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Started By
Message
re: Student-Loan Delinquencies Now Surpass Credit Cards
Posted on 11/29/12 at 3:51 pm to tigeraddict
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.
1
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?
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!
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.
It sucks, but I know a number of classmates that will be graduating with 200k worth of debt.
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...
Another $30k roughly to add to it...
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.
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.
Posted on 11/30/12 at 1:06 pm to NukemVol
How are taxpayers "on the hook" for defaulted student loans?
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.
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.
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.
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.
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 11/30/12 at 3:46 pm
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 11/30/12 at 8:57 pm
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.
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?
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!
Posted on 12/2/12 at 7:45 am to Dupont3
dick head.
Posted on 12/2/12 at 8:51 am to theOG
Sorry. Feels pretty good.
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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