Posted on 03/19/2017 5:41:12 AM PDT by bobsunshine
Just days after reports emerged that student loan defaults are soaring, which is undoubtedly due to some combination of, among other things, poor job prospects for the millions of snowflakes who graduate each year with their $200,000 educations in anthropology and the moral hazard created by liberal politicians constantly calling for student debts to be 'forgiven' (a.k.a. forcefully jammed down the throats of taxpayers), the Trump administration has revoked rules put in place by Obama that barred student debt collectors from charging penalty fees on past-due loans.
Originating from the Department of Justice, the "Dear Colleague" letter (full letter included at end of post) says that Obama's unilateral rules implemented in 2015 could have "benefited from public input"...but what good is being King if you can't unilaterally force new laws on the masses?
(Excerpt) Read more at zerohedge.com ...
Thanks for your service and I'm sorry that your kids didn't turn out the way you wished that they should have. Partly you are to blame.
“Protections” is one of the left’s new favorite words to show how mean Conservatives are. The left sure does know how to use euphemism.
My kids turned out great, thank you very much.
All funded by taxpayers as well.
It’s why as well most of the lowest tuition colleges are in deep red states even though they provide the least funding per capita to colleges. They don’t take it out on students, but rather on administration and frills.
In my 6 years of college (undergrad and grad) I never went away for spring break once. Most of those days I spent in the empty classrooms doing school work.
Abuse of loans should be a lifetime ban and immediate full repayment.
I are engineer. So can you address the point I made or are yo only good for correcting grammar?
No, student loans should exist through bankruptcy.
Kids need to become adults at some point. Perhaps their squandering of their monies will force them to push for better paying jobs.
Obviously, you didn’t go to college. An educated person will cost you less, in the long run, than an uneducated person.
More than half these Moronic Children believe the Government is going to bail them out and forgive their Loans.
They actually believe in the concept of “free”, and they have no awareness that somebody else always has to pay the Bill.
Funny how you never hear the term “Big College” like you do Big Oil of Big Pharma.
Circa 1983, I was working in the oilfields as a consultant drilling fluids engineer, my pay was equal or greater than the doctor that live across the street. My two neighbors were engineers in the oilfield, they made salaries equal to mine. Life was good, very good. Our job was to go out and find oil. Unfortunately we did our job to well. We found a lot of oil and the price of oil collapsed. The first to lose their jobs were the highly paid consultants and that was me.
I sat around the house for 6 months and finally realized the good ride was over. Sold my house, sold my airplane and went back to school again. Next career was as a pharmacist.
While in university the second time I received no welfare, no subsidized tuition, no food stamps (I would have actually qualified for food stamps) I paid for it all. I did take out a student loan the last two years. I was broke. The loans were paid back within 5 years of my graduation.
That is the way things are supposed to work. The money for my first degree in Geology was made as a roughneck on the drilling rigs and later as a drilling fluid technologist. I had zero support from my grandparents whom raised me as they were retired and did not have the financial means to help me.
We live in a most wonderful nation that can allow anyone to become anything they desire if they are willing to work for it.
The poor need a hand up and not a hand out. A hand out destroys work ethic and self worth. It is evil in the extreme.
WRONG!!!
How do you propose to retroactively rewrite contracts?
I’m amazed at the number of posters who believe they can retroactively rewrite contracts.
There are online universities offering excellent degrees. They cost a fraction of in person attendance. Arizona State, Western Governor's University System, are a few. There are many others.
This!
"No man's life or property are safe while the legislature is in session". (Mark Twain)
The 7 point plan which I outlined spreads the pain a little to make it politically saleable. Though, personally, I would prefer to see the taxpayers write off 0% and hang it all on the educational institutions. Politically, though, it ain't going to happen. The taxpayers need to take some of the loss in return for getting rid of the greater mess.
A lifetime indenture does not accomplish this goal. Neither does a debtor's prison. These practices were abolished in former times because they cause more harm than the original problem they were supposed to solve.
It is unfortunate that we have revived modern-day equivalents. Those will turn out just as badly as the historical practices did.
You've got to wonder just how many xyz studies programs would survive if the enrolling students had to pay market rates of interest which reflected the risk of not getting paying jobs with degrees in those fields.
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