U.S. Marshals Are Arresting People in Texas Who Have Outstanding Student Loans

Ya'll are funny. The over 45 crowd paid substantiably less for school than their millenial/xennial counterparts. Easier to do when your dollar is worth more, your COLI is lower, and your school cost less. Think we were at 175% the cost of college in the early 70s, in 2010. To anyone in the over 45 college educated crowd, do the math, you are wrong, the young adults of today did not get the same deal as you, and its your group running the show that got us into this mess.

a reply to: KnoxMSP

You're almost right.

The problem is that I've personally had to break the news to countless grandparents over 45 who've co-signed for their irresponsible millennial/xennial grandchildren's student loans, so I can guarantee there are plenty who are over 45 and dealing with the exact same modern costs and dollar weakness that any current millennial/xennial is dealing with.

When someone co-signs for a loan, then they are on the hook as well.

originally posted by: redmage

originally posted by: Edumakated
True, but a lot of the older demographic are actually just co-signer's for their kids. It isn't debt from them personally attending school. It is debt from co-signing for their kids to go to college.

There are a ton over 45 who have their own student loans in federal default as well. Like I said, I actually worked for a Dept. of Ed. contractor, and have personally spoken with thousands of them.

Yes, but the 45 and under crowd is really where the student loan debt starts to skyrocket.

a reply to: DJMSN

Not true. Tuition runs $20k+ a year. Rent is roughly $12k a year. Add the basic cost of living and one would need to bring home over $40k a year while going to school to break even.

Not many jobs out there that will allow the flexibility of going to school full time and pay those wages.

Get a grip on reality!

a reply to: jrod

Read the post above yours, there are plenty over 45 who are having to deal with "skyrocket" costs after co-signing for irresponsible people in the under 45 crowd.

I've personally contacted countless youth who felt they owe nothing because they "dropped out", were "kicked out", or simply didn't graduate. When they hung up and made it clear that they had no interest in trying to resolve it, then we were forced to contact their co-signers who were still on the hook for that debt.

a reply to: KnoxMSP

Thank you for a reasonable reply. Unfortunately so many just do not get the student loan burden that is put on my generation.

It is a self-fulfilling bubble...

The availability of student loans is what causes the cost inflation of tuition. In addition, the supply & demand curve is out of wack...

On the supply side you have a fairly limited number of schools... however, the demand side is almost infinite. The complicate it you unfettered financing available which allows the demand side to pay more and more tuition, so the supply side does what any business would do... RAISE PRICES. The schools have little to no incentive to lower prices because students (and their parents) have not shown any reluctance to continue to pay because they can get easy financing. It is only after they graduate and the payments start does the reality set in that they have a mortgage sized debt that has to be repaid and then they start questioning the value proposition.

I've been saving for my two kids. I don't think I'm going to pay for college. In fact, I think they'd be better off if the $250,000 I save over the next 15 years for each kid is instead put into a trust fund when they turn 18. I rather them just go to trade school or maybe I'll help them start a business.

See if I put $250,000 in a trust at 18 instead of paying for college, when they are are 48 years old... 30 years later. That trust assuming 7.5% interest even if I don't give them another dime... would be worth about $2.2 million.

I think they'd appreciate the $2.2 million cash at 48 years old vs paying for some bullsh*t diploma.... The odds of them being able to save $2.2 million by the time they are 48-50 years old is real slim.

a reply to: Shamrock6

But there is a better chance of getting a rise out of people if they leave the important bits out!

originally posted by: jrod
Not many jobs out there that will allow the flexibility of going to school full time and pay those wages.

Get a grip on reality!

You need to get a grip.

Don't go to school full time. So what if it takes a bit longer to get your degree. Go to a Community College. Try to get a job related to the field that you are going to school for. Take evening classes. An added benefit to evening classes is that the instructor usually is part time and works in the field. You can learn what's going on for real, not theory.

a reply to: JIMC5499

Been there. Once you get an associate's degree community college has nothing left to offer.

They way degree programs are set up, it is very tough to work full time and take the necessary classes for the degree. They are set up for full time college students.

Most jobs that pay enough to live are do not have the flexible hours needed to complete a degree. That is the reality.

Funny how we have so many know it all who never went to college in the 2000s trying to tell someone who has been there how to make college work.

Furthermore, you call people who do not pay their student loans irresponsible but worship a president who gets away with not paying billions in loans.

ATS user to be a place with free thinking and rational arguments. Now it is like reading a Fox News blog.

I would not call this debtors prison. The guy had 29 years to pay back 1k. So we can logically assume that he just did not want to pay it? Or could he, after 29 years, still not afford it? We are all warned as children to pay cash and never buy what you cannot afford. We DON'T listen. I understand that banks and .gov are pieces of s*it, but we are warned constantly, and temptation always prevails.

originally posted by: TheGreatWork
I would not call this debtors prison. The guy had 29 years to pay back 1k. So we can logically assume that he just did not want to pay it? Or could he, after 29 years, still not afford it? We are all warned as children to pay cash and never buy what you cannot afford. We DON'T listen. I understand that banks and .gov are pieces of s*it, but we are warned constantly, and temptation always prevails.

True. However, the issue is that is that it isn't necessary to send US Marshalls for a $1500 debt. The guy obviously isn't going to pay it. Garnish his wages / tax return or write it off.

originally posted by: PolyATS
a reply to: Shamrock6

But there is a better chance of getting a rise out of people if they leave the important bits out!

More stars and flags that way, at least.

Alright, folks, I've tried to provide some info from the inside, but I've gotta step outta this thread.

I got into that job with a bit of a subversive attitude of, "Screw the gov.! I'm gonna help people avoid getting screwed over with absurdities like interest that compounds daily while under federal default.".

I got out of the job largely because it was pretty soul crushing spending my days often trying to explain to little old ladies on fixed incomes that their "little angels" screwed them over with their co-signed loans. Having experienced it first hand it's a bit hard to see youth coming in here waving their victim cards in the air like they're the only ones who've had to deal with it.

Good luck to anyone on the edge of federal default with their student loans, and if you are, then please read the advice I offered earlier. They really will bend over backwards to try to work with you to stay out of federal default if you give them the chance.

a reply to: redmage

the collections agency should be responsible for the expenses, otherwise taxpayers are getting screwed.

originally posted by: Edumakated

originally posted by: TheGreatWork
I would not call this debtors prison. The guy had 29 years to pay back 1k. So we can logically assume that he just did not want to pay it? Or could he, after 29 years, still not afford it? We are all warned as children to pay cash and never buy what you cannot afford. We DON'T listen. I understand that banks and .gov are pieces of s*it, but we are warned constantly, and temptation always prevails.

True. However, the issue is that is that it isn't necessary to send US Marshalls for a $1500 debt. The guy obviously isn't going to pay it. Garnish his wages / tax return or write it off.

Maybe.... That's what he "told" reporters... Would you, in front of America, get on TV and say "Well, they warned me for years, I said screw it" Imagine how he would then look. Maybe he wasn't warned. But me thinks he was.

a reply to: redmage

are you one of them? "countless" That's probably false, I am sure someone has a tally of them.

a reply to: rickymouse

"their college loans. " If you read the article you posted more thoroughly you see that they are talking about older people who are paying off other people's student loans. That was about parents and grandparents who cosigned for the student loans of others.

"As part of the report, AARP surveyed more than 3,000 Americans age 40 and older about how they have financed higher education for their loved ones. The survey found that among adults 50 and older, cosigning a private loan was the most common way to help pay for someone else's education, something that 45 percent of respondents did. Among the cosigners, 25 percent said they had to make at least one payment on the loan, an expense that caught many of them by surprise."

There probably is some 65 year old out there sill making payments on their BA but not too many.

a reply to: jrod

I started at a Community College and got a degree in Machine Design. A couple of years later my employer sent me for my degree in Mechanical Engineering. I was able to go to the CC full time because I was recovering from an injury, but, I went part time for my ME. Since I was working in the field I was able to use some of my work projects in place of labs.

Anybody ever notice that "Spring Break" happens at the same time as the second disbursement of student loans?

I went to college when I was in my late 30's early 40's. (1996-2007) I lost track of the number of people who would takeoff right after receiving that check. Kind of hard to have sympathy for somebody who maxed their loans to go to Cancun. Of course they wanted to borrow my notes to make up for the classes that they ditched.