Members Brother Mango Posted April 29, 2009 Members Share Posted April 29, 2009 Yeah {censored}ing Right!!! Try an renege on an education loan from the gov't and see how far you make it in life. A recent Wall Street Journal article about student loan defaults. There are fewer options for borrowers with private loans, which have soared in recent years as limits on federal borrowing failed to keep up with rising college costs. Students borrowed $19 billion in private loans in the 2007-2008 school year, six times the amount they borrowed a decade earlier, after factoring in inflation, according to the College Board, a New York-based nonprofit. In the past, it was relatively easy to get a forbearance on a private loan, says Ms. Loonin. The lenders "gave these loans to a lot of people that couldn't afford them," she says. "To mask the problem, they kept giving forbearances." But as more borrowers are running into trouble, lenders are becoming stricter, she says. Things like this have me thinking that we're romanticising our version of Capitalism (or Social Democracy) through a rearview mirror. How much longer can this last? On a national political level we've got to find a way to talk about student loans. It bears repeating: "gave these loans to a lot of people that couldn't afford them." Link to comment Share on other sites More sharing options...
Members Crescent Seven Posted April 29, 2009 Members Share Posted April 29, 2009 Things like this have me thinking that we're romanticising our version of Capitalism (or Social Democracy) through a rearview mirror. How much longer can this last?On a national political level we've got to find a way to talk about student loans. It bears repeating:"gave these loans to a lot of people that couldn't afford them." They also gave those loans to a lot of people that went to private "colleges" or "career institutes" that essentially ripped them off, because the graduates were not able to find jobs with their "degrees". I owe $12K for Ohio Center for Broadcasting, which, as it turns out, was nothing more than an intern farm for the broadcasting industry in Denver. There were no jobs in that field for graduates, they just grabbed another intern when your assignment ended. Biggest rip-off ever. If I thought for even one second that I could get away with walking away from that loan, I'd do it. $12K for some douchebag to show me how to use a sound board and run Cool Edit Pro. I tried to get a refund but they refused.C7 Link to comment Share on other sites More sharing options...
Members Brother Mango Posted April 29, 2009 Members Share Posted April 29, 2009 Yeah {censored}ing Right!!! Try an renege on an education loan from the gov't and see how far you make it in life. A person doesn't even have to renege. I wonder how many people are going to die without having fully paid the loans back or even 50% of the loans+interest. Last winter I was in a class with a doctor who's 50 years old and still has over $120K in student loans hanging over his head. I can point to at least 3 other people in a similar situation. A friend just turned 40. Has an MFA, spent a long period unemployed as a result of the 911 attack. He's recently been laid off again as part of company cutbacks. Roughly $100K in student loans. My examples may not be indicative of the overall situation. Maybe I happen to know the only people in this situation. Maybe. Link to comment Share on other sites More sharing options...
Members Brother Mango Posted April 29, 2009 Members Share Posted April 29, 2009 They also gave those loans to a lot of people that went to private "colleges" or "career institutes" that essentially ripped them off, because the graduates were not able to find jobs with their "degrees". I owe $12K for Ohio Center for Broadcasting, which, as it turns out, was nothing more than an intern farm for the broadcasting industry in Denver. There were no jobs in that field for graduates, they just grabbed another intern when your assignment ended. Biggest rip-off ever.If I thought for even one second that I could get away with walking away from that loan, I'd do it. $12K for some douchebag to show me how to use a sound board and run Cool Edit Pro. I tried to get a refund but they refused.C7 I hear ya', bro. I definitely hear ya'. Did that $12K include ridiculously expensive books from the school bookstore?? Link to comment Share on other sites More sharing options...
Members Crescent Seven Posted April 29, 2009 Members Share Posted April 29, 2009 I hear ya', bro. I definitely hear ya'. Did that $12K include ridiculously expensive books from the school bookstore?? No. Their "books" were print-outs that they photocopied on low-resolution. I grow to gigantic proportions, rip through all of my clothes, and turn green whenever I think about that {censored}ing place. C7 Link to comment Share on other sites More sharing options...
Members Brother Mango Posted April 29, 2009 Members Share Posted April 29, 2009 Here's something bizarre: Student debt and defaults surge Some help is on the way. Sallie Mae, America Link to comment Share on other sites More sharing options...
Members willsellout Posted April 29, 2009 Members Share Posted April 29, 2009 This is why you join the military:D. I have my college paid for. The college I go to also pays for books. I will have a degree without spending a cent of my own money. Link to comment Share on other sites More sharing options...
Moderators isaac42 Posted April 29, 2009 Moderators Share Posted April 29, 2009 No. Their "books" were print-outs that they photocopied on low-resolution. I grow to gigantic proportions, rip through all of my clothes, and turn green whenever I think about that {censored}ing place. C7 But they were still ridiculously expensive, right? Link to comment Share on other sites More sharing options...
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