Posted on 04/02/2015 10:13:22 AM PDT by SeekAndFind
Remember those 15 people who refused to repay their federal student loans? Their “debt strike” has picked up 85 more disgruntled borrowers willing to jeopardize their financial future to pressure the government into forgiving their student loans.
And the government is starting to listen. The Consumer Financial Protection Bureau has invited the group to Washington on Tuesday to discuss their demand for debt cancellation. Although the CFPB doesn’t have the power to grant that request, the agency’s overture shows that the strike is being taken seriously.
It’s been a month since 15 former students of the failing for-profit giant Corinthian Colleges said they would not pay a dime of their student loans because the school broke the law.
Corinthian, which runs Everest Institute, Wyotech and Heald College, has become the poster child for the worst practices in the for-profit education sector, including high loan defaults and dubious programs. Clouded by allegations of deceptive marketing and lying to the government about its graduation rates, Corinthian lost its access to federal funds last year, forcing the company to sell or close its schools.
In the aftermath, current and former students of the for-profit schools have called on the Education Department to wipe away debt they say Corinthian pressured them into taking. After months of pleading with the department to forgive the federal loans, the students teamed with an offshoot of the Occupy Wall Street movement known as the Debt Collective. Together, they came up with the idea for the strike.
(Excerpt) Read more at washingtonpost.com ...
F-— them.
If they borrowed the money, they are obligated to pay it back.
Criminals. Throw them in jail.
Isn’t that called ‘stealing’?
I believe it would be fraud, and embezzlement of public funds.
Anybody else having trouble getting a loan in the future remember these morons.
Is that all it takes?
If I collect 14 others to go on a income tax strike because the IRS breaks the law, in several respects, will we get invited to DC to negotiate a new tax code?
Can we have Kerry (whom I understand is a Viet Nam veteran) to negotiate with?
The NappyOne
Maybe it’s time to bring back debtors prison.
As long as they don’t use tax payer’s money to bail out those liberal hell hole universities and collages, I don’t give a rats behind if they all fold and go out of business, actually this is a good thing.
Deadbeats!
Potential employers will find out when they run a credit report on these people.
Colleges could charge whatever they wanted because the students weren't actually paying it, they were just accepting the feral government's crack cocaine and passing it on to Liberal college perfessers.
Now most of them are stuck with degrees that qualify them to be burger-flippers and stuck with 5-figure loans.
Something is going to happen, and that something will result in a total economic collapse.
Cloward-Piven strategy applied to student loans.
Overwhelm the system with non-payers.
Collapse the system.
One of these idiots paid $130,000 for a two year degree in paralegal studies.Can’t get a job and wants to stop paying the loans back.
WTH?
Since the taxpayer is now the lender, let’s stiff them! Yeah, right on!
Key take-away is that the CFFP has invited them to DC to testify.
That tells you it’s astroturfing and the fix is in. They are going to be window dressing for the Liz Warren campaign (despite her recent denials). The Bonus Army of the 21st. Century.
The student loan fiasco has made it possible for educational systems to raise their prices at two or three times the inflation rate for decades to overpay liberal professors to indoctrinate our youth. It is time for our entire educational system to have massive reforms, to include especially putting a bunch of tenured commies out on the streets. And no I am sorry, if you got student “loans” and used them to party for four years so you could get handed a worthless degree that isn’t worth the paper it is printed on... that is your problem.
” College tuition has increased 1000% since 1980, and the ONLY reason that happened was because the feral government handed out student loans like crack cocaine. “
B T T T
Sad thing is that it will destroy the housing market, as future college kids who default on loans will not be able to buy a house with a mortgage.
The second shoe to drop is that any write-off of a loan is considered imputed income. If the loan is forgiven or written off, say for $80,000, that student will then owe $20,000 in tax liability. It is income!
These freeloaders want to simply walk away from their promises to pay back loans? They should have their wages garnisheed, any assets seized and auctioned off and any bank accounts attached.
A friend of mine in okc has a street rod building business. He hired a kid out of Wyotech to do some work at his shop thinking he’d be qualified to do simple sheet metal, suspension and welding work. After the third day of this kid’s obvious lack of knowledge, he’s ever since referred to Wyotech as “Why me? Tech”.
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