Grieving parents taking on student loan debt

[Apple Of Sodom]

http://money.cnn.com/2014/07/28/pf/parents-student-loans/index.html?hpt=hp_t2

Man's daughter dies of liver failure at age 27. She was in nursing school and had $100K in student loans that he co-signed for. Now he has to pay.

Another student was murdered and had $40K in student loan debt that his parents co-signed for. While they were able to get 150,000 people to sign a petition to have the lender forgive debt the lender didn't. (duh)

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Why the fuck would you think this should all be forgiven? And who goes $100K in debt to get a fucking NURSING degree. Most nurses have an associates, btw. Some go for a bachelors degree, sure. But it is sufficient to have two years of schooling to become a nurse.

As for the people who got 150,000 signatures: if everyone who signed the petition would have given them a measly quarter then they would have nearly been able to pay the debt off.

I know it tugs at the heart strings but I sure am sick and tired of people making poor decisions and then crying about it later on. Here is an idea: if you want to lend students money at zero or low interest and allow forgiveness then why not start your own lending company?

 

[shortylickens]

its not just students and parents making bad decisions, its homebuyers and investors. They all want the government to help them out.

Donald Trump abused the bankruptcy laws so much the fed actually had to change them.

Nobody wants to be accountable anymore. All reward and no risk.
And the worst part is the government encourages this behavior.

At least students have an excuse, they were young and didnt know any better, also everyone keeps telling them they need college.

 

[jhbball]

http://money.cnn.com/2014/07/28/pf/parents-student-loans/index.html?hpt=hp_t2

Man's daughter dies of liver failure at age 27. She was in nursing school and had $100K in student loans that he co-signed for. Now he has to pay.

Another student was murdered and had $40K in student loan debt that his parents co-signed for. While they were able to get 150,000 people to sign a petition to have the lender forgive debt the lender didn't. (duh)

-----

Why the fuck would you think this should all be forgiven? And who goes $100K in debt to get a fucking NURSING degree. Most nurses have an associates, btw. Some go for a bachelors degree, sure. But it is sufficient to have two years of schooling to become a nurse.

As for the people who got 150,000 signatures: if everyone who signed the petition would have given them a measly quarter then they would have nearly been able to pay the debt off.

I know it tugs at the heart strings but I sure am sick and tired of people making poor decisions and then crying about it later on. Here is an idea: if you want to lend students money at zero or low interest and allow forgiveness then why not start your own lending company?

Edited for harshness, my apologies.

 

[Darwin333]

http://money.cnn.com/2014/07/28/pf/parents-student-loans/index.html?hpt=hp_t2

Man's daughter dies of liver failure at age 27. She was in nursing school and had $100K in student loans that he co-signed for. Now he has to pay.

Another student was murdered and had $40K in student loan debt that his parents co-signed for. While they were able to get 150,000 people to sign a petition to have the lender forgive debt the lender didn't. (duh)

-----

Why the fuck would you think this should all be forgiven? And who goes $100K in debt to get a fucking NURSING degree. Most nurses have an associates, btw. Some go for a bachelors degree, sure. But it is sufficient to have two years of schooling to become a nurse.

As for the people who got 150,000 signatures: if everyone who signed the petition would have given them a measly quarter then they would have nearly been able to pay the debt off.

I know it tugs at the heart strings but I sure am sick and tired of people making poor decisions and then crying about it later on. Here is an idea: if you want to lend students money at zero or low interest and allow forgiveness then why not start your own lending company?

Here's an idea, treat student loan exactly like any other type of debt.

 

[nageov3t]

obviously a shitty situation, but he cosigned on the loans and she attended school on that loaned money.

moral of the story: don't cosign on loans you aren't prepared to repay yourself.

 

[nehalem256]

Why the fuck would you think this should all be forgiven? And who goes $100K in debt to get a fucking NURSING degree.

He and his wife Darnelle immediately took in Lisa's three children -- ages 4, 7 and 9 at the time

Someone with 3 children. Who apparently don't have fathers.

 

[PokerGuy]

I sympathize with the family, losing a daughter so young, and then getting saddled with huge debt that can't be discharged..... When you co-sign for a loan, you have to always remember that things can happen that will make you responsible for repayment of that loan. If you're not comfortable with that possibility, then you shouldn't co-sign for the loan. In this particular situation, a life insurance policy for the balance of the student loan would have been a very prudent idea.

 

[Apple Of Sodom]

Here's hoping something awful happens TO YOU.

That is really mature. I appreciate your point of view. This open discussion and your valid points have helped me deepen my understanding and broaden my view of the world. I feel like I should co-sign a loan for you to show how truly appreciative I am of this knowledge you have imparted.

 

[nageov3t]

Here's an idea, treat student loan exactly like any other type of debt.

I'd assume the situation would be the same if we were talking about a cosigned car loan or what have you... only real difference is that while the dad could sell the car to pay off the loan or sell a house to pay off the mortgage, the education has already been used and consumed.

 

[dphantom]

Here's hoping something awful happens TO YOU.

Why would you say such a terrible thing? Those parents were cosigners so are obligated to repay. It is a sad, terrible time of their life losing a child, but that does not absolve them of their responsibility.

 

[nehalem256]

I sympathize with the family, losing a daughter so young, and then getting saddled with huge debt that can't be discharged..... When you co-sign for a loan, you have to always remember that things can happen that will make you responsible for repayment of that loan. If you're not comfortable with that possibility, then you shouldn't co-sign for the loan. In this particular situation, a life insurance policy for the balance of the student loan would have been a very prudent idea.

Having a life insurance policy when you have 3 dependent, apparently fatherless children, would seem to be an excellent idea.

 

[Texashiker]

Man's daughter dies of liver failure at age 27. She was in nursing school and had $100K in student loans that he co-signed for. Now he has to pay.

Another student was murdered and had $40K in student loan debt that his parents co-signed for. While they were able to get 150,000 people to sign a petition to have the lender forgive debt the lender didn't. (duh)

Next time take out a life insurance policy on the loan.

 

[Apple Of Sodom]

Here's an idea, treat student loan exactly like any other type of debt.

Most students can't get into that much debt as the lenders limit their liability by limiting the debt. A few grand on a credit card, or a loan on a vehicle that can then be repossessed. The problem is that student loans can run into 6 figures (separate issue altogether) and you can't simply take the knowledge back. What would stop a student from getting a loan, living off of it for 4 years while going to school, then claiming bankruptcy? Sure, their credit will suck for a few years but at least they have a solid education and before they even approach 30 life will be good with no debt and an advanced degree.

Will you loan me money? I reserve the right to not pay it back though.

 

[PokerGuy]

Here's an idea, treat student loan exactly like any other type of debt.

That's not feasible. If you do that, then no institution is going to lend vast amounts of money to students with very little in assets and few (if any) guarantees of actually getting that money back. Not to mention, how would you stop a student, having just graduated and not yet having any real assets and no real job (yet) from simply discharging their student loan debt in bankruptcy? Every student would be smart to do that -- rack up $150k in student loans, get a good education, discharge in bankruptcy, wait 5-7 years and voila, you have good credit again and no debt and an education.

 

[MrPickins]

obviously a shitty situation, but he cosigned on the loans and she attended school on that loaned money.

moral of the story: don't cosign on loans you aren't prepared to repay yourself.

Pretty much this.

It sucks, but that's life.

 

[Newell Steamer]

Let me guess, if this money is NOT paid off, then the bank will pass the cost onto you and you can't herp-a-derp, unless hur dur dur and the herp-a-derp hur dur durs.

Get over it.

If you aren't raging over banks taking what they damn well please from tax coffers and companies who make profits reaping in subsidies, then you shouldn't be raging at all. Well, you can,.. but, you sound like someone just hating for the sake of hating.

Since being responsible for one's finances is SO important and vital to you, go after the big fish and the big money. Leave these grieving people alone - I promise, they won't be kicking down your door, ever, to recoup the money they stiffed poor lender on.

 

[Texashiker]

Nobody wants to be accountable anymore. All reward and no risk.
And the worst part is the government encourages this behavior.

Welcome to liberalism.

 

[Apple Of Sodom]

Next time take out a life insurance policy on the loan.

That seems like it should be a requirement. I have a term policy for a couple million dollars and it costs me about $2k/year. Requiring loans over $20K (or some arbitrarily 'low' number) to be secured with life insurance would be a great idea. Just wrap the cost up in the loan itself.

 

[dphantom]

a $100k 10 year term life policy on a healthy 27 year old woman would run about $11/mo.

 

[Dude111]

its not just students and parents making bad decisions, its homebuyers and investors. They all want the government to help them out.

Ya and then they fuck them over!!!!!

 

[Apple Of Sodom]

Let me guess, if this money is NOT paid off, then the bank will pass the cost onto you and you can't herp-a-derp, unless hur dur dur and the herp-a-derp hur dur durs.

Get over it.

If you aren't raging over banks taking what they damn well please from tax coffers and companies who make profits reaping in subsidies, then you shouldn't be raging at all. Well, you can,.. but, you sound like someone just hating for the sake of hating.

Since being responsible for one's finances is SO important and vital to you, go after the big fish and the big money. Leave these grieving people alone - I promise, they won't be kicking down your door, ever, to recoup the money they stiffed poor lender on.

Why don't you open your own lending institution then?

Again, it is really easy to pray for forgiveness when it isn't your money. Why don't you lend me a few thousand bucks? I get to pay it back if I feel like it. If anything bad* happens to me then I don't have to.

*Bad is subjective and can mean anything from death in the family to my theater receiver going out and needing replaced.

 

[Apple Of Sodom]

I still don't know why a responsible father would sign for the loan and then let it grow to $100K for a nursing degree? I am guessing she was using student loans to pay living expenses too. Rent, food, diapers, etc. Again, not my fucking problem. It is sad she died but she was also 27 years old and knew a lot better than to do what she was doing.

 

[nageov3t]

it's not like they're going after her infant kids to collect the money or something... the dad cosigned the loan and legally agreed to be equally responsible for the debt.

if he hadn't cosigned, the bank would have to write this off.

 

[PokerGuy]

That seems like it should be a requirement. I have a term policy for a couple million dollars and it costs me about $2k/year. Requiring loans over $20K (or some arbitrarily 'low' number) to be secured with life insurance would be a great idea. Just wrap the cost up in the loan itself.

Yep, such insurance should be a requirement on non-dischargable loans.

 

[PokerGuy]

it's not like they're going after her infant kids to collect the money or something... the dad cosigned the loan and legally agreed to be equally responsible for the debt.

if he hadn't cosigned, the bank would have to write this off.

Exactly. While I have sympathy for the family, I don't see how this is the fault of anyone else, and I don't see why the lender should be required to just eat a $200k loss.