Posted on 08/03/2022 10:12:27 PM PDT by grundle
I got a killer 12% mortgage in 1982.
My co-worker got a 16.5% mortgage - for six months, before he sold the house he bought with it.
No one should listen to any group of yakking women on tv. Ever.
I would totally be OK with legislation enabling those students to either transfer the debt from those students to the universities and have them pay out from their endowments, or allow the students to sue their former universities for fraudulent enrollment. That would cost the taxpayers next to nothing and shore up a portion of that outstanding debt.
Given the lack of details in this article's anecdote, I think it's pretty safe to assume that the elderly lady did not end up graduating and practicing law. She probably dropped out and ignored the debt for years, only paying when it was either convenient or if the creditors were able to make a good threat to her. It's a shame she didn't fogure out law wasn't her thing in life, but she was far beyond a dumb 18 year old who couldn't know the risks.
If you can't hold a 52 year old college graduate to responsibly enter into a student loan contract, all contracts have no meaning.
Betty Ann could have and should have paid off that debt decades ago.
It was part of the agreement when she took out the loans.
This issue could sink the GOP. Something outside the box has to happen here, certainly after the principle of a loan has been paid, there has to be a way out for these people. Slavery is illegal and this is basically slavery.
I can’t stand NYU. I’m not saying she shouldn’t pay off the loan, but when I lived in NYC all time I would see NYU sponsoring anti-capitalism protests and debates when THEY are the biggest capitalist pigs going. They are so freakin’ leftist that when Pelosi went there in 2017 even she told they to cut it out with the anti-capitalism crap. Imagine what the tuition is now if it was $29K forty years ago.
For his part, Obama’s attempts to reform the student-debt crisis have, in some ways, worsened it. In the twenty-tens, as student-loan balances hit one trillion dollars, Obama expanded income-driven repayment (I.D.R.) options, a relief program that began in 1993. I.D.R. allows borrowers to reduce their monthly payments to a percentage of their income, rather than in proportion to the total balance; after twenty to twenty-five years of payments, the loans are eligible for cancellation. In theory, I.D.R. offers relief to lower-income borrowers by offering lower payments and an expiration date, while recovering full costs from higher-income borrowers. But the program has been an administrative failure, thwarting its redistributive promises and exacerbating the student-debt system’s underlying inequities. Lower loan payments allow interest to fester and capitalize, swelling balances to amounts far greater than the original.
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Obama created the problem with yet another government program that was either I’ll thought out or of malicious intent: allowing borrowers to sink deeper in debt as the banks gained.
Now there is clamoring from leftists to fix a problem they created with yet another bailout, which does not fix the underlying problem. This would amount to a bailout of the banks under the guise of loan forgiveness.
I doubt it’s penalties, she has probably made few, if any, payments and the $329k is the principle now. That’s the beauty of compound interest, at least for the investor, not so much the borrower. They’ll get it back (or some) from her estate soon enough.
Whoopi has a net worth of over $60 million. If she feels so bad about someone taking a loan they didn’t intend to pay back, then maybe she can pay the loan off for Betty Ann.
What’s curious about this, there is reason student loans are specifically left out from bankruptcy proceedings. And it’s never mentioned.
The reason is because Law School students (and other students) were taking out loans to get their law degree and, wait for it... Declaring bankruptcy. Neat trick, huh.
Some professors were even giving classes on exactly how to do this. So congress closed that loophole.
If “we” are going to do this - Instead of making taxpayers bail out deadbeat borrowers, let’s have the colleges pay for it. They are sitting on billions of investments in their endowments.
That’s what I’m thinkin’. I paid my loans off. I need the cash, too.
Almost 40 years.
Did she not work over those 40 years?
I remember having student loans going thru college. Paid those suckers off as soon as I could.
I’m guessing Betty Ann was a shitty lawyer and never paid her bills.
So why doesn’t fat ass pay it off for her?
Is a Lawyer competent if they cannot read a contract.....
Miss Guinan. Please see to it that all the thousands I paid back in student loans gets returned to me.
This issue could sink the GOP. Something outside the box has to happen here, certainly after the principle of a loan has been paid, there has to be a way out for these people. Slavery is illegal and this is basically slavery.
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I agree that something should be done. I think the colleges need to be responsible for a lot of this debt. These are predatory loans on young people that have no concept of what they are signing.
Plus, we have no problem giving billions to illegals, Ukraine, ect. They seem determined to bank bankrupt the country anyway, so we might as well help out Americans for once.
Woopie just think of it as a MORON tax!
You liberals LOVE taxes! So you should be fine with it then!
Anyone remember the story about the elderly woman whose house was going to be repossessed/foreclosed on by the bank in Ga a few years back?
Apparently one of her relatives refinanced the house- which I think was almost paid off, took the money and ran. They went to the press with the sob story about rich white men putting the little old black lady out in the street.
Well, the bank let it go, didn’t make them pay it back and she got to stay, and whoever got the money from the bank got to keep it with no repercussions.
Why the entitlement?
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