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Originally posted by watchitburn
Here is another very good one. It's about an hour long, but it breaks down the whole scam of trying to get a college education these day. How the Govt. has gotten involved and to what extent. Everything from textbooks to college sports.
edit on 30-9-2012 by watchitburn because: Added stuff.edit on 30-9-2012 by watchitburn because: I'm stupid.
Originally posted by generik
it's rather hard to pay a student loan when one graduates to work at McDonalds or other low pay job. i know a few friends who have been crippled by their student debt, yet can't find work in their field that would give them enough cash, to both pay back the loan as well as live on. higher education is almost a scam these days since you build up massive debt yet are lucky to find any job.
the sad part is students are constantly told that if they want a chance in life they have to have an education. in fact the people who are best off are people in prison who have education GIVEN to them. almost makes me want to run out and commit a crime so i can get an education, yet not be trapped by debt.
Originally posted by St Udio
there can NOT be a default on Student Loans... as those Loans are not available to be set aside...
a student loan was specially marked by Laws that make recapture certain...at some time...
a student loan balance has priority over any tax refund that person might be eligible to receive,
i expect an outstanding loan balance will soon be reason enough to issue a warrent on the debtor,
if ever you are brought to court, the payback of the student loan could be part of the legal action... then theres' the present reality where Social Security payment are reduced until the full Loan is repaid
the death tax is the final venue where student loan balances might be extracted.
so, the present 1 Trillion in Student Loans outstanding will not be listed as 'in default'
but listed as being in Arrears, late but eventually recoverable because of the unique treatment the Big Banks had Congress pass Laws about just for their protection
Private Student Loan Bankruptcy Rule Traps Graduates With Debt ...
Aug 15, 2012 ... Congress Created A 'Special Circle Of Bankruptcy Hell' ... "There's no reason why
private student loans should be treated differently than ...
www.huffingtonpost.com/2012/08/14/private-student-loans-bankruptcy-law_n_1753462.html
edit on 30-9-2012 by St Udio because: (no reason given)
Originally posted by DistortedReality
reply to post by loam
Sometimes I wish I wasn't so responsible. If only I could be like so many others I would have defaulted on my student loan and wouldn't have wasted so much of my own money "doing the right thing".
Originally posted by pajoly
The great irony is that it would cost far less to have free college education and trade schools for those whose grades earn them access, just like much of Europe. Once again, just like denying universal healthcare, Americans shoot themselves in the foot.
Stupid electorate. Not only is free education and free healthcare moral and ethical, it also makes much more economic sense. It's just that dumb Right wing know nothings can't understand that they already pay for people's healthcare today via high insurance costs and they already pay for lack of eduction through crime rates, prison costs, welfare costs, etc.
Ironically in that same earlier post we showed a chart of default rates for federal loan borrowers that while rising was still not too troubling: as it turns out the reason why its was low is it was made using fudged data that drastically misrepresented the seriousness of the situation, dramatically undercutting the amount of bad debt in the system.
Originally posted by buster2010
People want to blame the government for this bubble but that is wrong. The blame should go to the banks and colleges because they are the ones that are scamming the government. Since 1980 tuition has gone up over 800% just what more at these schools is going on that costs so much? Maybe the cost would go down some if some of these coaches weren't paid so much Some coaches make between 500K to 1.5 million a year and a few of them make between 2 to 4 million a year.
The revisions to the data are fairly substantial: as of our August report, 2011Q2 student loan balances were reported at $550 billion. We now estimate that student loans outstanding in that quarter (2011Q2) amounted to $845 billion, $290 billion or 53.7% higher than we reported earlier. These previously excluded loans were also missing from the total debt outstanding; as a result, our estimate of total debt outstanding in 2011Q2 is also revised upward by $290 billion (2.5%).
As can be seen on the table above, 20% of all subprime mortgages was then expected to default (the ultimate number ended up being far higher). Note that as mentioned above, already over 22% of for-profit student loans are in default.
Originally posted by buster2010
People want to blame the government for this bubble but that is wrong. The blame should go to the banks and colleges because they are the ones that are scamming the government. Since 1980 tuition has gone up over 800% just what more at these schools is going on that costs so much? Maybe the cost would go down some if some of these coaches weren't paid so much Some coaches make between 500K to 1.5 million a year and a few of them make between 2 to 4 million a year.