Here comes the bailout.
Worst headline they could use, considering the circumstances surrounding Penn St.
Bad headline writing for sure!
I think I would avoid using the words “Penn State” and “pricks” in the same sentence for a while.
Headline humor, perhaps misplaced.
You know, I tend to be somewhat of a gold bug. And the student loan debt is a bad deal for a lot of people.
But tying all that to the Penn State scandal smacks of headline whoring.
So in the author's worldview the "banking cabal," whatever the hell that is, lead the students to go to Penn State and major in Dead Languages of Bora Bora Studies while borrowing from Sallie Mae, and now that all the tenured Professorship positions in that area of study are filled the students should get a "fresh start" at taxpayer expense to go back and try again or maybe just sit on their azzes and wait for a position in their area of study to become available. Perhaps they should be put on a taxpayer funder retainer or stipend until such a time as they are needed, that way they won't dilute their precious education by having to learn a trade or some other skill that would make them employable to somebody.
I have an idea, you want your student loans forgiven, a fresh start, want to learn a trade, see the world? Take the oath and put on the uniform of your country...otherwise sit down, honor your committments and shut the f up!
He also receives a monthly pension payment of $27,558 — nearly the cost of tuition for two in-state freshmen at State College. That comes to nearly $331,000 a year. .
?????????? Is this a bribe or payoff?????This is moronic. The only way a lender will hand over large sums of money without collateral is if the debt cannot be discharged through bankruptcy. The problem isn't the banking lobby - it's politicians who want to use the banks to lend money to their constituents without any regard to their demonstrated ability to repay those loans.
In fact, I’d say the problem isn’t the banking lobby - it’s the education lobby. Students will go school regardless of whether loans are available. What loans affect is (1) student indebtedness and (2) the amount of money people in the education industrial complex are paid. The bigger the loans, the higher the salaries of the educrats, and the more money these educrats have to funnel towards Democratic political campaigns.
Wait a minute. My understanding is that student loans are guaranteed by the federal government.
That means that the bankers don't need to game the legal system. They were still getting their money back when a student loan could be discharged in bankruptcy.
The law prohibiting discharge of a student loan protects the federal government, and therefore the taxpayer. The law was enacted because too many students were declaring bankruptcy soon after they finished school and effectively stiffing the federal government (and taxpayers).
The "students" were gaming the system, and this law shut them down. The banks were simply the middleman.
And the market may not even get a reacharound out of the deal.
The University scam is right up there with the housing scam. None of those kids knew what the were signing up for...just like Jose the janitor making 12 bucks/hr signing a 300,000 mortgage.
Having been abused by the system..none of them will be supporting it. Occupy is the tip of the iceberg.
As a side note, is there anyone here who can convince me that it is a mistake to pay off a fixed rate massive student load with an existing variable rate home equity line at HALF the interest rate?
(And the equity line is not essential for emergencies due to savings).