Page 1 of 12 12311 ... LastLast
Results 1 to 10 of 112

Thread: Recovery In Action: Nearly $300 Billion Student Debt In Default

  1. #1
    Sam2's Avatar
    Sam2 is offline Tree of Liberty Supporter
    Join Date
    Mar 2009
    Location
    Ozarks, Roaming
    Posts
    2,769

    Arrow Recovery In Action: Nearly $300 Billion Student Debt In Default




    You may want to hold off on that home purchase/new business start/auto purchase/flat-screen TV/evening out/vente cup of coffee.

    You keep hearing that economic recovery is gathering strength. (Which in practice translates into record numbers of people on food stamps, fewer people working for a living, and a drop in both new and existing home sales.) But here’s a big D-Minus that could bring down the whole economy’s GPA:

    According to the new Consumer Financial Protection Bureau, outstanding student loan debt now tops $1 trillion. And more than a quarter of that debt is delinquent. Student loan ombudsman Rohit Chopra claims the CFPB is addressing the problem by issuing work sheets, “providing tools,” and even centralizing control:

    At the CFPB, we are attacking the problem on multiple fronts. Working with the Department of Education, we launched a Know Before You Owe project to solicit input on a “financial aid shopping sheet.” The sheet should help students understand the debt implications of their college choice. We are supervising private student loan providers to ensure they comply with Federal consumer financial protection laws. We are providing tools for borrowers to help them navigate their student loan repayment options. And we set up a student loan complaint system to help ensure that private student lenders and servicers are responsive to potential mistakes and problems that borrowers encounter.

    Before we opened our doors, these duties were spread across a myriad of federal agencies. Bringing these functions under one roof means we can better ensure that financial institutions operating outside of the traditional banking system are subject to the same rules of the road as all of you.






    More at the link.

    ..



    It is too late, for words... Resist. Or Submit.
    ___Resistor_____/VVVVVV\__

    A progression of Lies, Disinormation and Obfuscations:
    A "bold new world" and "forces too powerful"
    http://tinyurl.com/o49lbyx
    An agregious post #24: Some Clear Thinking On 'The Debt'
    http://tinyurl.com/oqjvf3g
    More : Tax reform: restoring ... free market system.
    http://tinyurl.com/qgejpdl

  2. #2
    Join Date
    May 2007
    Location
    NE Ohio
    Posts
    4,883

    Default

    I was trying to tell the guy at the gas mart to not take out any student loans. To late for that, he's already racked up $16,000 debt his first year in college. As inflation kicks in, I can't imagine what his total debt will look like.

  3. #3
    Join Date
    Sep 2010
    Location
    Central Ohio
    Posts
    3,024

    Default

    I sure would have rather used US tax payer money to pay off these outstanding loans than paying off the "too big to fail" corporate fat cats and banksters. I also support discontinuing all government education assistance programs and all federal education agencies. The federal government NEVER belonged in the education game.

  4. #4
    Join Date
    Nov 2009
    Location
    Wisconsin USA
    Posts
    2,350

    Default

    Too late.

  5. #5
    Join Date
    Nov 2007
    Posts
    6,797

    Default

    Quote Originally Posted by kadosh View Post
    I sure would have rather used US tax payer money to pay off these outstanding loans
    Don't worry, you will.

  6. #6
    Join Date
    Sep 2008
    Location
    Where the dead vote
    Posts
    12,001

    Default

    For my last semester, I qualified for a student loan. Mind you, I've been going on my husband's GI bill and due to the way my university operates - 6 weeks of intensive classes instead of 8 week per class - the VA codes me as 3/4's time. As a result, there's about $500 a semester we need to fork out. Not complaining! $500 a semester is a blessing as opposed to the full boat.

    I only needed 8 hours of classes for my last semester which translates to $3200. Yet, when I heard from the student loan department, they said I was okayed to take out $12K!!!! There was no way I even wanted to be indebted to .gov for the $500 we kick out but to offer so much beyond what you would owe floored me. And f course kids aren't thinking about this at the time. I'm sure their just thinking, "$12K. Cool! Extra spending money!"
    We wanted a FIGHTER. We got a fighter in Trump. He will not take anything laying down. Trump or Bust.




  7. #7
    Join Date
    Sep 2008
    Location
    Iowa
    Posts
    37,660

    Default

    Quote Originally Posted by kadosh View Post
    I sure would have rather used US tax payer money to pay off these outstanding loans than paying off the "too big to fail" corporate fat cats and banksters. I also support discontinuing all government education assistance programs and all federal education agencies. The federal government NEVER belonged in the education game.

    I said that several years ago, when the markets was tanking and was flamed big time for holding that position. The majoritiy of that ''too big to fail'' money went out of the country to third world thugs, but that's ok they are stimulating our economy.
    • “I am not afraid, because I was born to do this."

      Joan of Arc
    Mark 8:38 - Whosoever therefore shall be ashamed of me and of my words in this adulterous and sinful generation; of him also shall the Son of man be ashamed, when he cometh in the glory of his Father with the holy angels.

  8. #8
    Join Date
    Apr 2010
    Posts
    201

    Default

    It's like when they gave out loans to anyone to buy a house, now they are (and have been) doing it with school. A friend told me that friends of his buy cars with the extra school money. Keep the Ponzi scheme going at all costs I guess and put the young people in debt at the same time.

    This scam is the worst. You indebt young adults for the next 25 years and you can't return your school work like you could give back your house. This will have to stop when the kids going to school get warned by parents who are still in debt for their student loans back in the day!

  9. #9
    Join Date
    Sep 2008
    Location
    Iowa
    Posts
    37,660

    Default

    Quote Originally Posted by Buick Electra View Post
    For my last semester, I qualified for a student loan. Mind you, I've been going on my husband's GI bill and due to the way my university operates - 6 weeks of intensive classes instead of 8 week per class - the VA codes me as 3/4's time. As a result, there's about $500 a semester we need to fork out. Not complaining! $500 a semester is a blessing as opposed to the full boat.

    I only needed 8 hours of classes for my last semester which translates to $3200. Yet, when I heard from the student loan department, they said I was okayed to take out $12K!!!! There was no way I even wanted to be indebted to .gov for the $500 we kick out but to offer so much beyond what you would owe floored me. And f course kids aren't thinking about this at the time. I'm sure their just thinking, "$12K. Cool! Extra spending money!"

    This is how it was when I was going ot school and if you wanted that Pell Grant you HAD to take the student loan money FIRST!!! Of course the colleges were not supposed to do that but they were!

    K-
    • “I am not afraid, because I was born to do this."

      Joan of Arc
    Mark 8:38 - Whosoever therefore shall be ashamed of me and of my words in this adulterous and sinful generation; of him also shall the Son of man be ashamed, when he cometh in the glory of his Father with the holy angels.

  10. #10
    Join Date
    Sep 2008
    Location
    Iowa
    Posts
    37,660

    Default

    Quote Originally Posted by jonvideo View Post
    It's like when they gave out loans to anyone to buy a house, now they are (and have been) doing it with school. A friend told me that friends of his buy cars with the extra school money. Keep the Ponzi scheme going at all costs I guess and put the young people in debt at the same time.

    This scam is the worst. You indebt young adults for the next 25 years and you can't return your school work like you could give back your house. This will have to stop when the kids going to school get warned by parents who are still in debt for their student loans back in the day!

    This is far worse than the housing crisis and in spades, not only does it include more people who were not qualified to have the money in the first place, they should have been given scholarships, grants, or relied on mommy and daddy, BUT it was promised to them on the premise that there would be jobs. Well those IT, Engineering, MIS, management in manufacturing jobs, have all been outsourced! AND then there is the issue of millions of kids going to college who had no business being there in the first place, they spent four years of their lives and on average 38K to 56K all to become a grocery clerk.

    K-
    • “I am not afraid, because I was born to do this."

      Joan of Arc
    Mark 8:38 - Whosoever therefore shall be ashamed of me and of my words in this adulterous and sinful generation; of him also shall the Son of man be ashamed, when he cometh in the glory of his Father with the holy angels.

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •