The first pebble in the student loan default landslide

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  • natdscott

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    ...wondered how long that would take.

    The ramifications of that, if upheld in the Supreme Court, will be.. um. “Extensive”

    Without that protection, and the backing of the government, student loans would be 50% APR...or just nonexistent.

    Being that a lot of colleges are not affordable WITHOUT some loans, except by the most uppercrustest types..

    I think you see where I’m going with that.
     

    churchmouse

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    Many of these over priced socialists mills will fold under their own weight. If the snowflakes can not get grants/loans they will have to stay in moms basement.
     

    KokomoDave

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    Maybe the snowflakes ought to join the service before they melt in mommy's basement?

    Both of my kids forged into this world working whatever jobs they could meek out a living and have prospered well. Nothing wrong with skilled trades and apprenticeships!!
     

    femurphy77

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    Maybe the snowflakes ought to join the service before they melt in mommy's basement?

    Both of my kids forged into this world working whatever jobs they could meek out a living and have prospered well. Nothing wrong with skilled trades and apprenticeships!!

    But, but, but. . . . . . .You're telling us that you're OK with not supporting the for profit "education" scheme?


    It's a shame more people haven't figured it out. We just read a briefing talking about the lack of skilled craftsmen in this country and it's truly sad.

    Of course most of the #metoo crowd and their ilk have to call AAA if they get a flat so I guess it's expected.
     

    Haven

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    It is possible to get a degree without going into debt and not being well to do. I didn't get my degree till I was 35, which was around 10 years ago. I got it because where I worked was willing to pay for it, as long as I got the grades to justify it.

    So while rare, it is possible.
     

    churchmouse

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    It is possible to get a degree without going into debt and not being well to do. I didn't get my degree till I was 35, which was around 10 years ago. I got it because where I worked was willing to pay for it, as long as I got the grades to justify it.

    So while rare, it is possible.

    There are so many other avenues out there that bypass the huge money sucking liberal indoctrination centers.
     

    DoggyDaddy

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    This gets reversed on appeal. The law is clear.

    From the article: "In his bankruptcy filing, Rosenberg said that he was earning so little, and owed so much, that he was left with negative income of $1,500 a month."

    Sounds like he should have studied a little harder in school, or maybe adjusted his standard of living if he can't manage to make more than a negative $1500 a month as a lawyer.
     

    dudley0

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    It is possible to get a degree without going into debt and not being well to do.

    Both of my kids have four year degrees. Both of my kids have zero debt. Scholarships and grants helped the most.

    A lot of the people that I meet who have college debt lived off the money. I had some who would pay rent with the money. Sometimes people are stupid. I know a teacher who will have most, if not all, of her college debt forgiven because of the school she teaches at. She doesn't like being there, but she is making money and in X amount of time she will be debt free from putting up with it.

    Doesn't seem right to me.
     

    04FXSTS

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    It can be done, my wife did it. She attended a four year nursing program and in 2003 walked out of there with her R.N. with B.S. degree and NO debt. She had qualified for a couple grants, not a lot but they helped. Mainly she worked and had a job where she could adjust her hours as needed. I had a good paying job as a toolmaker so that certainly helped. Point being it can be done, hard work on her part and a supportive husband made it possible. This is also when I wanted a new Harley but it got postponed until she was out of school and working.
    A few wears later she went back and got a Masters degree and we did it just the same as before and no debt. I am 73 years old so I remember when people got out of high school and worked their way through college. Our son has an engineering degree and guess what he also did it himself. Jim.
     

    churchmouse

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    It can be done, my wife did it. She attended a four year nursing program and in 2003 walked out of there with her R.N. with B.S. degree and NO debt. She had qualified for a couple grants, not a lot but they helped. Mainly she worked and had a job where she could adjust her hours as needed. I had a good paying job as a toolmaker so that certainly helped. Point being it can be done, hard work on her part and a supportive husband made it possible. This is also when I wanted a new Harley but it got postponed until she was out of school and working.
    A few wears later she went back and got a Masters degree and we did it just the same as before and no debt. I am 73 years old so I remember when people got out of high school and worked their way through college. Our son has an engineering degree and guess what he also did it himself. Jim.

    And you just described the problem in a back side way.
    Kids today do not want to struggle. Not all young people of course but the majority are soft and lack the go-get-em mentality we were all raised with.
    The get the loans and see an easy way through the party. Then when the degree is given nd zero jobs come along and the debt becomes apparent they freak out.
    Screw forgiving these debts. Life is hard. It is even harder if you are a dim-wit.
     

    rem788

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    Apparently no one can do math anymore. I was recruited by an expensive private school. We did the math and determined it would be too expensive so I went to a less expensive state college. Worked three years full time while attending classes, had some help from parents, graduated debt free. The colleges should be held accountable for not doing the math when recruiting these math challenged students. Example: student wants liberal arts degree, say they are going to go to school on student loans, school recruiter does the math and shows student they will not be able to pay loans off while paying for necessities and then recommends different career choice or different school. I know, this will never happen because then hardly anyone would go to the expensive private schools.
     

    churchmouse

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    Apparently no one can do math anymore. I was recruited by an expensive private school. We did the math and determined it would be too expensive so I went to a less expensive state college. Worked three years full time while attending classes, had some help from parents, graduated debt free. The colleges should be held accountable for not doing the math when recruiting these math challenged students. Example: student wants liberal arts degree, say they are going to go to school on student loans, school recruiter does the math and shows student they will not be able to pay loans off while paying for necessities and then recommends different career choice or different school. I know, this will never happen because then hardly anyone would go to the expensive private schools.

    Recruiters are like loan officers in a lending institution. They give 2 craps as to what if only how much is in it for them. Period.
    If you fail on your end to do the research you get hosed from their end.
     

    HoughMade

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    I had no undergrad debt and a very manageable law school debt that I could easily pay on a beginning lawyer’s income. I had friends who owed $100,000 BEFORE law school. Dumb.

    But the law is clear that student loans are non dischargeable. Some judge can’t just decide that a guy has it really, really bad and change the statute on his own. This decision will not stand.
     

    Tactically Fat

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    I know a married couple who has, over the last 10-15 years or so, worked hard to pay off around $450-500k in student loan debt. And they could have done so MUCH earlier had they really buckled down and done it (but I digress).

    But their post-schooling career choices afforded them jobs (both literally and figuratively) with quite high income earning potential.

    I personally think that financial literacy courses should be mandatory before a lender will lend for student loans. ESPECIALLY if it's a government-backed lender.

    As for me, I also chose an inexpensive State school for my post-secondary education. At the time, it was the cheapest State school in Indiana. I think it still is - even though it's at least 50% higher now than it was when I entered it in 1996. Know what else? I knew early on that if I wanted to go to college, I was going to have to do my part financially. That meant keeping my grades up to a point where I could earn scholarships. And earn scholarships I did. 1/2 Tuition from the University plus half a dozen or so private scholarships. I believe that I took out an insurance loan my first year, and I think I needed to again for my last year.

    I worked Christmas break of my Freshman year at Kroger. I worked the summer break after my Fresh year at Shades State Park. I worked the following summer at Pace Dairy. I then applied for and was selected to be a Resident Assistant - which paid for my on-campus housing for the 6 semesters I was an RA. Semesters 3-6 we also earned a stipend in addition to housing costs. I also secured an off-campus part-time job during semesters 3-6. I also worked for the Housing Department for 2 consecutive summers. Those summers, I'd work for the housing department during the day and then my other PT job in the evenings and weekends.

    Long story to say: I worked to pay for my share of my schooling. A lot. And not really even manual labor. (And my mom and my dad helped out, too - as their divorce decree declared).

    All said and done, 5 years at a State school + 5 years in on-campus housing = around $10-12k in student loan debt no CC debt. At the time, that was a tick less than half the average student loan debt. I was fortunate enough to get a low-paying Government job not long after graduation. It paid for my apartment, food, entertainment, car costs, and paying off my loans within 2 years.

    I'm under no illusions that an incoming collegiate freshman can follow the same formula and only owe $10-12k, but I do definitely think that the general game plan that worked for me can definitely also work for others and leave them in WAY way better shape upon matriculating than the vast majority.
     
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