They are waiting for the Democrats to make education free. A fool would pay off their student loans. /sarc
Imagine a world were 40% of taxes were not paid and no one had their bank accounts seized.
another highly political, nanny-state progressive social-engineering scheme - funded once again by our fiat, unbacked currency and massive government debt created by the Federal Reserve.
Conservatives will continue to watch the country melt around them as long as the Federal Reserve remains.
Only allow student loans for degrees for careers that offer a good opportunity to make enough money to make the payments.
You want a race or gender studies degree fine, just don’t ask the taxpayer to underwrite your loan.
Obamabots ALWAYS BLAME BUSH FOR EVERY DISASTER THEIR WON HAS CAUSED. And they feel justified because the OSM (Obama Sycophant Media) agrees with them. One reason that 40% are not paying their student loans is because the Bush Admin tightened the rules on bankruptcy?? Well, if they go bankrupt, I guess they won’t be paying those loans anyway. Circular thinking brought to you by the Marxists in charge......they depend on the stupidity of the American citizens to be able to inflict their disasters on the public.
What did they expect from the entitlement crowd they helped create?
My understanding about student loans is that the students are pissed because they are the one debt that can’t be cleared by a bankruptcy and the debt stays with you for a very, very long time.
They will push for them to be bankrupt-eligible at first, and then for forgiveness all together.
This is the REAL reason.
It is common knowledge in the non-profit world to tell graduates that if they join a non-profit, their student loan will be paid for.
My two nieces were told this by multiple people.
Jobs. We sold them an education as we were offshoring the jobs to China.
Didn’t obummer take over college student loans????
This all grew out of the EVERYONE-MUST-GO-TO-COLLEGE craze which is no different than any other fad like the tulip craze in Holland, various housing bubbles, and currently the auto-loan bubble.
People who benefit are those who get bailed out by the taxpayers (in one form or another they always get bailed out). People who get hosed are, as usual, those who pay taxes.
If the IRS started deducting student loan payments from tax refunds, the loan would often get repaid. Heck, in many cases, the “Earned Income Tax Credit” - welfare money given to taxpayers making up to 45K - would “pay” the loan, so the government would simply pay the loan out of the receiver’s welfare money.
But the best way to do it would be to have private banks make student loans, based on likelihood of repayment. Want a loan to study chemical engineering? Can do! Want one to do “womyn studies”? What is your collateral!
Resident Obama encourages non-payment under his program to bankrupt America. Hillary will do the same. They hate America no matter how much the world has benefited from our help.
The University of Phoenix never forced anyone to go to college. They are the Amway of colleges. They don’t sell degrees; they sell dreams. Dreamers are always looking for an easy big score.
Dreamers run up $70k in college loans and then they decide they don’t want to pay the loans back because they didn’t get that dream they promised themselves.
the problem is that a lot of loans were given out to individuals that did not get educated. when you provide loans that are guaranteed to people that have no history on how they deal with bill payment or even there small loans s you will get people that never intend to pay off there loans along with those that after rent and food do not have the money at the end of the month to make payments. we need to scrap the whole student loan program and treat loans for education just like any other loan. the idea that some one can take out 40,000 in loans and not have it tied to anything with equity is insane along with the idea that the loan can not be retired through bankruptcy. all we have done is create a massive house of cards that will collapse eventually.
Even this article doesn’t go back far enough.
The real root of the issue is that the government took over the student loan business. In doing so, they created lots of “easy money” that anyone could get for college. By making it so easy to use other people’s money for frivolous pursuits like underwater basket weaving majors, they found that (because nobody buys underwater baskets any more) the students wanted to take the money then wipe the ledger clean.
So, in order to not have the program become fraud against the taxpayers, the government decided to make this government debt non-dischargeable. Sometimes politicians find that acorn, after all.
Get the government out of the student loan business. Make college students find their own way to pay - whether through military service, private loans, scholarships, or out of pocket - and you will find that the plethora of special snowflakes going into special snowflake majors will decline precipitously. Those who need college to pursue their vocation will continue going, but they will have to demonstrate better ability to succeed in order to get the private money. College lenders will have to become better judges of what is worthy of lending in order to not lose their shirts because nobody buys underwater baskets any more.
Find the deadbeats and draft them.
4 years of cleaning latrines and KP ought to do it.
L
My son has a big loan to pay off, and while there were periods of low or no income he always communicated with the lender and always set up a payment plan within his budget when he got employment.