Babbling

[westpark]

http://www.bloomberg.com/news/2012-02-02/parents-snared-in-100-bi
llion-u-s-college-debt-trap-risking...

http://business.financialpost.com/2012/02/07/rising-u-s-student-d
ebt-could-be-next-bomb-for-economy/...

One of the main reasons in 08 that I opposed having Joe Biden as the VP nominee was that he was the main author of the 2005 bankruptcy reform act that allowed creditors to limit student loans from being dischargable in bankruptcy court.

And now that the Feds have basically nationalized a lot of them -- fuuuuuudge trying to get that #### discharged. Its only going to hurt our economy in the long term. For most people i know including a lotta people I work with(& even myself) -- a student loan payment is actually as high or even higher in some cases than what a mortgage payment would be!

[The_Pirate-King]

Oh man, I'm probably gonna have to take one out if I go back to college......

[westpark]

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The_Pirate-King wrote:
Oh man, I'm probably gonna have to take one out if I go back to college......

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I"m probably going to default sometime in the coming decade. I can't afford it & its either that or I don't save up for retirement. Thinking about saving up for retirement & just moving to Singapore or Thailand or something. Cheaper.

[The_Pirate-King]

But then you'd have to live in singapore, or thailand.

[Killbot2000]

YOu wanna know something funny?  I'm unemployed and have been in University for 3 years.  I have been unemployed the entire time and have only managed to get 5000$ in student loans.  That paid for about 1/3 of one semester.  I HATE STUDENT LOANS. 

[westpark]

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The_Pirate-King wrote:
But then you'd have to live in singapore, or thailand.

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So what?

Its getting better over there. And the women are cheaper.

[NaBraniel]

Student loans scare me so much.

[westpark]

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Killbot2000 wrote:

YOu wanna know something funny?  I'm unemployed and have been in University for 3 years.  I have been unemployed the entire time and have only managed to get 5000$ in student loans.  That paid for about 1/3 of one semester.  I HATE STUDENT LOANS. 

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How?

What did u major in?

[Killbot2000]

I major in Hospital Administration and a minor in Biology and Japanese.  Even though I'm in my 20's they tell me I have to go on my parents income and my dad makes decent money so no one will give me a loan or even financial aid.  But yet he doesn't have enough to pay a full frikin ride for college!  It's bull####!  What kind of parent has a spare 50,000$ a year every year til their kid graduates?! 

[NaBraniel]

My school only cost 5k for two semesters. Then again, it was a really bad school.

Still, idk how you do it. Facing that much debt seems positively daunting, especially at this point.

[Killbot2000]

Next semester I actually have to transfer to the ####ty local university (UNLV) because me and my dad have no more money.

[Astromang]

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Killbot2000 wrote:

Next semester I actually have to transfer to the ####ty local university (UNLV) because me and my dad have no more money.

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Oh noes! Not that community college that is soooo beneath you! Despite research saying community colleges provide a better level of education than typical four year colleges! #### the man for not giving you unlimited money to blow on some over-priced education that you can get somewhere else for a fraction of the cost. Life in America is so tough.

But seriously, the college bubble is going to burst because people made bad decisions and borrowed more money than they could pay back. I don't see why the American tax payer should be on the line when other people made bad decisions. I also don't see why people who got worthless degrees should have their loans forgivin just because they fuuuuuudgeed up. What about people who paid their own way and were responsible? Do we get some money back as well?

If you were against the bank bailouts, but are for these bailouts, then you're a hypocrite of the highest order.

[Nameraka_Hanzaisha]

community college + transfer to a cheap state school = manageable debt

unless you go ivy league, most employers don't care where you went, provided you have a decent GPA. (often they don't even care about that)

[Icarus27k]

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westpark wrote:

One of the main reasons in 08 that I opposed having Joe Biden as the VP nominee was that he was the main author of the 2005 bankruptcy reform act that allowed creditors to limit student loans from being dischargable in bankruptcy court.

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Really? I didn't like Joe Biden as Obama's VP choice because Biden was completely antithetical to Obama's anti-Iraq War message.

Obama: Hillary Clinton doesn't have good enough judgment to be President because she voted to approve the Iraq War. Now, here's my running mate, guy who approved of the Iraq War, Joe Biden.

[Pero8P]

It helps garauntee students can actually get loans. Basically it extends the  ability to go to college to poorer people. 

There's ways to pay it off, like Peace corps. Two years in a yurt and you're free.

[ThisIsNotDane]

Look at the fuse go.

[Cepheus84]

Mine are in deferment now. Otherwise I wouldn't be able to afford, you know, life.

[anDaibhalsHusair]

I'm against bailouts in general. However despite the fact that barrowing the money was a choice, too many plausible factors could be dreamt up for why people can't pay them back now, where they likely had every intention of paying them back when signing for them. I don't see it as being much different from the housing bubble. People were approved for loans they never should have gotten in the first place, making the loan agencies just as if not more responsible for the mess.

Its a separate argument, but our educational system is so broken, that we have such a thing as a worthless degree. Even in fields essential to the economy like engineering, people are finding it difficult to find jobs for. Many don't realize the student loan crisis began years prior to the general economic instabilities. As an anecdote, I remember looking into menial labor positions back in '99, that were asking for a bachelor's. From my perspective, it was around 2001 where I developed the opinion that a basic college degree, was aproximately comparable to a high school diploma a decade prior.

Its a sad reality, but tiny revolutions to fix broken systems often requires things to get so bad, they are almost a disaster.

[candiegrlcane]

Most people defer. I only ever met one person actually paying theirs off and they are married.

[Purrrrrrr]

Ours combined are twice our mortgage payment. I could own 3 homes if not for my stupidity as a teenager. I fantasize about winning the lotto and paying off our loans and randomly buying up people's loans to pay so they don't have to worry about them anymore.

[candiegrlcane]

Hello. Its me. Random person! Nice to meet you!

[Purrrrrrr]

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Astromang wrote:

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Killbot2000 wrote:

Next semester I actually have to transfer to the ####ty local university (UNLV) because me and my dad have no more money.

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But seriously, the college bubble is going to burst because people made bad decisions and borrowed more money than they could pay back. I don't see why the American tax payer should be on the line when other people made bad decisions. I also don't see why people who got worthless degrees should have their loans forgivin just because they fuuuuuudgeed up. What about people who paid their own way and were responsible? Do we get some money back as well?

If you were against the bank bailouts, but are for these bailouts, then you're a hypocrite of the highest order.

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It's not always bad decisions that lead to people being in default.  People get degrees, pay on their loans, and then lose their jobs.  I don't know anyone who thinks they don't owe their loans or that they should be forgiven just because.  Yeah, a lot of loan companies use really sneaky tactics to sign people up and then transfer their loans to other companies or get bought out, but that doesn't mean they don't owe them when they went and got an education. 

However, so many people are in default now because they simply don't have the ability to pay them, either from job loss or having to declare bankruptcy (most common reason for bankruptcy is medical bills).  I have no answers about what needs to be done on the government end, but there's waaaay too many loans out there right now backed by the government and people just can't pay it.

[Purrrrrrr]

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candiegrlcane wrote:
Hello. Its me. Random person! Nice to meet you!

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When I win the lotto, I'll add you to my list. 

Now I just need someone to find me $$ for a lotto ticket, hahaha...

[westparkwestpark]

I'm not mad that you did it but why did you necro bump this thread? Why not make ur own?

[westparkwestpark]

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Cepheus84 wrote:
Mine are in deferment now. Otherwise I wouldn't be able to afford, you know, life.

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I've had to do it off-and-on now several times. This is one of the reasons I've considered going abroad -- because over there I can start a life & just basically default on my debt here & shaft the banks. If anything else the Fed. Reserve is lying thru their teeth about the numbers & they're not counting many ppl who are in quasi-default:

http://www.zerohedge.com/news/2012-11-27/scariest-chart-quarter-s
tudent-debt-bubble-officially-pops-...