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Message
The government finally does something right: suing people who defaulted on student loans
Posted on 5/15/17 at 7:40 am
Posted on 5/15/17 at 7:40 am
NPR: A lien a' both your houses!
quote:
The papers were from a government lawsuit that represents something more than just an unwelcome birthday gift — it's an example of a program the federal government has brought to 19 cities around the country including Brooklyn, Detroit, Miami and Philadelphia: suing to recover unpaid student loans, like the ones McNally owes.
Every day, 3,000 people default on their federal student loans — and those lack of payments amount to an unpaid bill of $137 billion for the federal government. For decades, the government has tried to get borrowers to pay up by hiring debt collection agencies to call and send letters. But now the government is trying this new lawsuit strategy.
quote:
In the last two years, more than 3,300 student loan borrowers have been sued after defaulting, according to the Department of Justice. In nearly every one of those suits, the borrower loses and the government wins.
What does the government win? A lien on the borrower's assets — meaning that the debt is now attached to his or her most valuable belongings, like a home.
13
Posted on 5/15/17 at 7:41 am to SlowFlowPro
quote:
unpaid bill of $137 billion
Damn.
Posted on 5/15/17 at 7:42 am to goofball
quote:
Damn.
Posted on 5/15/17 at 7:44 am to SlowFlowPro
The government should not be in the business of making student loans.
Posted on 5/15/17 at 7:45 am to cokebottleag
quote:
The government should not be in the business of making student loans.
oh i agree. hopefully we have learned that lesson (we haven't)
Posted on 5/15/17 at 7:45 am to SlowFlowPro
Damn, skyrocketed during the Obama years - just like our debt.
Posted on 5/15/17 at 7:45 am to SlowFlowPro
I like it, but worries me how many of these folks have no income to levy or
home to lien. Isn't home ownership amongst young people at historically low points? Just seems like a lose lose for everyone and I'm not sure what the fix is (short term is stop gov't backed student loans)
quote:
What does the government win? A lien on the borrower's assets — meaning that the debt is now attached to his or her most valuable belongings, like a home.
home to lien. Isn't home ownership amongst young people at historically low points? Just seems like a lose lose for everyone and I'm not sure what the fix is (short term is stop gov't backed student loans)
Posted on 5/15/17 at 7:46 am to SlowFlowPro
We've been loaning too much for people in degree programs that just won't pay off even under the best circumstances.
$150k+ in loans had better be the result of medical school or some other kind of highly skilled, highly demanded profession. People whose total loan amounts exceed the starting salary of people in their field are at serious risk.
$150k+ in loans had better be the result of medical school or some other kind of highly skilled, highly demanded profession. People whose total loan amounts exceed the starting salary of people in their field are at serious risk.
Posted on 5/15/17 at 7:46 am to jamboybarry
quote:
I like it, but worries me how many of these folks have no income to levy
well i mean, the lien is based on a judgment. that's all you can do with creditors who refuse to pay
at least the government is going after them and not sitting back, punishing the people like me who made sacrifices to pay back their SLs
Posted on 5/15/17 at 7:46 am to cokebottleag
quote:
The government should not be in the business of making student loans.
I completely agree. This is exactly the situation that provides all the reasons needed to not have govt do education loans.
Having said that, they should end all loan programs but I have no problem with doing whatever it takes to get the debt paid. Don't take a loan if you can't pay it.
Posted on 5/15/17 at 7:47 am to cokebottleag
quote:
The government should not be in the business of making student loans.
Perhaps what you mean is that we, as a society, should not have shifted the cost of funding colleges to the backs of the students, who cannot afford to pay for it, so they take out loans they cannot repay.
This post was edited on 5/15/17 at 7:48 am
Posted on 5/15/17 at 7:47 am to goofball
Obama will forgive the debt
Posted on 5/15/17 at 7:48 am to TBoy
quote:
Perhaps what you mean is that we, as a society, should not have shifted the case st of going to college to the backs of the students
shifted?
when did we start this evil process of making students pay for college to announce that "shift"?
Posted on 5/15/17 at 7:48 am to Homesick Tiger
quote:
Damn, skyrocketed during the Obama years - just like our debt.
A lot of people rode out the recession in a University. Tuition and fees also increased far beyond inflation too.
I imagine that it is very scary for the people who are trying to service those loans. A lot of them started taking them out when they were 18 and didn't really know anything else.
Posted on 5/15/17 at 7:48 am to cokebottleag
quote:
The government should not be in the business of making student loans.
Watch, one of our resident progressives will demand you be silenced for using common sense. How dare you Sir
Posted on 5/15/17 at 7:49 am to TBoy
quote:
Perhaps what you mean is that we, as a society, should not have shifted the cost of funding colleges to the backs of the students, who cannot afford to pay for it, so they take out loans they cannot repay.
No, we mean the government should not have set up a scam to drain money from young students to a left wing advocacy system.
Posted on 5/15/17 at 7:51 am to gthog61
Does not allowing the debt to be discharged in bankruptcy significantly increase the likelihood that it is payed off?
I'm not sure that it does.
I'm not sure that it does.
Posted on 5/15/17 at 7:52 am to TBoy
quote:
Perhaps what you mean is that we, as a society, should not have shifted the cost of funding colleges to the backs of the students, who cannot afford to pay for it, so they take out loans they cannot repay.
Lol, it's never the deadbeat's fault, is it?
Perhaps if they didn't go into debt for a degree in German Transgendered Polka Studies, they wouldn't be in this mess. Hmmm?
But no, it's society's fault
Posted on 5/15/17 at 7:52 am to gthog61
quote:
No, we mean the government should not have set up a scam to drain money from young students to a left wing advocacy system.
well, it's not even an issue of the burden on the students
the real issue is the expected scenario of asking: what will service/product providers do when their market is flooded by credit to pay for their service/product? they won't possibly raise the price of that product, will they?
frick
but in all fairness, it's mainly the private schools
that's the rub, especially in response to TBoy's argument. even if we had "free" public colleges, it wouldn't solve this problem because it's the private schools and their insane pricing that are doing the damage
Posted on 5/15/17 at 7:54 am to cokebottleag
quote:
The government should not be in the business of making student loans.
I don't know that I'd go that far, but they should definitely only give out loans for areas of actual need or fields where a degree will likely lead to employment in that field. No more government loans just so someone can get a waiting tables degree.
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