Posted on 11/29/2012 6:46:35 AM PST by jmaroneps37
Well THAT didn’t take long. The confetti thrown on college campuses has barely been swept up after Barack Obama’s reelection and reality has smacked more of his children in the face.
This is happened faster than any of these fools could have imagined. You will recall that Obama’s union children at Hostess found out what real life is about last week. This week his college student children got their dose of cold truth.
The stroke across the student loan crowd’s face is the news that in the 3rd quarter the number of student loans in default has skyrocketed. Student loans …. delinquent … 90+ days and 30+ days have risen dramatically.
The amount of outstanding student loan debt has reached $956 billion having climbed $42 billion in just the last quarter alone.
Obviously the effects of a 53% underemployed/ unemployed rate among those graduating from college last May is taking hold of these young fools. Fully eleven percent of all student loans is delinquent for more than 90 days.
Probably very few of Obama’s college children, who have outstanding school loans, understand that they can NEVER walk away from their debt because it is NOT dischargeable in a bankruptcy, but they will soon find out.
How they expect to live a life of their own in a country that offers them no jobs but demands repayment for their useless degree is a mystery.
Worse still is that this report is, “likely to understate actual delinquency rates because almost half of these loans are currently in deferment, in grace periods or in forbearance and therefore temporarily not in the repayment cycle” according to Zerohedge.com.
The explanation goes on to say, “This implies that among loans in repayment cycle delinquency rate are roughly TWICE as high.”…
(Excerpt) Read more at coachisright.com ...
The only way I see out of this hole in through hyperinflation, making fools of the Chinese and collapsing the dollar. In which case, the students will owe less debt at some pt.
If student loans are non-dischargable there is no reason for the loaning entity to not make careless loans.
That will have to happen, sooner or later. And with all that youthful energy directed into businesses that pay no taxes, Obama is going to have a big image problem if he turns the IRS loose on his own base. :)
The loaning entity is now the federal government. Slaves for life, what could be better?
One area that is NEVER mentioned in the price of tuitions, is how much the Deans and adminstration costs.
There is no way in HELL that those DEANS are worth the money that is paid them.
One just received a severance pay of around $3Mil., fired because of some crime, it was on here just yesterday or day before.
There is no reason for Higher Education to be as high as it is. Also in most colleges the Kids HAVE to live on campus the first year, WHY? They can live at home and commute. First year is PARTY TIME.
I advised my children to NEVER sign for a student loan for their children, for the reason its PARTY TIME. He proved me right, now he is taking courses online at home, and paying off his student loan. lol
I would like to say DUMB, but he is not, just no ambition.
No big deal.
They still get their free birth control.
“There is no reason for Higher Education to be as high as it is”
Student loans for anyone willing to sign on the dotted line is the reason for the current cost of higher education.
That is one issue that is NEVER brought up when it comes time to raise TUITION, Just slips under the rug, shhhhhh. hope we get by with this. COUGH UP kids we love our lifestyle and you idiots will pay.
There is no defending what they do. Colleges seem to be the place that OLD RETIRED DEMOCRAT GOVENORS become DEANS,and they know you never have to CUT SPENDING.
They are practically inviting all of these kids to work beyond the reach of the tax-man. If they work on the books, they will never pay it off, in many cases. If they work under the table, collect whatever benefits they can from the welfare state, they can actually prosper as many illegals have discovered.
When debt is discharged someone else is left holding the bag. Discharging student debt will cripple the U.S. economy and no sane politician will allow it. If you think your prospects are bad now, just wait if these fools who govern us decide to forgive student loans en-mass.
Oh, those of us who are older and established have gone through many economic downturn cycles. We know exactly what you are going through. My advice to you is to get a job. ANY JOB. FYI I worked full time all through college and lived at home. Graduated with some debt but paid it all off in five years. I chose a less expensive college close to home rather than ringing up big bills. Choices have consequences. Once you stop blaming others for your lot in life you will be set free.
When debt is discharged someone else is left holding the bag. Discharging student debt will cripple the U.S. economy and no sane politician will allow it. If you think your prospects are bad now, just wait if these fools who govern us decide to forgive student loans en-mass.
Oh, those of us who are older and established have gone through many economic downturn cycles. We know exactly what you are going through. My advice to you is to get a job. ANY JOB. FYI I worked full time all through college and lived at home. Graduated with some debt but paid it all off in five years. I chose a less expensive college close to home rather than ringing up big bills. Choices have consequences. Once you stop blaming others for your lot in life you will be set free.
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Oh, do you mean those of us who kept afloat (and moved forward) during the dismal Carter years when interest rates were over 15% on mortgages, 19% on cars and upwards of 25% on everything else?
Or those of us who in the late 80s, early 90s lost 40% or more in value on the houses that they managed to buy in spite of those earlier interest rates?
Or maybe you mean those of us here who watched city after city in the northern tier lose 95% of factory and related jobs to overseas competition.
Or do you mean those of us who dealt with all of that, didn't cry, live in our mommy's basement or blame the "older" folks but kept working, kept fighting, kept paying our bills and kept moving forward.
You young guys are so weak that it would be funny if you weren't such a drag.
“When debt is discharged someone else is left holding the bag. Discharging student debt will cripple the U.S. economy and no sane politician will allow it.”
No. Debt is only discharged when it won’t be repaid or can’t be repaid. To the extent someone is left holding the bag, they were holding the bag anyway.
Student debt being discharged in bankruptcy will be a one-time phenomena. The only sector of the economy that will be crippled is higher education, which will be forced to actually provide value commensurate with that which they claim to provide.
Lots of university towns will be impacted, lots of professors will be forced to profess elsewhere in whatever jobs they can find.
But if you are saying that the only way to solve the student loan problem is to keep giving student loans, then you might have a career in national politics ahead of you.
Just how old do you think I am? 22? Oh, I wish that were so. Here’s a hint. When I was born, there were still 48 stars on Old Glory (albeit not for much longer)! Can you say the same? And I’m doing quite well, thanks. Been out of college for many many years (debts paid off long ago), got the 4 bedroom house, kids in collge, a lawn to mow, the whole deal. So cool it with the patronizing tone, OK, pops. And, by the way, bankruptcy does NOT equal forgiveness. Even in bankruptcy, you still have to pay a certain amount off to your creditors. Better some cents on the dollar than nothing at all. And the only debts (other than student loans) non-dischargable in bankruptcy are willful torts (i.e. judgment occured as the result of a crime or other purposeful act), debts incurred as a result of fraud, and debts incurred AFTER bankruptcy. There are sound public policy reasons for those, but none for student loan non-dischargability. Hope this helps clear things up. Glad I could help. : )
Wow! I have an idea! Why not just print up some more money and pay all the debts for everybody! That would fix EVERYTHING! You know, even better... Why not just print up enough money to give everyone a million dollars? We could stop poverty in it's tracks! Shoot, why stop there let's give everyone in the whole wide world a million dollars! Whirled Peas in our time. ; )
It has been done before. Read “The Bubble that Broke the World”. Germany circa 1929 did just that. Look how that turned out.
Bingo! Give this man a cigar.
The Universities have already been paid. We the people who pay taxes will be crippled. Harvard will sail on.
The Universities have already been paid. We the people who pay taxes will be crippled. Harvard will sail on.
His logic is as greatly flawed as the idea of forgiving student loans.
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