# Surprise, surprise, Student Loan Debt much Worse than thought



## RedLion (Sep 23, 2015)

A bubble primed to pop. Anyone surprised that we have been misled?



> at least half the students had defaulted or failed to pay down at least $1 on their debt within seven years. This is a stunning number and suggests that the student loan crisis is far greater than anyone had anticipated previously. It also means that the US taxpayer will be on the hook for hundreds of billions in government-funded loans once attention finally turns to who is expected to foot the bill for years of flawed lending practices.


Student Debt Payback Far Worse Than Believed - WSJ


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## paraquack (Mar 1, 2013)

Ah yes the wonders of a liberal congress.


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## stowlin (Apr 25, 2016)

I think we offer to let it all go, wash it away, make it gone. Anyone that owes just pays 10% more income tax for life. No deductions.

And if they think they can avoid the debt by not working make sure it comes out of their social security if they've already earned it.


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## Knotacare (Sep 21, 2016)

Who in there right mind would loan any money to any one without collateral? Oh yea our government..just right it off as a terrible idea. Do it the old fashion way ..if you can't pay don't play. College is a waste of time to most anyway especially what colleges teach these days..there world is la la land.


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## Sasquatch (Dec 12, 2014)

We have been played. The Liberals push and push that all kids need to go to college, of course that's only so they can indoctrinate them in liberalism. And now the rest of us get to pay for it.

Sent from a Galaxy S5 far far away.


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## 8301 (Nov 29, 2014)

My lady graduated a few months ago with a $3000 student loan, the rest she paid as she worked and attended school. Since she graduated with a 4.0 average the loan is forgiven although she is following up to make sure all of the paperwork is correct.


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## Chipper (Dec 22, 2012)

Are the same people doing the study. The same as the ones that said hilabeast was going to be the next POTUS?? Sorry I don't trust the media at all.


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## Targetshooter (Dec 4, 2015)

The media can't tell the truth it smacked them in the face.


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## 8301 (Nov 29, 2014)

Chipper said:


> Are the same people doing the study. The same as the ones that said hilabeast was going to be the next POTUS?? Sorry I don't trust the media at all.


The information is accurate. I read an article in Fortune a few months ago about the federal student loan bailout that is being considered. Defaulted student loans were around 4 times an high as the government originally reported,,, somewhere around 400 billion dollars if memory serves.


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## Camel923 (Aug 13, 2014)

Liberal solution is to increase the amounts to borrow, the forgive it all vsfree tuition at tax payer expense just like obama care. That you can work, pay tuition and make ends meet is an alien concept.


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## Kauboy (May 12, 2014)

I can proudly state that I've never missed a student loan payment. Of course I wasn't an idiot who raked in tens of thousands of dollars in debt thinking I had to go to some prestigious college just to get a fancy name on my resume. I went to a good school, learned exactly what I needed for my career, enjoyed some local activism as a conservative "Protest Warrior"(pissing off pseudo-intellectual liberals is fun), and got out. I had a plan, and stuck to it. Ended up with a string of great jobs in my field, and fully capable of paying on my loans.

While Liberal Arts or Women's Studies may be admirable ventures for some folks, they aren't worth thousands of dollars to learn just to get out into the world and make no money in it.
Student loans should only be offered to students in profitable fields of study.


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## 7052 (Jul 1, 2014)

One of my daughters is 22 now, and has decided to "go to school" again. This is her second attempt, this time for a RADICALLY different area that she first tried. She is a SMART girl, and is fairly mature for a girl her age. But, she's still a rather young 20-something, so mature for her age or not, it only goes so far. She can't afford it all on her own (even though she's working full-time) since she also lives on her own, has bills, etc. I am not in a position to assist given my obligations and the fact that we're working on buying land to get the hell out of the Democratik People's Republik of Hellinois.

So she wants to get student loans to pay for it. I have done everything I can to convince her not to, because the debt she'll be taking on will saddle her with something she likely will not be able to pay off immediately, and it'll be an anchor on her life. She decided not to listen to me, and went to the school's financial aid office anyway.

So here she shows up at my door one night, and drops the bomb. The school told her that in order to file for grants, student aid, or student loans, she needs her parents to fill out a financial disclosure form (FAFSA) since she's under a certain age (like 24 I think?). Suddenly it's "So let's go back to your office and fill this out." I was like "Ummm, I have to think about this. I'm not inclined to give out my info."

*Disclosure:* I do not give out my financial info to ANYONE that doesn't need it (like if I apply for a loan for myself). This includes my children. They have no need to know exactly what I make, etc. I do not give my SSN to anyone that doesn't NEED it for SS purposes. Daughter knows this, so I was as bit taken aback that she was just thinking I would go along with this.

In the end I decided that I was not going to fill out the form. She's pissed, because she won't be able to get student loans. Part of me feels bad because as an adult, she SHOULD be able to do whatever she wants if it's legal, but since the system is set to REQUIRE my info, I have the option of declining to give it. I looked into it and she CAN fill out the form online and mark that I refused to provide info, but then the only option she'll get is an unsubsidised load which she can't afford.

Bottom line, this situation sucks, the system sucks, and in the end I still think I made the correct decision.


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## Economic Survivalist (Dec 21, 2016)

If I am not mistaken, student loan debt is also the only non-forgivable debt. Immune from chapter 7.


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## A Watchman (Sep 14, 2015)

Economic Survivalist said:


> If I am not mistaken, student loan debt is also the only non-forgivable debt. Immune from chapter 7.


Correct, except for a very few special circumstances. Forget looking then up, you wont qualify.


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## RedLion (Sep 23, 2015)

This is not only insane, but criminal. People that still do not think that we are eventually headed for a crash are fooling themselves. Another tactic to not only ruin the nation, but to "force" the young and dumb sheeple to push for socialism.



> There Are 101 Americans With Over $1 Million In Student Loans





> Astronomically high college tuition facilitated by a bottomless ocean of student loans has saddled Americans with a record $1.48 trillion in non-dischargeable debt - an amount which has more than doubled since the 2009 lows.





> While in March we noted that debt-laden millennials were set back an average of $140,000 vs. their parents





> Utah orthodontist Mike Meru, 37, is one of them. After graduating from Brigham Young University with no debt and a new marriage, Meru borrowed $601,506 debt to attend USC's orthodontics program - while his new wife Melissa finding work as a USC administrative assistant to save on tuition. After a few years, his student loan had swelled to $1,060,94.





> And despite Meru's $225,000 salary in 2017 which leaves him with roughly $13,333 per month after taxes, he makes monthly payments of $1,590 by taking advantage of a government-sponsored debt repayment program. Without the program which still leaves his debt growing at $130 a day, Meru's monthly payments would be $10,541.91 according to an email from his loan servicer. At this rate, Meru's loan balance will exceed $2 million in 20 years.


And the biggest kicker is.....



> *All is not lost for Meru and many others like him, however - because thanks to the repayment program, Meru's $2 million balance will be forgiven after 25 years.*


https://www.zerohedge.com/news/2018-05-26/there-are-101-americans-over-1-million-student-loans


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## Old SF Guy (Dec 15, 2013)

RedLion said:


> This is not only insane, but criminal. People that still do not think that we are eventually headed for a crash is fooling themselves. Another tactic to not only ruin the nation, but to "force" the young and dumb sheeple to push for socialism.
> 
> And the biggest kicker is.....
> 
> https://www.zerohedge.com/news/2018-05-26/there-are-101-americans-over-1-million-student-loans


So he pays 1,500 a month x 25 years which is 450,000 on a 650,000 loan.....and his debt is forgiven?

Sounds like they need to give farmers loans like that....at least we get food.

Sent from my SM-G920V using Tapatalk


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## RedLion (Sep 23, 2015)

Old SF Guy said:


> So he pays 1,500 a month x 25 years which is 450,000 on a 650,000 loan.....and his debt is forgiven?
> 
> Sounds like they need to give farmers loans like that....at least we get food.
> 
> Sent from my SM-G920V using Tapatalk


Actually with the guy paying what he is paying, his debt will continue to increase over the next 20 years and he will end up owing $2 million that will "be forgiven" and covered by tax payers. This piece.....


> he makes monthly payments of $1,590 by taking advantage of a government-sponsored debt repayment program. Without the program which still leaves his debt growing at $130 a day, Meru's monthly payments would be $10,541.91 according to an email from his loan servicer. At this rate, Meru's loan balance will exceed $2 million in 20 years.


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## patrioteer (May 21, 2018)

About ten years ago my friends liberal nut job wife decided to quit her good job and go back to school. She racked up $50,000 in student loans. When she got her degree she could not find a job in her field and ended up going back to her old line of work. She never made a single payment. She just pretended like those student loans did not exist because she was mad that she could not find a high paying job in her field of study. One day she gets served with a notice that they are garnishing her wages to recover the loans. So she quit her job because _she wasn't going to work for nothing_. Now she does daycare in her home and as far as I know they haven't come after her at all to recover the money. The whole thing irks the hell out of me.


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## MountainGirl (Oct 29, 2017)

patrioteer said:


> About ten years ago my friends liberal nut job wife decided to quit her good job and go back to school. She racked up $50,000 in student loans. When she got her degree she could not find a job in her field and ended up going back to her old line of work. She never made a single payment. She just pretended like those student loans did not exist because she was mad that she could not find a high paying job in her field of study. One day she gets served with a notice that they are garnishing her wages to recover the loans. So she quit her job because _she wasn't going to work for nothing_. Now she does daycare in her home and as far as I know they haven't come after her at all to recover the money. The whole thing irks the hell out of me.


I can see how that would. Seems the 'entitlement' mindset runs far wide and deep.


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## unclefred (Nov 28, 2017)

Somehow I'm not really buying those figures. It's nearly impossible for a kid to get those loans without a parent co-signing. If the kid falls behind in payments, the co-signer is given the same credit hit and threats as the kid. If the kid defaults they go after the parent, garnishment etc. I would bet that the great majority of those co-signers pay up rather than lose their credit rating and suffer garnishment. I know that sometimes they will settle for a one time 50% payment of the balance.


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## RedLion (Sep 23, 2015)

unclefred said:


> Somehow I'm not really buying those figures. It's nearly impossible for a kid to get those loans without a parent co-signing. If the kid falls behind in payments, the co-signer is given the same credit hit and threats as the kid. If the kid defaults they go after the parent, garnishment etc. I would bet that the great majority of those co-signers pay up rather than lose their credit rating and suffer garnishment. I know that sometimes they will settle for a one time 50% payment of the balance.


Student loan debt is a huge bomb that is only getting bigger and more dangerous. As far as co-signers go, they are not really needed for a very large majority that take out loans, thus part of making the problem. Many young folks do not think that they need to pay back the debt and could care less if it affects their credit for some time. Debtors are not going after people with any measure of effort as well.


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## MisterMills357 (Apr 15, 2015)

OK, with a show of hands, who is really surprised? There are so many financial demons that are waiting in the shadows of America; that I don't see how we can survive as a nation.
If we do survive, it won't be with the same dollar that we have now, that has been ruined. Something else will take its place.


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## Lunatic Wrench (May 13, 2018)

But this is the new America, everyone else should get a free ride...

Right?

I mean I don't mind working until I'm 85 to pay for it, that's only another 35 years in the work force for me.

The lack off accountability in this country these day's is astonishing. It's always someone else's fault/problem, from CorpCp to GovCo to someone walking across the street, or is it just me in the early stages of old and crotchety syndrome.


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## MountainGirl (Oct 29, 2017)

Lunatic Wrench said:


> But this is the new America, everyone else should get a free ride...
> 
> Right?
> 
> ...


It's just you.









And most of the rest of us


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## StratMaster (Dec 26, 2017)

MisterMills357 said:


> OK, with a show of hands, who is really surprised? There are so many financial demons that are waiting in the shadows of America; that I don't see how we can survive as a nation.
> If we do survive, it won't be with the same dollar that we have now, that has been ruined. Something else will take its place.


Which is why I have a lot of hard assets rather than too many Fed Reserve Notes, paper financial instruments, or ones and zeroes in an account somewhere.


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## unclefred (Nov 28, 2017)

RedLion said:


> Student loan debt is a huge bomb that is only getting bigger and more dangerous. As far as co-signers go, they are not really needed for a very large majority that take out loans, thus part of making the problem. Many young folks do not think that they need to pay back the debt and could care less if it affects their credit for some time. Debtors are not going after people with any measure of effort as well.


My experience and the experience of others I know does not confirm that. At least with Sally May-now Navient-loans. No kids I know could get a loan of any size without a co-signer. They certainly go after debtors and the co-signers as well when payments are late. There are other Federal loans that don't require a co-signer, but those are pretty limited in size. Try googling Navient and you'll think differently about about the measure of effort they take.


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## sideKahr (Oct 15, 2014)

Everyone will be affected by the default, the banks never lose. Don't forget that these loans have been dissected, sanitized, and repackaged by Wall Street and sold to the public as 100% safe debt investments. Your family and your pension plan probably own some. Can you say 'thieves' Mr. Rogers?

P.S. I paid back every penny of mine, too.


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## stowlin (Apr 25, 2016)

You would think a trillion dollars would create the most educated society on the planet and be the best but look at America. It is a monumental failure to have indebted millions with trillions of debt for liberal arts programs and underwater basket weaving. The state college professors in California were Obama’s top donor group and he rewarded the crap out of them with billions in grants and trillions in loans. Now to add insult to the injury if indoctrination and debt were not enough they have established retirement systems that are not sustainable and will bury tax payers.


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## Malcom Renolds (Jul 14, 2017)

They need to get together and file a class action lawsuit for breach of contract.

Universities have been "living" off the idea that a degree equals more pay for far too long. 
It IS A LIE and They KNOW IT.

As the number of college grads goes up the value of those degrees goes down. It is simple supply and demand.





STUDENT LOAN DEBT SLAVERY


> The topic of student loan debt seems to fiercely divide people - even those who typically agree along ideological lines. Stefan Molyneux reviews a recent article titled "I've Paid $18,000 To A $24,000 Student Loan, & I Still Owe $24,000" and discussed the absolute horror of what propaganda has done to the next generation.


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