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Paluka 
LSU Fan
One State Over
Member since Dec 2010
1636 posts
| re: Delinquent student loans surge in Q3 (Posted on 11/28/12 at 11:32 am to StinkBait72)
Exactly. Well done!
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Jbird 
Iowa Fan
Odramaville with EthanL
Member since Oct 2012
4864 posts
| re: Delinquent student loans surge in Q3 (Posted on 11/28/12 at 11:32 am to VirgilCaine)
quote:
YOLO
Virg I am an old man, what is yolo?
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dewster 
Maryland Fan
TN
Member since Aug 2006
4359 posts
| re: Delinquent student loans surge in Q3 (Posted on 11/28/12 at 11:32 am to Paluka)
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?
And you got yours for a much lower rate than what we'll see for student loans in about 2 or 3 years. Obama will respond with more subsidized loans.
The bubble is starting to burst.
This post was edited on 11/28 at 11:34 am
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TrueTiger
LSU Fan
Republic of West Florida
Member since Sep 2004
2472 posts
| re: Delinquent student loans surge in Q3 (Posted on 11/28/12 at 11:33 am to tigeraddict)
quote:
For those that dont know the what happens when you default:
I don't see anything in this list that disqualifies a delinquent from welfare, foodstamps, etc.
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joshnorris14 
Florida Fan
Florida
Member since Jan 2009
19488 posts
| re: Delinquent student loans surge in Q3 (Posted on 11/28/12 at 11:35 am to StinkBait72)
quote:
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.
If everyone that was delinquent did this there would be no jobs.
The unemployment rate for college graduates is unprecedentedly high.
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udtiger
LSU Fan
Louisiana
Member since Nov 2006
17950 posts
| re: Delinquent student loans surge in Q3 (Posted on 11/28/12 at 11:39 am to joshnorris14)
Bet every fricking one of them voted for Obama hoping he'd forgive the loans.
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jonboy
LSU Fan
Member since Sep 2003
2184 posts
| re: Delinquent student loans surge in Q3 (Posted on 11/28/12 at 11:39 am to StinkBait72)
Student loans ought to be tied to potential future earnings by major or GPA.
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VirgilCaine 
Alabama Fan
Further South
Member since Dec 2010
1296 posts
| re: Delinquent student loans surge in Q3 (Posted on 11/28/12 at 11:41 am to Jbird)
quote:
Jbird
It stands for "You Only Live Once" and it's the battle cry of idiots across this great land of ours.
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StinkBait72
Dayton Fan
Member since Nov 2011
466 posts
| re: Delinquent student loans surge in Q3 (Posted on 11/28/12 at 11:42 am to joshnorris14)
quote:
If everyone that was delinquent did this there would be no jobs.
The unemployment rate for college graduates is unprecedentedly high.
So are you saying they should get a pass? No matter the circumstance these people borrowed money and are responsible to pay it back or suffer the consequences.
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joshnorris14
Florida Fan
Florida
Member since Jan 2009
19488 posts
| re: Delinquent student loans surge in Q3 (Posted on 11/28/12 at 11:46 am to StinkBait72)
quote:
So are you saying they should get a pass?
Where did I say that?
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LSURussian
LSU Fan
Baton Rouge
Member since Feb 2005
63133 posts
| re: Delinquent student loans surge in Q3 (Posted on 11/28/12 at 11:46 am to joshnorris14)
quote:
The unemployment rate for college graduates is unprecedentedly high.
And yet they voted for Obama. Elections have consequences.
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LSURussian
LSU Fan
Baton Rouge
Member since Feb 2005
63133 posts
| re: Delinquent student loans surge in Q3 (Posted on 11/28/12 at 11:47 am to StinkBait72)
quote:
StinkBait72
quote:
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.
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Revelator
Member since Nov 2008
9095 posts
| re: Delinquent student loans surge in Q3 (Posted on 11/28/12 at 11:48 am to LSURussian)
quote:
And yet they voted for Obama. Elections have consequences.
Perhaps there is a belief among youths that the present economic situation is too far gone, and if so, why not vote for the candidate promises more goodies?
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Jbird
Iowa Fan
Odramaville with EthanL
Member since Oct 2012
4864 posts
| re: Delinquent student loans surge in Q3 (Posted on 11/28/12 at 11:49 am to VirgilCaine)
quote:
battle cry of idiots across this great land of ours.
Thanks Virgil, I was amused by how excited these guys were, I asked one of them where did Obama state he was going to forgive student loans, the whole table got real quiet. I told them I would buy them a shot if they could show me his proposal. They spent alot of time on their Odrama phones. I got a Ringneck Red coldy out of it.
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StinkBait72
Dayton Fan
Member since Nov 2011
466 posts
| re: Delinquent student loans surge in Q3 (Posted on 11/28/12 at 11:52 am to joshnorris14)
quote:
Where did I say that?
Never claimed you did, I'm just trying to see where this thread was going. I'm not sure if the sudden increase is due to the recent election and hope for forgiveness, but it wouldn't be crazy to think it did. If in fact it did play a role, it shows a total lack of personal responsibility by a lot of college grads in the hope they would get forgiven.
On the other hand if it is more due to the lack of college graduate job openings we're really going to see some fireworks over the next year.
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joshnorris14
Florida Fan
Florida
Member since Jan 2009
19488 posts
| re: Delinquent student loans surge in Q3 (Posted on 11/28/12 at 11:54 am to StinkBait72)
quote:
'm not sure if the sudden increase is due to the recent election and hope for forgiveness, but it wouldn't be crazy to think it did.
Actually it would. The election just happened this month, how would that be reflected in 90-day delinquency?
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StinkBait72
Dayton Fan
Member since Nov 2011
466 posts
| re: Delinquent student loans surge in Q3 (Posted on 11/28/12 at 12:01 pm to joshnorris14)
quote:
Actually it would. The election just happened this month, how would that be reflected in 90-day delinquency?
Good point and I should of thought about that without jumping to conclusions. With that said is there any reason to believe this is an anomaly or is it just the beginning of another "bubble burst"? Without an immediate and substantial increase in job openings for college grads it appears we are heading for some difficult times in the near future.
This post was edited on 11/28 at 12:02 pm
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joshnorris14
Florida Fan
Florida
Member since Jan 2009
19488 posts
| re: Delinquent student loans surge in Q3 (Posted on 11/28/12 at 12:10 pm to StinkBait72)
quote:
With that said is there any reason to believe this is an anomaly or is it just the beginning of another "bubble burst"?
Sure there are reasons to believe that. The largest being graduate unemployment.
But Federal student loan debt is about to hit $1 trillion. Couple that with this parabolic increase in delinquency and high unemployment and the inability to write this debt off in bankruptcy and it looks like this is going to get very ugly, very soon.
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tigeraddict
LSU Fan
Baton Rouge
Member since Mar 2007
4433 posts
| re: Delinquent student loans surge in Q3 (Posted on 11/28/12 at 12:15 pm to StinkBait72)
quote:
is it just the beginning of another "bubble burst"?
problem is this bubble burst you cant simply walk away from the loan like they did for the housing burst. BK won't get rid of student loans, and they can garnish pay fairly easily for them....
soon these college grads will be living with their parents, and paying the their loans back with mortgage like payments unable to actually buy a house...
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Doctor Radical
LSU Fan
Austin
Member since Feb 2008
10258 posts
| re: Delinquent student loans surge in Q3 (Posted on 11/28/12 at 12:42 pm to jamboybarry)
quote:
this blows my mind
The big issue to monitor is default rates. Plus the rates vary significantly by sector.
These are a bit dated (not sure if it's 2012 data) but:
The percentage of borrowers who defaulted within three years of their first payments was 13.4%, down slightly from 13.8%. The report marks the first year the Department of Education published the three-year default rate, and it will make public only three-year rates starting in 2014.
For-profit schools had average three-year default rates of 22.7% -- the highest among all the schools. Public schools came next, with an average three-year default rate of 11%. And private, non-profit institutions recorded a 7.5% rate.
LINK
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