Posted on 01/19/2017 10:11:47 AM PST by SeekAndFind
You add their debt to their fed tax bill and tell the IRS they all vote Republican.
Next problem?
This may be misleading. Most students defer paying interest on student loans while attending and most defer making payments for a year beyond. That amounts to adding 5 years of additional interest to the amounts borrowed and payments are not being made until the 6th year. The likelihood that the payments in the last year or two is enough to offset the interest accrued while attending school is pretty low. In addition, may students will continue to defer payments in early years of working.
Ping to thread.
“..at least half the students had defaulted or failed to pay down at least $1 on their debt within seven years.”
“pay down at least $1”?
In other words, half the students have defaulted.
This is a disaster and I would suggest that, in the interest of combating servitude, the students should be released from paying interest. I would also suggest that the hue and cry that everyone should go to college should be tamped down. Probably, the half that have defaulted are the half that statistically drop out of college.
Looks like students borrowing money from the government to go to college is a ponzi scheme to throw money at the colleges.
Student loans were to be a new form of indentured servitude to banks. However, I think the Government couldn’t even plan that scenario out right because they have allowed massive job losses in the economy.
>Looks like students borrowing money from the government to go to college is a ponzi scheme to throw money at the colleges.
As someone who works in colleges, you are correct.
No offense, but do you have any idea what kids are taught in public school these days?
It’s 12+ years of propaganda that they HAVE to go to college. You won’t be able to find a job if you don’t, and if you do you’ll be lucky if you work at a cash register for the rest of your life.
It’s the biggest propaganda campaign probably in existence, it’s why kids have nervous breakdowns over SAT scores.
I’m speaking as somebody who went through this myself, I can only imagine things have gotten worse since Obama took over.
And nobody is asking you to bail them out, but the debt load is odious and was coerced into thousands of people who didn’t know any better. Sallie Mae, Navient, and the associated cronies in the university racket should be forced to eat their losses.
It must not since the major media are not reporting on it but I did see that Michelle Obama taking one more stroll thru the White House with her dogs is a major news...
Never get a degree that has more than two words in it. Three if one of the words is Engineering.
Never get a degree that you have to explain what it means.
Never get a degree in anything with the word Studies in it.
>>Looks like students borrowing money from the government to go to college is a ponzi scheme to throw money at the colleges.<<<
This would be correct, from someone who knows many kids who were lied to by universities as well about what their rights were. In fact, the whole process is more like a fox watching a chicken coop, since it is in universities interest to get students paying as much as they can for as much as they can get a loan from the government for.
Fafsa loans should have only been offered to people who had a work history post high school graduation. Kids who have never lived on their own have no idea what taking out a student loan actually means.
de-facto loan forgiveness
There couldn’t possibly be any connection with this and the fact that Democrats have been jabbering about loan forgiveness for the past 4 years? Sort of like telling illegal immigrants that it’s ok to vote in U.S. elections because no one’s going to do anything about it.
Just restart the narrative that all students will be required to repay their loans. . .no forgiveness. However, colleges are welcome to cover part of the cost since their tuitions are nothing less than extortion. Put the responsibility on the colleges that have been treating the federal government like a piggy bank, knowing that young people do not have the experience or judgment to know better than too take out exorbitant loans.
The find of the year. People lie when it is in their best interest to lie. Who knew?
One somehow suspects that many, many such alleged "miscalculations" from various govt agencies will be surfacing in the very near future.
EVERYTHING the government does becomes a CLUSTER F$&@ every DAMNED thing they touch!!! The audacity of these bastards questioning the Treasury Secretary about the housing crisis WHEN THESE FOOLS CREATED THE DAMNED THING in the first place!!!! EVERYONE DESERVED to have a home whether they were capable of paying for it or NOT!!! These BASTARDS threatened the banks if they did NOT give out mortgages like lollipops, THEN they stand back and SCREAM about the banks like their hands in the mess are as clean as the driven snow!!! THESE BASTARDS make me SICK!!!
“... nobody is asking you to bail them out...”
They’re IN schools because their tuition is funded by US tax revenue
WE already paid ONCE, and we’ll pay again when our OWN kids need tuition and it’s covered by us. WE work so our kids aren’t eligible for special consideration....or special tuition arrangements.
I agree with that STATEMENT entirely, these SOB’s have PUSHED kids into college when MANY would have been SO MUCH BETTER OFF in a trade school!!! WELDING, HVAC, PLUMBING, CAR MECHANICS, all make GREAT money and have the opportunity to open their own small businesses!!!! These kids AND their parents have had their brains filled with mush and VERY EXPENSIVE MUSH at that!!!!
Make the Federal Reserve absorb the losses.
_______________________________________
Nope. The money went to colleges and universities. Demand it back from them. If they fail to repay - cut them off from ALL future funding.
Remember a few months ago when federal student loans were denied to ITT Tech?
That was it. Game over. They closed. Immediately. That same day.
And THAT is exactly what needs to be done now. Today. To all these worthless colleges.
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Smells like another government employee slush fund. A misplace decimal point here, a fake loan there. Lining their wallets. Trump should hire some honest accountants to go over every line for the past 8 years.
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