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

Alan Collinge
Alan Collinge

http://discussions.latimes.com/20/lanews/la-fi-montalk-20121111/10

We're getting buried on this article by the "pay your loans" crowd in the comments here, folks. Please comment...if we don't stick up for ourselves in the comments, no one will, and pieces like this will end up hurting us. On the other hand, if we simply correct their lies, particularly with the number of people who can and should set them straight. We win by an avalanche!

ps. If you want to really nail them, hit them...

http://discussions.latimes.com/20/lanews/la-fi-montalk-20121111/10

We're getting buried on this article by the "pay your loans" crowd in the comments here, folks. Please comment...if we don't stick up for ourselves in the comments, no one will, and pieces like this will end up hurting us. On the other hand, if we simply correct their lies, particularly with the number of people who can and should set them straight. We win by an avalanche!

ps. If you want to really nail them, hit them with hard facts, here are a few:

http://www.studentloanjustice.org/press-fact-sheet.html

Throwing out long, emotional "poor me" stories don't help too much. Usually they end up responding with personal attacks, etc. This doesn't move the conversation where we need it to go, and usually makes you look bad. Don't fall for it.

Gordon Wayne Watts
Gordon Wayne Watts
  • Alan Collinge

Heard, considered, an consider it done!

Rachel Swanson Weisberger
Rachel Swanson Weisberger
  • Alan Collinge

Alan, I finally was able to watch Default and I'm located at a prime location in Lansing, MI. I live 10 minutes from the Capital and fully intend to use that advantage to talk the ears off of our legislature. Do you know of a student loan group in MI who I can join forces with?

Rachel Swanson Weisberger
Rachel Swanson Weisberger
  • Alan Collinge

I'd like to have a Student Loan Justice MI Chapter. Can you add something to the website so we can unionize. Especially since Stabenow was just reelected, this is prime time to go in with our demands.

Alan Collinge
Alan Collinge
  • Alan Collinge

I'll keep that in mind...thanks-

Paul Wilson
Paul Wilson

While bankruptcy may solve the immediate problem for people who can’t pay current loans, it fails to address the root of the problem: The lack of economic education in the public schools. Can we expect young people who can’t balance a check book, or make and follow a budget to understand that they need to study, work, and manage their resources before they can buy stuff beyond their basic survival needs?

Christopher Gilbertson
Christopher Gilbertson
  • Paul Wilson

I agree, additionally there needs to be an attitude shift since it seems that the modern way of youth living is to spend all your money on shopping / alcohol, go partying all night etc.. How can anyone be successful with so much wanton waste of financial resources. Back in my home town people would spend $200 on ONE night out... that is $10,400 a year wasted on frivolous crap which you propably won't remember.

Teresa Rothaar
Teresa Rothaar
  • Paul Wilson

Returning bankruptcy protections would be a big step toward solving the problem, because with the spectre of Chapter 7 hanging over their heads, lenders would no longer hand out tens of thousands of dollars in loans to people who--let's be realistic--you and I would hesitate to loan $50.00 to. From reading these comments, it is obvious that Americans learned NOTHING from the housing bubble. Just as it wasn't a good idea to hand $500,000.00 mortgages to people who earned $12.00/hour, it isn't...

Returning bankruptcy protections would be a big step toward solving the problem, because with the spectre of Chapter 7 hanging over their heads, lenders would no longer hand out tens of thousands of dollars in loans to people who--let's be realistic--you and I would hesitate to loan $50.00 to. From reading these comments, it is obvious that Americans learned NOTHING from the housing bubble. Just as it wasn't a good idea to hand $500,000.00 mortgages to people who earned $12.00/hour, it isn't a good idea to hand $75,000.00+ worth of student loans to kids with no credit or job histories. If BK protections were returned, student loans would become very difficult to get. Only those with excellent credit and a solid job history would qualify...which would be a GOOD thing. Just as housing prices PLUNGED after the Banana Republic mortgages went away, college tuition would likewise plunge to what most people could afford. We would return to the days when it was possible for a kid to pay nearly all of their tuition out-of-pocket with a part-time job at McDonald's or the mall.

Karen Moist
Karen Moist
  • Paul Wilson

So we just continue to perpetuate the rich get richer and the poor get poorer? Scholarships have decreased, leaving the intellegent poor kid where in your plan?

Isa Kocher
Isa Kocher
  • Paul Wilson

this is usury and welfare for the super rich and has zero to do with bad economic planning of learners. it absolves banks of any fiduciary responsibility. society, the us in usa has the responsibility to ensure that everyone has the opportunity to contribute to society. education today is prerequisite to good citizenship and a tide that literally raises everyone's boat.

Enid Wagstrom
Enid Wagstrom
  • Paul Wilson

Teresa Rothaar I think your dreaming. There is no way our economy is going to turn around like that.

Mark Anthony
Mark Anthony

I support many causes on this website and on facebook, but I really don't like when I am expected to allow the cause to post on facebook on my behalf. You lost a lot of potential by requiring this from me. Sorry, but I am not comfortable letting anyone post to facebook claiming to be me.

Alan Collinge
Alan Collinge
  • Mark Anthony

Hmmm...That was not anything we (Studentloanjustice) did by design. I think Causes requests this by default, but I think you can decline (and still be able to sign). I agree, btw, and if there is a way to halt that function, I hope to find it/turn it off.

Thanks for the head's up=

Mark Anthony
Mark Anthony
  • Mark Anthony

Thanks Alan, I did sign, but it wouldn't allow me to invite others unless I let causes post on my behalf.

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.

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