Doug Holm
Doug Holm

They made the choice to take the loan out. They knew the law, obey it. There are other ways to pay for your education.

Reylan Pratt
Reylan Pratt
  • Doug Holm

The law also allows uninformed people to say whatever they want. You are a sad case... even having the flag as a profile picture. Very patriotic.

Doug Holm
Doug Holm
  • Doug Holm

Retire Navy Vet here, You?

Reylan Pratt
Reylan Pratt
  • Doug Holm

Me.

Doug Holm
Doug Holm
  • Doug Holm

Yes, you are you and it shows.

Robert More
Robert More
  • Doug Holm

Mr. Holm, you are misinformed regarding student borrowers having known that they took out the loan: "Several types of loans and lenders aren't covered by the Truth in Lending Act. Student loans are not covered by the law": http://homeguides.sfgate.com/federal-truth-lending-information-7992.html

Get your facts straight. If you are retired military, you give them a bad name, and misinformed comments such as yours make me wonder if you were not fired or dismissed due to bad work ethic.

Doug Holm
Doug Holm
  • Doug Holm

Look up the word retired, then try again.

Reylan Pratt
Reylan Pratt
  • Doug Holm

Me... That means just another citizen. No one who would consider himself special. Where I served and how long, my degrees, what I do today are not relevant. Your condition, sir deserves, respect. Never sharing your views on our youth. We were the future. We are not the future any more. The young are. If they strive they could have their back covered. And we both know about what it means having our back covered. They are unprotected by the law and not informed about it. No one has implied...

Me... That means just another citizen. No one who would consider himself special. Where I served and how long, my degrees, what I do today are not relevant. Your condition, sir deserves, respect. Never sharing your views on our youth. We were the future. We are not the future any more. The young are. If they strive they could have their back covered. And we both know about what it means having our back covered. They are unprotected by the law and not informed about it. No one has implied here disobeying the law. But improving it. I realize you never needed a loan for a car or a house. Most fortunately you will never need a loan either to recover your health in some emergency and then having to pay for it at a vastly inflated price. Best regards.

Bily John Rodriguez
Bily John Rodriguez

I would say if you can't pay do not borrow. Government is flexible enough to invest in your future. You borrow 20k 30k 50k and think you can get away with it without paying? My recomendation people stop studying because you like this you like that. Start stuying a carreer that is in need so you can find a job and sustain yourself. The military is always willing to pay your debt for exchange of service. Our country needs you. Join them. But of course there is always people who likes the easy...

I would say if you can't pay do not borrow. Government is flexible enough to invest in your future. You borrow 20k 30k 50k and think you can get away with it without paying? My recomendation people stop studying because you like this you like that. Start stuying a carreer that is in need so you can find a job and sustain yourself. The military is always willing to pay your debt for exchange of service. Our country needs you. Join them. But of course there is always people who likes the easy way out going bankrupcy. I'm sorry people this will never happen.

Gordon Wayne Watts
Gordon Wayne Watts
  • Bily John Rodriguez

That would be like saying if you can't "afford" to borrow for a home, clothing, or a medical procedure --or food --then don't do it, however, that is fallible logic: In all 5 instances (food, clothing, shelter, medical, and education), you can't afford to refrain. You might assume a person could get a reasonably-paying job without an 'education,' but the Bill Gates of the world are the EXCEPTION, not the rule.

A graduating high-school student is doomed either way: Either be LUCKY to get a...

That would be like saying if you can't "afford" to borrow for a home, clothing, or a medical procedure --or food --then don't do it, however, that is fallible logic: In all 5 instances (food, clothing, shelter, medical, and education), you can't afford to refrain. You might assume a person could get a reasonably-paying job without an 'education,' but the Bill Gates of the world are the EXCEPTION, not the rule.

A graduating high-school student is doomed either way: Either be LUCKY to get a burger-flipping job (no education) or be in debt for life (or beyond -- get an education).

You also fail to consider no less than two (2) facts:

1) American institutions of higher ed hold a monopoly (illegal) on education: Look up the word 'monopoly,' if you doubt. This (obscene rate increases) would normally be addressed in SHORT-ORDER were it any *other* monopoly (for example, electric rates, Internet, water, etc.), but as students are a "minority," who lack political clout, this monopoly is allowed to proceed. (I doubt *you* would like it if *your* electric, water, and Internet became unbearable, and others simply said that if you could not afford electric, to NOT get it, eh?)

2) Student Borrowers are NOT told they lack bankruptcy protections (except in RARE, and I do mean RARE cases --look it up) -- Due to the fact Truth in Lending is also removed, this may be immoral,and certainly Unconstitutional in its lack of Due Process, but not illegal. Since no other loan lacks bankruptcy protections (any rich wall-street investor or banker can file, but NOT students! LOL?), they have an expectation of such rights.

This is no different than YOU being sold a car that has bad brakes -- that'd be a HUGE liability issue - and, this is true, as you would have a reasonable expectation that a car was supposed to have working brakes.

Would _you_ like it if they simply said "Well, we didn't lie to you -- we simply didn't tell you"??

In fact, it is precisely the lack of bankruptcy protections that CAUSE the tuition to be so high: www.GordonWatts.com/#alan
or:
www.GordonWayneWatts.com/#alan

Lenders, Guarantors, Colleges, & Universities, if they knew they defaulted loans would LOSE them money, not GAIN a huge profit, then they would STOP pressuring U.S. Congress to keep raising lending ceilings, thus creating this bubble.

Wake up, man! Click those links, and THEN comment after you've read them.

(-://

Bily John Rodriguez
Bily John Rodriguez
  • Bily John Rodriguez

Man up and face the result of your acts. By the way McDonald is a great company offering billion of jobs around the world. Thats the problem here in US, people like you probably dont want to pick up tomatoes but like ketchup. Study Marketing desiring a job under airconditioner but never had an idea of a business. You are a disgrace to our country.

Gordon Wayne Watts
Gordon Wayne Watts
  • Bily John Rodriguez

Bily, did you read my reply above? Also -- question:

If you're so 'for' student borrowers not being able to file for bankruptcy, then where were you when Solyndra, Donald Trump, and many, MANY rich Wall-Street BANKER & "Investors" (and countless companies to numerous to number) filed for bankruptcy?

#1 -- Students don't go to college with the hopes of filing for bankruptcy --not any students *I* know: They hope and plan on getting a job, hello?

#2 -- The Military does not always accept...

Bily, did you read my reply above? Also -- question:

If you're so 'for' student borrowers not being able to file for bankruptcy, then where were you when Solyndra, Donald Trump, and many, MANY rich Wall-Street BANKER & "Investors" (and countless companies to numerous to number) filed for bankruptcy?

#1 -- Students don't go to college with the hopes of filing for bankruptcy --not any students *I* know: They hope and plan on getting a job, hello?

#2 -- The Military does not always accept everybody, and even *their* debt-relief programs are NOT complete, not to mention they often send American soldiers to invade other countries who pose no threat to us -- which is akin to China invade OUR country and "occupying" it for decades on end. I'm sure WE would get mad for that, and so I don't fault other countries for getting peeved when WE invade THEM for any (or no) reason. Example: After we got rid of Saddam Hussein, we should have LEFT Iraq, OK? (Maybe he was a some sort of threat, but he'd been dead for AGES, now, OK? And our pretext for going in there was questionable to boot, but I'm willing to give GW Bush the benefit of the doubt here, yet we should NOT be "occupying" places like this for eons.)

#3 -- So, where _is_ your outrage for all these rich people always filing for bankruptcy. When you complain about them 'til you're hoarse in the face, THEN we'll talk about your complain above.

#4 -- did you read my prior reply to you, above?

Robert More
Robert More
  • Bily John Rodriguez

Mr. Rodriguez: did you read Mr. Watts' reply above? Also -- question:

If you're so 'for' student borrowers not being able to file for bankruptcy, then where were you when Solyndra, Donald Trump, and many, MANY rich Wall-Street BANKER & "Investors" (and countless companies to numerous to number) filed for bankruptcy?

#1 -- Students don't go to college with the hopes of filing for bankruptcy --not any students *I* know: They hope and plan on getting a job, hello?

#2 -- The Military does not...

Mr. Rodriguez: did you read Mr. Watts' reply above? Also -- question:

If you're so 'for' student borrowers not being able to file for bankruptcy, then where were you when Solyndra, Donald Trump, and many, MANY rich Wall-Street BANKER & "Investors" (and countless companies to numerous to number) filed for bankruptcy?

#1 -- Students don't go to college with the hopes of filing for bankruptcy --not any students *I* know: They hope and plan on getting a job, hello?

#2 -- The Military does not always accept everybody, and even *their* debt-relief programs are NOT complete, not to mention they often send American soldiers to invade other countries who pose no threat to us -- which is akin to China invade OUR country and "occupying" it for decades on end. I'm sure WE would get mad for that, and so I don't fault other countries for getting peeved when WE invade THEM for any (or no) reason. Example: After we got rid of Saddam Hussein, we should have LEFT Iraq, OK? (Maybe he was a some sort of threat, but he'd been dead for AGES, now, OK? And our pretext for going in there was questionable to boot, but I'm willing to give GW Bush the benefit of the doubt here, yet we should NOT be "occupying" places like this for eons.)

#3 -- So, where _is_ your outrage for all these rich people always filing for bankruptcy. When you complain about them 'til you're hoarse in the face, THEN we'll talk about your complain above.

#4 -- did you read Gordon Wayne Watts prior reply to you, above?

Timothy Marshall Ballard
Timothy Marshall Ballard
  • Bily John Rodriguez

Wow and here I was thinking that diverse opinions were WELCOMED in the country my family has fought and died for for over 250 years! Where was I when it was "decided" (clearly in his own mind) that being American meant agreeing with this guy? Oh yes! I remember.... IN A CLASSROOM!

Robert More
Robert More
  • Bily John Rodriguez

One other thing, Mr. Rodriguez: Did you not see the petition? It does not ask for a 'Free' education or a 'Free Handout,' only the same Standard Consumer Protections as all other loans. If the uber-rich and the Credit Card users can have these bankruptcy safety nets, why not students? Are students somehow less important? (Alternatively, if students don't need these standard protections, then why do we give them to anybody?)

You have not made your case as to why students should not be...

One other thing, Mr. Rodriguez: Did you not see the petition? It does not ask for a 'Free' education or a 'Free Handout,' only the same Standard Consumer Protections as all other loans. If the uber-rich and the Credit Card users can have these bankruptcy safety nets, why not students? Are students somehow less important? (Alternatively, if students don't need these standard protections, then why do we give them to anybody?)

You have not made your case as to why students should not be included along with other borrowers. Did you follow Mr. Gordon Wayne Watts' link listed above? Here it is again:

www.GordonWayneWatts.com/Higher-Ed-Tuition-Costs.html

or

www.GordonWayneWatts.com/Higher-Ed-Tuition-Costs.html

Gordon Wayne Watts
Gordon Wayne Watts
  • Bily John Rodriguez

Also, Bily... Did you not see the petition? It does not ask for a 'Free' education or a 'Free Handout,' only the same Standard Consumer Protections as all other loans. If the uber-rich and the Credit Card users can have these bankruptcy safety nets, why not students? Are students somehow less important? (Alternatively, if students don't need these standard protections, then why do we give them to anybody?)

You have not made your case as to why students should not be included along with...

Also, Bily... Did you not see the petition? It does not ask for a 'Free' education or a 'Free Handout,' only the same Standard Consumer Protections as all other loans. If the uber-rich and the Credit Card users can have these bankruptcy safety nets, why not students? Are students somehow less important? (Alternatively, if students don't need these standard protections, then why do we give them to anybody?)

You have not made your case as to why students should not be included along with other borrowers. Did you see my link listed above? (These prove that lack of bankruptcy protections are the main driving cause of tuition inflation.) Here again they are:

www.GordonWayneWatts.com/Higher-Ed-Tuition-Costs.html

or

www.GordonWatts.com/Higher-Ed-Tuition-Costs.html

or http://www.ThirstForJustice.net/Higher-Ed-Tuition-Costs.html

or even:

http://Gordon_Watts.Tripod.com/Higher-Ed-Tuition-Costs.html

Gordon Wayne Watts
Gordon Wayne Watts

Here is a slightly more detailed explanation of the 'logic' behind why I support Alan's petition here:

@ U.S. Rep. Hansen Clarke (D-13th. Dist. -MI), now that you have lost your congressional primary and thus have nothing to lose, please do this:
Please introduce a bill that --
(A) Returns ALL Standard Consumer Protections to Student Loans; and.
(B) Eliminates ALL Federal monies from EVER being used to make or guarantee Student Loans (But, grants, in a limited sense, can help, if not...

Here is a slightly more detailed explanation of the 'logic' behind why I support Alan's petition here:

@ U.S. Rep. Hansen Clarke (D-13th. Dist. -MI), now that you have lost your congressional primary and thus have nothing to lose, please do this:
Please introduce a bill that --
(A) Returns ALL Standard Consumer Protections to Student Loans; and.
(B) Eliminates ALL Federal monies from EVER being used to make or guarantee Student Loans (But, grants, in a limited sense, can help, if not overdone to constitute a 'Free Handout' to the RICH university presidents who would simply raise tuition to match increased grant monies.)

REASONING:

A) Since Wall-Street execs, AND Donald TRUMP, and Solyndra, and RICH people of both "conservative" AND "liberal" leanings can file for bankruptcy, including ALL Congressmen & Congresswomen, then *morally* students should be too. (Especially since students were not told their loans lacked bankruptcy protection at signing due to lack of 'Truth in Lending' requirements, and this is a liability no less than *you* buying a car that lacked BRAKES --and not being told: The expectation is that the brakes work, and the seller would be legally liable here --why not for students, though?)

B) Eliminating just the Federal Loans but keeping the Private Loans would not hurt current borrowers who then could file for bankruptcy if they were in a straight --and, furthermore, would not hurt banks, since Bankruptcy Court would still require *some* payment as the borrower is able, just not, say, TEN TIMES the original loan amount, which is currently possible. LOL

C) BONUS -- both so-called conservatives (neocons) and so-called liberals (like you & other Democrats) would be happy here, as Democrats would be happy with 'A' and neocons and true conservatives would be happy with 'B' -- the latter since less loan monies would cause tuition to DROP LIKER A ROCK when unscrupulous colleges & lenders would *know* students could no longer afford to take out deep loans. (Why even stupid U.S. Rep. Dennis Ross, the liberal moron who claims 2B a conservative in sheeps clothing & represents MY district, might sign on.)

"Just Do It." << to be cross-posted everywhere -unless you have a better idea. (Do you?)

(-://

Cf: http://www.michronicleonline.com/index.php/local/prime-politics/7084-hansen-clarke-has-no-regrets-after-primary-election

Raspy Rawls
Raspy Rawls
  • Gordon Wayne Watts

DAM, THAT SHYT MAKES SENSE LIKE A MUH FUKR

David Pippin
David Pippin
  • Gordon Wayne Watts

If you have ever wondered why there are so many obscure colleges advertising for students, it's because of federal government backed student loans. This is also why state college tuition keeps going up every year. Taxpayers being looted as usual in the name of education.

Gordon Wayne Watts
Gordon Wayne Watts
  • Gordon Wayne Watts

you are an INTELLIGENT conservative, David: The precense of the loan and/or grant monies distort the Free Market - so, a true conservative (you or me) will always agree with a true liberal --but only if the liberal realizes that lower tuition would be the result of things like less government aid, more bankruptcy protections, etc -- however, if if the liberals don't agree on all points, they surely want more standard consumer protections - why even credit card users can fle for bankruptcy,...

you are an INTELLIGENT conservative, David: The precense of the loan and/or grant monies distort the Free Market - so, a true conservative (you or me) will always agree with a true liberal --but only if the liberal realizes that lower tuition would be the result of things like less government aid, more bankruptcy protections, etc -- however, if if the liberals don't agree on all points, they surely want more standard consumer protections - why even credit card users can fle for bankruptcy, but for a student to get bankruptcy for his/her loan, he or she would have to be on death's door -a much higher standard than for ANY other type of loan. Morally reprehensible, and thus NOT the 'Republican' thing, which makes me disgusted with the Republican Congress who passed this or GB Bush who signed it into law -- well 'it' - actually there were many bills that gradually removed various consumner protections over time: The frog in the tub encountered SLOWLY heated water --that eventually is now boiling and killing the frog (college student borrower) LOL.

Gordon Wayne Watts
Gordon Wayne Watts
  • Gordon Wayne Watts

David Pippin furthermore: Both tax-payers who subsidize these loans that are made or backed by our tax dollar$ AND students who encounter higher tuition --are raped -financially that is. So, BOTH parties are harmed -- only rich Higher Ed types in college are 'gaining' -- but, since American Higher Ed is going DOWN in quality (as other nations pass us in math sciences etc), then the tuition increase is not justified: It has risen --even when you ajust for inflation --REAL fast.!

David Pippin
David Pippin
  • Gordon Wayne Watts

When people get something for nothing or guaranteed with no repercussions, that's a problem. On student loans that are too high because of the free market issues you mentioned, your right, there should be some protections. To excuse all debt is not right. Is it not enough that taxpayers pay for all of K-12 education AND now their meals?

Gordon Wayne Watts
Gordon Wayne Watts
  • Gordon Wayne Watts

David Pippin I do not want a free handout, but on the other hand, when students are hounded -even into retirement --with garnishment of their wages -and even their Social Security --for a debt that has grown to, sometimes, close to TEN times the already-high price ..and student borrowers are now committing suicide in unprecedented number -- folks, there's something "not right" with that picture -especially as America's decline in Higher Ed has not justified the raping of the student:

SUICID...

David Pippin I do not want a free handout, but on the other hand, when students are hounded -even into retirement --with garnishment of their wages -and even their Social Security --for a debt that has grown to, sometimes, close to TEN times the already-high price ..and student borrowers are now committing suicide in unprecedented number -- folks, there's something "not right" with that picture -especially as America's decline in Higher Ed has not justified the raping of the student:

SUICIDE documentation:

[15] “Crushing debt” (Chicago Sun-Times, BY DAVE NEWBART) September 24, 2007 "Jan Yoder was preparing for her son's funeral when the phone rang. It was another student loan collector wanting to know when her son would pay up…It was those calls and the burden of crushing debt, she says, that led her depressed son to take the drastic action of killing himself late last month. ''When it gets to the point where people are fleeing the country, going off the grid or taking their own lives, you know something has gone horribly wrong,'' said Alan Collinge, founder of Student Loan Justice, which is pushing to change student lending laws.” http://www.ibhe.state.il.us/NewsDigest/NewsWeekly/092807.pdf (Higher Ed NewsWeekly: from the Illinois Board of Higher Education, page 57) ~ http://nalert.blogspot.com/2007/09/student-loan-debt-drives-man-to-suicide.html (Newsalert) See also: http://StudentLoanJustice.org
[16] “I’m Thinking of Suicide Because of My Student Loans. – John” (GetOutOfDebt.org, undated news story) “Dear Steve, My student loans are almost $42,000 dollars. I pay almost $260 dollars per month and all but $12 dollars is interest and the principal continues to go higher…I frequently think about suicide; thinking about my son is the only thing that has so far kept me from committing suicide. John” http://getoutofdebt.org/5493/im-thinking-of-suicide-because-of-my-student-loans-john See also, note: "36" below regarding the Bible standards on interest fees charges for loans.
[17] "A Pastor's Student Loan Debt" (NPR, by Libby Lewis) July 14, 2007 “Dan Lozer's tiny paycheck means he'll be paying off those loans until 2029...Lozer said there was a time when he thought about suicide.” http://www.npr.org/templates/story/story.php?storyId=11980696
[18] “Company’s march toward student loan monopoly scary” (The News Tribune, By ALAN COLLINGE) 06/19/07 “In Boston; a medical student can’t get licensed because he can’t pay $52,000 on what began as a $3,000 debt. A suicide in Oregon. A suicide in Maryland. People who have fled the country due to the explosion of their student loan debt. The list goes on and on.” http://www.thenewstribune.com/opinion/othervoices/story/90638.html See also: http://StudentLoanJustice.org

AMERICAN Higher-Ed decline documented:

[19] "U.S. Teens Trail Peers Around World on Math-Science Test," Maria Glod, Washington Post, Dec 5, 2007; Page A07 http://www.washingtonpost.com/wp-dyn/content/article/2007/12/04/AR2007120400730.html
[20] "U.S. falls in education rank compared to other countries," Elaine Wu (U-Wire), 10-04-2005, The Kapi‘o Newspress http://www.google.com/search?hl=en&q=%22falls+in+education+rank+compared+to+other+countries%22+%22Elaine+Wu%22&aq=f&oq=&aqi= And http://search.yahoo.com/search?p=%22falls+in+education+rank+compared+to+other+countries%22+%22Elaine+Wu%22&toggle=1&cop=mss&ei=UTF-8&fr=yfp-t-832 (Key phrases search: "falls in education rank compared to other countries" "Elaine Wu")
[21] "U.S. slips lower in coding contest: In what could be an ominous sign for the U.S. tech industry, American universities slipped lower in an international programming contest," Ed Frauenheim, News.com, Posted on ZDNet News: Apr 7, 2005 http://news.zdnet.com/2100-9595_22-142206.html

See also: http://www.GordonWatts.com/Higher-Ed-Tuition-Costs.html

or: http://www.GordonWayneWatts.com/Higher-Ed-Tuition-Costs.html

;-(

Gordon Wayne Watts
Gordon Wayne Watts
  • Gordon Wayne Watts

Another good petition that has actually reached over 1,000,000 signatures: http://signon.org/sign/support-the-student-loan -- If even it is ignored, then I am losing hope -- but, on the other hand, the more petitions, the more attention, and thus the sum is greater than the parts, and these problems *will* be fixed -in time.

Raspy Rawls
Raspy Rawls
  • Gordon Wayne Watts

GORDON, UP ABOVE WHERE THERE IS A, B, & C, WHOSE WODS ARE THEY?

Gordon Wayne Watts
Gordon Wayne Watts
  • Gordon Wayne Watts

Raspy Rawls, these words were mine -- I did not copy & paste from someone else, however, I did copy & paste a note I posted on that good Congressman's page. They were my words -- did I well?? :D

Raspy Rawls
Raspy Rawls
  • Gordon Wayne Watts

So well Im bouta repost them.. I just wanted to know who to credit

Karl Hallesy
Karl Hallesy

You have to pay back yous student loans. The simple fact is when I went to college I had to get a job for 1 year and save enough to go. I carefully wieghed in on how much student loans I could handle and I took out 7K of student loans through my first 3 years. I then took 6 months off to work to save enough for the final year because I had to make sure the loans I took were not greater than I could pay back, The same should be true for all students. If you cannot afford to go to school...

You have to pay back yous student loans. The simple fact is when I went to college I had to get a job for 1 year and save enough to go. I carefully wieghed in on how much student loans I could handle and I took out 7K of student loans through my first 3 years. I then took 6 months off to work to save enough for the final year because I had to make sure the loans I took were not greater than I could pay back, The same should be true for all students. If you cannot afford to go to school then you need to get a job so you can pay for it. Student loans have extremely generous repayment terms in exchange for not being able to default. Todays college students are great and the future of our country but college is still something that most people have to work hard to pay for. I believe in college but not in having the country bail you out after you have gotten your degree. That's just selfish!

John Raymond
John Raymond
  • Karl Hallesy

Nobody is talking about not paying back there loans, but in some cases people are hit with very hard times, and unlike any other loan or debt, thier is no way out. And any repayment terms are just a bandaid on a gunshot wound. If you pay any less, you will owe much more. My loans have doubled to a huge amount (10x the average owed) and pay monthly what most people make a month. I can do it for now, but without rights such as refinancing I do not think I will make it. If not I will lose...

Nobody is talking about not paying back there loans, but in some cases people are hit with very hard times, and unlike any other loan or debt, thier is no way out. And any repayment terms are just a bandaid on a gunshot wound. If you pay any less, you will owe much more. My loans have doubled to a huge amount (10x the average owed) and pay monthly what most people make a month. I can do it for now, but without rights such as refinancing I do not think I will make it. If not I will lose everything I worked for because they may not get 10x what I borrowed. I did work while in school, and supported a family, served 14 years in the Army and collect nothing from them, either retirement or disability. I pay my taxes and employ people. But in the end, with no legit ways to change my situation (your advise is great hindsight for me), like refinancing my loan, or in the worst case defaulting and losing everything I ever worked for, my best recourse is to just disappear. If that's being selfish, then I guess I am. But at least I'll have a life and some freedom.

Karl Hallesy
Karl Hallesy
  • Karl Hallesy

You are right. There are exceptions to everything. I think the loans should keep a low interest rate for life. I also think there should be reductions of the amounts owed for people who choose to serve in the military. I also believe in the power to freeze the loans for hard times where the interest rates do not go up. I also believe in the reduction of interest rates as needed for people in hard times. What I do not believe in is the forgiveness of all of the loans and I think part of...

You are right. There are exceptions to everything. I think the loans should keep a low interest rate for life. I also think there should be reductions of the amounts owed for people who choose to serve in the military. I also believe in the power to freeze the loans for hard times where the interest rates do not go up. I also believe in the reduction of interest rates as needed for people in hard times. What I do not believe in is the forgiveness of all of the loans and I think part of people getting the loans is the obligation to pay them back. This is the only thing that makes sense because many families choose not to take loans but make huge sacrifices such as selling there homes or working two jobs to send their kids to college. If we forgive the loans it is not fair to those who sacrificed so hard so as to not need the loans. Are other choice is to make higher education cheaper to all US citizens or even free. We need educated kids in the US and they would pay the US back by being productive members of society!!! John, Thank You for your service! I am forever in your debt as a citizen of the US!!!

Gail Melvin
Gail Melvin

my loan was 35000. Have been paying on it for over 10 years. have paid over $66000. interest not principle. Requests for lower interest rate's have been denied. I am now retired and living on 960.00 a month SSI.. are they going to turn me out on the street's?

Jean Jarosz
Jean Jarosz
  • Gail Melvin

I guess they will have to forgive the loan once your dead right! I think you paid more than enough...but I am just another loan payer for my son to go to college. The interest will kill you for sure. Ridiculous!!!

John Raymond
John Raymond
  • Gail Melvin

Ihear you Gail, and that's what people who say "just pay it back" cannot get in thier heads. Thier is NO recourse for people like you as thier is for any other loan situation. I just love it that people say we want a bail out, but forget that we all paid these same banks a bail out when they gambled with our money. Ironic. Telling people in our situation just to pay it back is like telling a manic depressent to just chear up. Without refinancing rights I think many will be homeless. I...

Ihear you Gail, and that's what people who say "just pay it back" cannot get in thier heads. Thier is NO recourse for people like you as thier is for any other loan situation. I just love it that people say we want a bail out, but forget that we all paid these same banks a bail out when they gambled with our money. Ironic. Telling people in our situation just to pay it back is like telling a manic depressent to just chear up. Without refinancing rights I think many will be homeless. I guess then we can so on Government aid....oh, wait they will probably deny that too since we defaulted.

Barbra Baptiste-Orr
Barbra Baptiste-Orr

I disagree I have seen to many abuses to bankruptcy.I think that the reason that the delinquency is so bad is because not one is collecting or doing workouts with the students. they just try to put numbers up but not solutions. They need seasoned collectors that know how to do work outs, that listen to the problem and set the payment at something the student can pay each month. Maybe after 6 months of payments on time you waive some of the accrued interest. Not every one is going to fit into...

I disagree I have seen to many abuses to bankruptcy.I think that the reason that the delinquency is so bad is because not one is collecting or doing workouts with the students. they just try to put numbers up but not solutions. They need seasoned collectors that know how to do work outs, that listen to the problem and set the payment at something the student can pay each month. Maybe after 6 months of payments on time you waive some of the accrued interest. Not every one is going to fit into the investor mold for requirements. Katie they might call my parents one time it would be the last. Your parents send them a cease and desist, it is against the law to call a person more than once a day eventually they will get so many complaints that there collection tactics will fall under the FTC. They will no longer be able to do those collection tactics that are unlawful for everyone else. You might check your state laws.

Gordon Wayne Watts
Gordon Wayne Watts
  • Barbra Baptiste-Orr

@ Baptiste Barbara - You mean that you think it's OK for Donald Trump to file for Bankruptcy FOUR TIMES for HUGE SUM$ of Monies, and it's OK for Credit Card users to be able to file for bankruptcy, but not student borrowers? LOL - Since the US Dept of Education is making $1.22 for every dollar of defaulted student loan, they MAKE a profit off of defaults, and have NO motive to pressure Congress to lower loan limits, and this induced colleges & universities to charge more to match the...

@ Baptiste Barbara - You mean that you think it's OK for Donald Trump to file for Bankruptcy FOUR TIMES for HUGE SUM$ of Monies, and it's OK for Credit Card users to be able to file for bankruptcy, but not student borrowers? LOL - Since the US Dept of Education is making $1.22 for every dollar of defaulted student loan, they MAKE a profit off of defaults, and have NO motive to pressure Congress to lower loan limits, and this induced colleges & universities to charge more to match the increased borrowing ability of student - i.e., it creates a bubble, as in housing, remember? (You do remember the Housing Bubble, don't'cha?)

However, if Bankruptcy proceedings were returned, then lenders, colleges, and the Dept of Ed would see a material LO$$ of monies when students default, and they'd ALL scramble to beg the Congress to lower loan limits, and the price of tuition would drop like a rock --as would defaults, and, of course, bankruptcy.

So, it's not just for the STUDENT that bankruptcy must be returned - it is also to stop "tuition inflation" in its tracks. Do you understand, finally??

Gordon Wayne Watts
Gordon Wayne Watts
  • Barbra Baptiste-Orr

After I chewed you out, you did not get angry, but liked my comment. Thank you for being mature & level-headed & open to new ideas, Barbara! :)

Jennifer St Clair
Jennifer St Clair

How is bankruptcy a fundamental consumer protection? If we allow people to file bankruptcy on their student loans how many would take the easy way out? What would that do to our educational system? I am 40 years old and will make my final student loan payment next month. I worked hard and tried to make double payments as often as I could but it was a debt I took on to be able to go to college. I knew how much I was borrowing. It wasn't a surprise at the end. I guess if people are...

How is bankruptcy a fundamental consumer protection? If we allow people to file bankruptcy on their student loans how many would take the easy way out? What would that do to our educational system? I am 40 years old and will make my final student loan payment next month. I worked hard and tried to make double payments as often as I could but it was a debt I took on to be able to go to college. I knew how much I was borrowing. It wasn't a surprise at the end. I guess if people are allowed to file bankruptcy on their student loans than their diplomas should be treated like an asset and it should be able to be repo'ed just like a car or home.

Terri Szoke
Terri Szoke
  • Jennifer St Clair

First they have to fix the system that allows students to get tattoos,clothes etc and pay with the student loan money they get ..

Deanna Seymour
Deanna Seymour
  • Jennifer St Clair

I didn't think you could claim bankruptcy on student loans...but that you could on everything else. Doesn't that stay on your record for 7 years?

Kathy Barnett Johnson
Kathy Barnett Johnson

College graduates today are feeling first hand the results of todays economy! Dreams of holding well paid jobs, once they graduate, have vanished for some! The fact is corporations like Sallie Mae have approved high interest loans for students that didn't even hold a job at the time is..unbelievable! Companies like Sallie Mae don't care..one way or another they want their money and their going to get their money! Some students owe as much as $600.00-$800.00 a month. Without the jobs that...

College graduates today are feeling first hand the results of todays economy! Dreams of holding well paid jobs, once they graduate, have vanished for some! The fact is corporations like Sallie Mae have approved high interest loans for students that didn't even hold a job at the time is..unbelievable! Companies like Sallie Mae don't care..one way or another they want their money and their going to get their money! Some students owe as much as $600.00-$800.00 a month. Without the jobs that they had planned on holding..they can't pay this kind of debt! Some type of protection needs to be put into place..let the student/graduate pay them a percentage of their paycheck..not all their pay and if they get sick and can't pay there needs to be a protection plan implemented. The way it is now for students I would strongly suggest DO NOT take out large student loans if you can help it! Interest rates as much as 8-9%....their higher than a home loan! Unless changes are made to lower the interest rates on these loans and borrower protection is put into place..you don't need to borrow large sums of cash unless you can pay it back without a problem! Just saying..they don't tell you all this when your borrowing from them!

Christopher Gilbertson
Christopher Gilbertson
  • Kathy Barnett Johnson

However that doesn't change the fact that the universities require that money to operate.... So everyone who is whinging on here is totally missing the point. The bigger picture here is that if the debts were removed then the universities would need to close down (or close to it) since they've lost so much of their money. As I have written elsewhere, frugal spending and forward planning is necessary. If you don't like the cost, try somewhere else, they aren't forcing you to do the degree......

However that doesn't change the fact that the universities require that money to operate.... So everyone who is whinging on here is totally missing the point. The bigger picture here is that if the debts were removed then the universities would need to close down (or close to it) since they've lost so much of their money. As I have written elsewhere, frugal spending and forward planning is necessary. If you don't like the cost, try somewhere else, they aren't forcing you to do the degree... Its a bit "rich" to use their services and then complain about the cost after you've already used them...

Teresa Rothaar
Teresa Rothaar
  • Kathy Barnett Johnson

-----The bigger picture here is that if the debts were removed then the universities would need to close down (or close to it) since they've lost so much of their money.------ No, they wouldn't. Without EZ, no-questions-asked student loans being handed out like candy to all comers, colleges would be plunged into a true free market, where they would be forced to adjust their tuition to what the market could bear, to what most people could pay out-of-pocket. Just as Banana Republic mortgages...

-----The bigger picture here is that if the debts were removed then the universities would need to close down (or close to it) since they've lost so much of their money.------ No, they wouldn't. Without EZ, no-questions-asked student loans being handed out like candy to all comers, colleges would be plunged into a true free market, where they would be forced to adjust their tuition to what the market could bear, to what most people could pay out-of-pocket. Just as Banana Republic mortgages created the housing bubble, Banana Republic student loans have created the college bubble. The best thing that could ever happen to students would be to eliminate student loans completely. The government needs to get out of the student loan business, and bankruptcy protections returned to private loans.

Pee GeeJr
Pee GeeJr

I actually belief education should be free but... of course polititians cannot easily lead and educated masses now can they.........

Suzy Hayes
Suzy Hayes
  • Pee GeeJr

ahhhhhhhh, nothing is "free", that's why we HAVE TAXES and why WE VOTE for the "politicians" which BEST represents ones social responsibilities, morals and beliefs. Now, one can VOTE for the party which feels the wealthiest 1% should pay no taxes, advocate that our taxes go to war, etc., or for the party which believes in taxes going toward education, social equality, etc!

AS OF THIS WRITING, WE STILL CAN VOTE.......you can do the research on this issue also, to see which party is working on "voter suppression"!

Lidiya Phillips
Lidiya Phillips
  • Pee GeeJr

There are countries, where it is. And they are ahead.

Allison Coppeto
Allison Coppeto

I just got out of a for profit school. I was lied to, the school is not accredited as they say. A lot of these schools should be checked out. If they are not on the up and up, then why does the government let them continue to operate? More and more people are put in debt through going to a school where you are allowed to take loans out, yet the schools are a scam. I am all for getting loans, but when the government knows half of these schools are scams and frauds, they should be held...

I just got out of a for profit school. I was lied to, the school is not accredited as they say. A lot of these schools should be checked out. If they are not on the up and up, then why does the government let them continue to operate? More and more people are put in debt through going to a school where you are allowed to take loans out, yet the schools are a scam. I am all for getting loans, but when the government knows half of these schools are scams and frauds, they should be held responsible as well since they know full well the loan is astronomical, and the school is a fraud. Nobody is watching my back.

Lidiya Phillips
Lidiya Phillips
  • Allison Coppeto

Education is a bukazillion-dollar business. Banks (who do the lending) are not concerned with the graduates' usefulness to the society, their quality of life and even with the USA being a good place to live. The banks are NOT government, they are private businesses. They want to get money loaned out and to get all of it back - P+I. Government guarantees of repayments of the money loaned to students - is a GOOD guarantee. And the government is indebted to the bank's also. Government - are...

Education is a bukazillion-dollar business. Banks (who do the lending) are not concerned with the graduates' usefulness to the society, their quality of life and even with the USA being a good place to live. The banks are NOT government, they are private businesses. They want to get money loaned out and to get all of it back - P+I. Government guarantees of repayments of the money loaned to students - is a GOOD guarantee. And the government is indebted to the bank's also. Government - are real people. They have huge outstanding loans. Hope you can connect the unsaid yourself.

Christopher Gilbertson
Christopher Gilbertson
  • Allison Coppeto

Totally agree, the Government don't have the kind of power people attribute to them. I see it as a huge balancing act, money doesn' grow on trees so to support one program something else has to be cut or tightened... (Yet other people would complain about that instead lol). The one thing that annoys me about the Governmental figures is that they get crazy wages with free perks, if their remuneration was fairer then I'd be a very happy guy :D

See more comments…