The NEXT BUBBLE JUST BURST: Over $120 Billion In Federal Student Loans In Default

The U.S. gov't will forgive wallstreet, but not student loans?
Sad.

reply to post by loam


YUP!

Turn the blinders on extra bright today cause we're gonna need it, to keep the ignorance strong.

I apologize for my extreme sarcasm.

Now days we support systems that "support" us, rather than supporting people, with properly functioning systems that allow us to prosper.

Obviously things are messed up, so why should we settle for bull#?

Maybe the govt can make these kids indentured servents, work for free for the corporations, or fight in their coming wars to pay off the debt. Maybe this idea's culmination will start the revolution for real. One can only hope...

Billions? Let's try TRILLIONS.

The main reason why this is going to be the next-biggest "bubble" that will burst is due to "INTEREST."

This is the main culprit in any "debt-based" system, as ours.

It's based-on setting-up people to fail. It's greedy and it's not ethical. In a FIAT world, where FIAT means nothing real or tangible, it's easy to see how greed would figure into this equation.

Yes, there are solutions and it's possible, to wipe student loans from your financial record. BANKRUPTCY.

All of these so-called "statutory" loans are able to be discharged by declaring bankruptcy. It's not an easy process, but it can be done.

It's not the student's fault, and I lay blame to those who are greedily profiting from government subsidizing of these loans by making people think they are statutory. They are not.

If a student loan was truly statutory, it would be as indentured servitude, which is akin to slavery; and this is exactly what it is. Debt slavery.

Currently, I owe 55,000 or so dollars in student loans, which if not in deferment, would demand at least 700 dollars or more a month in payments for 30 years. That's ridiculous in my humble opinion, but I did have a chance to see exactly how our "institutions" of higher yearning indoctrinate students into a system designed to prey on those who aren't financially independent and shackle them with high interest payments for the majority of their working life and set them up to fail and fall from being middle-class into poverty and ultimately, failure.

Half of the course-work I took during my years of "college" were obsolete and "filler" courses designed as "busy-work." Every college student knows they'll have to take at least one class a semester which has nothing to do with the world today but is required for any degree they seek to graduate, thus making more money by keeping the student in college longer.

This is just ridiculous and it needs to change either by the bubble popping due to an economy which has no jobs or opportunities promised in a world where the opportunists rake the cream from the top while leaving the curds and whey to the ones at the bottom. Simple greed and parasitic capitalists in the guise of providing an "education" or "service" which is designed to "take" and never "give." And those are the same which expect "us" to take the high-road, tell the truth, pay debts designed to provide failure, instead of success.

Sounds like giving your child a scorpion instead of a fish or a snake as an egg. And this is the beginning of what's shrouded in the shadow of the bad-side of capitalism. Simple greed engineered into a system where-by if unraveled, would render the entire system in ruin, which is what we are seeing.

When capitalism is in the mess as it is, it's not democracy, but corporate-fascism. The only difference between socialism and democracy is socialism having a brain when democracy is void of ethics and morality.

Everyone deserves access to affordable and valuable education that is not dependent on financial, racial, or social classes.

These divisive class structures as race and social groups are obsolete and do not work; and it's time for these to be abolished and vanquished from humanity's realm. The only reason why they were ever implemented were due to control.

If we cannot see this writing on the wall, it's time we gave it up or face the truth and fix it.

reply to post by Hefficide


I see no trick...

So I lend you 10 bucks and you need to pay me back over 20 years at 4.5% interest and after 14 years you stop...well you only paid me 5.5 bucks in principle though you paid me back 10 bucks total...

Do you also buy a car and stop paying after 3 years and say Hell they got more now than the car is worth?


Now let's compare the similarities to the house market crash...

The Government pushed lending companies to lend to everyone...well since owning a house is an American right!! The housing market crashed since all these fine Americans could never actually pay their mortgage in the first place from day one...

The Government says everyone should go to college, and once again push loans to people who not only will never pay them off, but also should never have went to college in the first place.

We are learning in both the housing market and college that just breathing doesn't qualify you....

Originally posted by trekwebmaster

Currently, I owe 55,000 or so dollars in student loans, which if not in deferment, would demand at least 700 dollars or more a month in payments for 30 years. That's ridiculous in my humble opinion, but I did have a chance to see exactly how our "institutions" of higher yearning indoctrinate students into a system designed to prey on those who aren't financially independent and shackle them with high interest payments for the majority of their working life and set them up to fail and fall from being middle-class into poverty and ultimately, failure.

You lost me with your math...

If I bought a car at 55k and set up ten years to pay it off it would need to be 9% interest to equal 700 per month payments.

Student loan that is deferred for 10 years and then payment for 20 years on 55k is 300 per month... where am I wrong here to not get your numbers?

Also why did you go to college if you could not afford it?

Originally posted by smilesmcgee
The U.S. gov't will forgive wallstreet, but not student loans?
Sad.

Hold on there, let me get a piece of the action too...don't forgive anything until I too can rack up a good 100k.

It's only fair right?

Originally posted by Xtrozero

Originally posted by smilesmcgee
The U.S. gov't will forgive wallstreet, but not student loans?
Sad.

Hold on there, let me get a piece of the action too...don't forgive anything until I too can rack up a good 100k.

It's only fair right?

I like it when they say mortgages should be forgiven as well....I am ALL FOR THAT, just let me get a house first.

Originally posted by colbyforce
Maybe the govt can make these kids indentured servents, work for free for the corporations, or fight in their coming wars to pay off the debt. Maybe this idea's culmination will start the revolution for real. One can only hope...

Or maybe just pay off their loans that they obligated themselves to doing...

I don't understand it...a person borrows money to pay for higher learning and then say they should not need to pay it off after they get that higher learning AND a long deferrment....

Just what is years of deferred payment and given decades to pay it off end up being indentured service.

Originally posted by MidnightTide

I like it when they say mortgages should be forgiven as well....I am ALL FOR THAT, just let me get a house first.

hell ya!! I'm for that, and I'm nice so I'll wait on you too....

reply to post by detachedindividual


The idea with student loans is that because the Government owns the vast majority of them that they can set aside payments and not suffer. So if the job market sucks, instead of defaulting you can "defer" with your loans racking up compounded interest. When you finally get a job you must start repaying (literally must, they can get orders to have it deducted from your check like child support, take your refunds, lean your assets)

Student loans are the literal 21st century indentured servitude.

The average loan repayment period for a student loan is 30 years, the same as a mortgage. Only unlike a mortgage, you don't build wealth.

Originally posted by Xtrozero

Originally posted by colbyforce
Maybe the govt can make these kids indentured servents, work for free for the corporations, or fight in their coming wars to pay off the debt. Maybe this idea's culmination will start the revolution for real. One can only hope...

Or maybe just pay off their loans that they obligated themselves to doing...

I don't understand it...a person borrows money to pay for higher learning and then say they should not need to pay it off after they get that higher learning AND a long deferrment....

Just what is years of deferred payment and given decades to pay it off end up being indentured service.

edit on 30-9-2012 by Xtrozero because: (no reason given)

Everyone is borrowing money they can't repay, the banks, the government, and also students! What is your point exactly?

reply to post by jaws1975


In my opinion we are close to a collapse, but the only thing I wish I knew was when....if I knew that I would go nuts on spending.

reply to post by Hefficide

If we continue to have a nearly totally unregulated market - we're going to sink.

The federal government controls all student loans.

Oh look the government decided to subsidize greedy banks and colleges by offering to guarantee loans to people who probably won't be able to pay them back (but it's ok because everyone "needs" a 4 year college degree). Where have I seen that before...perhaps where Fannie and Freddie decided that guaranteeing subprime mortgages was a good idea (because everyone "needs" a bigger house)?

SSDD. We'll never learn.

Originally posted by Hefficide
If we continue to have a nearly totally unregulated market - we're going to sink.

Am I in the wrong thread? You seem to be referring to an "unregulated" market. Perhaps you missed the whole "Federal" part of Federal student loan crisis.

"Forgive all the student loans..." Love it.

I know of MANY "students" who have lived WELL of their carefully-calculated math, availability, and eligibility and that would include funding enough for MANY dinners/happy hours out, vacations, (God knows you need/deserve a "Spring Break" if you are a student) shopping, and perks that those of us who own a business have cut back on.

It's a standing joke among many I know that it is "cheaper/better to stay IN school" because they have more $ as students and seriously, I know of probably a dozen 19-28 yr. olds who have NO intention of either "graduating" or finding a job because they realize that at that point, they may become accountable for the loans...I even know of one "single Mom" who took FULL advantage of the loan programs and was able to get an "enhancement" financed as well. She took one... yes,one course online though Cornell University and literally received "funding" enough to do so.

These "students" actually hold those of us who work in contempt...like we are the dummies and you know what? Maybe we have been.

Yep...they should certainly all be "forgiven" while small business owners who have worked hard for YEARS just keep sucking it up and continuing to pay through the nose or risk losing what they have actually worked for and earned.We are being nibbled to death at every turn...where is our "easement" or "forgiveness of debt?" We are the ones who have freakin' PAID INTO THIS SYSTEM for years and years so the money for all these loans was (supposedly) backed but also into all of the other BS setups that are being milked like Social Security and Disability...I see this "bubble" as the same damn thing we've been dealing with for the past few: an enormous systems failure.

Sorry...sour subject for me as I've experienced the arrogance first hand of those who NOW believe that they WILL not have to pay back any loans either...they will slide off into LaLa land and then stand in line for their foodstamps and government programs, paid health care (don't even get me started on THAT as someone who pays through the NOSE for private pay coverage!) and more because they are "entitled..."

I'm weary of forgiveness.

Originally posted by jaws1975
Everyone is borrowing money they can't repay, the banks, the government, and also students! What is your point exactly?

The point is not everyone....

And we can see where the whole bank/government thing is going....so the point is it all needs to stop...

Your a student with loans...pay the crap off....

Originally posted by irishchic
These "students" actually hold those of us who work in contempt...like we are the dummies and you know what? Maybe we have been.

You know some people work and protect their credit rating to get the best loan deals. They also take only loans that they can pay off and only for big ticket items..like house car etc... Well those same people don't put a lot of junk on their credit cards either and wait to get an item or don't get the item at all.

So I'll tell all these "I got screwed with my student loan" people...give me a 100k tax credit and I'll agree you should have your loan forgiven.

The funny part is in the end I'm the one still going to pay for it all...lol

reply to post by St Udio


I like this idea, and if I were subjected to such a work prison. I'd sit on my ass and someone would have to beat me constantly. I'd still never voluntarily move a muscle.

Originally posted by sticky
reply to post by St Udio

 

I like this idea, and if I were subjected to such a work prison. I'd sit on my ass and someone would have to beat me constantly. I'd still never voluntarily move a muscle.

So you were on C-5s at Travis in the 22nd squadron....