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

The possibilitys of a debtors prison comes to mind,probably will become an indentured servant to the government untill they feel the debt has paid off,just like the old days,you think the government cares about being fair once socialism is enacted,not likely

The biggest problem in the system is not the banks. It's money.

Stop letting money control you.

[edit on 21-3-2009 by michaelawill]

reply to post by admriker444

You have to pay $600,000 on a $250,000 loan over thirty years and you're complaining?

You should be celebrating.

Assuming a reasonable three percent rate of inflation, I calculate that your $600,000 will be worth $240,604.24 at today's value.

Sounds to me like your wife got a sweet deal. Some people don't know when they're well off.

So sir why do you believe you are not obligated to pay a loan that was given to you? You knew the risk before hand. Did you think it was a free loan? Did not think there would be no interest? Either you are incredibly stupid or incredibly lazy. Either way people like you is what is wrong with the United States today.

People take risks and sometimes they succeed and sometimes they fail. It is up to you to determine if you have succeeded or failed, but you must take the responsibility of accepting the risks with either of those outcomes.

KieranMullen
[advert link removed]

reply to post by admriker444




[edit on 21-3-2009 by 12m8keall2c]

a reply to: admriker444

Now you are beginning to see how much student debt is modern slavery.

a reply to: kieranmullen

Oh Bullpucky. Literally nobody at 18 understands the time value of money. This is predatory lending upon people with no other options.

You should pay the money back, including the interest; you agreed to both the loan and the interest... you didn't have a problem with the fact that it would cost you triple the principal of the loan when you took it; you can't pretend its outrageous now. The fact that the banks are rigging the system is irrelevant to your personal use and debt you new the game before you started playing.

There are plenty of people who chose not to take on that debt and as a result don't have nice degrees that pay well. Why do you see your self as better than these people?


All that being said... if you want to get out of the loan or get it reduced you need to stop paying it. The bank won't work with you so long as you are making payments on time. There is no guarantee that even this will help; but it is the only road that might lead where you want to go.

After that you need to look over all the papers work on your loan and find some discrepancy that you can use to make the argument that the bank did something wrong when they gave you the loan.

a reply to: richapau

BS time value of money isn't rocket science. "You have to pay the money back with interest" is a very easy concept to understand. If your 18 and don't have the ability to understand this you have issues.

Now I do understand that a lot of 18 year olds have a sense of invincibility that allows them to override their better judgment if it creates even a modest a short term gain. That too is their problem to deal with.

.

a reply to: admriker444

Was she forced to borrow the money?

Did she think about paying it back before she borrowed it?

I don't understand what the problem is. And you think that money tripling in 30 years is ridiculous? Wow. You should hear about the guys that are tripling money every three years. Dollar collapse? Do you even know what you are talking about? Just go ahead and move to Canada.

originally posted by: badgerprints


It really pisses me off that somebody would borrow a quarter of a million dollars and think that they shouldn't have to pay it back.
You are no better than the banks if that's what kind of integrity you have.

I think paying back the quarter million is one thing, but then paying it back 3 times over is quite another. To end up at 600+ grand owed when you borrowed 250k is absurd. That's a 100%+ profit on the loan margin, and that shouldn't be legal.

originally posted by: DanDanDat
You should pay the money back, including the interest; you agreed to both the loan and the interest... you didn't have a problem with the fact that it would cost you triple the principal of the loan when you took it; you can't pretend its outrageous now. The fact that the banks are rigging the system is irrelevant to your personal use and debt you new the game before you started playing.

There are plenty of people who chose not to take on that debt and as a result don't have nice degrees that pay well. Why do you see your self as better than these people?


All that being said... if you want to get out of the loan or get it reduced you need to stop paying it. The bank won't work with you so long as you are making payments on time. There is no guarantee that even this will help; but it is the only road that might lead where you want to go.

After that you need to look over all the papers work on your loan and find some discrepancy that you can use to make the argument that the bank did something wrong when they gave you the loan.

Don't be an apologist for predatory practice. There is absolutely no reason paying back triple makes any sense at all. I agree, they agreed to it; but irrelevant. It shouldn't have ever been allowed to be offered; it's ridiculous. That's basically a mafia rate.

What the op needs to do is refinance that loan for a better interest rate somewhere else. [This is what you would do on ANY OTHER bad loan you can take, don't think you can do it on Student Loans.]

originally posted by: DanDanDat
a reply to: richapau

BS time value of money isn't rocket science. "You have to pay the money back with interest" is a very easy concept to understand. If your 18 and don't have the ability to understand this you have issues.

Now I do understand that a lot of 18 year olds have a sense of invincibility that allows them to override their better judgment if it creates even a modest a short term gain. That too is their problem to deal with.

Um...

I BAD loan has 15-25% interest rates. Triple back is a 300% interest rate. A 25% interest rate would have you borrow 250; pay back $312,500. So it cost you 62,500 to borrow 250; but to even do that, you're supposed to have 20% of that loan upfront, which would have been 50k. So in order to secure 250k loan; you would need access to 50k up front, and then 62,500 on the back end.

So in order to get a 250k loan; you really need access to $112,500. So you think in order to receive $137,500 in loan funding that you should have to pay back 650,000+?

I don't necessarily believe the OP, because this kind of loan is so ridiculous; it's almost impossible to believe someone would sign something like that; but even still; it's harder to believe that anyone could uphold that loan, and even harder to believe that any court is going to back the lender.

Anybody in this thread defending the loan fundamentally doesn't understand how loans work; and why this is absolutely unbelievable.

Ya'll postin like its 30+ years ago. Sorry, it isnt. This tripe gets old.

money.com...

www.google.com...

newrepublic.com...

www.marketwatch.com...

www.myfloridaprepaid.com...

a reply to: whoshotJR

The other option might be to just skip the college and find a cheaper path to a rewarding career, and if all the kids do that, you might find the hospitals nearly empty of doctors in years to come, and the doctors they do have speaking such broken English you cant understand them.
With other countries offering free or lower cost education, our graduates start off requiring much higher salaries which leaves them at a disadvantage in the labor market when compared to the highly trained immigrants coming into the country. And, it also probably plays a role in the higher cost of healthcare.
You might be angry because some want relief from this debt. They might be angry that they have this insane debt..
But, maybe the anger is misdirected and should be directed at the schools that are so overcharging the students that either way you look at it, weather they take out the insane loans for the education or the bypass the college and find a cheaper alternative... the cost to the country is far too great.