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Posted: 10/9/2015 8:28:08 AM EDT
[#1]
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How many new cars did he buy over the years? Have cable TV/internet? Bought a house? There's a big difference between not being able to pay and not wanting to pay. Where are these kids he put through college? Why aren't they helping their old man out? |
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Posted: 10/9/2015 8:28:20 AM EDT
[#2]
Quote HistoryQuoted: Good, and loans have interest which has a default risk premium building into the rate so that's how finance works. |
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Posted: 10/9/2015 8:29:14 AM EDT
[#3]
Quote HistoryQuoted: get the government out of it entirely and this will self correct. |
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Posted: 10/9/2015 8:29:36 AM EDT
[#4]
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Actually, bankruptcy (in general) is a critical component of what makes America great. It's based on a premise that the person who is lending their own money out should carry the risk of making a bad loan. Basically, it's personal responsibility. If you're an idiot and make bad loans (when you don't HAVE to lend money), the onus is on you. A lot of great ideas would never get financing if the downside was you'd pay the rest of your life. When you borrow from "the people," It's a different story. Corruption follows. Quote HistoryQuoted:
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Proving once again that bankruptcy shouldn't even be on the books... Actually, bankruptcy (in general) is a critical component of what makes America great. It's based on a premise that the person who is lending their own money out should carry the risk of making a bad loan. Basically, it's personal responsibility. If you're an idiot and make bad loans (when you don't HAVE to lend money), the onus is on you. A lot of great ideas would never get financing if the downside was you'd pay the rest of your life. When you borrow from "the people," It's a different story. Corruption follows. That actually strictly meets the idea of a command economy. |
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Posted: 10/9/2015 8:30:50 AM EDT
[#5]
As somebody who spent the last 6 years dutifully paying off my MBA student loans (last payment is next month...woohoo!), I say that these deadbeats can go fuck themselves.
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Posted: 10/9/2015 8:30:55 AM EDT
[#6]
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If student loans could be discharged in bankruptcy, there's a REALLY good chance you won't get that huge college loan to begin with, unless: 1. You have outstanding credit. And... 2. You have a shit ton of money to put down. And... 3. You have a wealthy co-signer with awesome credit. And... 4. You manage to convince the lender that the education you're asking them to finance will actually result in a career with a salary sufficient to repay them. In other words, it would be like any other large unsecured loan - hard as fuck. Similarly, if easy credit like this dried up, it's almost a given that tuition would drop like a rock over time, negating the need to take out massive loans in the first place. Quote HistoryQuoted:
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So take out a huge college loan for the best school you can attend to get the best education you can, graduate, declare bankruptcy, get loan debt erased, get a good job with your free $300,000 dollar education, spend the next 5 years rebuilding your credit and you are living large? If student loans could be discharged in bankruptcy, there's a REALLY good chance you won't get that huge college loan to begin with, unless: 1. You have outstanding credit. And... 2. You have a shit ton of money to put down. And... 3. You have a wealthy co-signer with awesome credit. And... 4. You manage to convince the lender that the education you're asking them to finance will actually result in a career with a salary sufficient to repay them. In other words, it would be like any other large unsecured loan - hard as fuck. Similarly, if easy credit like this dried up, it's almost a given that tuition would drop like a rock over time, negating the need to take out massive loans in the first place. WHAT HE SAID. That's the way it SHOULD be. Part of me says this whole fucked up system should be brought down. I think there would be some very good side effects, like people are talking about here. |
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Posted: 10/9/2015 8:31:59 AM EDT
[#7]
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generally takes 10 years for a Bankruptcy to go away Quote HistoryQuoted:
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Fine with me ONLY if it damages a persons credit for the rest of their life. No nice cars or houses for you! Not really. I have a friend with a chapter 7 who bought brand new homes and cars. As a matter of fact, it's like it never happened. generally takes 10 years for a Bankruptcy to go away True but depending on what your credit looked like before your bankruptcy you could have decent credit sooner. After my business bankruptcy (everyone got paid, some just were forced to wait till the liquidation) I was getting offers to loan me up to 5 million to purchase new trucks and trailers after 2 years. The interest rate was something Sal and Vito would offer but the offer was there. |
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Posted: 10/9/2015 8:33:29 AM EDT
[#8]
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Why do I even pay for shit? Id love to have that extra 3 grand per month we pay for our daughter's tuition. Maybe I should just do the irresponsible thing and load her up with debt so she can walk away from it. No offense, but perhaps letting her figure out how she is going to pay for her own schooling is the responsible thing? |
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Posted: 10/9/2015 8:37:33 AM EDT
[#9]
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So take out a huge college loan for the best school you can attend to get the best education you can, graduate, declare bankruptcy, get loan debt erased, get a good job with your free $300,000 dollar education, spend the next 5 years rebuilding your credit and you are living large? Bingo. This is why bankruptcy is no longer a possibility on student loans. Med school students were going exactly what you described |
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Posted: 10/9/2015 8:40:38 AM EDT
[#10]
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Including dumbass lenders? In my world, it would HURT to make a stupid loan to a young adult with little to no proven ability to actually repay the fuckin' thing. Right now, it doesn't. Quote HistoryQuoted:
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And yes, they will try (and fail) to solve it by attacking if from all angles except the right one: holding people accountable for their own actions. Including dumbass lenders? In my world, it would HURT to make a stupid loan to a young adult with little to no proven ability to actually repay the fuckin' thing. Right now, it doesn't. Absolutely. But I don't blame the lenders right now... sure, they're playing the system, but the system is just sitting there expecting to be played. I don't think there should be any concessions for student debt vs. any other kind, and people should be discouraged from going to school on borrowed money at all. Get the costs back down to something reasonable, get rid of all the stupid crap (and majors) that's bundled in primarily to suck up money, and it would be a totally different picture. Quit treating college as High School II, and go back to making it something those with exceptional ambition or talent could strive for if it was ultimately in their best interests. Ditch this concept that if you don't have a degree, you're simply an unskilled Neanderthal suited only to pick field crops or polish shoes on street corners. Lots of things that could be done, but won't. |
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Posted: 10/9/2015 8:42:51 AM EDT
[#11]
(edit)
Wait until the Democratic candidates start promising student loan forgiveness. |
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Posted: 10/9/2015 8:43:45 AM EDT
[#12]
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if he wins good, and get the government out of the unsecured debt business democrats will have to find another way to buy votes You think that would get the government out of student loans? That only thing that last forever is a government program. |
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Posted: 10/9/2015 8:44:33 AM EDT
[#13]
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nope, with college loan debt subject to bankruptcy laws you would never have gotten the loan to begin with. far fewer people would attend college and those who did would do so more successfully. the world needs ditch diggers too. I think this is actually a good thing. Posted Via AR15.Com Mobile Quote HistoryQuoted:
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So take out a huge college loan for the best school you can attend to get the best education you can, graduate, declare bankruptcy, get loan debt erased, get a good job with your free $300,000 dollar education, spend the next 5 years rebuilding your credit and you are living large? nope, with college loan debt subject to bankruptcy laws you would never have gotten the loan to begin with. far fewer people would attend college and those who did would do so more successfully. the world needs ditch diggers too. I think this is actually a good thing. Posted Via AR15.Com Mobile This is a dream. You are conflating free market principles with big.gov welfare. It's a central plank of the democRat party that everyone has a right to as much college as he or she can stomach. Money should never be the limiting factor, no matter how stupid or unsalable the course of study, or how brain-damaged the student. The taxpayer has an obligation to underwrite it all. Making student loans subject to bankruptcy laws wouldn't stem the flood of money by a dime. Who is going to stop it? Do you think there's a democRat who would tell anyone their special snowflake is not going to get a full ride to the community college of his choice? It just means that you and I would be on the hook for even more money when these snowflakes realize it's more free money. |
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Posted: 10/9/2015 8:47:43 AM EDT
[#14]
Ultimately who pays for the default?
Yeah. Screw you, Murphy. As a father, supporting and guiding two kids thru college right now, I do NOT support the concept of bankruptcy and blanket debt forgiveness. |
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Posted: 10/9/2015 8:48:09 AM EDT
[#15]
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So some deadbeat shit who borrowed a ton of money for college for his kids wants to walk away from it. May he die in poverty and debt. FPNI !!!!!!! |
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Posted: 10/9/2015 8:49:51 AM EDT
[#16]
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This Quote HistoryQuoted:
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I want my mortgage erased, but I'm not a little bitch, so I pay the debt that I signed for. This |
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Posted: 10/9/2015 8:50:13 AM EDT
[#17]
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hey my women's study degree saved my life especially when she reached for the gun, I knew just the right words to say..  Quote HistoryQuoted:
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Hmmmm ....... how did they get 'shackled' in the first place? By borrowing money and promising to pay it back? hey my women's study degree saved my life especially when she reached for the gun, I knew just the right words to say.. OK. That's mildly amusing. |
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Posted: 10/9/2015 8:54:46 AM EDT
[#18]
I think it is a great idea.
If the banks know the debt can get erased they will be much more careful with the loans. This will cascade and force schools to lower tuition since less loans will be made. I see it as a win for all of us. |
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Posted: 10/9/2015 8:54:47 AM EDT
[#19]
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Fine. Create a special category of bankruptcy just for student debt. Anybody can file and be granted relief on the spot. This would cure the insane cost of secondary education on the fucking spot. Right now lenders know it's a sure thing that they'll get paid. So money is stupid easy to borrow. Colleges know it's stupid easy to get it so they jack up the prices. Financially responsible people can't afford college while idiots run up thousands in debt for liberal arts degrees to wipe asses with. Now banks will do actual under writing to determine if a person qualifies for the loan? Timmy with straight A's in HS and persuing a STEM degree? Here you go. Susie with a C average going to a private college for womens studies? Eh... enjoy your crushing interest rate. |
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Posted: 10/9/2015 9:01:11 AM EDT
[#20]
These colleges are too large to fail. Making it legal for citizens or corporations to discharge these debts as they would with any other category of debt will crash the entire education system in this country. No one will be able to learn and your children will suffer for it. Can you imagine a world where your children cannot study a womyns issue class, attend a lecture given by leftists democratic insider or view a documentary about racial discrimination and privilege hierarchies within the Central American rain forest Pygmy societies of the 1890's? |
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Posted: 10/9/2015 9:01:40 AM EDT
[#21]
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Where are these kids he put through college? Why aren't they helping their old man out? Quote HistoryQuoted:
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How many new cars did he buy over the years? Have cable TV/internet? Bought a house? There's a big difference between not being able to pay and not wanting to pay. Where are these kids he put through college? Why aren't they helping their old man out? Shit birds beget shit birds, they aren't going to help. They are out on their own racking up debt to bail on later. Fuck them all. |
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Posted: 10/9/2015 9:02:10 AM EDT
[#22]
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Fine. Create a special category of bankruptcy just for student debt. Anybody can file and be granted relief on the spot. This would cure the insane cost of secondary education on the fucking spot. Right now lenders know it's a sure thing that they'll get paid. So money is stupid easy to borrow. Colleges know it's stupid easy to get it so they jack up the prices. Financially responsible people can't afford college while idiots run up thousands in debt for liberal arts degrees to wipe asses with. This guy gets it. edit to add: The cure is expensive, painful, drastic, but there really aren't any other actual solutions that I have ever seen. |
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Posted: 10/9/2015 9:03:21 AM EDT
[#23]
So, making student loans non-dischargeable through bankruptcy was good, but now it's bad?
It's so hard to keep up with the social engineers.  |
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Posted: 10/9/2015 9:04:10 AM EDT
[#24]
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This guy gets it. The current structure is a major reason academia and government are so intertwined. Schools should have to hold a portion of every loan on the books. Lent from its foundation. Student can declare bankruptcy on that portion of the loan. It would eliminate pointless majors and drop the cost of secondary education REAL quick. Quote HistoryQuoted:
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Fine. Create a special category of bankruptcy just for student debt. Anybody can file and be granted relief on the spot. This would cure the insane cost of secondary education on the fucking spot. Right now lenders know it's a sure thing that they'll get paid. So money is stupid easy to borrow. Colleges know it's stupid easy to get it so they jack up the prices. Financially responsible people can't afford college while idiots run up thousands in debt for liberal arts degrees to wipe asses with. This guy gets it. The current structure is a major reason academia and government are so intertwined. Schools should have to hold a portion of every loan on the books. Lent from its foundation. Student can declare bankruptcy on that portion of the loan. It would eliminate pointless majors and drop the cost of secondary education REAL quick. You realize that many student loans, if not most, are backed by the US government? You may be fine with taxpayers eating the cost, but I'm not. Fuck that. Pay your fucking bills. |
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Posted: 10/9/2015 9:04:12 AM EDT
[#25]
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So you tried to ensure that you could walk away from the loan you took & it didn't work? Quote HistoryQuoted:
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The article title is misleading, what they wantmto do is shackle me to their student debt. They all knew the terms when the applied for the loans and they reaped the benefit. Fuck every damned one of them who wants to weasel out of their financial obligations and place them onto the shoulders of others. My wife and I took private loans so we would have bankruptcy protection. They changed the law while we were still in school. We paid. This bullshit law cost us over $10k. So you tried to ensure that you could walk away from the loan you took & it didn't work? You know people file bankruptcy for reasons other than laziness, right? For instance, I or my wife could have been diagnosed with a major illness, or been in an accident. Current law makes it nearly impossible to discharge student debt, even in those cases. Fuck me for being responsible and trying to make sure that we wouldn't be saddled with tens of thousands of dollars of debt in the event of a major medical issue. As it is, a student loan provider can garnish payouts from disability insurance. I know you think this is only about people fucking the system, but it isn't. This is about the government making yet another protected class. |
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Posted: 10/9/2015 9:06:44 AM EDT
[#26]
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So, making student loans non-dischargeable through bankruptcy was good, but now it's bad? It's so hard to keep up with the social engineers. top men |
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Posted: 10/9/2015 9:07:44 AM EDT
[#27]
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I want my mortgage erased, but I'm not a little bitch, so I pay the debt that I signed for. No kidding. |
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Posted: 10/9/2015 9:08:12 AM EDT
[#28]
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You realize that many student loans, if not most, are backed by the US government? You may be fine with taxpayers eating the cost, but I'm not. Fuck that. Pay your fucking bills. Quote HistoryQuoted:
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Fine. Create a special category of bankruptcy just for student debt. Anybody can file and be granted relief on the spot. This would cure the insane cost of secondary education on the fucking spot. Right now lenders know it's a sure thing that they'll get paid. So money is stupid easy to borrow. Colleges know it's stupid easy to get it so they jack up the prices. Financially responsible people can't afford college while idiots run up thousands in debt for liberal arts degrees to wipe asses with. This guy gets it. The current structure is a major reason academia and government are so intertwined. Schools should have to hold a portion of every loan on the books. Lent from its foundation. Student can declare bankruptcy on that portion of the loan. It would eliminate pointless majors and drop the cost of secondary education REAL quick. You realize that many student loans, if not most, are backed by the US government? You may be fine with taxpayers eating the cost, but I'm not. Fuck that. Pay your fucking bills. They shouldn't be. That's yet another distortion of the market that needs to go the way of the Dodo. I'm really tired of people using past government interference in markets as justification for still more government interference, to "fix" what it broke last time. |
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Posted: 10/9/2015 9:11:17 AM EDT
[#29]
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If student loans could be discharged in bankruptcy, there's a REALLY good chance you won't get that huge college loan to begin with, unless: 1. You have outstanding credit. And... 2. You have a shit ton of money to put down. And... 3. You have a wealthy co-signer with awesome credit. And... 4. You manage to convince the lender that the education you're asking them to finance will actually result in a career with a salary sufficient to repay them. In other words, it would be like any other large unsecured loan - hard as fuck. Similarly, if easy credit like this dried up, it's almost a given that tuition would drop like a rock over time, negating the need to take out massive loans in the first place. Quote HistoryQuoted:
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So take out a huge college loan for the best school you can attend to get the best education you can, graduate, declare bankruptcy, get loan debt erased, get a good job with your free $300,000 dollar education, spend the next 5 years rebuilding your credit and you are living large? If student loans could be discharged in bankruptcy, there's a REALLY good chance you won't get that huge college loan to begin with, unless: 1. You have outstanding credit. And... 2. You have a shit ton of money to put down. And... 3. You have a wealthy co-signer with awesome credit. And... 4. You manage to convince the lender that the education you're asking them to finance will actually result in a career with a salary sufficient to repay them. In other words, it would be like any other large unsecured loan - hard as fuck. Similarly, if easy credit like this dried up, it's almost a given that tuition would drop like a rock over time, negating the need to take out massive loans in the first place. +1 Posted Via AR15.Com Mobile |
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Posted: 10/9/2015 9:12:00 AM EDT
[#30]
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(edit) Wait until the Democratic candidates start promising student loan forgiveness. Hasn't Uncle Bernie already floated that? |
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Posted: 10/9/2015 9:13:21 AM EDT
[#31]
Quote HistoryQuoted: They shouldn't be. That's yet another distortion of the market that needs to go the way of the Dodo. I'm really tired of people using past government interference in markets as justification for still more government interference, to "fix" what it broke last time. Quote HistoryQuoted: Quoted: Quoted: Quoted: Fine. Create a special category of bankruptcy just for student debt. Anybody can file and be granted relief on the spot. This would cure the insane cost of secondary education on the fucking spot. Right now lenders know it's a sure thing that they'll get paid. So money is stupid easy to borrow. Colleges know it's stupid easy to get it so they jack up the prices. Financially responsible people can't afford college while idiots run up thousands in debt for liberal arts degrees to wipe asses with. This guy gets it. The current structure is a major reason academia and government are so intertwined. Schools should have to hold a portion of every loan on the books. Lent from its foundation. Student can declare bankruptcy on that portion of the loan. It would eliminate pointless majors and drop the cost of secondary education REAL quick. You realize that many student loans, if not most, are backed by the US government? You may be fine with taxpayers eating the cost, but I'm not. Fuck that. Pay your fucking bills. They shouldn't be. That's yet another distortion of the market that needs to go the way of the Dodo. I'm really tired of people using past government interference in markets as justification for still more government interference, to "fix" what it broke last time. They man was suggesting that colleges would eat the portion of they debt that they hold, and that the college held portion would the only part subject to bankruptcy. |
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Posted: 10/9/2015 9:13:46 AM EDT
[#32]
While I believe you should pay what you agreed to pay, making student debt like normal debt would do wonders for the absolutely fucked college pricing.
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Posted: 10/9/2015 9:13:51 AM EDT
[#33]
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They shouldn't be. That's yet another distortion of the market that needs to go the way of the Dodo. I'm really tired of people using past government interference in markets as justification for still more government interference, to "fix" what it broke last time. Quote HistoryQuoted:
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Fine. Create a special category of bankruptcy just for student debt. Anybody can file and be granted relief on the spot. This would cure the insane cost of secondary education on the fucking spot. Right now lenders know it's a sure thing that they'll get paid. So money is stupid easy to borrow. Colleges know it's stupid easy to get it so they jack up the prices. Financially responsible people can't afford college while idiots run up thousands in debt for liberal arts degrees to wipe asses with. This guy gets it. The current structure is a major reason academia and government are so intertwined. Schools should have to hold a portion of every loan on the books. Lent from its foundation. Student can declare bankruptcy on that portion of the loan. It would eliminate pointless majors and drop the cost of secondary education REAL quick. You realize that many student loans, if not most, are backed by the US government? You may be fine with taxpayers eating the cost, but I'm not. Fuck that. Pay your fucking bills. They shouldn't be. That's yet another distortion of the market that needs to go the way of the Dodo. I'm really tired of people using past government interference in markets as justification for still more government interference, to "fix" what it broke last time. Maybe they shouldn't be. But they are. There is something like 1.2 Trillion dollars in student loans right now. Call me crazy, but I'm not exactly enthusiastic about adding any of that to the already bloated national debt. So this "just discharge 'em all and let banks sort 'em out" is not a good solution. If you want to change how future loans work then fine. But it is stupid to rape the taxpayers to erase existing loan debt so that pajama boy can have a clean slate. |
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Posted: 10/9/2015 9:14:50 AM EDT
[#34]
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No kidding. Quote HistoryQuoted:
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I want my mortgage erased, but I'm not a little bitch, so I pay the debt that I signed for. No kidding. One of the only reasons you got a loan that big in the first place, is because you secured it with real property (your house). If you stop paying, the bank has a way to recover their money. And you lose your house. You can't take an education away, which is why it should be pretty fuckin' hard to finance $100,000 worth of one. But it isn't at present (thanks Uncle Sam), and that's the problem. If there were no government backing of these loans, and these loans were allowed to be discharged in bankruptcy (like your mortgage is), we wouldn't even be having this conversation. No lender that liked remaining in business would continue making stupid loans. |
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Posted: 10/9/2015 9:19:58 AM EDT
[#35]
The cure for student loan debt is for the federal government to stop loaning money for college. There would be an instant reduction in college tuition costs across the board.
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Posted: 10/9/2015 9:21:11 AM EDT
[#36]
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One of the only reasons you got a loan that big in the first place, is because you secured it with real property (your house). If you stop paying, the bank has a way to recover their money. And you lose your house. You can't take an education away, which is why it should be pretty fuckin' hard to finance $100,000 worth of one. But it isn't at present (thanks Uncle Sam), and that's the problem. If there were no government backing of these loans, and these loans were allowed to be discharged in bankruptcy (like your mortgage is), we wouldn't even be having this conversation. No lender that liked remaining in business would continue making stupid loans. Quote HistoryQuoted:
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I want my mortgage erased, but I'm not a little bitch, so I pay the debt that I signed for. No kidding. One of the only reasons you got a loan that big in the first place, is because you secured it with real property (your house). If you stop paying, the bank has a way to recover their money. And you lose your house. You can't take an education away, which is why it should be pretty fuckin' hard to finance $100,000 worth of one. But it isn't at present (thanks Uncle Sam), and that's the problem. If there were no government backing of these loans, and these loans were allowed to be discharged in bankruptcy (like your mortgage is), we wouldn't even be having this conversation. No lender that liked remaining in business would continue making stupid loans. This all the way. My step-daughter stated she wanted to go into some liberal arts field with about zero chance of employment. I told her that I would only help pay if she chose something more productive. This resulted in lots of tears and cries but I told her it was simple; she could decide on another field of study or figure out another way to pay for it herself. She chose a different field of study and has taken a very minimum amount of loans to this point because of my help. If there was very hard to finance loans the degree in which my step-daughter was originally interested in would not exist or at least not like it does today at so many universities. |
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Posted: 10/9/2015 9:21:26 AM EDT
[#37]
Quote HistoryQuoted: top men Quote HistoryQuoted: Quoted: So, making student loans non-dischargeable through bankruptcy was good, but now it's bad? It's so hard to keep up with the social engineers. top men   |
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Posted: 10/9/2015 9:21:45 AM EDT
[#38]
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The article title is misleading, what they wantmto do is shackle me to their student debt. They all knew the terms when the applied for the loans and they reaped the benefit. Fuck every damned one of them who wants to weasel out of their financial obligations and place them onto the shoulders of others. You do realize that you are talking about America here do you not? The America you fondly remember died back sometime in the late 80's..........it's not even the same country as it was 50 years ago. The American dream is so irreparably altered, we should change the sign above the door, |
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Posted: 10/9/2015 9:30:19 AM EDT
[#39]
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This guy gets it. The current structure is a major reason academia and government are so intertwined. Schools should have to hold a portion of every loan on the books. Lent from its foundation. Student can declare bankruptcy on that portion of the loan. It would eliminate pointless majors and drop the cost of secondary education REAL quick. Quote HistoryQuoted:
Quoted:
Fine. Create a special category of bankruptcy just for student debt. Anybody can file and be granted relief on the spot. This would cure the insane cost of secondary education on the fucking spot. Right now lenders know it's a sure thing that they'll get paid. So money is stupid easy to borrow. Colleges know it's stupid easy to get it so they jack up the prices. Financially responsible people can't afford college while idiots run up thousands in debt for liberal arts degrees to wipe asses with. This guy gets it. The current structure is a major reason academia and government are so intertwined. Schools should have to hold a portion of every loan on the books. Lent from its foundation. Student can declare bankruptcy on that portion of the loan. It would eliminate pointless majors and drop the cost of secondary education REAL quick. these two guys get it a big fat supply of easy loan money drives the price of things up just like the last housing bubble, it was all fueled by a tidal wave of toxic waste bank loans the difference in this case is this: when the banks gave a guy who works at a car wash $500,000 to buy a house, eventually he just walked away and then house sat empty when the banks give little suzy $250,000 to get a degree in lesbian gender studies at Harvard, she can never walk away from the loan, she'll be paying it out of her starbucks paycheck until she's 1000 years old so the education price bubble never pops, the money borrowers just drove the prices to the moon and they stayed there if there were no college loans, how could some shitty regional college charge $44,000 a year for tuition? who could afford it? anyway, what's going to happen is that the American taxpayer is going to be forced to pay these mega tuition loans same as we bailed out the banks every year that goes by, America becomes more and more like east Germany |
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Posted: 10/9/2015 9:32:13 AM EDT
[#40]
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get the government out of it entirely and this will self correct. The "problem" will be the hardworking people who actually pay their debts. As seen in this thread. It will create intense rancor to attempt, so it will continue. As intended. |
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Posted: 10/9/2015 9:34:42 AM EDT
[#41]
The irony using the term "shackled" to describe a debt voluntarily taken on is sweet.
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Posted: 10/9/2015 9:35:50 AM EDT
[#42]
Quote HistoryQuoted:
Absolutely. But I don't blame the lenders right now... sure, they're playing the system, but the system is just sitting there expecting to be played. . Hmm, I wonder if lenders donated to the campaigns of the legislators that passed the laws creating this benefit for the lenders....? |
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Posted: 10/9/2015 9:36:41 AM EDT
[#43]
elect Bernie and all student debt goes away! Santa Claus really is the devil.
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Posted: 10/9/2015 9:39:40 AM EDT
[#44]
Quote HistoryQuoted:
Fine. Create a special category of bankruptcy just for student debt. Anybody can file and be granted relief on the spot. This would cure the insane cost of secondary education on the fucking spot. Right now lenders know it's a sure thing that they'll get paid. So money is stupid easy to borrow. Colleges know it's stupid easy to get it so they jack up the prices. Financially responsible people can't afford college while idiots run up thousands in debt for liberal arts degrees to wipe asses with. THIS QFT |
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Posted: 10/9/2015 9:44:40 AM EDT
[#45]
Quote HistoryQuoted:
Hmm, I wonder if lenders donated to the campaigns of the legislators that passed the laws creating this benefit for the lenders....? Quote HistoryQuoted:
Quoted:
Absolutely. But I don't blame the lenders right now... sure, they're playing the system, but the system is just sitting there expecting to be played. . Hmm, I wonder if lenders donated to the campaigns of the legislators that passed the laws creating this benefit for the lenders....? Quite possible, even probable. Ultimately it's just another level of the game, though, and another indicator of just how badly things are broken. |
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Posted: 10/9/2015 9:47:04 AM EDT
[#46]
Quote HistoryQuoted:
You realize that many student loans, if not most, are backed by the US government? You may be fine with taxpayers eating the cost, but I'm not. Fuck that. Pay your fucking bills. You realize that it was the "US government" that created this mess? Many (most??) of the loans would never have been made in a system unfettered by the laws disallowing bankruptcy protection. |
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Posted: 10/9/2015 9:48:40 AM EDT
[#47]
Quote HistoryQuoted:
I'm really tired of people using past government interference in markets as justification for still more government interference, to "fix" what it broke last time. That is the government plan. 
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Posted: 10/9/2015 9:49:40 AM EDT
[#48]
They may succeed because of the sentiment that a good many of these schools oversold the value of their "education." I think that's the strategy anyway...."you're school was crap"
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Posted: 10/9/2015 9:49:53 AM EDT
[#49]
Quote HistoryQuoted: Good, the bankruptcy restriction on discharging student loans is retarded, or I guess I should say not in line with the rest of american jurisprudence. Same with the laws that there is no statute of limitations on student loan lawsuits. I've read that people used to take out huge loans for law or medical school, buy a car, and then declare bankruptcy as soon as they graduated. |
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Posted: 10/9/2015 9:51:24 AM EDT
[#50]
Quote HistoryQuoted: I see crazy student loans all the time, like kids going to generic 4 year public new york colleges with six figure student loans. Nothing wrong with SUNY colleges but what percentage of graduates make income to pay off a six figure student loan? 5%? Less? Quote HistoryQuoted: Quoted: Good, and loans have interest which has a default risk premium building into the rate so that's how finance works. I'm not sure how someone could run up 6 figure debt at a SUNY school. |
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