Reply
Kittehmortal
westpark
Posts: 59,269
Registered: ‎10-26-2005
0

Student loans the next big 'bomb' to go off.....

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!

WESTPARK THE KING OF ASMB

"westpark ran a train on this thread" - Stilgar

"Every woman needs a good slap now & again." - Sir Sean Connery
RRRRRR!!
The_Pirate-King
Posts: 65,488
Registered: ‎01-31-2006
0

Re: Student loans the next big 'bomb' to go off...

Reply to westpark - Message ID#: 63667467

Oh man, I'm probably gonna have to take one out if I go back to college......
We're all in it together, kid.

-----BEGIN PGP PUBLIC KEY BLOCK-----
Version: GnuPG v2.0.21 (MingW32)
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=6B4f
-----END PGP PUBLIC KEY BLOCK-----
Kittehmortal
westpark
Posts: 59,269
Registered: ‎10-26-2005
0

Re: Student loans the next big 'bomb' to go off...

Reply to The_Pirate-King - Message ID#: 63667529


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

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.

WESTPARK THE KING OF ASMB

"westpark ran a train on this thread" - Stilgar

"Every woman needs a good slap now & again." - Sir Sean Connery
RRRRRR!!
The_Pirate-King
Posts: 65,488
Registered: ‎01-31-2006
0

Re: Student loans the next big 'bomb' to go off...

Reply to westpark - Message ID#: 63667633

But then you'd have to live in singapore, or thailand.
We're all in it together, kid.

-----BEGIN PGP PUBLIC KEY BLOCK-----
Version: GnuPG v2.0.21 (MingW32)
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=6B4f
-----END PGP PUBLIC KEY BLOCK-----
Awesome Kitteh
Killbot2000
Posts: 3,739
Registered: ‎01-06-2005
0

Re: Student loans the next big 'bomb' to go off...

Reply to westpark - Message ID#: 63667467

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. 

SHOTA GURO, PLEASE?
Kittehmortal
westpark
Posts: 59,269
Registered: ‎10-26-2005
0

Re: Student loans the next big 'bomb' to go off...

Reply to The_Pirate-King - Message ID#: 63667651


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

So what?

 

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

WESTPARK THE KING OF ASMB

"westpark ran a train on this thread" - Stilgar

"Every woman needs a good slap now & again." - Sir Sean Connery
Reeve
NaBraniel
Posts: 29,674
Registered: ‎11-26-2004
0

Re: Student loans the next big 'bomb' to go off...

[ Edited ]

Reply to westpark - Message ID#: 63667467

Student loans scare me so much.

stand back
Kittehmortal
westpark
Posts: 59,269
Registered: ‎10-26-2005
0

Re: Student loans the next big 'bomb' to go off...

Reply to Killbot2000 - Message ID#: 63667683


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. 


How?

 

What did u major in?

WESTPARK THE KING OF ASMB

"westpark ran a train on this thread" - Stilgar

"Every woman needs a good slap now & again." - Sir Sean Connery
Awesome Kitteh
Killbot2000
Posts: 3,739
Registered: ‎01-06-2005
0

Re: Student loans the next big 'bomb' to go off...

Reply to westpark - Message ID#: 63667691

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?! 

SHOTA GURO, PLEASE?
Reeve
NaBraniel
Posts: 29,674
Registered: ‎11-26-2004
0

Re: Student loans the next big 'bomb' to go off...

[ Edited ]

Reply to Killbot2000 - Message ID#: 63667683

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.

stand back
Awesome Kitteh
Killbot2000
Posts: 3,739
Registered: ‎01-06-2005
0

Re: Student loans the next big 'bomb' to go off...

Reply to NaBraniel - Message ID#: 63667743

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

SHOTA GURO, PLEASE?
KittehStar
Posts: 6,180
Registered: ‎02-17-2010
0

Re: Student loans the next big 'bomb' to go off...

Reply to Killbot2000 - Message ID#: 63667757


Killbot2000 wrote:

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


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.

maybe that's how he got his wife :smileyvery-happy:

http://boards.adultswim.com/t5/Babbling/definition-of-rape-has-be
en-updated-by-the-U-S/m-p/63228589#M9189342

alucardsexyghost accusing me of being a rapist, and drugging my wife. Stay classy [AS]
KittehHotshot
Nameraka_Hanzaisha
Posts: 8,102
Registered: ‎07-30-2007

Re: Student loans the next big 'bomb' to go off...

Reply to westpark - Message ID#: 63667467

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)

But our trip was different. It was to be a classic affirmation of everything right and true in the national character. A gross physical salute to the fantastic possibilities of life in this country. But only for those with true grit.
Grumpy Cat
Icarus27k
Posts: 27,507
Registered: ‎01-17-2005
0

Re: Student loans the next big 'bomb' to go off...

Reply to westpark - Message ID#: 63667467


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.

 

 



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.

;
Awesome Kitteh
Pero8P
Posts: 4,184
Registered: ‎06-14-2006
0

Re: Student loans the next big 'bomb' to go off...

Reply to westpark - Message ID#: 63667467

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.

"Fear me - Pero8P
Freinds: abby_dooby cereal my gramma markoff_cheney evilknome ryan_plays_flok
KittehFan
ThisIsNotDane
Posts: 570
Registered: ‎01-24-2013

Re: Student loans the next big 'bomb' to go off...

[ Edited ]

Reply to westpark - Message ID#: 63667467

Grumpy Cat
Cepheus84
Posts: 26,698
Registered: ‎02-17-2005
0

Re: Student loans the next big 'bomb' to go off...

Reply to ThisIsNotDane - Message ID#: 67624649

Mine are in deferment now. Otherwise I wouldn't be able to afford, you know, life.
Quit talking about math. This thread is about wanting to be raped.
-lunarnoodle
Awesome Kitteh
anDaibhalsHusair
Posts: 3,874
Registered: ‎07-21-2011
0

Re: Student loans the next big 'bomb' to go off...

[ Edited ]

Reply to Astromang - Message ID#: 63669077

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.
We would be surprised to find ourselves in a universe in which we couldn't live - Lawrence Krauss

Mistakes are some of the best things In life.
KittehFan
candiegrlcane
Posts: 939
Registered: ‎03-21-2012
0

Re: Student loans the next big 'bomb' to go off...

Reply to Cepheus84 - Message ID#: 67625151

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

Shooting babies in the face is wrong. That's not subjective. -Cepheus
KittehIcon
Purrrrrrr
Posts: 12,523
Registered: ‎05-24-2004
0

Re: Student loans the next big 'bomb' to go off...

Reply to westpark - Message ID#: 63667467

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.
"god loves orgies"--killer_shado

"THE MAJOR IS PROSTHETICALLY-APPEALING"--yellow7


Blog
KittehFan
candiegrlcane
Posts: 939
Registered: ‎03-21-2012
0

Re: Student loans the next big 'bomb' to go off...

Reply to Purrrrrrr - Message ID#: 67625273

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

Shooting babies in the face is wrong. That's not subjective. -Cepheus
KittehIcon
Purrrrrrr
Posts: 12,523
Registered: ‎05-24-2004
0

Re: Student loans the next big 'bomb' to go off...

Reply to Astromang - Message ID#: 63669077


Astromang wrote:

Killbot2000 wrote:

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


 

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.


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.

"god loves orgies"--killer_shado

"THE MAJOR IS PROSTHETICALLY-APPEALING"--yellow7


Blog
KittehIcon
Purrrrrrr
Posts: 12,523
Registered: ‎05-24-2004
0

Re: Student loans the next big 'bomb' to go off...

Reply to candiegrlcane - Message ID#: 67625275


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

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

 

 

 

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

"god loves orgies"--killer_shado

"THE MAJOR IS PROSTHETICALLY-APPEALING"--yellow7


Blog
KittehNerd
westparkwestpark
Posts: 338
Registered: ‎03-19-2013
0

Re: Student loans the next big 'bomb' to go off...

Reply to ThisIsNotDane - Message ID#: 67624649

I'm not mad that you did it but why did you necro bump this thread? Why not make ur own?
KittehNerd
westparkwestpark
Posts: 338
Registered: ‎03-19-2013
0

Re: Student loans the next big 'bomb' to go off...

Reply to Cepheus84 - Message ID#: 67625151


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

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-...