'll go indebt myself for $80G-$150G and figure out how to pay for it later in a defunct economy.

Sounds logical to me.

BTW, Garnished wages.......that means they were employed, making MONEY. Should have been paying back those loans.

Thats why every class I take is either covered by the GI bill or grants, anything else I pay out of pocket.

way to easy to get in over your head especially if you go to a big name college.

It reminds me of some of the stuff that went on prior to the housing bubble bursting.

I am personally aware of some of the stuff that went on selling houses at inflated values to people that couldn't even speak English, much less pay for the house, especially when the variable rate began to move upward. These people didn't care whether they could afford it or not. They never thought their financial situation through at all and put all their eggs in some future basket they didn't even know would be there or not. The real estate agents and loan companies knew some of them were even using false SS numbers, too.

They didn't care. Then one day...boom!! All over the place.

We have a student loan bubble. Same exact thing is happening.

And let me add: Is it fair to bail these people out, them or the ones holding the debt. No. Look at all the families that did the right thing. They saved for years and years, took out a second mortgage sometimes, and PAID for their children to go to college, making sacrifices along the way to do it. Their kids helped by taking summer jobs and doing their part, as well.

originally posted by: Swills
a reply to: 123143

Problem is, kids are expected to go to college right out of high school. The schools, both high school and college, along with their parents pressure them. I remember colleges coming to my high school to recruit us. With the middle class in decay and the poor being poor the only way is a loan. A loan that every single 18 year old gets, no credit check, nothing. They don't know what they're getting into and apparently their parents didn't either.

And then there are those of us who didn't rush into college and choose to go later or not at all. It's totally doable to live at home when your 18 and get a job to pay for college. Problem is, kids usually wanna move away because lets face it, that college life is awesome! PARRRTTY!

So just about EVERY potential student completes a FAFSA. This is plainly explained after completing pertinent personal info and income info:

By signing this application electronically using your Federal Student Aid PIN, username and password, and/or any other credential or by signing a signature page and mailing it to us, YOU, THE STUDENT, certify that you: 1.will use federal and/or state student financial aid only to pay the cost of attending an institution of higher education,
2.are not in default on a federal student loan or have made satisfactory arrangements to repay it,
3.do not owe money back on a federal student grant or have made satisfactory arrangements to repay it,
4.will notify your school if you default on a federal student loan, and
5.will not receive a Federal Pell Grant from more than one school for the same period of time.
By signing this application electronically using your Federal Student Aid PIN, username and password, and/or any other credential or by signing a signature page and mailing it to us, you certify that all of the information you provided is true and complete to the best of your knowledge and you agree, if asked: 1.to provide information that will verify the accuracy of your completed form
2.to provide U.S. or state income tax forms that you filed or are required to file.
You also certify that you understand that the Secretary of Education has the authority to verify information reported on your application with the Internal Revenue Service and other federal agencies.

If you sign this application or any document related to the federal student aid programs electronically using a PIN, username and password, and/or any other credential, you certify that you are the person identified by the PIN, username and password, and/or any other credential and have not disclosed that PIN, username and password, and/or any other credential to anyone else. If you purposely give false or misleading information, you may be fined up to $20,000, sent to prison, or both.

Then, OUTSIDE of that box, is this:

I, the student, agree to the terms outlined above.

[] Agree [] Disagree

Select one of the following options:

[] Print A Signature Page

This option requires that you print and mail your signature. Click the Print Signature Page button at the bottom of this page.


[] Submit Without Signatures

This option allows you to submit your FAFSA now without your signature, but you will need to return later to sign.

Are you implying that students and their parents apply willy-nilly to any and all schools without first checking out tuition prices, cost of living etc.? Because if you are, high-schools are even more lacking than I already thought.

I remember when college loans were considered free money the government never went after the dead beats who didn`t pay back the loans.I didn`t have a problem with college loans i took up a trade, no loans involved in that.