Student loan write-offs hit $3 Billion in Jan& Feb

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Don't you get it? The system is set up by politicians to be gamed. Just like the housing disaster, its set up to load benefits to ones who will never be able to pay, so in turn the Taxpayers get hung out to dry.

Indoctrination into the deadbeat nation the USA has become.
 
Until people realize loans are the problem this will continue. Easy abundant loans fuel education inflation. Universities raise their prices because they know loans are freely available. Raise fees students just get a bigger loan. Loans are the problem.
 
Originally Posted By: itguy08
I thought you were always on the hook for student loan debt...


x2 . my understanding was that you have to pay these loans back,no matter what.
 
Originally Posted By: rshaw125
Until people realize loans are the problem this will continue. Easy abundant loans fuel education inflation. Universities raise their prices because they know loans are freely available. Raise fees students just get a bigger loan. Loans are the problem.

bingo. Pumping in dollars to increase demand results in higher prices from the providers. It's economics 101.
 
Originally Posted By: matrass
Originally Posted By: itguy08
I thought you were always on the hook for student loan debt...


x2 . my understanding was that you have to pay these loans back,no matter what.


You do. Student loans are essentially the only loans that stick with you regardless of situation, even bankruptcy.

I cannot express how thankful I am that I have a job lined up already for after graduation. I was freaking out for quite a while thinking about it.
 
yeah, but everyone deserves to go to college to get a good paying job! lots of folks never worked in college and lived off of student loans and a huge amount of debt. I worked almost 30 hours a week and took 15-18 hrs a semester. my grades suffered but I graduated debt free.
 
God bless my scholarship..Loans for getting a BA in Art History or Fashion...Let see you pay them back when you make only $26K per year... My Generation has no concept of what is happing...ROOKIES! I hear "well my parents made me go to school or I have to get a job" All the time. Here is some thought, Try going to school for something worthwhile AND working 35+ hours a week. It wont kill ya..
 
since if you don't pay your house or car, you lose your house or car. if you don't pay your student loan back, you lose your college degree and can't get a job in your major until the loan is paid back?
 
I love it! It's perfectly acceptable for baby boomers and generation X to grow massive credit card debt, get a huge home equity line of credit, default on their mortgage but the kids these days... good god.

How much do you think mortgage write offs were in Jan and Feb? 12 billion is nothing. At least these people were trying to better their lives. Maybe they failed, but it was a noble cause at least. It's not like they mortgaged to the hilt so they could have a extra bedroom to craft in, or a boat to neglect, or an SUV that gets 11 miles a gallon.
 
Can I write mine off? I'd OWN a house outright if I didn't have them. Just a thought haha.

VERY thankful for my great job. Just wish Student loans didn't take of 1/4 of my income.

Originally Posted By: Cutehumor
since if you don't pay your house or car, you lose your house or car. if you don't pay your student loan back, you lose your college degree and can't get a job in your major until the loan is paid back?


No. Your credit will suffer, but you can use that degree to get a good job (as long as part of their hiring process doesn't involve a credit check)
 
under certain senarios they will write off your student loan, but then IRS will come after you as that amt will be deemed as income.
 
Originally Posted By: rshaw125
Until people realize loans are the problem this will continue. Easy abundant loans fuel education inflation. Universities raise their prices because they know loans are freely available. Raise fees students just get a bigger loan. Loans are the problem.



Exactly correct...
Anything the government gets involved with becomes more expensive....
 
My oldest daughter graduates with a B of S Finance degree in 6 weeks. She has had about 10 interviews and 2 decent offers. she took one last Friday. She will start at about $50k as an auditor trainee with a Fortune 500 company. They will pay for her Masters degree as well.
happy2.gif


I have paid her entire tuition bill. So, she will start out with zero debt and a paid off 2009 Civic. she used to just roll her eyes when I would tell her how many of her friends would be strapped at graduation...last week she sent me a note thanking me and telling me how she now knows how fortunate she is. Her boyfriend has $100k in loan debt and he isn't even done yet.

The whole ride cost about $121,000
 
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Originally Posted By: rshaw125
Until people realize loans are the problem this will continue. Easy abundant loans fuel education inflation. Universities raise their prices because they know loans are freely available. Raise fees students just get a bigger loan. Loans are the problem.


If colleges think so highly of themselves why not invest their own endowments in student loans, or each other? Harvard's sitting on $30 billion!

Go to any nonprofit college and you'll find floors if not entire buildings full of administration like the 2nd Associate Assistant Secretary to the Dean of Casually Updating Facebook Statuses. Meanwhile adjunct professors making peanuts teach the actual students.
 
Originally Posted By: Doog
My oldest daughter graduates with a B of S Finance degree in 6 weeks. She has had about 10 interviews and 2 decent offers. she took one last Friday. She will start at about $50k as an auditor trainee with a Fortune 500 company. They will pay for her Masters degree as well.
happy2.gif


I have paid her entire tuition bill. So, she will start out with zero debt and a paid off 2009 Civic. she used to just roll her eyes when I would tell her how many of her friends would be strapped at graduation...last week she sent me a note thanking me and telling me how she now knows how fortunate she is. Her boyfriend has $100k in loan debt and he isn't even done yet.

The whole ride cost about $121,000


she gonna marry the boyfriend? that 100k boyfriend student debt will be hers when they get married!
 
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