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Started By
Message
re: Spinoff: should school debt be dischargeable through bankruptcy?
Posted on 12/23/15 at 10:42 am to NYNolaguy1
Posted on 12/23/15 at 10:42 am to NYNolaguy1
quote:Seriously?
Not all loans have collateral. Did you put up collateral for your first credit card? What about when you bought your first home?
0
Posted on 12/23/15 at 11:06 am to LSUTigersVCURams
Let me guess, you've declared bankruptcy before? Probably more than once, freeloader.
Posted on 12/23/15 at 11:10 am to Bucktail1
quote:
Let me guess, you've declared bankruptcy before? Probably more than once, freeloader.
You original statement was pretty ignorant.
Posted on 12/23/15 at 11:13 am to Mo Jeaux
Perhaps a compromise is to cap student loan interest at the national price of living annual increase.
Posted on 12/28/15 at 10:26 am to Flame Salamander
quote:
I sat next to a hipster a few weeks ago who had this as his plan of action. He was dead sure that there would be a nationwide movement to default on student loans, and that the entire "system" (as he put it) would collapse, preventing today's students from having to pay their debts.
In his words, "It isn't fair that the other generations had affordable college, then we have to pay ten times what they paid and go into debt. I shouldn't have to pay on an unfair loan."
quote:
Substitute the word "fair" with "unworkable" and see how your opinion of what he said changes.
It doesn't matter that you feel that the loan you agreed to was unfair or impractical. If that's the case then avoid the loan in the first place.
Posted on 12/28/15 at 12:55 pm to NYNolaguy1
quote:
That really depends on the value of the home, the down payment, and the size of the loan relevant to its present value.
It's very possible a house that's underwater in property value gets foreclosed on. The security of the house doesn't mean much then.
Ok, so the bank's risk is capped at the amount the home's value declined. Once you factor in the down payment and any other payments on the home prior to foreclosure, their risk is minimal.
Student loans have no such collateral. A diploma has zero cash value to the lender. Your points make no sense.
Posted on 12/28/15 at 12:55 pm to nawlinsbrah
No
Posted on 12/28/15 at 1:19 pm to MSMHater
Yep. We have this idea that everyone should go to college. We have started requiring college degrees for jobs that have no use for college degrees. It's a never ending cycle of stupidity. In the process, we've undermined the value of a college education, where people are now required to have graduate education as well. We're requiring more and more education for jobs that have no use for it, as university costs continue to increase.
Posted on 12/28/15 at 1:23 pm to nawlinsbrah
no.
there should be no school debt if you go to a non-private school.
anyway, no. People would just plan on it, go to a private school and then stiff the loaning agency.
there should be no school debt if you go to a non-private school.
anyway, no. People would just plan on it, go to a private school and then stiff the loaning agency.
Posted on 12/28/15 at 1:52 pm to Bucktail1
I used to defend consumer finance loans against bankruptcy for the lenders I worked for. It's a joke the hoops consumers have to jump through compared to commercial bankruptcy. And the majority of the time the BK was due to things beyond the control of debtors (illness, injury, employer shutdown, etc.).
All the consumer debts discharged last year in total probably don't equal in any way the decades ago single Enron bankruptcy. And Enron has been eclipsed by other commercial bankruptcies, including fraudulent scam companies.
Student loan debt may be huge but compared to commercial debt bankruptcies it's nothing. Current economic conditions are due to the commercial side of the consumer mortgage industry. Not due to the consumer side.
TL:Dr crack down on the lending, ez credit is abused credit
All the consumer debts discharged last year in total probably don't equal in any way the decades ago single Enron bankruptcy. And Enron has been eclipsed by other commercial bankruptcies, including fraudulent scam companies.
Student loan debt may be huge but compared to commercial debt bankruptcies it's nothing. Current economic conditions are due to the commercial side of the consumer mortgage industry. Not due to the consumer side.
TL:Dr crack down on the lending, ez credit is abused credit
Posted on 12/28/15 at 2:50 pm to NYNolaguy1
i bet you are voting for bernie. If it weren't protected from bankruptcy rates would be through the roof for most people.
Posted on 12/28/15 at 2:56 pm to NYNolaguy1
quote:
All debt should be the same. No reason why student loans can't be discharged while credit card, car loans, house loans, etc can be.
Sallie Mae charged my niece 9% for her first loan (with a co-signer) and they have almost zero exposure to justify that rate. It's a racket and the congress that passed the exemption should be held accountable.
Posted on 12/28/15 at 3:24 pm to Layabout
Was your niece forced to go to a school that she couldn't afford?
Posted on 12/28/15 at 3:39 pm to nawlinsbrah
if you vote for Trump everyone will get a small loan of one million dollars to pay off student loan debt.
Posted on 12/28/15 at 3:44 pm to NYNolaguy1
quote:
house loans,
nope, cannot discharge a mortgage
the proof is all the mortgage turmoil, refinancing and more
and yes there is a reason, and you need to figure it out...
Posted on 12/28/15 at 4:10 pm to MSMHater
quote:
Currently, the federal government is the largest lender of student loans in the country, meaning they are also the largest debt holder in that market. When you default on one of their loans, they make more money off your default + payments than they do when you pay everything off on time. If they allowed you to discharge that debt with bankruptcy, that means they lose money on their "investment". And that ain't happening. The are going to collect their debt. So no discharge for you as long as the feds remain in the market.
That's a good explanation. I wonder how much of that too big to fail money has been paid back. Serious question.
Posted on 12/28/15 at 4:24 pm to Epic Cajun
quote:
Was your niece forced to go to a school that she couldn't afford?
Mom and dad have two other kids in college and it was a state school. Maybe she should have gone to welding school, eh?
Posted on 12/28/15 at 7:36 pm to CtotheVrzrbck
quote:
Guess what generation was behind the whole charade of running up debt, not paying it, then changing the laws to benefit them while being behing the astronomical rise in the cost of education, developing for profit degree mills that took advantage of loan programs, while heaping massive debt
There it is! The millineal "blame the old people, it's not my fault" narrative. But you didn't have to take the loan did you? Nor even go to college, right? Those mean oldsters suckered you into it! Good god you fricking people are the biggest candy arse irresponsible pussies that have ever lived. Quit whinning, blaming, and pointing fingers and get to work bitch. You owe a debt. Put your big boy pants on and start paying it back.
Posted on 12/28/15 at 7:50 pm to nawlinsbrah
I hate bankruptcy laws. But as it stands now, if other debts can be written off, student loans should be too.
Posted on 12/28/15 at 8:33 pm to Layabout
quote:
Mom and dad have two other kids in college and it was a state school. Maybe she should have gone to welding school, eh?
Maybe
If it's a state school she could have had scholarships that pay for school.
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