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 doesnt have the power to grant that request, the agencys overture shows that the strike is being taken seriously.
Its 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 ...
I completed a Paralegal course in ‘93. It cost $3500, give or take a couple dollars.
Probably fifty percent of the students going to four year colleges and paying stiff tuition fees should be going to tech schools and learning something that might get them a good job. At some point somebody has to expose and attack Big Ed(ucation.)
G** Damn them.
We are scrimping and cutting back on everything possible in our lives - to make sure my kids don’t come out of college with debt.
There are millions of people paying back student loans. What eighty-five people do is irrelevant. My daughter is a recent college grad (who mercifully has no loans), but many of her friends have loans. They are all slowly paying them off, and most of them will be paying for years.
Everest? Isn’t that the joint that teaches students how to ramble incessantly for 90 seconds about Everest without taking a breath? Who would hire someone who speaks like that?
They borrowed it, but you & I guaranteed them.
What does the future look like for an economy built on credit debit when the credit system fails?
If they refuse to pay back a student loan, then do not loan them any money because they will not pay you back, either. A nation of deadbeats is what is being raised and nothing good will become of it.
Once the employers see the degree from the bogus diploma mill, they won’t brother with a credit check.
OK. Take the money back from the Administrators and Professors.
I am sure this TOO is being orchestrated by the Left, so the next person the Liberals nominate for President can promise debt forgiveness for ALL student loans . Mark my words on that one!!
Bingo!
First, it seems clear the students didn’t do their homework when they selected the college. Their choice, their mistake, their debt. Also, I’m not sure they worked that hard while they were “studying”. Time to start suing them for the payment.
Second, the banks that made the loan could care less if you applied to Donald Duck University for an advanced degree in Duck Magic. They know that the gov’t is backing it, so they have nothing in the game. That needs to change.
Third, I’d start garnishing the students’ wages. Since they probably aren’t employed, I’d start taking their monthly payments from the bank that made the loan. Maybe then they’d take a little more interest in where the money is going.
well since these clowns were forced to go to college, and get student loans, they shouldnt have to...., oh wait, thats right, didnt happen, they did not have to go to college.
ok, since a gun was held to their head, and they were forced to get a student loan.,,, oh that didnt happen either.,
dang, guess they are SOL. but they’ll cry, and say “its not fair”, and the taxpayers will make it all better.
Yeah. I’m not paying mine back either. Oh, wait. I never had one. Never mind. Maybe I’ll try that on my mortgage. Nah. That’d be like stealing. Which, for some, is NOT a problem.
Yes, the taxpayer takes a 30% hit up front to liquidate this crisis, but that is far better than continuing to grow this monster.
What? The colleges already have their money paid by student loans underwritten by the USG. The taxpayer loses if the students don't pay back the money they borrowed from the USG.
She now goes to Lewis & Clark in Portland, OR. And guess what the tuition is there? We put her through four years of college all paid in full. No loans. Now she insisted on a top tier law school and that is on her. We help, but it's more school than we could afford.
She bought her text books used. Guess who was the previous owner of one of her books????.............None other than Monica Lewinsky!
Most people who took out student loans received nothing of value. They should sue the schools for issuing fraudulent documents. A liberal arts degree and $5 will get you a cup of coffee at Starbucks.
An advanced degree in liberal arts might get you a job as a barista at Starbucks.
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