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Posted: 9/30/2014 11:26:36 AM EDT
[#1]
Yes.
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Posted: 9/30/2014 11:28:09 AM EDT
[#2]
You legally can't bancrupcy out of student debt... I don't know how that works, but if they convert it to taxes, they'd have to imprison a crapton of people for it.
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Posted: 9/30/2014 11:30:03 AM EDT
[#3]
Quote HistoryQuoted:
You legally can't bancrupcy out of student debt... I don't know how that works, but if they convert it to taxes, they'd have to imprison a crapton of people for it. this is true. However, there is a way to get out of paying back the majority of federally subsidized student loans. !0 year of consistent minimum payments (interest only) and a job in the public sector... |
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Posted: 9/30/2014 11:30:05 AM EDT
[#4]
Even death can't get you out of school loans now... your spouse or parents would be on the hook for it.
 
If that house of cards fall, it's going to go down far worse than the housing crisis. |
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Posted: 9/30/2014 11:30:52 AM EDT
[#5]
I have been dealing with them for years. 50k is a lot to pay back.
I am lucky enough to have a job that can handle it, but it is quite limiting. I wish I knew more about this shit when I was 18. My parents made too much money to qualify for federal loans too, so they are all private. I can't even consolidate at a decent rate. |
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Posted: 9/30/2014 11:32:10 AM EDT
[#6]
No, the housing market is. The Fed has announced they will wind down purchase of mortgages from banks. That mean banks will have to keep new mortgages they keep on their books. They don't want to do that, so they won't lend. That's the next collapse.
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Posted: 9/30/2014 11:34:35 AM EDT
[#7]
No, it will not be a bubble in the sense of the Carter-Community Redevelopment Act-Frank disaster. Yes, it's the largest consumer debt right now, but after it approaches catastrophe, it will be forgiven or erased. I just heard an add on the radio for a law firm that specializes in reducing student debt. There are a dozen different way, each tailored to a specific voting block.
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Posted: 9/30/2014 11:35:06 AM EDT
[#8]
Quote HistoryQuoted: Even death can't get you out of school loans now... your spouse or parents would be on the hook for it. If that house of cards fall, it's going to go down far worse than the housing crisis. |
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Posted: 9/30/2014 11:36:51 AM EDT
[#9]
Quote HistoryQuoted:
Uh, that's not true. If the spouse or parent were co-signers on a loan, or something then maybe. But any individuals loans are discharged upon death when someone provides the servicer with a death certificate. Quote HistoryQuoted:
Quoted:
Even death can't get you out of school loans now... your spouse or parents would be on the hook for it.
If that house of cards fall, it's going to go down far worse than the housing crisis. This, they are only responsible if they were co-signers, just like any other loan ever. |
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Posted: 9/30/2014 11:36:55 AM EDT
[#10]
I don't know but I've been paying my shit on time for almost 4 years now so don't blame me.
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Posted: 9/30/2014 11:37:09 AM EDT
[#11]
Has student loans, can't spell bubble.
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Posted: 9/30/2014 11:37:45 AM EDT
[#12]
Easy money has turned the decision fo go to school from an economic one to one involving self actualization. Lots of poor decisions are being made.
Posted Via AR15.Com Mobile |
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Posted: 9/30/2014 11:39:50 AM EDT
[#13]
The easier it is to borrow money, the higher and higher tuitions will go. If the only way to get a student loan was to get a conventional loan, college would be a lot more affordable.
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Posted: 9/30/2014 11:40:00 AM EDT
[#14]
Yep, it will be Warren's war cry when she steals Killary's thunder in 2016.
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Posted: 9/30/2014 11:40:03 AM EDT
[#15]
Quote HistoryQuoted:
Has student loans, can't spell bubble. 
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Posted: 9/30/2014 11:40:22 AM EDT
[#16]
Quoted:
I've currently had to take student loans to finish out my degree since my GI BIll ran out over the summer. This got me thinking about all of the other people that are 50k in debt and don't look to have a solid way to pay them back. Are we in for another bust that will bring the system down? It would not surprise me. My son had a discussion with several coworkers and they were discussing college loans. most of them owed between 50k and 150k. I don't see how kids like that will be able to pay it back considering today's economy. My son did call me when he got home and thanked me for paying for his college. |
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Posted: 9/30/2014 11:40:53 AM EDT
[#17]
Quote HistoryQuoted: I have been dealing with them for years. 50k is a lot to pay back. I am lucky enough to have a job that can handle it, but it is quite limiting. I wish I knew more about this shit when I was 18. My parents made too much money to qualify for federal loans too, so they are all private. I can't even consolidate at a decent rate. You speak the truth. I have the same problem. To answer the question. Yes - but this whole charade is about to go tits up anyway. I fear this great experiment may be coming to an end.
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Posted: 9/30/2014 11:41:51 AM EDT
[#18]
Quote HistoryQuoted:
The easier it is to borrow money, the higher and higher tuitions will go. If the only way to get a student loan was to get a conventional loan, college would be a lot more affordable. This and college rates of attendance would go down dramatically |
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Posted: 9/30/2014 11:43:26 AM EDT
[#19]
Quote HistoryQuoted: Yep, it will be Warren's war cry when she steals Killary's thunder in 2016. |
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Posted: 9/30/2014 11:43:34 AM EDT
[#20]
Quote HistoryQuoted:
Has student loans, can't spell bubble. It seems like a non-stop cycle. I mean, even if they forgive the debt a new group of students will just continue down the road. |
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Posted: 9/30/2014 11:47:23 AM EDT
[#21]
Quote HistoryQuoted: this is true. However, there is a way to get out of paying back the majority of federally subsidized student loans. !0 year of consistent minimum payments (interest only) and a job in the public sector... Quote HistoryQuoted: Quoted: You legally can't bancrupcy out of student debt... I don't know how that works, but if they convert it to taxes, they'd have to imprison a crapton of people for it. this is true. However, there is a way to get out of paying back the majority of federally subsidized student loans. !0 year of consistent minimum payments (interest only) and a job in the public sector... I have a buddy whos wife will be a getting a uniformed commission soon in the US Public Health Service. She is seeking it because it's the only way she can pay off her student loans. |
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Posted: 9/30/2014 11:48:19 AM EDT
[#22]
Only idiots have big school loans.
If they cant pay, harvest their organs. |
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Posted: 9/30/2014 11:49:44 AM EDT
[#23]
Quote HistoryQuoted:
I have a buddy whos wife will be a getting a uniformed commission soon in the US Public Health Service. She is seeking it because it's the only way she can pay off her student loans. Quote HistoryQuoted:
Quoted:
Quoted:
You legally can't bancrupcy out of student debt... I don't know how that works, but if they convert it to taxes, they'd have to imprison a crapton of people for it. this is true. However, there is a way to get out of paying back the majority of federally subsidized student loans. !0 year of consistent minimum payments (interest only) and a job in the public sector... I have a buddy whos wife will be a getting a uniformed commission soon in the US Public Health Service. She is seeking it because it's the only way she can pay off her student loans. And she will get some sweet VA disability too! |
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Posted: 9/30/2014 11:49:53 AM EDT
[#24]
If they default on a student loan then revoke the degree until paid up. A deadbeat with a degree is still a deadbeat. Between them and a con artist, there isn't much of a difference. Don't reward them for it.
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Posted: 9/30/2014 11:52:26 AM EDT
[#25]
Quote HistoryQuoted:
You legally can't bancrupcy out of student debt... I don't know how that works, but if they convert it to taxes, they'd have to imprison a crapton of people for it. they won't turn it to taxes and imprison people for it. They prefer that you work so they can garnish your tax return. |
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Posted: 9/30/2014 11:52:57 AM EDT
[#26]
Quote HistoryQuoted:
Yes. |
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Posted: 9/30/2014 11:57:25 AM EDT
[#27]
Quote HistoryQuoted:
Yes. First po........... Y'all know the rest.. |
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Posted: 9/30/2014 11:58:10 AM EDT
[#28]
I finished a bit over a year ago, managed to do it without any loans. Barely, I had $230 in my account during my graduation, but I made it work.
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Posted: 9/30/2014 12:00:16 PM EDT
[#29]
I believe so, because with the rate of unemployment among college graduates I simply don't see how you avoid massive default for ever?
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Posted: 9/30/2014 12:00:43 PM EDT
[#30]
Looks like the market demand isn't there for deadbeat students to take the expat route.
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Posted: 9/30/2014 12:02:31 PM EDT
[#31]
I hope not, it will really suck for those like myself that paid theirs.
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Posted: 9/30/2014 12:03:21 PM EDT
[#32]
It already is a bubble
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Posted: 9/30/2014 12:08:37 PM EDT
[#33]
Quote HistoryQuoted: this is true. However, there is a way to get out of paying back the majority of federally subsidized student loans. !0 year of consistent minimum payments (interest only) and a job in the public sector… Quote HistoryQuoted: Quoted: You legally can't bancrupcy out of student debt... I don't know how that works, but if they convert it to taxes, they'd have to imprison a crapton of people for it. this is true. However, there is a way to get out of paying back the majority of federally subsidized student loans. !0 year of consistent minimum payments (interest only) and a job in the public sector… Nothing like giving public sector unions a ten year crack at reinforcing the faithful or indoctrinating those whom the .gov schools failed. |
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Posted: 9/30/2014 12:09:06 PM EDT
[#34]
Quote HistoryQuoted:
It already is a bubble Fixed |
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Posted: 9/30/2014 12:14:00 PM EDT
[#35]
It's not like the sub prime mortgage situation. You can't just walk away from student loan debt. Defaulters will not get any tax refunds and they'll have their wages garnished.
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Posted: 9/30/2014 12:18:24 PM EDT
[#36]
Quote HistoryQuoted:
It's not like the sub prime mortgage situation. You can't just walk away from student loan debt. Defaulters will not get any tax refunds and they'll have their wages garnished. Ok. But if they can't pay them back or find a job that pays worth a crap, then what? |
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Posted: 9/30/2014 12:24:41 PM EDT
[#37]
Quote HistoryQuoted:
this is true. However, there is a way to get out of paying back the majority of federally subsidized student loans. !0 year of consistent minimum payments (interest only) and a job in the public sector... Quote HistoryQuoted:
Quoted:
You legally can't bancrupcy out of student debt... I don't know how that works, but if they convert it to taxes, they'd have to imprison a crapton of people for it. this is true. However, there is a way to get out of paying back the majority of federally subsidized student loans. !0 year of consistent minimum payments (interest only) and a job in the public sector... Precedent |
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Posted: 9/30/2014 12:29:50 PM EDT
[#38]
Quote HistoryQuoted:
Only idiots have big school loans. If they cant pay, harvest their organs. That's right up there with the dumbest shit ive heard today. |
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Posted: 9/30/2014 12:29:59 PM EDT
[#39]
Quote HistoryQuoted:
Ok. But if they can't pay them back or find a job that pays worth a crap, then what? Quote HistoryQuoted:
Quoted:
It's not like the sub prime mortgage situation. You can't just walk away from student loan debt. Defaulters will not get any tax refunds and they'll have their wages garnished. Ok. But if they can't pay them back or find a job that pays worth a crap, then what? Doesn't really matter. The debt won't go away. Why do you think student loans are so easy to get. The defaulter will take a credit score hit, they will have to play the pay instead of refund income tax game, and whatever meager wages they get will be garnished. This makes getting a good job even harder. Oh, and the loan will continue to accrue interest while they delay payment. Folks need to think long and hard before getting a student loan for a degree that doesn't provide a pathway to a good paying job. |
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Posted: 9/30/2014 12:46:54 PM EDT
[#40]
Didn't the student loan bubble already burst? The only reason we didn't see any significant outcome was the Government bailing out every bank.
It sucked for me. Before the bail out I applied for student loan with Citi. Had two loans (one for first and the other for second semester) When I was approved the loans were at 3% and 5%. After the bail out it went to 7% and 10% So if the Govt will continue to bailout banks, the student loan bubble will never pop just add more interest |
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Posted: 9/30/2014 12:46:56 PM EDT
[#41]
Quote HistoryQuoted: Only idiots have big school loans. If they cant pay, harvest their organs. YEAH FUCK DOCTORS. WHO THE FUCK GOES TO SCHOOL FOR 12 YEARS. FUCK SCIENTISTS, TECHIES, ENGINEERS AND MATHEMATICIANS RIGHT IN THE ASS TOO FOR GOOD MEASURE. FUCK STEM WHO NEEDS THAT SHIT.  Clearly you don't understand what an accredited degree in those fields costs for the average student who has parents that work for a living.
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Posted: 9/30/2014 12:56:40 PM EDT
[#42]
Quote HistoryQuote HistoryQuoted:
Quoted:
Quoted:
You legally can't bancrupcy out of student debt... I don't know how that works, but if they convert it to taxes, they'd have to imprison a crapton of people for it. this is true. However, there is a way to get out of paying back the majority of federally subsidized student loans. !0 year of consistent minimum payments (interest only) and a job in the public sector... Precedent See link above. Student loans are not inherently non-dischargeable, but they are harder to get rid of than most other debt. From talking to a bankruptcy judge a few years ago, he said that bankruptcy judges are generally inclined toward allowing student loans to be discharged, but that too many of those decisions get overturned on appeal. ETA: I think we will continue to see an expansion in IBR/PAYE (income based repayment plans) before we see any real substantive reform to the student loan system. |
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Posted: 9/30/2014 12:59:06 PM EDT
[#43]
Glad to hear I'm not alone in this boat.
After graduation I was always criticized by my parents for not buying a house / saving up money / etc. The truth is I partied far less, did no drugs, and lived a very conservative lifestyle (I admit that I did buy one single fucking mountain bike to get exercise with, but that was from the funds I was able to save up working overtime at a handyman business I started up in addition to being a school teacher - and my mother has held it over my head to this day) all in order to pay off my school loans as fast as possible. Of the 40k I owed, I paid 10k of it in five years of being a teacher. I left teaching to accept a job that paid about the same, but that I'd like better (law enforcement), but that fell through even after my acceptance once the 2008 economy crashed. So the 40k to 30k loan is now back over 40k ... and I haven't been making shit these last few years. In fact I'm about one month away from being homeless since I can't even find an entry level job (they all seem to believe I'd leave them within months for something better). My best bet would have been to leave this state and go to one that values its workers. |
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Posted: 9/30/2014 1:04:27 PM EDT
[#44]
I went to flight school and spent probably $80k or so. I took out $45k for a loan and owe $50k on it right now. Been paying on it for about two years. I definitely think it will be the next bubble, people don't want to take the responsibility for it even though it was there choice to take out the loan.
I hate the $500 a month I am paying on it but it was my decision to do so and I won't walk away from it. Shitty thing is i'm not even flying. |
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Posted: 9/30/2014 1:17:45 PM EDT
[#45]
I know someone that had 30k+ in student loans that never made a payment. The government took their tax return until the loan was paid off...they are now 42 and this was the first year this person got a tax return.
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Posted: 9/30/2014 1:21:44 PM EDT
[#46]
I think car loans will come before student loans. I read a couple of months ago that some economists were calling the coming car loan crash "sub-prime 2".
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Posted: 9/30/2014 1:32:28 PM EDT
[#47]
Quote HistoryQuoted: I think car loans will come before student loans. I read a couple of months ago that some economists were calling the coming car loan crash "sub-prime 2". yea no. Not even close |
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Posted: 9/30/2014 1:51:47 PM EDT
[#48]
It will be BS if they let everybody get out of it too, just like mortgages.
Seriously, to an extent, that crap has to stop. I worked my butt off for my house. Saved, learned all about mortgages, did my end of it. I got a house that I can comfortable afford and a good loan/rate. I did not take out one Federal student loan in school. I had a scholarship (which I lost), worked 40 hours a week, and put the rest on a card. Why? Because, though I had zero intention of filign BK I knew it wasn't bankruptable and didn't want to be put in a hard position. So, I put part of college on a card and now, at 35, will have it paid off in a couple of months along with all of the interest and 12 years worth of nice car payments. But, by God, I will have done it and be education debt free. And I have a sneaky feeling that a bunch of irresponsible numb nuts will get their college and keg parties comped by Uncle Sam. And, for the second time before I'm 40, the responsible citizen will get screwed. |
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Posted: 9/30/2014 1:53:56 PM EDT
[#49]
Quote HistoryQuoted:
I have been dealing with them for years. 50k is a lot to pay back. I am lucky enough to have a job that can handle it, but it is quite limiting. I wish I knew more about this shit when I was 18. My parents made too much money to qualify for federal loans too, so they are all private. I can't even consolidate at a decent rate. same happened to me. but I've been pounding away on them. borrowed about $60k, have $7,013.xx left now. hopefully another 2-2.5 years and i'll be done. that's be a nice $300 a month extra to put towards guns. |
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Posted: 9/30/2014 1:55:49 PM EDT
[#50]
Does this mean I should wait before paying off the loan in full? |
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