Student-Loan Delinquencies Now Surpass Credit Cards | Page 2 | TigerDroppings.com

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DontTazeMeBro
Tennessee Fan
Gatlinburg, TN
Member since Oct 2011
137 posts

re: Student-Loan Delinquencies Now Surpass Credit Cards


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
57719 posts
 Online 

re: Student-Loan Delinquencies Now Surpass Credit Cards


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
19993 posts

re: Student-Loan Delinquencies Now Surpass Credit Cards


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
Member since Aug 2004
30830 posts
 Online 

re: Student-Loan Delinquencies Now Surpass Credit Cards


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
57719 posts
 Online 

re: Student-Loan Delinquencies Now Surpass Credit Cards


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
19993 posts

re: Student-Loan Delinquencies Now Surpass Credit Cards


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
1500 posts
 Online 

re: Student-Loan Delinquencies Now Surpass Credit Cards


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
In the beer room at Stein's
Member since Jun 2007
16076 posts
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re: Student-Loan Delinquencies Now Surpass Credit Cards


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


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
16206 posts

re: Student-Loan Delinquencies Now Surpass Credit Cards


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
137 posts

re: Student-Loan Delinquencies Now Surpass Credit Cards


The majority of student loans are Federally insured or directly lent by the Dept of Education.





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Sheep
USA Fan
In the beer room at Stein's
Member since Jun 2007
16076 posts
 Online 

re: Student-Loan Delinquencies Now Surpass Credit Cards


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
16206 posts

re: Student-Loan Delinquencies Now Surpass Credit Cards


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
LSU Fan
My new Texas adventure
Member since May 2007
35354 posts

re: Student-Loan Delinquencies Now Surpass Credit Cards


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
TCU Fan
Houston, Texas
Member since Nov 2011
2944 posts

re: Student-Loan Delinquencies Now Surpass Credit Cards


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
2999 posts

re: Student-Loan Delinquencies Now Surpass Credit Cards


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
1381 posts

re: Student-Loan Delinquencies Now Surpass Credit Cards


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
4357 posts

re: Student-Loan Delinquencies Now Surpass Credit Cards


dick head.





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Dupont3
LSU Fan
Keithville
Member since Nov 2011
1381 posts

re: Student-Loan Delinquencies Now Surpass Credit Cards


Sorry. Feels pretty good.





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saderade
New Orleans Saints Fan
America's City
Member since Jul 2005
21300 posts

re: Student-Loan Delinquencies Now Surpass Credit Cards


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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