If the dollar collapses do we get out of student loans ?, page 1

reply to post by whoshotJR

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I just paid off my son's student loans. Nobody knows what's coming down the the pike and I don't want him to be beholden to the government when it does.

I can understand your desire to get out of these loan payments, but they have you over a barrel legally. Keep on trucking.

reply to post by admriker444

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Yes, since under hyperinflation average salaries would eventually go up to at least $100,000 per month. Under hyperinflation the borrowers get off the hook while the banksters are screwed. However, at that point you may want to consider fleeing the country due to the rioting that would occur. So you really don't want that.

reply to post by admriker444

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Is there any trick to getting out of this debt ?

This IS the reason we are in a financial crisis. It is the lack of personal responsibility for actions you FREELY took that are causing the problem.
People buy homes that are more than they can afford. Banks give loans to people that shouldn't get them. Then everyone wants a bailout.

Take your medicine. You/your wife freely knew what you were getting into. Do what other people have done. Get a second or third job. Send you children to community college, and let them work their way through school.

I worked my way through undergraduate and graduate school to get my degrees. Most of the students I taught in college (a state college) had jobs, and they were the better for it.

It is disgraceful to be looking for a "trick" to get out of a situation which you/your wife freely undertook. Don't expect others to pay for your/your wife's poor choices.

reply to post by admriker444

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You and the poster ciao above you are whats wrong with this country to me. Your expecting hand outs and feel you deserve something. If you think that a loan that large because of the interest is not ok then I would advise you be smart enough to not take it and figure out another option. You hardly sound broke because your paying off 2100 bucks a month and still havent lost your home. You also decided to have kids it sounds like even though maybe you should have worked on saving money first.

And to the ciao. Maybe its your attitude or personality that are causing you to not find a job even though you went to college.

Again, your outlook is a disgrace to me. You made your bed and it sounds very comfy so it shouldn't be to hard to lie in it.

reply to post by admriker444

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Hah. Don't give me all of that.
I'm saying you borrow a quarter mil, you should have the integrity to pay it back.
I didn't make you sign that contract.
I don't have a medical degree but I actually did PAY for my education out of my pocket by working 3 jobs and going to classes at night.

You want to be outraged? Be outraged that so many people feel entitled to a free education to a high paying career and expect others to carry the cost.

Once again. That attitude is no better than the banks.

[edit on 1-2-2009 by badgerprints]

reply to post by admriker444

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The banks gave you enough real money to pay for your wife's education and her degree.

True, the interest rates are outrageous, but she took out the loan and got her money's worth (a medical degree is a pretty good thing in this day and age). It has to be paid back.

I understand your anger, but she got something for that money. She knew that there would be interest charged on that loan. She knew she'd have to pay it back. It isn't like either of you had the wool pulled over your eyes.

reply to post by badgerprints

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I usually agree with the sentiment that if you borrow something you damn well better pay it back. However, I think admriker444 is justified in being upset that the US is willing to pass the mistakes of the US financial institutions on to tax-payers, while derivative traders are still getting bonuses, and providing no relief for people who spend a good portion of their life studying their asses off in school to then get a job that barely (if ever) pays off their education.

So why is it exactly that banking institutions with more gross income than the GDP of a third world country, companies that are critical to the global financial system, can declare bankruptcy and instantly eliminate all responsibility, but a single person who invested years of their life educating themselves, often for the betterment of society (ie/ doctors, scientists, engineers) under almost no circumstance can discharge their student loans?

Why do we allow a person who doesn't even possess a high school degree to accumulate 10 or 20 credit cards, max out the limit, and then declare bankruptcy with little more than a slap on the wrist?

Why is it that the government is trying to placate people (through mortgage rate renegotiation, abatement, and subsidies) who purchased homes they couldn't afford?

So, the real question is why do we reward the incompetent and punish the responsible?

I think the simple answer is the intelligencia (to borrow a word from Colbert) are the minority.

I'm left-leaning, I like social programs, I'd like everyone to have access to healthcare. I like the idea that we have a social security system in place to help our elderly, but we have got to stop letting STUPID people off the hook! I'll be paying student loans for the next 20 years of my life and I'll probably pay 40-50K in interest. And that's fine. I signed up for that and I knew what I was getting in to, but when I see everyone else getting a free ride while I work 100 hour work-weeks (yes, I really do work that much) then I'm going to look for every way I can to cheat this broken, dishonorable system. Why should I play fair when everyone else is gaming the system?

So this becomes a question of what values do we want to enshrine in our culture? Do we want to devolve to a game of last-man standing, because that's where we're headed. Or do we want to instead encourage people to stand up and be accountable?

I'm not suggesting we revert back to 18th century law, but people who purchased homes they couldn't afford should lose them. Living in an apartment ain't that bad. Investment bankers who lied should be forced to return their bonuses and pay other monetary damages. If they can't afford to do it immediately, they can pay it back over time.

There's no reason to be unduly cruel to any of these people, but everyone should pay their due. Otherwise why should I? Why should admriker444? Why should anyone?

reply to post by Xtraeme

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I usually agree with the sentiment that if you borrow something you damn well better pay it back. However, I think admriker444 is justified in being upset that the US is willing to pass the mistakes of the US financial institutions on to tax-payers, while derivative traders are still getting bonuses, and providing no relief for people who spend a good portion of their life studying their asses off in school to then get a job that barely (if ever) pays off their education.

Well, I half agree with you. The bailout bill should NEVER have been passed. However, two wrongs don't make a right. For anyone that ever took out a mortgage knows that for long term mortgages, such as 30 year mortgages, or long term student loans, you do end up paying double, or even triple what the original loan was. That is the "beauty" of interest. On the other hand, putting away a small amount every month in an interest bearing account, also results in double, triple or more, over a long period of time.

People never bother to read the terms of the loan or mortgage. Federal law requires that the terms of the loan, including total interest paid over the life of the loan, and other facts, are in the disclosure paragraphs of the loans. People just go to the bottom of the form, and sign and date. Buyer beware.

Persons that are smart enough to get into med school should know that though. Again, it comes down to personal responsibility. Remember, deny ignorance, not just on ATS, but in your everyday lives.

WOW... uptight crowd... there is a lot of hostility toward this OP... some of you Bankster-sympathizers need to take a chill pill.

I happen to think it's a worthwhile inquiry and glad that someone brought it up. I'd also like to get out of my student loans... not for a lack of character... just a lack of income due in part to a dying field and economy... and in retrospect realized that education is a scam.

Recently i discovered that if you commit to teaching in a under served school for X# of years your loans will be "forgiven". An avenue i have been seriously considering.

[edit on 2-2-2009 by The All Seeing I]

reply to post by The All Seeing I

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WOW... uptight crowd... there is a lot of hostility toward this OP... some of you Bankster-sympathizers need to take a chill pill.

Actually, I don't see anyone on this thread being for the "Banksters" as your thread coined them.
I think most people are against what caused the financial crisis we're in, that is, people that are not responsible in the way they go about their financial matters. It is amazing that people will research minute details and check reviews before buying something like a flat-screen TV, or the latest electronic gadget, but fail to do the same for the largest purchases of their lives, namely a house and their education.
If people would plan better, and be honest with themselves about what they can and can't afford, they would not be in the mess they're in now.
It all comes down to personal responsibility. True, the bankers didn't have it, but that doesn't give people a reason to be irresponsible. If a nut jumps off a cliff, it doesn't mean everyone has to follow.

reply to post by ProfEmeritus

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Actually it sounds like we're in complete agreement.

Yes, of course two wrongs do not make a right. However, who cares about right or wrong when the system encourages moral bankruptcy?

That's why I said,

So this becomes a question of what values do we want to enshrine in our culture? Do we want to devolve to a game of last-man standing, because that's where we're headed. Or do we want to instead encourage people to stand up and be accountable?

I'd much rather our system encourage people to take the higher road. That's why I also asked the question,

So, the real question is why do we reward the incompetent and punish the responsible?

No system is perfect, obviously, but our system is very clearly designed to assist specific groups. Where, IMHO, it should be dictated by a series of ideological / moral priorities. Obviously basic social functions (protection of the people, judicial functions, etc) would be very high, if not the highest item, on a priority list. Second or third though should be an ideology of rewarding people who are responsible and help our advance our society. Rather our social programs are a hodge-podge mess of reactionary half-step measures, that rarely address the root of a problem.

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