Dieffenbacher, who works in collections for a property management company
Posted on 03/31/2015 6:35:55 AM PDT by E. Pluribus Unum
I’m not sure if bankruptcy can wipe out student loan debts, but if it can then that’s the legal way for these people to go. Otherwise the lender should sue the crap out of them. The lender wasn’t the one who decided to go to a POS degree mill.
Not federal loans. You have to pay them.
I’m tired of these idiots who sign for loans and then pretend they didn’t.
$100,000 in college loan debt? That’s debt slavery. It shouldn’t be allowed. That doesn’t mean they shouldn’t pay up.
Agree. They're open for salary garnishment do you think?
As I understand it, the loans are through a bank, but guaranteed by the Federal gov’t. Personally, I think there should be some blowback to the banks for making loans to Donald Duck University (or whatever) in the first place. Why should we taxpayers subsidize a student who wants to get a Ph.D. in Saving the Loblolly Pine Tree? I’d like to see the banks eat 90% of the loan’s cost and the rest fall on us, but only for those students who have declared bankruptcy.
When you are that deep in the hole you have them by the shorthairs, not the other way ‘round. It’s the true behind-the-scenes story of Donald Trump.
This debt strike idea is going to catch on.
There's a lot more to this story than just a "repayment strike".
I worked as a GS in the Pentagon a few years ago and one of my side deals was to supervise over the janitor cleared for the work area (he had a clearance).
We were talking one day and he brought up his off-hours education deal. He was one of the dopes who’d bought off on the for-profit-education school in the DC area. He was going for a IT-certification and bought into the hype of $50,000-$60,000 career opportunities when he finished.
Well...the school had gone bankrupt the month prior. He was probably seventy-percent through their program. They weren’t coming back and he needed advice. I researched the whole thing...because he just didn’t have anyone to provide reasonable and ethical advice.
None of the classes he took were acceptable by any community college (Maryland, Virginia or DC). That was problem number one.
The college was permanently shut, but would allow a request via some lawyer for a print-out of your progress. I asked around for other-for-profit schools...if they’d take what he’d done. They all basically wanted him to start fresh and pay the full deal over.
Getting money back? Zero chance.
There might be one or two decent for-profit schools out there....but you really need to avoid all of them and stick with state community colleges. I felt sorry for the kid and it was obvious that he really was counting some type of advancement for the time and money wasted. Other than resume filler....there was nothing else he could do.
The problem here is you need real people giving advice and helping folks avoid the advertisements and sells gimmicks. These community organizers who ought to something positive for their communities...like leading kids away from rip-offs...instead are just frauds and do little to nothing for their community or the kids who do need help.
When the debt was private, you had to convince a lender to back you. Crappy students did not go to college. They did not get “scholarships”, they did not pass classes and get degrees.
Now employers cannot trust a degree, even from an accredited institution, loans are handed out like candy and two people with a quarter million in debt go on TV to complain that he cannot get a job with his MBA. Would you hire an MBA from a no name school with a quarter million debt?
The next government bailout...is going to be student debt...money from dwindling tax payer base to FEDGOV.
DK
Have fun in court.
Loan are to be paid back. If you dont on purpose, you have engaged in theft.
In the past, adults actually read these things before signing.
And I suppose banks actually used to have standards in loaning, and would never loan money to 99% of these people going to college.
That’s what eventually happens. Their refunds get garnished and then their wages. The problem is that they stay in forbearance so long that they become enormous. Then they start whining about how big the loan has become.
These for-profit schools are basically fantasy programs that help people avoid working. Very few people actually graduate. When someone says “I’m going back to school”, I hear “I’m avoiding dealing with my current debt by taking on more debt”.
Why would someone take out $110,000 in loans to get a degree that can be easily obtained at virtually any community college? Why did she drop out before obtaining her Bachelor's?
” That’s debt slavery.”
Slavery isn’t voluntary like a school loan
If you are NOT either interning or Co-Opping you are wasting your time.
There is an axiom to that and it is
If you cannot get an internship or Co-op position in your current course of studies from the college you are attending, you are Completely wasting your time and Money.
I am guessing your janitor attended this DC area for-profit school. It’s a wild story.
http://en.wikipedia.org/wiki/University_of_Northern_Virginia
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