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7 Million People Haven't Made A Single Student Loan Payment In At Least A Year
Perhaps it’s all the talk about across-the-board debt forgiveness or maybe the total amount of outstanding student debt has simply grown so large ($1.3 trillion) that even those with no conception of how much money that actually is realize that it’s simply never going to paid back so there’s no point worrying about, but whatever the case, the general level of concern regarding America’s student debt bubble doesn’t seem to be at all commensurate with the size of the problem.
And it’s not just the sheer size of the debt pile that’s worrisome. There’s also the knock-on effects, such as delayed household formation and the attendant downward pressure on the homeownership rate, and of course hyperinflation in the rental market.
Of course one reason no one is panicking - yet - is that the severity of the problem is masked by artificially suppressed delinquency rates. As we’ve documented in excruciating detail, if one excludes loans in deferment and forbearance from the numerator in the delinquency calculation, but includes those loans in the denominator then the delinquency rate will be deceptively low. In any event, as WSJ reports, even if one looks at something very simple like, say, the number of borrowers who haven’t made a payment in a year, the picture is not pretty and it’s getting worse all the time. Here’s more:
Nearly seven million Americans have gone at least a year without making a payment on their federal student loans, a staggering level of default that highlights how student debt continues to burden households despite an improving labor market.
As of July, 6.9 million Americans with student loans hadn’t sent a payment to the government in at least 360 days, quarterly data from the Education Department showed this week. That was up 6%, or 400,000 borrowers, from a year earlier.
The figures translate into about 17% of all borrowers with federal loans being severely delinquent—and that share would be even higher if borrowers currently in school were excluded. Additionally, millions of other borrowers who haven’t hit the 360-day threshold that the government defines as a default are months behind on their payments.
Each new crop of students is experiencing the same problems” with repaying, said Mark Kantrowitz, a higher-education expert and publisher of the information website Edvisors.com. “The entire situation isn’t getting better.”
The development carries big implications for borrowers, taxpayers and the economy. Economists have warned of student-debt defaults damaging borrowers’ credit standing, which would hurt their ability to borrow for things like cars and homes. That in turn would hamper the economy, which relies heavily on consumer purchases for economic activity. Delinquencies also drain government revenues, which are used to make future loans.
So what’s the solution you ask? According to the government, the answer is the income based repayment plans. Here’s The Journal again:
Education Secretary Arne Duncan said declines [in some categories of delinquencies] resulted from rising participation in income-based repayment plans, which lower borrowers’ monthly bills by tying payments to their incomes. Enrollment in the plans surged 56% over the past year among direct-loan borrowers.
The administration has urgently promoted the plans, mainly through emails to borrowers, over the past two years in an effort to stem defaults. The plans set payments as 10% or 15% of their discretionary income, defined as adjusted gross income minus 150% the federal poverty level.
The plans carry risks, though, for both borrowers and the government. Many borrowers’ payments aren’t enough to cover the interest on their debt, allowing their balances to grow and threatening to trap them under debt for years.
At the same time, the government could be left forgiving huge amounts of debt if borrowers stay in the plans. The government forgives balances after 10, 20 or 25 years of on-time payments, depending on the plan.
But aside from the fact that these plans will cost taxpayers an estimated $39 billion over the next decade - and that’s just counting those expected to enroll in plans going forward and ignoring the $200 billion or so in loans already enrolled in an IBR plan - the most absurd thing about Duncan’s claim is that, as we’ve shown, IBR programs don’t drive down delinquency rates, they just change the meaning of the term "payment":
See how that works? If you can't afford to pay, just tell the Department of Education and they'll enroll you in an IBR plan where your "payments" can be $0 and you won't be counted as delinquent.
So we suppose we should retract the statement we made above. You are correct Mr. Duncan, these plans are actually very effective at bringing down delinquencies and the method is remarkably straightforward: the government just stopped couting delinquent borrowers as delinquent.
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their dog ate it
http://www.philiacband.com/propaganda.html
No bankruptcy on student loan usury!
Go get those worthless degrees kids and get in 6 figure debt for jobs that don't exist anymore.
there is a lot of background on donations and contributions and lobbying that should be inspected regarding the non-ability to discharge student loans in bankruptcy. Where is a decent journalist who has some time to "watergate" this for Rolling Stone? I digress, they're too busy investigating phony rape charges at UVA.
HRH Clinton had a fundamental involved role in this nonsense. I'm sure there was a payback--there always is with that family. Someone got a huge payoff for the "reformation" of bankruptcy laws.
Not allowing someone to discharge unsecured debt is truly heinous.
Not a bad candidate for a critical mass default at some point, but then again there are a lot of good candidates.
Can we do this with car loans too, my son needs a car and he is at college, he needs a way to get home from the parties at 4am? It would really help him and a lot of other students too. Thanks Mr Government.
Sub-Prime Students
..but what else could you expect from a greedy and sub-prime educational system.
Commencing Fed purchases of Student Loan Backed Securities in 5... 4... 3...
Time to go back to school now that it is free..... FSA FSA fsa!
So... if I stop making my car or house payments the bank will repossess them.
Lobotomies for those with non-payment of student loans?
car loans are secured and mr. repo comes and gets them. You can discharge the obligation in BK (the debt) but the car is returned. Your credit is trashed but you will recover.
If I am understanding you correctly.
Oh btw, Fuck u Mr Government
I am one for paying off my debt but when you pay a shit ton of taxes/fees to an irresponsible out of control greedy and corrupt government why should you pay them back.
If people really wanted to vote and send a message, I recommend withholding any tax payments to the government until the corruption is rooted out but that if fucking crazy talk.
http://www.washingtonsblog.com/2013/11/8-5-trillion-taxpayer-money-doled...
Did you know humans are the only species that pay to live on this planet, does that make sense to you?
I'm thinking that the Khalahari Bushmen/women don't pay to live on this planet.
Obama signed a bill in 2010 that ended a 45-year-old program under which banks and other private-sector lenders such as Sallie Mae receive a federal subsidy for making government-guaranteed college loans.
Instead, the U.S. Department of Education now makes 100 percent of guaranteed student loans.
Students who previously had to choose a private-sector lender for their guaranteed loans now have only one choice: the government (subsidized loans guaranteed by taxpayers).
Banks can continue to make private, non-guaranteed college loans, but these are generally more expensive than guaranteed loans.
I feel sorry for anyone who has debt bigger than their annual income. My student loans were a pain and the closest I got was around 25% right out of undergrad with a crappy low paying job.
It's just another government slush fund used to control the people. They've put magic money everywhere in the economy and it doesn't matter if it's college, a house, or a car, the government owns you because you owe the government.....
Try to engage with reality:
http://www.bls.gov/emp/ep_chart_001.htm
Most of the time, a degee is well worth it. Just not in Feminist Studies.
A lot of degrees have become politicaly correct and have lost their value, 'studies' degrees are just taking it to the logical conclusion.....
Jeez-our very own little Greece-right here at home!!
Abandoment usually works.
Yeah, but you have to get all the way out and the herd has becomed inured to a soft and easy life.....
That kind of life is going to vaporize very soon. The herd will be thinned. Math demands it.
They have a fun camp coming soon for anyone with outstanding debt.
As an Established Man, I'd happily take in a 22-y-o recent college chick with a load of student debt. Or two or three. They can find me at EstablishedMen.com. Wait...
I don't think it is that kind of fun camp, but hey we can dream right.
Sighs, lowers head dejectedly, turns and slowly walks away.
It's ok. Lets find a solution. Place an ad in craigslist to pay off debt in return for your personal needs. This may work and could be expensive.
Another is to ask either a republican or democrat senator to make a bill and get it passed that allows you and others with a "license" to house these folks courtesy of taxpayer.
That sounds remarkably...like something that would work. In Atlas Shrugged.
Just imagine: Write your congressman, and say that, for the greater good, you'll take in these college students who are "valuable to the economy", but haven't "got on their feet yet."
Say that, instead of building more Section 8 housing for these...transitioning students...they could be allowed to stay in the homes of others, for some form of government subsidy.
It sounds positively grand.
Snerk.
Yea, that'll work.
2 weeks of empty toilet roll, unflushed toilets, mess in the sink, unmade beds, loud music/tv, sleeping til noon+, no looking for a job, playing group games on ipod, leaving gas tank on empty, no food in refer, refer smell so bad the neighbors call the cops.
You'll stop at 1.
lol you beat me to it... living with one girl must be a nightmare, cant even imagine living with multiple
Boy or girl, never ever live with a buncher! (one who bunches TP)
Foreclose on their books and seize their bongs!
Launching one's work life after college indebted to the banksters is a valuable life lesson. As valuable as getting a dose of non-specific the first time one holds a woman near.
Hillary or Bernie will bail out in exchange for votes.
And what might Trump's solution be ?
Conscript them.
" Merikans are not deadbeats."
~ Barry
Perhaps to build the Great Wall of Trump.
Actually a person with such a great business mind - such as Trump - should easily be able to create the jobs required to solve the student debt issue TODAY. Why wait until January 2017. He can get his buddy Icahn and perhaps Langone and just solve it. No ?
Mesicans are going to pay for it and build it. Amerikans are too poor, obese, lazy, too busy watching Kim and Caitlyn 24/7 or tweeting their followers second by second.
The Mexicans are very good at building walls and pyramids (and tunnels) that last centuries - and - it will probably come in under budget and ahead of schedule.
Wow and think how well the economy is doing.
Parents keep sending Kids to college for them be be dumb. To think parents are smart uggh.
...'despite an improving labor market.' Bwaahahahaha!
"Despite an improving labor market"? What absolute crap. And the inflation rate is 2%. These lying and/or delusional jackasses should return to their native North Korea where they will feel right at home.
You only have to read to "despite an improving labor market." to realize it is just another propoganda piece.
Just like the way they are talking up "deflation" in a high inflation period.
Why? Most likely so that they can put the student loans on the taxpayer thus allowing them to rinse and repeat while making money off of it.
And the deflation talk/lies/propaganda. That is because they plan to increase, not decrease, the printing of money out of thin air. The thing deflating are the size of the contents in the packages of everything I buy. Box stays the same though.
Once again, it will likely be made clear that the smart ones played the system and were irresponsible. Took out loans, default and laugh at the suckers who, one way or another, actually paid for their college. In some ways kids tend to be smart, they are being taught to be irresponsible, lie, milk the system and take whatever they can with no concern about ethics. If you try you can see the future enviroment they will create during their prime. It has already started, Clinton's, Bush's, Obama, Court System, Cops, Killing for Profits, and always lieing about it without a single twinge, like true sociopaths. Under the surface it is all crap and the kids know it and will embrace it.
Hey Stumpy, stop with the reading the teal leaves dude. You're going to creep out the sheeple and maybe cause a stampede.
You are absolutely correct. This is in reality a ""social"" collapse, and the money monkeys are chasing their tails trying to keep the boat off the rocks while the real problems we face are not in the money arena at all. The monkey money is a SYMPTOM of the larger problem of social collapse. Let's get with it here and start addressing the real problems of the day...
Just sayin',
;-D
UCLA has less than 4% default on their loans.
Yeah - the days of people taking personal responsibility and having self respect are long gone. Most want something - anything - for nothing. They're 'entitled'. They deserve it. You know what...FUCK YOU!!!!!
All you scumbags who bash the people not paying don't have a problem with TRILLIONS, being wasted on WARS of AGGRESSION against innocent people who just want to have their own country.
So FUCK YOU!!
Fuck Everyone
Everyone is equally fucked because of double book accounting , look.
Everyone who cant pay is fucked.
Everyone who is paying is being fucked.
+Fuck = -Fuck
If you still give two fucks your accounting is not following GAAP.
The only solution to the fuck fest is to start fucking like rabbits and cause another baby boom invest in baby stores, with any luck one of the new borns will be smart enough to solve the fuckups of the previous 3 generations. ^^. . .
Damn.
You inspired me to make a pitch for a nooner!
Be back in oh, 2 minutes.
Here ya go, here's a nine word sentence and eight of the words are fuck:
Fuck the fucking fuckers, fuck fucketty fuck fuck fuck.
Fuck is such a useful word,
;-D
OBTW: Digital money, digital debt, and (to a large extent) digital collateral, what could possibly go wrong???
If you want to talk the philosophy of fuck, I think we're much closer to the 'fuck fuck fuck' scene in The Wire.
https://www.youtube.com/watch?v=XdfwFDZGnUk
"Waiting for the winds of change to sweeep the clouds away.
Waiting for the rainbow's end to cast its gold your way..."
- Rush, Something for Nothing
"You don't get something for nothing - you can't have freedom for free.
You won't get wise while the sleep's still in your eyes, no matter what your dream might be!"
Human thought outputs are a function of inputs and permutation. Bad inputs, or insufficient permutation lead to low-quality or bad outputs.
In a comment regarding the AshleyMadison thing, I asserted that a single mother and single father raise a child best, something most ZHers are likely to be in agreement with. ORI had responded to me saying "it takes a village", and said that "nuclear families" are part of the problem. The latter view, I am not sure about - maybe, maybe not. The way familial unison has been compromised might make one think that? I do agree, however, that the village and its people influence all the inputs a child will get. It's a "global" village now.
Look at the [programmatic] inputs around you. Entitlement is one of those fabricated inputs.
I don't see how single mothers and fathers would raise a child best, more than likely it would simply raise the number of 'bad inputs'. Single mothers are bitter towards men and raise psychopathic boys deprived of male identity. Sinle fathers have not really been tested yet as they mostly do not get custody of the kids, but we know that a lot of fathers spoil their daughters and we now have a generation of spoiled feminists who are always right and expect 'equality' without consequence.
Together I can't see it being much different. What do the children learn, the modern capitalist nihilism that 'everything changes', 'it is what it is', and 'the big fish eat the little fish'. Fathers have been absent from the family for much of the modern era, this is one of the core problems with capitalism. He is away for weeks at a time, or ten hours a day, and then if he is a man stronger than most he will try to instill male ideals in his son within that short period of time. This often leads to the strict and severe treatment of kids, even for the role model father. Lesser fathers descend into the worst forms of abuse and destroy the identity of the child. And then their families will have to deal with that.
We live in the myth of the 1950s family as an ideal, but that was built on a foundation of lies, hedging against the destruction of Europe, future destruction of Russia, and what was earned in ruining Germany. That period is romanticised due to the great expansion of wealth and the relative peace of post-war culture, and that masks the reality of it. That generation of baby boomers has been the most self-absorbed and greedy generation in history, and now our generation follows the same path. The millenials are almost completely without identity, many of them essentially had no parents because their parents were culturally absorbed in the false markets, false economy, false culture, false politics, false wars, false relationships. And millenials are the result.
Millenials are absorbed in even worse forms of culture it seems, from Randian Billionaire cultism to worshipping My Little Pony. Elon Musk and Steve Jobs are the Beatles for my generation. But that is what happens when the ideals of society are reduced to the absurd, when the morals of society become nihilistic progress towards whatever. The prevalence of hipsters points to the hollowness of capitalism at its core, everything has been reduced to selling an identity. And now you can make 10,000 a week selling potatoes which say 'I'm stuck inside this potato.' It is beyond absurd.
The nuclear family did not seem absurd to many, but the 50s and 60s were locked down under the threat of Mutually Assured Destruction. It was Boston Strong in all cities and towns and the police didn't need to go door to door as most citizens played out the role of the police themselves. The nuclear family is little more than a projected image of status and power. It is false, it forces a duality of the people who act out their stately image outwards to the community and then isolate their family reality, often to the point of hating each other or resorting to abuse. This suggests that communities were always divided, it was a fiction only serving to make the world the same all over, making it impossible to escape much like in The Prisoner.
And this goes back to the invisible monarchy in American political culture. For all their opposition to monarchy Americans built a monarchistic structure in the family. Monarchies act in the same way as the nuclear family, isolated and fictitious functioning for the progress of power. It is no wonder that with such a model the nuclear family became such a disaster. Saturn eats his sons, as the old myth goes. The nuclear family can only repeat, with slight mutations, the tragedies set down by the monarchist families before us.
There can be no families in false communities, and no communities in false families. Children need to learn how their parents function within a natural world, not an isolated and controlled experiment built up to instill beliefs in a fictitious economy. That can only lead to soulless and stultified children left to eventually devour themselves as the parenting and community identity becomes less and less. Logan's Run was quite correct in its image of a society determined by children trapped in 20-year old bodies, sacrificing anyone over 30. People are caught up in the runaway of a society which does not pass along rites of passage to adolescents and young adults, those crucial passages to adulthood. The absurd doctrine of equality teaches kids that they are equal, and we see the ultimate paradox in this: parents are lost and cannot even make a decision when their toddler wants to change gender, and kids who are otherwise normal spend most of their lives trying to become adults but cannot due to the lack of role models - they instead become caught in a trap of permanently setting up their own rites of passage which are arbitrary and capricious, and so doomed to failure. And mostly they die as children in adult bodies.
It's a tragic reality. People live now as if they are immortal, and this causes a waste of life. They live soulless and dead. Academia is just one instance, a symbol, of a much deeper problem. The debt lingers because there was no value in it in the first place, and the children are too stupid to know any better because universities were the original common core of institutionalising robotic competition for elite positions in the status quo of banker/intelligence culture. Another lost generation because the foundation of culture is a lie.
Good sir, you mistook my words. "Single" == "one", in my usage. One mother + one father. Not two mothers, not two fathers, not a single mother by itself, nor a single father by itself. One mom + One pop. Polygamy is good too, as long as the relationships are healthy and the kid has a father (or more) for life. A father is a very important figure in a child's life, no matter the age. Whether that entity is one person or many, it is important for that figure to be there for life.
There is no honor in pointless or deliberate isolation or desertion. I agree with your words completely.
The teevee is ringing in the background - I was trying to watch some South Park "on demand". When you are on the selection screen, the Comcast screen plays advertising to give you instructions on what's "in" and what to watch and stuff like that. One of them just said the words "I watch teevee to escape." So sad.
"If you can't afford to pay, just tell the Department of Education and they'll enroll you in an IBR plan where your "payments" can be $0 and you won't be counted as delinquent.
"how student debt continues to burden households despite an improving labor market."
7,000,000 haven't made a payment in 12 months!!!. Doesn't seem like much of a burden to them!
There is however a good chance the burden will ultimately be on us.
I'll bet the fuckers all have shiney new cars and lots of vacation stories to share though.
Unemployment. Just stop counting those not working. Not paying student loans. Just stop counting those in default. Inflation too high. Just stop counting food and gas prices.
If you stop counting everything, eventually the only thing left to count will be dead bodies in the street and empty bread carts.
Hows about we just stop the insanity?
All you scumbags who bash the people not paying don't have a problem with TRILLIONS, being wasted on WARS of AGGRESSION against innocent people who just want to have their own country.
So FUCK YOU!!
Fuck you, too.
Signed,
Partiotic Scumbag
Patriotic fucktard is more like it.
I have a problem with wasting trillions on wars, and I also have a problem with deadbeat assholes living off of, and using the system that we pay for.
You're conflating the 2 issues. This thread is about deadbeat student loan borrowers. Most Z/Hers are fed up with all the dead bodies and conflicts around the world, if you took the time to actually read some posts.
So fuck you!
Fuck you and the horse you rode in on Yen Boy.
Well that was certainly original and lethal in execution. Obviously well played and Yen is stunned in silence being truly mastered at last on ZH. You deserve a Roman Triumph.
It's a sad day when you observer ZH itself showing signs of Idiocracy.
Miffed
You'll pay alright. A nation of idiots who have become accustomed to Gratification on Demand. It is far better to place the emphasis on education. More strength of character can be found in an 8th grade drop out. "How To Cheat Your Way Thru IV League College is a class a Yale. The upper 1% tax breaks are your burden.
No, I bash the assholes making bank on government backstop of this nonsense (as well as the trillions being spent to maintain corporate interests overseas); they're not mutually exclusive.
The fucktard IS YOU.
The big guys are crooks and the little guys are crooks. Why take up with either?
yeah jahblowhmee its because of these TRILLIONS spent on WARS OF AGGRESSION that your student loans and slothing lifestyle is guaranteed. Why? because all our government have to do in order to cover bad decision-making college student like you (possibly) is to print moar thanks to the fact that our MIC makes us a hard-to-beat superpower and #1 in the world!!!!
(Some might say) Not for long... Good thing we have tons of students in debt, to be conscripted and to be sent to the Mexico border for that Great Wall of America Trump was talking about
SO FUCK YOU!!
Oh sure. You think the war mongers give a crap about the first world citizens? That debt is to ensure their enslavement. The wars are being planned and funded by the Maniacs In the Psychotic State of Israel - Israel Expansion project included the USA, hence the Israel Fisters in teh government, killing and ruining every fucker that gets in their way.
We want to see Israel light up like a goddam Christmas tree. This recipe for disaster is actually recorded in a century old book, and "hellish" plans to take over the world through manipulation, infiltration, assassination and systematic coercion is how they pulled this off. Mossad Assasins Inc are training our cops. Israel is behind the banks, the banks are behind UN Agenda to "save our planet" all the while they send their big industry pollutants into our air, water and soil.
So you fuck off, Fister. Fuck off and die.
It would be cheaper for the government to bailout student loans NOW than wait for the student to pay back the loan later.
^^...
just saying.
Compound interest should be banned.
This has taken the place of "growth" these days. The unholy alliance of gov/biz gives money to people that don't have any, then magically uses the power of the printing press to get paid back when they don't/can't.
Then blame them for being reckless, irresponsible.
What's wrong with compound interest? You an auntie semite or somthin???
Holy crap! The bankers, as always, were just concerned about the well-being of the community and put their own money on the line to help out. They got outsmarted again, this time by sneaky students.
SOmewhere in this boondoggle is a secret electronic database that makes it impossible to tie individual students to loans, like MERS.
WAIT! We HAVE to pay the money back?......
Sucks being on the wrong side of nature now don't it?
Coming up next! "THE I-STRAW."
Apples new brain sucking ear straw that sucks the knowledge back out of a graduates brains who don't pay back the loan.
Heres an example on the straw test and one graduate that didn't pay up.
https://youtu.be/lj3iNxZ8Dww
Buy Gold, Silver, Platinum and Palladium Bullion
https://www.eurgold.eu
I think for many people its a choice between paying student loan payment or EAT.
You're forgetting a previous choice...to take out loans they couldn't pay back...or work and eat.
look back in the day I went on the GI bill..no debt..see universal draft and all these dead beat kids coulda done the same..my advice to any one holding student debt..don't pay a cent.
lets start it here on ZH..stop paying your student debt everyone..and you will be free of it, can't collect on millions of students who withhold payments- impossible you know like we cant ship 10 million illegals home, numbers matter..no one will listen to this advice but that does not make it bad advice..don't pay.
People who have student loans learn from the govt and banksters. Just kick the can down the road a few more years and hope for the best.
When you have banksters who commit high treason and fraud get off scot free, its not setting a good example.
Dumbass, this is by and for said banksters benefit (the fact that someone along the line earned a degree in literary interpretation of the struggle of international basket weavers is immaterial to their profiteering).
The govt can bail out GM and other banksters to the tune of BILLIONS while their CEOs still get millions in bonuses.
You think Students don't see that?
Hell yea they see it. That don't make it right.
RICo all banksters, their political whores and college endowments to pay the debt.
If the fucking government wouldn't have bailed out GM, and let it go under instead, there wouldn't be a CEO to collect the bonus.
Good solid point
Good solid point
Yeah but those damn deadbeat kids didn't use perfectly good stolen fiat to buy CONgress so they should be held accountable!!!
Then why aren't they founding their own failing car companies?
Or paying back the hooverment like GM?
You are an idiot. Posting from kindergarten?
When a new pre-calculus textbook costs $300, don't tell me there is no inflation.
The lies continue.
Not in the bucket of goods and services?
Put college textbooks into the fucking bucket.
Pre calc should be taught in highschool anyway. You got kids in college taking basic math, lol, what a waste of time.
When I left about 5 years ago you had to buy the new version because they all come with codes you have to have to do the online homework. All the text books started at around 200 bucks. Milking students to the last drop.
I have around 30k myself, I haven't made a single payment yet and as I said I left about 5 years ago. I'm not trying to stick it to anybody but paying for something I have found useless to me is at the very bottom of my to do list.
The best class I took was public speaking.
Be a good salesman in everything you do.
"a staggering level of default that highlights how student debt continues to burden households despite an improving labor market."
Or.
A deliberate attempt to defraud the American Taxpayer with the collusion of the dims/rinos.
No loan forgiveness.
No default for the lendees or their estates.
RICO all banksters, their political, bureaucratic, judicial, and lamestream media enablers. Throw in 777,000 lawyers for good measure.
Oh heaven protect the sainted "Taxpayer". As if the fake money stolen from people's paychecks somehow ends up in student loans.
Government is a giant fraud.
.
Considering that the student loans were money concocted out of thin air. The students should sue the govt. for FRAUD
ZH'ers are real kiljoys. Don't you want to help that little lad get laid and smoke dope. Maybe buy some new shiny Bling? All you have to do is work 2 hours more/day so the Yute can enjoy his college days and get a generous Bailout from Hitlery or Barry.
Barry, Hitlery, or Trumpet. They'll all keep,giving away money.
Count me as one.
The computer tech school I attended over a decade ago was run by organized crime and was suddenly shut down overnight when the Feds swooped in.
Apparently the owners were foreign mafia types who absconded with millions in student loan money. Was the money ever refunded or the students ever released from their debt shackes? Of course not!
There's a rule that covers that situation. The loans would be canceled if that was true.
When you can't make any money at your job you can't pay for anything, only to $urvive. They dangled a carrot and took it away at the finish line. The dumbest people are the ones that took out student loans after 2008. They should have to pay in full.
Why?
So what does a Dean or President of a University do to deserve a 7 figure salary?? Besides bonking his secy and playing golf every day.
Because he (or she) did pay off their student loans?
LOL GMAD. Student loans weren't around back then when said administrator was attending uni. Since then the real money printing and debt enslavement went into full swing. Also, said administrator was happy to play a key role in facilitating the debt enslavement dream of the NWO. Wake the fuck up dude.
So what does a Dean or President of a University do to deserve a 7 figure salary?? Besides bonking his secy and playing golf every day.
Yep, the schools get most of that loan money, and what's left doesn't even cover rent for those people. But the know-nothing posters here think everyone is off partying in Europe instead of trying to get a job.
How many dollars did the Federal Reserve print in the last year? These blame-the-victim stories don't belong on Zero Hedge.
There shouldn't be student loans. The govt should pay the school the tuition directly and if the student doesn't make passing gradess boot them out.
Housing should be barracks and chowhalls for food.
The military does it .
..
Not that I am a fan of USA foreign policy, but when I just turned 18 I joined the USAF. Pay was 98 dollars a month but I was learning a skill (aircraft mechanic) and had 3 hots and a cot and I didn't hear too many people complaining.
and that skill has earned me a few millon in my lifetime.
"7 Million People Haven't Made A Single Student Loan Payment In At Least A Year"
Good. The rest should stop as well.
Zion is a scheme, not an ethnicity.
The Four Rs
Rejection: Stop Paying, Stop Obeying, Stop Playing, Stop-up the System.
Revolution: It is inevitable, so prepare, as they are.
Restoration: Restore the American people, country and Constitutional republic.
Retribution: The guilty must answer for their crimes against the American people and the Constitution.
And who will get stuck for those guaranteed student loans? Hint: taxpayers.
Obama signed a bill in 2010 that ended a 45-year-old program under which banks and other private-sector lenders such as Sallie Mae receive a federal subsidy for making government-guaranteed college loans.
Instead, the U.S. Department of Education now makes 100 percent of guaranteed student loans.
Students who previously had to choose a private-sector lender for their guaranteed loans now have only one choice: the government (subsidized loans guaranteed by taxpayers).
ZD1, good comment, however, and with great respect, it is infused with the doctrines and memes from the indoctrination centers, schools, and noiZ-media, propaganda.
First, there is no such thing as "taxpayer(s)." That is a propagandist term used to instill a since of partnership with tyranny, and tyranny's crimes against you, us, and others.
Next, the banksters only loan out fiat-debt--stolen wealth. Fiat-debt is funded by theft and counterfeit. The banksters steal the people's deposits, and then counterfeit more atop of that. They then fence that stolen loot via the unsuspecting borrower. The theft via counterfeit shows up as higher prices at the store, especially the grocery store, and the stolen deposits as "bail outs/ins." And by extension, one can see that since the fiat-debt loaned out by the banksters is really wealth stolen from the people and economy, it is they, the banksters, that really owe us, and not us that owes them.
Thirdly, being that the whole bankster system of grift depends upon ever increasing fencings of fiat-debt, the banksters have put the DC US gov. as "guarantor" of said fiat-debt loans for education. What this means in practice is that the banksters get to increase the amount they can fence via the DC US gov. as student debtors go bust. They have the DC US gov. take on more fiat-debt to replace the fiat-debt that they already fenced via students.
And now the reason it is important for we Americans to Stop paying on the banksters' fiat-debts is because, as already mentioned, it is stolen from us in the first place, but also, it is the foundation of the tyranny that ails us.
Tyranny, the banksters, and their Zionist masters, have built a precarious fiat-debt straw skyscraper upon the backs of the American people. If we were to withdraw our backs, Stop paying, their whole edifice of grift, plunder and tyranny would collapse down upon them.
Being that the fiat-debt is actually wealth stolen from us, fraudulent-reserve banking is theft, the entire system of grift is Unconstitutional, and that we have a "right," and a "duty, to throw off such governmnet," it is our right, but also our duty to STOP paying.
Zion is a scheme, not an ethnicity.
Nobody will get stuck paying for anything. The whole system is a fraud.
This kind of post is why the younger people invented the internet term "butthurt". You have no true grievance.
I took out a student loan two separate semesters. I borrowed the very minimum amount I needed to get by, knowing that I would be paying it off after I graduated. It was not easy but I pay my debts. These people can make excuses but no one forced them to take out big loans that they probably never thought twice about paying back. They were irresponsible in taking the bait dangled before them. Call it what you want, but...
It displays a lack of integrity on their behalf.
Enjoy being a self righteous asswipe?
Enjoy being a self righteous asswipe?
You mean like buying a $1MM house in 2008 on an income of $75,000, with no money down and 30 years to pay ?
Don't fall off that high horse, you might hurt yourself.
Give them Ex-Im Bank loans -
What a scam. Lizzie Warren and other rock star profs like Krugman teach one seminar per semester for $$$$'s, cash in on interest free loans and take sabbaticals to publish in the name of self-enrichment. Then publicly decry the cost of higher "education."
Wake up, you little morons. How does it feel to be the donkey, hauling the money from taxpayers to the administrative and academic intelligencia. Do you really believe Arne Duncan when he says you won't be held responsible for your role in this scam? He will be long retired in a gated community in Palm Beach, and you will be renting an "efficiency" apartment, pissed that your government lied to you.
To paraphrase, the world is full of unrealistic motherfuckers, motherfuckers who thought their bright and shiny future was provided free of charge.
What is the alternative? There are no jobs that pay a living wage, the trades are overflowing with out of work people.
There is nothing but endless dispair and a dead future for 100 million people.
Yell at them some more, that should fix it. But whatever you do, don't blame the assholes who have all the power and caused the problem in the first place.
You don't need a college degree to be successful and earn a living. There was no problem in the first place, until the sheeple got brainwashed into thinking it's so. My own kid was bombarded in high school to go to college. Straight A's. Well, why college, then? Just go out and be successful. Hire yourself first. After you do that, you can hire all those "smart" people with an education to help make you more successful. In ancient Rome, the productive population did the smart thing: with their country plundered and ruined by their leaders, they just packed it in and left.
There's this amazing invention called "self-employment," look it up.
R.E.V.O.L.U.T.I.O.N.
get the ropes ready
The schools get all the money, the corporations get an endless supply of labor, and the victims get stuck paying the bill for the rest of their lives. If corporations and other obsolete institutions want college trained people, they should pay for it.
End slavery now.
Well, Paul Krugman says the problem is not enough debt. There. Fixed it.
I feel like an idiot for not having my kids take out student loans and instead used my savings to pay for their college. Their college friends who do have loans a majority believe its free money that they will never have to pay back, and I think they are right...
So you think the "right thing to do" is now the wrong thing? That's sad, for sure.
Yes, you are an idiot. You should have told the kid to work and save if he wants to buy something. He might have learned a valuable lesson. Now you wish you could be a freeloader because you have no integrity. I hope your kid turns out better than his parents.