MoveOn.Org Calls For The Wiping Of Student Load Debt

[Darwin333]

Indeed...








Just another little child who has no problem spending other people's money, as was already pointed out.

LMAO! That has to hurt...

 

[TridenT]

Indeed...








Just another little child who has no problem spending other people's money, as was already pointed out.

lol, that was my mini-inheritance actually.

And besides, when I hit 6 figures... I don't really need to save for most things at that rate. When you're under 5 figures a year, saving for anything is pretty crucial.

Currently I live on less than $900/month in a city... and in a certain region known for gouging college students on everything. (Rent, food, whatever) But that money is not from the parents. So, when you're at <$900/month, you don't really get to buy anything except food. So, when parents come into a lot of money, I'd like some because I know I could use it better than they could.

And that laptop has been of some considerable help considering most of my homework is done online. X_X And there are no available computers where I go to do that homework. (Study centers and places the free tutors are)

 

[Darwin333]

What reform would that be? Price controls? Means testing to determine which school you can attend? Wage controls (which is the main driving factor of school costs)? hmmmm....

I have an idea: Don't attend a f'in college you can't afford and stop getting stupid-ass liberal arts degrees that cost $100K but have a return on investment of a $30K/year salary!

Simple. Make student loans similar to every other loan product in the country.

Done.

 

[Engineer]

lol, that was my mini-inheritance actually.

And besides, when I hit 6 figures... I don't really need to save for most things at that rate. When you're under 5 figures a year, saving for anything is pretty crucial.

Currently I live on less than $900/month in a city... and in a certain region known for gouging college students on everything. (Rent, food, whatever) But that money is not from the parents. So, when you're at <$900/month, you don't really get to buy anything except food. So, when parents come into a lot of money, I'd like some because I know I could use it better than they could.

And that laptop has been of some considerable help considering most of my homework is done online. X_X And there are no available computers where I go to do that homework. (Study centers and places the free tutors are)

I can give you $5.00 if you would like to buy a clue because currently, you don't have one.

 

[TridenT]

I can give you $5.00 if you would like to buy a clue because currently, you don't have one.

You'll give me $5.00 and a clue? SOUNDS LIKE A GOVERNMENT HANDOUT YA DAMN COMMIE.

 

[Darwin333]

Just force tuition rates down.

Too many overpaid administrators and Professors.

Dont release people from student loans. Make them pay the money back with low interest. If they dont pay at all then increase the interest on the debt. We need to teach deadbeats they have no place in society. If the banks and government are losing monty on the student loans then the school should have to lose money on the loan also. If the school is taking on all the benefits from the loan, then make the schools also accept some of the risk.

Should a RE agent or homebuilder have to accept losses if the purchaser defaults? Should Best Buy have to give BoA money back because part of the defaulted debt was spent on a new home theater system?

Or should we remove bankruptcy altogether and have a society full of indentured servants?

PS A person who makes a mistake or gets into a bad situation that could easily be well beyond his control or foresight isn't automatically a "deadbeat".

 

[Engineer]

You'll give me $5.00 and a clue? SOUNDS LIKE A GOVERNMENT HANDOUT YA DAMN COMMIE.

LOL. You can't read a small sentence and you're telling us that you'll be making over 100K per year? Again, you don't have a fucking clue....and everyone on AT knows it.

 

[Darwin333]

You'll give me $5.00 and a clue? SOUNDS LIKE A GOVERNMENT HANDOUT YA DAMN COMMIE.

The .gov generally won't give you a clue.

 

[MotF Bane]

How are you so sure that you will reach six figures, Trident?

 

[Engineer]

How are you so sure that you will reach six figures, Trident?

Mommy and daddy leaving it for him in the will?

 

[Slew Foot]

Have a look here. http://www.sfgate.com/cgi-bin/news/casalary/uc?Submit=Page&agency=UC&otmax=&o=0&term=&sort=&ord= There are no full professors under 120K. I've been around a lot not to mention it's public info. Look up Ronald Busuttil [rofessor @ UCLA he makes over 2M a year.

All physicians in the UC Health Care system are paid entirely based on their clinical work or research grants. Tuition money does NOT go toward the health care system. I used to work at UC Davis, I know.

 

[TridenT]

LOL. You can't read a small sentence and you're telling us that you'll be making over 100K per year? Again, you don't have a fucking clue....and everyone on AT knows it.

Read your own sentence, nub. You're the one who fucked themselves on it.

 

[Engineer]

Read your own sentence, nub. You're the one who fucked themselves on it.

Again, you EXPECT to be making 6 figures? Maybe counting two places past the decimal. You don't have a damn clue and based on your "progress" throughout your stay here at AT, I doubt you'll ever get one either. Go back to ATOT junior.

Oh, I forgot...they hate you there too. As a colleague once said..."What a waste!".

 

[Generator]

Abolish all the trumped up debt from these bubbles or suffer a endless depression for decades to come.

 

[DucatiMonster696]

Abolish all the trumped up debt from these bubbles or suffer a endless depression for decades to come.

So you want to undermine our fiat system which is completely based on the authority of the US government (and its citizens) ability to pay its bills?

We could instead try move to a saner style of economic policy (i.e. not the Keynesian style of economics which ends up necessitating the need for massive government inflated bubbles) and a sound monetary policy that bases the value of our currency on something more tangible rather then our magic printing press.

I know that's crazy talk but hey lets not disturb or remove the system that the "Occupy" folks are blabbering about when they attack banks (which are important entities for both the Federal Reserve and our monetary policy).

 

[Generator]

The system has not only been undermined, but compromised. The rest of your tripe undermines yourself. Get your shit together man.

Abolish the debt or revel in your bunkers rubes.

 

[Darwin333]

If five of my neighbors were going to lose their home either we are really, reall fvcked or I live in the ghetto, in which case the houses are worth more like $25k to begin with.

It's near the point where it's impossible not to argue that college costs are a bubble and will pop and refactor the dynamics of the market, which will benefit kids, but with student debt now officially more than credit card debt in the US, who's going to pay for that? And it wouldn't change a damn thing anyway, since the next batch of kids would come out with the same debt, if not more since now the colleges will just jack tuition up and kids will happily pay with the sense that the debt will likely be wiped anyway. It's incredibly short-sighted and solves nothing but the problem for the immediate holders of debt who exist this very moment.

Why forgive the debt? I know my idea is a rather complicated one, probably requiring one of those $100K+ college degrees to comprehend, but I don't see how simply making it the same as ALL OTHER FORMS OF DEBT would result in what you posted.

Or perhaps we should just go in the other direction and give everyone in the US a Fed guaranteed $250K line of credit to spend on whatever they please that has the same rules as college debt. Of course the banks would have to handle it so they would get the guaranteed (by the Feds) profit, huge boost in consumer spending, and a country of indentured servants. If the economy starts to slide again just increase the "national credit limit". Hell, why even wait till 18, lets get em started at 16 or so because we know that they will contribute to our consumer driven economy very quickly if given the opportunity. What could possibly go wrong?

 

[Darwin333]

Mommy and daddy leaving it for him in the will?

Sounds like he is trying to burn it all before they have the opportunity to.

 

[the DRIZZLE]

Why forgive the debt? I know my idea is a rather complicated one, probably requiring one of those $100K+ college degrees to comprehend, but I don't see how simply making it the same as ALL OTHER FORMS OF DEBT would result in what you posted.

Or perhaps we should just go in the other direction and give everyone in the US a Fed guaranteed $250K line of credit to spend on whatever they please that has the same rules as college debt. Of course the banks would have to handle it so they would get the guaranteed (by the Feds) profit, huge boost in consumer spending, and a country of indentured servants. If the economy starts to slide again just increase the "national credit limit". Hell, why even wait till 18, lets get em started at 16 or so because we know that they will contribute to our consumer driven economy very quickly if given the opportunity. What could possibly go wrong?

I think we should make it easier to discharge student loans in bankruptcy but not as easy as regular debt. Student loans are fundamentally different and should be treated as such. Do you think every single college grad who doesn't have a job should be able to declare bankruptcy? That's moving the system too far in the other direction and would cause a complete market failure in student loans.

 

[DucatiMonster696]

The system has not only been undermined, but compromised. The rest of your tripe undermines yourself. Get your shit together man.

Abolish the debt or revel in your bunkers rubes.

So what is your alternative other then allowing people to wantonly take out loans and not pay them back at all?

Let me guess you are gonna vote for "Hope and Change" right? That'll fix it. LOL

 

[DucatiMonster696]

double-post

 

[ElFenix]

If you take them out, you pay for them. I do agree with many that if you cannot afford to pay your bills and have to file bankruptcy, I don't see a reason that these should not be restructured or discharged (as long as your credit history gets the 7 year ding that it deserves for filing bankruptcy).

used to be they were discharged in bankruptcy. then the doctors started abusing it, racking up huge debt in med school and seeking discharges immediately afterward. bye bye dischargability. non discharability also contributes to lower interest rates. try to find a personal loan with mid single digit interest rates. you can't.

your credit history gets a forever ding with bankruptcy. there is a box on every credit app ever asking if you've had a bankruptcy.

Why forgive the debt? I know my idea is a rather complicated one, probably requiring one of those $100K+ college degrees to comprehend, but I don't see how simply making it the same as ALL OTHER FORMS OF DEBT would result in what you posted.

there's a list of things that aren't dischargable, so, no, it's not ALL OTHER FORMS OF DEBT.

Nice for you to volunteer others money for this....very nice.

grades 1-12 are paid for with other people's money, why not 13th?

 

[Patranus]

grades 1-12 are paid for with other people's money, why not 13th?

Watch 'Waiting For Superman' and get back to me.

 

[lothar]

This is one huge reason why they stopped them from being dischargable in BK. Many doctors and lawyers were going BK just after graduating.

The problem now is that it's an asymmetrical situation which has caused risk spreads for that debt to flatten while the risk equation has stayed the same. In any normal situation the higher the risk, the higher the rate. However, if you remove risk (dischargeability with .gov backing) you get rid of most of the risk. This has made borrowing cheap and lending even cheaper. It's a money machine for the lenders. That's why they shove as much money at the students as possible. This is one huge reason why you see tuition going up, more cash flooding into the institutions results in inflation.

I woud say that you allow dischargeability but only after 10 years and even then only for a portion, depending on your future ability to repay while your credit score gets utterly fucked for another 10 years. That way high-end professions will have to repay for 1/3 of the loan term, then only be able to discharge a portion, if any, then they can't even touch a house or a car for another 10 years.

I came out of grad school with ~70k in loans, my wife another 50k. I am repaying every fucking penny of them because *I* signed on the dotted line. *I* took out the debt. *I* went to school and knew how much money it was costing. I However, if I could't pay the loans, at all, even if I were working 3 jobs, then I might seek to get relief.

What's ridiculous is coming out of undergrad with 40k in student loans with an art history major. No underwriter should approve of that loan.

I wish that was still allowed. I would have discharged mine immediately upon graduation before doing my residency.
By the time one does their residency and fellowship, they would be earning close to $400k/yr and the loan would have completely been discharged from their record after 7 years. One should be able to complete residency and fellowship within that 7 year period.

I would have just ran up the money and simply discharged my debt if that was still allowed. I would have even come in my white lab coat to demonstrate with the "Occupy Wall Street" people while wearing a Moveon.org T-shirt underneath.
The moment that is allowed again, I will have all my cousins currently studying(or thinking about it) medicine, dentistry, pharmacy, law, etc...do the same.

The feds don't want banks discriminating on federal student loans based on majors...It's illegal for banks to do that.
The feds won't do it themselves either because it creates a moral hazard and as you know when dealing with government, there are are a lot of politics involved(see: Affirmative Action for reference).
There will always be some stupid moron politician that will come out saying the government not providing a $100k loan to a speech/sociology/psychology/communication/journalism/film history/fine art history/medieval history/theater or a music major disproportionately affects minorities or females more than other groups.

The only way I see to solve this problem is if loan underwriting is left completely to bankers, and not the government subsidizing or guaranteeing anything at all.
Getting the government out of student loans will also drastically reduce tuition inflation.
Many colleges artificially inflate their "cost of attendance" to make the student eligible for the highest amount of loans possible.

 

[lothar]

i think the system is broken.

I think people as a whole would be better off without hyper inflated school degrees.

Its like with the housing thing. Everyone is like fuck those people they need to pay their home loans or get stuffed. Well when 5 of your neighbors all lose their homes and YOUR property values are now 250k in the hole who exactly is getting fucked?

Why would you care about property values of your neighbors if you only bought your house to live in and not to participate in the condo flipping market ponzo schemes, or taking out more loan/equity than you can afford?

Whether our property market value drops to $200k or increases to $10 million, we don't care because this house won't be sold.
Go talk to Buffett, he's owned and lived in the same exact house since the early 1950's.