Delinquent student loans surge in Q3 | TigerDroppings.com

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joshnorris14
Florida Fan
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Member since Jan 2009
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Delinquent student loans surge in Q3


http://www.zerohedge.com/news/2012-11-27/scariest-chart-quarter-student-debt-bubble-officially-pops-90-day-delinquency-rate-g









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jamboybarry
LSU Fan
I Putt Out
Member since Feb 2011
9936 posts
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re: Delinquent student loans surge in Q3


quote:

As explained in a Liberty Street Economics blog post, these delinquency rates for student loans are likely to understate actual delinquency rates because almost half of these loans are currently in deferment, in grace periods or in forbearance and therefore temporarily not in the repayment cycle. This implies that among loans in the repayment cycle delinquency rates are roughly twice as high.


this blows my mind






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Jbird
Iowa Fan
In Odramaville with EthanL
Member since Oct 2012
13885 posts

re: Delinquent student loans surge in Q3


I was in Milwaukee the night of the election. The hotel bar had a handful of idiots high fiving each other and doing shots because Obama won and all their student loans would be forgiven.





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Bard
LA-Monroe Fan
BR
Member since Oct 2008
14894 posts

re: Delinquent student loans surge in Q3


At least they have Obamaphones















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TrueTiger
LSU Fan
Chicken's most valuable
Member since Sep 2004
8893 posts

re: Delinquent student loans surge in Q3


This bubble popping now? Lot of finance types have been predicting it.







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Paluka
LSU Fan
One State Over
Member since Dec 2010
3401 posts

re: Delinquent student loans surge in Q3


This really pisses me off. I worked two jobs, 7 days a week for several years to pay off my student loans. Why can't people accept responsibility for their choices and buckle down?





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tigeraddict
LSU Fan
Baton Rouge
Member since Mar 2007
4601 posts

re: Delinquent student loans surge in Q3


reality will set in soon... very soon for those not paying their loans back...


checked mine last night, after next payment i will be under $10k






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joshnorris14
Florida Fan
Florida
Member since Jan 2009
20643 posts
 Online 

re: Delinquent student loans surge in Q3


quote:

Why can't people accept responsibility for their choices and buckle down?


I think the biggest reason is that they can't get a job. At the very least, they can't find one off of minimum wage.






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joshnorris14
Florida Fan
Florida
Member since Jan 2009
20643 posts
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re: Delinquent student loans surge in Q3


I have $12k in two and a half years, but have been paying the interest every month. Trying not to get trapped through deferment.





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constant cough
LSU Fan
Lafayette
Member since Jun 2007
33562 posts
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re: Delinquent student loans surge in Q3


Why pay off your loan when Obama was just re-elected. He's gonna forgive all the student loans, remember?





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mograyback
Missouri Fan
Member since Jul 2011
7102 posts

re: Delinquent student loans surge in Q3


quote:

This really pisses me off. I worked two jobs, 7 days a week for several years to pay off my student loans. Why can't people accept responsibility for their choices and buckle down?



Oh cry a river.






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wavebreaker
LSU Fan
New Orleans
Member since Nov 2012
467 posts

re: Delinquent student loans surge in Q3


But most voted for hope and change.

Scew em.






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tigeraddict
LSU Fan
Baton Rouge
Member since Mar 2007
4601 posts

re: Delinquent student loans surge in Q3


For those that dont know the what happens when you default:

Dep of Education

quote:

What are the consequences of default? The consequences of default can be severe: The entire unpaid balance of your loan and any interest is immediately due and payable.
You lose eligibility for deferment, forbearance, and repayment plans.
You lose eligibility for additional federal student aid.
Your loan account is assigned to a collection agency.
The loan will be reported as delinquent to credit bureaus, damaging your credit rating. This will affect your ability to buy a car or house or to get a credit card.
Your federal and state taxes may be withheld through a tax offset. This means that the Internal Revenue Service can take your federal and state tax refund to collect any of your defaulted student loan debt.
Your student loan debt will increase because of the late fees, additional interest, court costs, collection fees, attorney’s fees, and any other costs associated with the collection process. Your employer (at the request of the federal government) can withhold money from your pay and send the money to the government. This process is called wage garnishment.
The loan holder can take legal action against you, and you may not be able to purchase or sell assets such as real estate.
Federal employees face the possibility of having 15% of their disposable pay offset by their employer toward repayment of their loan through Federal Salary Offset.
It will take years to reestablish your credit and recover from default.






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Doldil
Auburn Fan
The Ham
Member since Jan 2010
3567 posts

re: Delinquent student loans surge in Q3


frick yeah, I am not a statistic (at least not a bad statistic)







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jamboybarry
LSU Fan
I Putt Out
Member since Feb 2011
9936 posts
 Online 

re: Delinquent student loans surge in Q3


quote:

mograyback


you should stick to the shaky 9/11 conspiracy posts






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VirgilCaine
Alabama Fan
Further South
Member since Dec 2010
1324 posts

re: Delinquent student loans surge in Q3


quote:

I was in Milwaukee the night of the election. The hotel bar had a handful of idiots high fiving each other and doing shots because Obama won and all their student loans would be forgiven


YOLO






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joshnorris14
Florida Fan
Florida
Member since Jan 2009
20643 posts
 Online 

re: Delinquent student loans surge in Q3


quote:

frick yeah, I am not a statistic (at least not a bad statistic)


We are the 89%






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Bard
LA-Monroe Fan
BR
Member since Oct 2008
14894 posts

re: Delinquent student loans surge in Q3


quote:

quote:

This really pisses me off. I worked two jobs, 7 days a week for several years to pay off my student loans. Why can't people accept responsibility for their choices and buckle down?


Oh cry a river.


Yeah, frick those people and their superior work ethics and senses of personal and fiscal responsibility!






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Paluka
LSU Fan
One State Over
Member since Dec 2010
3401 posts

re: Delinquent student loans surge in Q3


quote:

Oh cry a river.


Spoken like the entitled hack that you are on this board. I handled my business by busting my arse and doing the right thing. I am sure you think everyone deserves no consequences for their choices. Dumbass.



This post was edited on 11/28 at 11:31 am


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StinkBait72
USA Fan
Member since Nov 2011
880 posts

re: Delinquent student loans surge in Q3


quote:

I think the biggest reason is that they can't get a job. At the very least, they can't find one off of minimum wage.


Jobs are available if they really want to pay of their loans. My wife and I dropped everything we were doing, moved hours away from home, payed our existing mortgage along with rent on a new apartment. We payed off over 50k of student loans in a year. When we were done, we moved back home, went back to 40 hour work weeks and a comfortable lifestyle. It can be done if people are willing to make sacrifices.

The situation we went through took a toll on our minds/bodies and was no easy feat, but it was the best decision we ever made for ourselves and our new born child.






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