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Message
A guy goes to school just for the student loan cash
Posted on 3/3/14 at 1:27 pm
Posted on 3/3/14 at 1:27 pm
LINK
quote:
Take Ray Selent, a 30-year-old former retail clerk in Fort Lauderdale, Fla. He was unemployed in 2012 when he enrolled as a part-time student at Broward County's community college. That allowed him to borrow thousands of dollars to pay rent to his mother, cover his cellphone bill and catch the occasional movie.
quote:
But borrowing thousands in low-rate student loans—which cover tuition, textbooks and a vague category known as living expenses, a figure determined by each individual school—also can be easier than getting a bank loan. The government performs no credit checks for most student loans.
14
Posted on 3/3/14 at 1:29 pm to JS87
And the start of the student loan default bubble has officially started.
Posted on 3/3/14 at 1:30 pm to JS87
quote:
The government performs no credit checks for most student loans.
nobody would be able to get loans coming into college at 17 or 18
well at least none of my friends had a credit score coming into college
Posted on 3/3/14 at 1:31 pm to RebelOP
quote:
And the start of the student loan default bubble has officially started.
Its terrifying.
Hopefully this keeps the housing market low for the next few years as the banks start foreclosing to recoup some money. I am going to buy in that timeframe.
This student loan bubble could make the housing bubble look like childs play.
Posted on 3/3/14 at 1:33 pm to TheCaterpillar
quote:
This student loan bubble could make the housing bubble look like childs play.
I don't know how the housing market will look in this environment. There is a group of economic producers who can't buy homes with their debt obligations so it's a two prong economic issue.
I could see at least raising the tax deduction of interest. Also, putting a cap on the income tax bomb when forgiveness happens under the ibr and similar programs.
This post was edited on 3/3/14 at 1:36 pm
Posted on 3/3/14 at 1:33 pm to JS87
Isn't this what was pretty rampant and behind the abysmal numbers at SUNO?
Posted on 3/3/14 at 1:36 pm to gaetti15
quote:
well at least none of my friends had a credit score coming into college
I actually did. My parents opened a gas card in my name in high school. Really helped, easy payments too. Would recommend for anyone with high school aged kids.
I know must don't get that opportunity though.
Posted on 3/3/14 at 1:36 pm to Teddy Ruxpin
quote:
I don't know how the housing market will look in this environment. There is a group of economic earners who can't buy homes with their debt obligations so it's a two prong economic issue.
Fair.
It will be interesting to watch. There is SO much unpaid student debt.
If less people are buying the prices with go down. I am just so jealous of my brother who got his home in the trough of the housing collapse with a fixed rate mortgage of 3.5%.
I don't want a full blown economic emergency, but I wouldn't mind the economy stagnating for a few more years as I save enough for the downpayment
Posted on 3/3/14 at 1:39 pm to BayouBandit24
My wife's dad did the same thing. It was a lot easier for us to get our mortgage cause she had excellent credit history, whereas I only had a few years.
Posted on 3/3/14 at 1:39 pm to TheCaterpillar
Ya, I just wonder what economic ripples may occur. Sure, the houses may cost less, but now a bunch of homebuilders etc don't have jobs, and that ripples and so on, then you lose your job and can't buy that house if you're unlucky enough.
I'd love to hear a knowledgeable person on the subject discuss potential fallout and unpredictable consequences
I'd love to hear a knowledgeable person on the subject discuss potential fallout and unpredictable consequences
This post was edited on 3/3/14 at 1:41 pm
Posted on 3/3/14 at 1:39 pm to JS87
I was lucky/fortunate enough to graduate college debt free. Of course I attended college on pell grants
Posted on 3/3/14 at 1:40 pm to JS87
Glad I'm graduating with no debt, and a great credit score. 
Posted on 3/3/14 at 1:41 pm to RebelOP
quote:
And the start of the student loan default bubble has officially started.
people have been doing this for years
Posted on 3/3/14 at 1:43 pm to Choctaw
Idiots gonna idiot
This post was edited on 3/3/14 at 1:44 pm
Posted on 3/3/14 at 1:46 pm to JS87
When I was in college, I was basically given huge amounts of money every semester, 80% of which was not needed for school. When this bubble pops, it's gonna be a bad thing for tax payers. I pay mine back, but you know there is a huge percentage of kids that never finished, or got a dumb arse degree and will never pay it back.
Posted on 3/3/14 at 1:46 pm to Choctaw
My mom took out a student loan in the early 80's, my parents proceeded to go bankrupt in 84. After all these years my mother started getting her wages garnished 6 months ago. The debt has gone from 1600 to 14900.
Posted on 3/3/14 at 1:49 pm to shaqtaw
Surprised that debt wasn't prescribed, but i have no details to work with
This post was edited on 3/3/14 at 1:50 pm
Posted on 3/3/14 at 1:49 pm to JS87
I knew a guy in school who figured out if you quit classes by the certain date you get either a full or mostly full refund on your tuition made out to the student, regardless of the payer(parents). I think he did it 3 or 4 different semesters. needless to say, but he didnt graduate
Posted on 3/3/14 at 1:50 pm to Choctaw
Right, but my point was that the defaults are going to start rolling in.
Just like the housing market people did it for years, then boom, started defaulting.
Just like the housing market people did it for years, then boom, started defaulting.
Posted on 3/3/14 at 1:50 pm to JS87
student loan debt isn't discharged by bankruptcy filings though...the debt will follow you around forever, even if you go through bankruptcy.
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