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DontTazeMeBro 
Tennessee Fan
Gatlinburg, TN
Member since Oct 2011
83 posts
| re: Student-Loan Delinquencies Now Surpass Credit Cards (Posted on 11/29/12 at 3:51 pm to tigeraddict)
It's not that simple. True, there is some recourse for the DOE to recoup some of the cost of default on working adults... That's not the problem. If your trying to force collection of a defaulted loan with someone who doesn't have an income, you're not going to get too far. I can't tell you the number of 70 and 80 year old borrowers who call the office with no ability to pay... Making $800 on SS and never going to work again. People are going back to school at age 65 and taking out $70k for the University of Phoenix... then filing for disability. Trust me, there's a big problem growing out there.
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Golfer 
LSU Fan
Coral Bay, St. John, USVI
Member since Nov 2005
47514 posts
| re: Student-Loan Delinquencies Now Surpass Credit Cards (Posted on 11/29/12 at 4:04 pm to DontTazeMeBro)
quote:
People are going back to school at age 65 and taking out $70k for the University of Phoenix... then filing for disability.
New retirement plan?
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Teddy Ruxpin
LSU Fan
New Orleans, LA
Member since Oct 2006
12373 posts
| re: Student-Loan Delinquencies Now Surpass Credit Cards (Posted on 11/29/12 at 4:34 pm to theOG)
quote:
zing. i'm trying to bang out six figures in 10 years. so far, so good.
You know damn well what my debt burden/salary is and my lifestyle, dick!
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TheOcean 
Florida State Fan
Tampa Bay, FL
Member since Aug 2004
23298 posts
| re: Student-Loan Delinquencies Now Surpass Credit Cards (Posted on 11/29/12 at 4:53 pm to DontTazeMeBro)
I'll be in the hole about 60k for undergrad, law school, and a new car.
It sucks, but I know a number of classmates that will be graduating with 200k worth of debt.
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Golfer
LSU Fan
Coral Bay, St. John, USVI
Member since Nov 2005
47514 posts
| re: Student-Loan Delinquencies Now Surpass Credit Cards (Posted on 11/29/12 at 5:13 pm to TheOcean)
Wife just hit 6 figures: $103,458
Another $30k roughly to add to it...
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Teddy Ruxpin
LSU Fan
New Orleans, LA
Member since Oct 2006
12373 posts
| re: Student-Loan Delinquencies Now Surpass Credit Cards (Posted on 11/29/12 at 5:22 pm to TheOcean)
quote:
It sucks, but I know a number of classmates that will be graduating with 200k worth of debt.
Rough man, what's even worse than having that amount is having that amount from a school that doesn't give you a fighting chance. At least I had that.
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NukemVol
Tennessee Fan
Atlanta
Member since Jan 2010
1284 posts
| re: Student-Loan Delinquencies Now Surpass Credit Cards (Posted on 11/29/12 at 7:56 pm to Teddy Ruxpin)
I had $7,000, and even that's kinda shitty. Don't regret it. That paid mostly for alcohol and trips. Don't have time for vacations any more, and I can barely survive a small hangover.
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Sheep 
USA Fan
Straight Outta Acy
Member since Jun 2007
12982 posts
| re: Student-Loan Delinquencies Now Surpass Credit Cards (Posted on 11/30/12 at 1:06 pm to NukemVol)
How are taxpayers "on the hook" for defaulted student loans?
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Cold Pizza 
Ohio State Fan
Member since Sep 2011
7639 posts
| re: Student-Loan Delinquencies Now Surpass Credit Cards (Posted on 11/30/12 at 3:04 pm to cjared036)
quote:
They should let you use the full amount of your student loan payments be tax deductible.
Wut? Are you saying deduct the principle? I want to do the same thing with my house.
frick it. I want a REFUNDABLE TAX CREDIT for my house.
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supadave3
LSU Fan
Baton Rouge
Member since Dec 2005
13862 posts
| re: Student-Loan Delinquencies Now Surpass Credit Cards (Posted on 11/30/12 at 3:11 pm to Cold Pizza)
quote:
taking out $70k for the University of Phoenix
The private universities must be making a killing. Between these easy student loans and programs like the GI Bill, these 'universities' are charging outrageous tuition and pumping degrees out left and right. Hell, I work with a guy that spent $47,000 to get a associates from ITT and he doesn't know shite about the field we work in. $47.000 grand!!! Thats a lot of freaking money for an associates.
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DontTazeMeBro
Tennessee Fan
Gatlinburg, TN
Member since Oct 2011
83 posts
| re: Student-Loan Delinquencies Now Surpass Credit Cards (Posted on 11/30/12 at 3:15 pm to Sheep)
The majority of student loans are Federally insured or directly lent by the Dept of Education.
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Sheep
USA Fan
Straight Outta Acy
Member since Jun 2007
12982 posts
| re: Student-Loan Delinquencies Now Surpass Credit Cards (Posted on 11/30/12 at 3:15 pm to supadave3)
quote:
The private universities must be making a killing
Private industry, sucking on the government tit far more than the "leeches" of society? The hell you say.
Next thing you'll tell me is that the primary reason the defense budget is astronomical is that defense contractors are raping the taxpayer, too.
You sound like a communist.
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supadave3
LSU Fan
Baton Rouge
Member since Dec 2005
13862 posts
| re: Student-Loan Delinquencies Now Surpass Credit Cards (Posted on 11/30/12 at 3:44 pm to Sheep)
quote:
You sound like a communist
quote:
Private industry, sucking on the government tit far more than the "leeches" of society? The hell you say.
A lot of law schools are doing the same thing. Admitting almost anyone and charging them out the nose for a law degree and then manipulating bar passage rates and job placement rates to justify the high tuitions. Its a sham.
This post was edited on 11/30 at 3:46 pm
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shutterspeed 
Southern Miss Fan
So. Miss. by way of Baton Rouge
Member since May 2007
26547 posts
| re: Student-Loan Delinquencies Now Surpass Credit Cards (Posted on 11/30/12 at 8:54 pm to supadave3)
quote:
taking out $70k for the University of Phoenix
quote:
The private universities must be making a killing.
We may be confusing "private" with "for profit" here. There is nothing much the matter with private universities. The opposite is often true with for-profit colleges.
This post was edited on 11/30 at 8:57 pm
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jclem11 
Indiana Fan
Houston, Texas
Member since Nov 2011
2075 posts
| re: Student-Loan Delinquencies Now Surpass Credit Cards (Posted on 12/1/12 at 12:38 pm to Golfer)
quote:
Wife just hit 6 figures: $103,458
Another $30k roughly to add to it...
 I started paying mine off in August. I had $14.5K. I'm down to $11.5K and can't wait to get this shite paid off.
Good luck with that bro. 
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rickgrimes
LSU Fan
Member since Jan 2011
2777 posts
| re: Student-Loan Delinquencies Now Surpass Credit Cards (Posted on 12/1/12 at 10:57 pm to DontTazeMeBro)
quote:
We've got a huge problem on our hands over the next several years. Student loan debt is nearing $1 trillion and default rates are skyrocketing with taxpayers holding the bag.
Having recently finished reading The Big Short, I am obviously looking for the next big bubble. Anybody know of this can blow up in our faces like the subprime mortgage business? If so how much would the impact on the economy be? Could there be a Michael Burry out there today who has made his play and just waiting to cash in when this student loan bubble bursts? If you wanted to short something, where would you start looking?
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Dupont3
LSU Fan
Keithville
Member since Nov 2011
1006 posts
| re: Student-Loan Delinquencies Now Surpass Credit Cards (Posted on 12/2/12 at 7:28 am to jclem11)
I'd just like to say I will be graduating in May with no student loans to pay off!
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theOG 
Oklahoma Fan
Member since Feb 2010
3162 posts
| re: Student-Loan Delinquencies Now Surpass Credit Cards (Posted on 12/2/12 at 7:45 am to Dupont3)
dick head.
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Dupont3
LSU Fan
Keithville
Member since Nov 2011
1006 posts
| re: Student-Loan Delinquencies Now Surpass Credit Cards (Posted on 12/2/12 at 8:51 am to theOG)
Sorry. Feels pretty good.
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saderade 
New Orleans Saints Fan
America's City
Member since Jul 2005
19695 posts
| re: Student-Loan Delinquencies Now Surpass Credit Cards (Posted on 12/2/12 at 9:17 am to Dupont3)
That is the great thing about TOPS in Louisiana. All my loans came from grad school but I sacrificed living home with my parents and paid them off in 12 months. Best decision I have ever made.
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