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

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    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.

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    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.

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    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.

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    Too late.

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    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.

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    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!"
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    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!

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    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!

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    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.

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    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 certainly do NOT approve of the bankster bailouts.


    But to forgive students of their loan debt is a huge SLAP IN THE FACE to all those PRUDENT young people who worked two jobs to pay for their education.

    It is a huge SLAP IN THE FACE for all those students who lived in poverty while they went to school, rather than live high off the hog on borrowed money.


    But worse than that:


    Do you know how many people do not go to college at all, for no other reason than they can not afford college, and are too wise to borrow megabucks to do so?


    Now how fair is it that the kids who go to work right after high school -- whose job prospects and future income are very limited because they could not afford to go to school -- are forced to pay off the loans of spoiled students who lived the high life on borrowed money, and will now get the good paying jobs because of that degree?


    Why reward these spoiled kids greed and gluttony at the expense of the many who did NOT borrow mega-bucks to get a degree in underwater basketweaving?

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