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Message
Today's issue of personal responsibility: student loans
Posted on 7/29/14 at 9:31 am
Posted on 7/29/14 at 9:31 am
Just read this article on CNN about parents that are on the hook for their deceased daughter's $100k (now ballooned to $200k with interest) in student loans.
LINK
Over at DU, here were some responses to the article. Typical first response:
Then an exchange that perfectly illustrates the liberal mindset at work. No appeal to personal responsibility will be tolerated.
POSTER 1:
I don't understand how a parent can co-sign for a loan. I am sorry but I would never. Although I would never recommend my children to go to a private college in the first place. $100,000 for a nursing degree? That is just insane. A two year community college and then two years at the state school would still get you the same degree and a chance for a job. I feel bad for the parents in this case, but I think they were thinking with emotion and not necessarily the best way to get a degree.
POSTER 2:
Blaming the individual yet again - can you not see the systemic problems at issue here?
POSTER 1:
Yes I do see a systematic problem. Applying to colleges that are 50K a year is a huge problem.
POSTER 2:You're mindfully siding with the banks on this - very appalling to see this type of message on a democratic party message board.
It's not like the parents voluntarily signed onto the loan or anything. I'm sure it was the big bad banks that made them do it at gunpoint. If you would like to read more about how charging interest and fees is criminal extortion, please feel free to have a look at the thread
LINK
LINK
quote:
Mason had co-signed on the $100,000 in private student loans that his daughter took out for nursing school, and the lenders wanted their money.
Unable to keep up with the monthly payments on top of all of the other mounting expenses, the $100,000 balance ballooned into $200,000 as a result of late penalties and interest rates of as high as 12%.
"It's just impossible on a pastor's salary raising three kids to pay $2,000 a month on loans," said Mason, who has been searching for a second job.
quote:
If these had been federal student loans, Mason could have had the loans discharged or at least received some sort of financial assistance. But since they are private loans, he has little to no recourse.
He called each lender to explain his situation and beg for help, and while they sympathized with him, they told him they weren't required to do anything.
And they're right: private lenders aren't bound by any federal requirements to help borrowers -- or co-signers -- facing financial hardship, even when it's a parent whose child has passed away, says Deanne Loonin, an attorney at the National Consumer Law Center. Any loan forgiveness is up to the discretion of an individual lender.
Over at DU, here were some responses to the article. Typical first response:
quote:
State support for higher education needs to increase.
Then an exchange that perfectly illustrates the liberal mindset at work. No appeal to personal responsibility will be tolerated.
POSTER 1:
I don't understand how a parent can co-sign for a loan. I am sorry but I would never. Although I would never recommend my children to go to a private college in the first place. $100,000 for a nursing degree? That is just insane. A two year community college and then two years at the state school would still get you the same degree and a chance for a job. I feel bad for the parents in this case, but I think they were thinking with emotion and not necessarily the best way to get a degree.
POSTER 2:
Blaming the individual yet again - can you not see the systemic problems at issue here?
POSTER 1:
Yes I do see a systematic problem. Applying to colleges that are 50K a year is a huge problem.
POSTER 2:You're mindfully siding with the banks on this - very appalling to see this type of message on a democratic party message board.
It's not like the parents voluntarily signed onto the loan or anything. I'm sure it was the big bad banks that made them do it at gunpoint. If you would like to read more about how charging interest and fees is criminal extortion, please feel free to have a look at the thread
LINK
22
Posted on 7/29/14 at 9:36 am to Rickety Cricket
Student loans are the entire reason tuition prices have skyrocketed
Federal government involvement in a sector means higher prices, we see it everywhere, especially healthcare. Higher education is now jumping on the gravy train.
Federal government involvement in a sector means higher prices, we see it everywhere, especially healthcare. Higher education is now jumping on the gravy train.
Posted on 7/29/14 at 9:39 am to Rickety Cricket
quote:
I don't understand how a parent can co-sign for a loan.
Well, this is kind of ridiculous and selfish.
Posted on 7/29/14 at 9:40 am to Rickety Cricket
quote:
Mason had co-signed on the $100,000 in private student loans that his daughter took out for nursing school, and the lenders wanted their money.
That sucks. But here's big mistake #1.
100k for nursing school? I mean, dang, even with a typical nurse's salary, she would be paying that off for years, and years, and years.
This post was edited on 7/29/14 at 9:42 am
Posted on 7/29/14 at 9:57 am to goldennugget
quote:
Student loans are the entire reason tuition prices have skyrocketed
....This!! The Fed subsidizes a whole underclass of liberal professors whose only mission in life is to foist a liberal ideology on the masses of students under there tutelage.
...if not employed by this means....most of these lazy arse scum would be begging on the street.
Posted on 7/29/14 at 10:00 am to Rickety Cricket
I'm torn on this issue. Of course, personal responsibility should be a primary focus, but there are systemic problems with the student loan issue, and the government, banks and schools should shoulder their respective share of the blame.
Posted on 7/29/14 at 10:02 am to Rickety Cricket
quote:
he has little to no recourse. He called each lender to explain his situation and beg for help, and while they sympathized with him, they told him they weren't required to do anything. And they're right: private lenders aren't bound by any federal requirements to help borrowers -- or co-signers -- facing financial hardship, even when it's a parent whose child has passed away, says Deanne Loonin, an attorney at the National Consumer Law Center. Any loan forgiveness is up to the discretion of an individual lender.
That is pretty cut and dry ... and is fair.
Sorry ... but if the parents co-signed ... then they are on the hook.
I'm sure neither the daughter or the parents were complaining when they needed and got the loan.
Posted on 7/29/14 at 10:02 am to TK421
quote:
Well, this is kind of ridiculous and selfish.
No it isn't. This can ruin the parent financially with not much time left in their working career to make up for the tragedy. On the other hand a 21 year old who wrecks themselves financially has 44 years left in a working career. Let them shoulder the financial burden and you as the parent help out when you can.
Posted on 7/29/14 at 10:03 am to Broke
quote:
No it isn't. This can ruin the parent financially
Then don't sign if you can't afford it.......but if you DO sign don't complain.......you know the whole personal responsibility thing.
Posted on 7/29/14 at 10:08 am to Wtodd
quote:
Then don't sign if you can't afford it.
And then they won't be able to attend school. Which he says is selfish.
Posted on 7/29/14 at 10:09 am to Broke
quote:
No it isn't. This can ruin the parent financially
If you aren't willing to help your children succeed because you are too worried about your goals of a beach house in retirement, then don't have kids.
There is also a difference between small loans to fill a gap and 100K to go to nursing school. I probably wouldn't do the latter, but to swear off all co-signing makes you a shitty parent.
Posted on 7/29/14 at 10:12 am to Rickety Cricket
quote:
POSTER 2:
Blaming the individual yet again - can you not see the systemic problems at issue here?
POSTER 1:
Yes I do see a systematic problem. Applying to colleges that are 50K a year is a huge problem.
POSTER 2:You're mindfully siding with the banks on this - very appalling to see this type of message on a democratic party message board.
holy shite, that type of message is just scary no matter what your ideology is.
"you're 'mindfully siding' (aka having your own opinion) and that doesn't align with mine, that's APPALLING for me to have to see on this board"
This post was edited on 7/29/14 at 10:17 am
Posted on 7/29/14 at 10:15 am to Rickety Cricket
People need to stop borrowing money for shite they can't afford.
I don't care if the bank charged them 50% interest. YOU signed. The government, banks, businesses, etc...are not your parents. They are not there to bail you out because you didn't do your due diligence and make a logical financial decision about you and your kid's future.
It's come to this...society today, in any unfortunate situation, must have someone to blame. This includes the exclusion to the individual directly involved making the choice to get themselves into said unfortunate situation.
The days of personal responsibility....GONE.
The days of accepting the consequences of one's actions, and learning from that consequence....GONE
I don't care if the bank charged them 50% interest. YOU signed. The government, banks, businesses, etc...are not your parents. They are not there to bail you out because you didn't do your due diligence and make a logical financial decision about you and your kid's future.
It's come to this...society today, in any unfortunate situation, must have someone to blame. This includes the exclusion to the individual directly involved making the choice to get themselves into said unfortunate situation.
The days of personal responsibility....GONE.
The days of accepting the consequences of one's actions, and learning from that consequence....GONE
Posted on 7/29/14 at 10:15 am to Mo Jeaux
quote:
I'm torn on this issue. Of course, personal responsibility should be a primary focus, but there are systemic problems with the student loan issue, and the government, banks and schools should shoulder their respective share of the blame.
Agreed. It's not a black and white issue.
Posted on 7/29/14 at 10:18 am to TK421
quote:
If you aren't willing to help your children succeed because you are too worried about your goals of a beach house in retirement, then don't have kids.
I am responsibly until they are 18. I will pay for private school and the chance to get full scholarships based on merit, drive, ambition, etc.
After that ... they will be grown-men-adults ... and can fend for themsevles in the world.
Of course, I will help when asked and when I can.
But, I don't want to be a burden to them when I am old, so as such, I don't need to blow all my money supporting a "child" until they are 26+.
Need a loan? Join the military, serve, and then use the GI Bill.
It also helps to lay off of weed and other drugs...sitting around eating cheetos and singing the praises of Rand Paul under the guise of libertarianism when it really is just about weed.
(Exit right.)
Posted on 7/29/14 at 10:22 am to navy
How much would a simple 100K term life policy for a person in their 20s cost?
Posted on 7/29/14 at 10:24 am to navy
quote:
Of course, I will help when asked and when I can.
Co-signing a student loan is a very small favor to ask.
Posted on 7/29/14 at 10:25 am to Rickety Cricket
Put it this way, if someone borrowed 100K from you and promptly died, would you expect that loan to be repaid from the estate or would you expect to just be SOL?
The parents signed. It's a security device. People should stop bitching because they were too stupid to understand finance or contracts. If you can't afford to pay back a loan, you shouldn't co-sign on that loan.
The parents signed. It's a security device. People should stop bitching because they were too stupid to understand finance or contracts. If you can't afford to pay back a loan, you shouldn't co-sign on that loan.
Posted on 7/29/14 at 10:26 am to mauser
quote:
How much would a simple 100K term life policy for a person in their 20s cost?
Not sure, but I do know banks will usually offer some sort of "credit life" option or whatever it's called for the loan in case of a death.
Even if they didn't, banks lay out the rules of the loan/contract and you either agree or don't agree to abide by signing/refusing to sign.
Loan forgiveness? How about you not be a dumb arse and educate yourself about the document you're signing.
People just act blindly these days and expect a magical money fairy to just make it go away when their terrible financial decision blows up in their face.
Posted on 7/29/14 at 10:27 am to TK421
The fact she CHOSE to pay 100k for nursing school is retarded.
The fact her parents CHOSE to cosign her loan, means they read the terms, and accepted the risk if their daughter dies, that they would be on the hook for that money...
Now it's a relatively small risk, but they got caught. No sympathy.
The fact her parents CHOSE to cosign her loan, means they read the terms, and accepted the risk if their daughter dies, that they would be on the hook for that money...
Now it's a relatively small risk, but they got caught. No sympathy.
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