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re: A guy goes to school just for the student loan cash
Posted on 3/3/14 at 4:04 pm to Teddy Ruxpin
Posted on 3/3/14 at 4:04 pm to Teddy Ruxpin
quote:
Defaults don't tell the whole story. Just wait until loan forgiveness starts kicking in around 2035. The government is going to eat a lot of money and then again when people don't pay the tax bill.
Maybe there will be a politician that stands up to change the current policy, but RIGHT NOW, the feds make more money off of your default than they do off of your timely payments. Being able to garnish your wages to the tune of the entire loan, interest, and late fees makes students in default an attractive option for the govt.
The federal student loan program is a zero risk investment for the government right now. If you can pay, they get their money. If you can't pay...they get their money plus more.
Only way I see a forgiveness program is through a populous Pres condidate with the groundswell of support that O had before his first term. And I think his presidency may have tempered that kind of excitement for a long time.
ETA: It's also why they could give two shits about a credit check.
This post was edited on 3/3/14 at 4:07 pm
0
Posted on 3/3/14 at 4:33 pm to JS87
quote:
30-year-old
quote:
unemployed
quote:
borrow thousands of dollars to pay rent to his mother
What a life.
This post was edited on 3/3/14 at 4:34 pm
Posted on 3/3/14 at 4:47 pm to RebelOP
quote:
How the hell did he get student loans if he was on academic scholarship?
Apparently it was possible back in the day.
Posted on 3/3/14 at 5:35 pm to Big_Al_316
quote:
The for-profits are targeting people so that they can get the money. People who have no business in school, being told that they can get a certain level job, which they wont really be qualified for.
This is exactly what they are doing. I know a guy that spent $40,000 on a I.T. associates 'degree' from ITI or ITT, which basically was nothing more than an A+ certification. I earned the same cert with a $50 book and a reasonable amount of studying time at CC's. They also target former military that have the GI Bill. They don't care about the price since they aren't paying for it and the for profit universities charge them outrageous amounts for tuition. Its a fricking racket.
Posted on 3/3/14 at 7:42 pm to Wally Sparks
I was also lucky to graduate debt free. I worked while going to school. Like I stated earlier in my parents case the new debt went from 1600 to 14,900. I offered them 4,000 they came back with 13,000.
Posted on 3/3/14 at 7:43 pm to JS87
has anybody made a joke about brcc yet?
Posted on 3/3/14 at 8:06 pm to supadave3
quote:
They also target former military that have the GI Bill. They don't care about the price since they aren't paying for it and the for profit universities charge them outrageous amounts for tuition. Its a fricking racket.
Sen. Tom Harkin has an absolutely devastating report on for-profit colleges. They are to fleece students, not serve them. Look at the table on page 6 showing the number of career services employees vs. the number of recruiters.
executive summary
tldr version
Posted on 3/3/14 at 8:18 pm to Cold Cous Cous
quote:
Sen. Tom Harkin has an absolutely devastating report on for-profit colleges. They are to fleece students, not serve them.
This is spot on, but traditional 4 year universities are not exempt from the fleecing. How can you explain prestigious NE universities that are conferring batchelors degrees in social work while charging outrageous tuition ($50-70K per year).
I hope these students are trust fund babies because there is no way they'll get a job that would allow them to pay that back!
There should be a movement called Occupy the Ivory Tower to protest this fleecing of our young people. Especially considering that the most common occupations of the OWS protesters was college professor and high school teachers.
Posted on 3/3/14 at 8:54 pm to iAmBatman
quote:
student loan debt isn't discharged by bankruptcy filings though...the debt will follow you around forever, even if you go through bankruptcy.
Doesn't mean they ever have to pay it. I have a former employee (he and his wife both college grads employed in professional positions) who filed a hardship claim every year stating they are unable to pay. It's an absolute lie, but it's a part of the culture they were brought up in. "I've just got to go online once a year and check a box. I've never paid anything."
When his wife had their daughters, she filled out an attestation that he had abandoned the family so she could get monthly assistance payments.
Some people's values are, well, a bit skewed.
This post was edited on 3/3/14 at 9:00 pm
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