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

reply to post by trekwebmaster


I'm not the one over $50,000 in debt with clearly no real plan of owning up to it,enough said,make sure to check yourself before insulting somebody else's intelligence.

reply to post by jacobe001


I agree. Interest rates is what is fueling it. Take that out and it kills alot of the greediness.

I would love to see every college student who cannot find a job to declare bankruptcy on their student loans due to undue hardship.

If we have enough of these cases, then people will change the law and regulate it better than it is now. These are parasitic lending practices and the bane of capitalism. These predatory lenders will be the end of democracy and capitalism unless snuffed-out of existence.

reply to post by Xtrozero


I could easily argue and surely source that the poor banks are probably currently in possession of a much larger percentage of property than they were before 2007.

Those poor banks are now owners of the one asset that will always be considered a premium and will always possess value. Property.

And the beauty part? They got paid, to varying degrees, on the houses they foreclosed upon. So basically they set up a system of serfdom, through predatory and irresponsible lending. They just had better euphemisms for it than the ones I am using.

~Heff

reply to post by all2human


Why don't you check your attitude at the door. If you took my opinion as an insult perhaps you need to learn how not to take things personally and open your eyes to constructive criticism.

Do what you wish, but if the 55k debt I owe helps me recognize BS like what you say, then so be it.

To get a good job you need a college degree, to get a college degree you will likely need to take out loans (unless you come from wealth or worked your ass off yourself)... At the end of the day a college degree is necessary and if you disagree, I'm guessing you work a manual labored job and are the exception to the rule... I know I'm paying a lot for my education, but it will open up more doors for me down the road... I know numerous companies that won't even consider applicants without degrees, its a simple way to limit the group of applicants...

A college degree is pretty necessary today... The best way to get around paying up the ass is by doing your first 2 years at a junior college and then transferring to a state school or a private school if you can secure merit based loans (that's what i did)...

reply to post by trekwebmaster


Perhaps you should be more accepting of people that may not share your views,it may take a little longer but one can get an education without extreme debt,if you can't agree with that imo you've wasted your $

reply to post by Hefficide

Those poor banks are now owners of the one asset that will always be considered a premium and will always possess value. Property.

Yep, but if you don't hold it, you don't own it. Question is, will the poor banks be able to hold it if the people get disgusted enough with their tricks and decide otherwise.

Originally posted by all2human
reply to post by trekwebmaster

 

Perhaps you should be more accepting of people that may not share your views,it may take a little longer but one can get an education without extreme debt,if you can't agree with that imo you've wasted your $

edit on 30-9-2012 by all2human because: (no reason given)

Not trying to dive into your guys convo, but it got me thinking...

I do believe people today can acquire skills (without ever going to college) that make then very valuable assets to companies, the only issue is that companies may never give you time of day because you don't have your undergrad or MBA... You pay for a degree, because it gives you a quicker opportunity to gain solid employment.

Originally posted by jhn7537
reply to post by loam

 

As a current college student who's enrolled at DePaul University (Private School- Tuition is 32k per year), I have to say, it can be tricky trying to maintain stability and order in ones life... Luckily for me, I'm borrowing under $8k per year and I'm able to cover the rest with my current job... I do feel for those who borrow $30-50k each year, getting meaningless degrees. Kids today need to pick their degrees based off the current demands are workforce is showing or they will find themselves working at Starbucks and defaulting on their loan obligations... I'm a business major with a focus on IT and management, so I'm getting my degree in an area where I currently hold a good job... 18 year old need to be educated better coming out of HS about loans, degrees, and their future. Many are clueless and they're all willing to just sign on the dotted line...

I could have borrowed the full amount each year, but I knew it would be pointless borrowing. Lots of kids today take the maximum amount so they have "spending" (partying) money on campus...I probably could have taken out $5k this year and been just fine, but I wanted to make sure I had enough for books and all the unknowns that pop in a school year, and being in my first quarter you never know what may happen in the 2nd or 3rd of a school year...

It sounds like you already have a good job since you're able to afford to live and have atleast 24k in disposable income to spend on school. That's not true for a lot of people going to college, and you're spending more on just your schooling than someone who works for minimum wage at 2 jobs for 60 hours/week brings in total.

Before going to college I was making minimum wage, after going to college and obtaining a Bachelors in Computer Science and 3 Associates in Game Design, Web Programming, and Computer Graphics along with several certificates relating to hardware/software and I'm still making minimum wage. I managed to avoid taking on debt to get my degrees so I'm better off than some people but the lack of jobs for graduates is a very real issue.

If the jobs were there, repaying loans wouldn't be as much of a problem, but because people are graduating and then getting jobs at Starbucks, McDonalds, and Walmart they simply can't repay their loans.

reply to post by Aazadan


And I agree with you, it's definitely a tricky situation for those recent grads. It sucks when you consider that they go from excited college grads who cant wait to get into the work force, to unemployed grads who are freaking out knowing that their 6-month grace period will soon be over and the loans they once took out will have to be paid back.. Has to be a HORRIBLE feeling...

reply to post by jhn7537


A two-year degree (Assoc. Arts) is the best way to go on the cheap. If you have 2 years (4 semesters) of "required" basic course-work, it is a given that the best bang-for-the-buck is a transfer degree.

Reason why I say this: "IF you specialize early in a terminal two-year degree, you'll limit the amount of course-work which will transfer in to an 'accredited' four-year institution. This is costly and is where I made my mistake."

When I had learned this, it necessitated the path for me personally, to keep going for an additional degree, the benefits of cross-disciplines are indeed worth-while. But also can "eat-up" grant and loan quotas which are available. It is possible to get a two and four-year with undergraduate loan amounts and awards.

It depends on what you want to do. But any courses which you need to take to be able to take college-level course-work will be unavoidable. This is a constant with non-traditional students who are older; and their schools had less and often very different requirements for graduation, which leaves a "knowledge-gap" between young and older students.

Most of the scholarships are for just out of high school students, and there is a disparity which exists. So much benefit can be gained from the older non-traditional student as life-experience and continuity. We know what works and what doesn't, otherwise we'd not be going "back-to-school."

Most people have no idea whats coming, but they know what Kim Kardashian had for lunch last tuesday.


I'm still not sure if my strategy of selling my McManshion and paying cash for a HUD foreclosure while also cashing in my stocks and paying off all of my debt was the right move.

With the sheer amount of unrecoverable debt out there my little chunk wouldn't really mean much if the system crashed.

And if things get bad enough even a clear deed on a paid for house might not be worth the paper it's written on.

reply to post by jhn7537


True to a point, but if there is no "industry" in your area, which would offer no opportunities, it gets harder and harder; and I don't plan on deferring the student loans forever.

The coincidence of graduation and the economy collapsing in 2008, gave job-markets a kick in the groin.

And it hasn't gotten better in my field of the fantastic world of film-making.

It could be worse, I'm glad I'm not a geologist specializing in palm tree growth and coconuts in the arctic or antarctic, but I could be wrong with the way the world seems to be going...lol.

Never lose your sense of humor, above all.

reply to post by trekwebmaster


That's exactly what I did, I did my first 2 years at a junior college before transferring to DePaul University... By doing this, it saved me loads of money and I'll still have the degree I wanted at the end of the day. More kids should do this, not sure why they don't

reply to post by irishchic


Yeah, that post was pretty insulting to the many of us who have large amounts of loans and didn't use a dime of it for "happy hours" and "vacations" .....

reply to post by AGWskeptic



There is a fix for that. Alloidal land. You cannot foreclose or be forced to give it up under eminent domain.

Allodial title constitutes ownership of real property (land, buildings and fixtures) that is independent of any superior landlord, but it should not be confused with anarchy as the owner of allodial land is not independent of his sovereign. In common legal use, allodial title is used to distinguish absolute ownership of land from holding by feudal tenure which restricted alienation and burdened land with the tenurial rights of a landholder's overlord or sovereign.

Wikipedia Definition of: "Alloidal Title."

Originally posted by AGWskeptic
Most people have no idea whats coming, but they know what Kim Kardashian had for lunch last tuesday.


I'm still not sure if my strategy of selling my McManshion and paying cash for a HUD foreclosure while also cashing in my stocks and paying off all of my debt was the right move.

With the sheer amount of unrecoverable debt out there my little chunk wouldn't really mean much if the system crashed.

And if things get bad enough even a clear deed on a paid for house might not be worth the paper it's written on.

Would you care to fill us all in with what you know? What's coming? Any specific thoughts or is it just doom-gloom/end of times?

reply to post by Xtrozero


Please don't forget we are having an unemployment crisis. If you can even get a job at McD's you cannot live on that and still pay your student loan. If you can't find a job, you are just &^%$ out of luck.

reply to post by ThirdEyeofHorus


LOL Well I learned to forebear and defer from going to college. Hey I have two college degrees, I'm not that stupid...lmao.

reply to post by trekwebmaster

The coincidence of graduation and the economy collapsing in 2008, gave job-markets a kick in the groin.

Yes, this is exactly the case!!!! Plus, what the people in sales didn't tell ya was that that great 70.000 job you would get for your trouble getting a degree wouldn't come till long after someone actually gave you a break and hired you without the 6 mos to 10 years experience. It is especially hard in a highly technical arena. (if you are in medical that's different as now Obamacare is kicking in and that is one area that's hiring).
I remember listening to talk radio one day, and the subject was students getting out of school and not finding jobs. This was more toward the beginning of the recession.