Posted on 02/13/2018 6:38:48 AM PST by Liberty7732
Debt increased at over 100 billion a year? The lefts friends made off with a percentage of that but how much? Astonishing.We need a real accounting and maybe a prosecutor.
Actually, borrowers default all the time. There are no guarantees on these government “direct” loans. When a borrower defaults on a direct loan, the borrowers tax refunds, including EITC, are withheld by the IRS until the debt is paid in full. In addition, the borrower’s credit score is dinged with a loan default notice that never leaves the borrowers record. That turns out to be pretty crippling when the borrower wants to buy a car or a house on credit at some future point.
One of his programs — called “income-driven repayment” but nicknamed “Obama student loan forgiveness” — allows borrowers to not make payments when their income falls below a specific threshold, then caps payments as a percentage of total family income. Any debt left over at the end of 25 years is forgiven
And yes, it can be forgiven in bankruptcy for many. Don’t believe what the media tells us.
It’s a Default but they still owe the money so it’s not like a default. A default is usually when you are able to ignore it. The government will stay on you as long as you owe the money or until you negotiate a discharge.
Yes, owebama is/was a disaster. Probably his plan all along.
Debt cannot be transferred to other people after you die. When you die, your assets are used to satisfy your debts. If you have more debt than assets, then the debt disappears. You cannot make other people liable for someone else’s debt.
They already do the latter. If you are defaulted on federal student loans, they will take any federal refund.
Last night one of our own Freepers posted this picture after taking a long time to make it himself. He wondered how long it would be before someone would crop out the frame that had his name on it.
Not even twelve hours and it has already gotten around the Internet and the frame is gone.
You forgot the wad of jizz on his face.
Those are actually G W Bush phones, happened before Obama.
I actually posted this picture yesterday afternoon straight from google.
If the freeper gets his gig to me with his name, I will post it.
Yuck. I had not noticed that!
Seriously, explain again why people who do not send their children to college should be working to subsidize and actually pay for those who do?
Or our last one in college finished over 25 years, ago thanks to our line of credit.
My guess both Obama and the Tranny he is married to are both used to that.
Yep. I get the distinction you are making. But, it seems to me that most loans from financial institutions are secured with the value of the asset you are purchasing. When you default on a normal loan, you no longer have to make payments because the financial institution takes possession of the asset (house, car, etc.) and sells it to try to recoup the loan amount. The difference is that student loans are unsecured so there is no asset for the government to grab other than the borrower's future cash flows. That's why death and/or disablement are the only reasons these loans are discharged (usually).
That is absolutely breathtaking. The student loan program really just became another form of welfare.
More to the point, it became a new form of welfare fraud.
Many of the loans were written to “students” attending sham job training programs and fraudulent diploma mills.
The underground economy has a constant ear to the ground when it comes to figuring out where the free money is coming from and under Obama’s the word on the street was student loans were the new big scam and the gov was giving the peeps student loans and nobody would ever have to pay the loans back.
We created an Obama generation of functionally illiterate beauty school drop outs with 20K + in outstanding student loan debt.
That was for the semi legit scams.
In many, the schools were completely fraudulent shells created as a pretext to obtain loans. the “Schools” took their cut and let the students pocket the rest with neither party looking to get an eduction.
There is simply no way our existing legitimate (and fully utilized from a loan perspective) University and Trade School system could have absorbed a ten fold increase in student loans from $159 million to $1.1 trillion in less than 8 years.
Much of the increase is related to Obama Administration fraud which they have been hiding from the public.
What didn't turn into another form of welfare under Obama?!
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