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Thread: picture worth 1000 words - Student Loans

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    Banned Melonie's Avatar
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    Default picture worth 1000 words - Student Loans

    This was part of a very interesting article that headlined the fact that , thanks to bankruptcy filings and settlements allowing credit card debt to be 'discharged', student loan debt now exceeds credit card debt. However, since 1998, student loan debt has been essentially 'undischargeable' except by eventual repayment in full ( plus interest and fees !)





    Whole article at

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    Veteran Member jadelady's Avatar
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    Default Re: picture worth 1000 words - Student Loans

    When will people see that education is a business and a part of the machine that you don't have to buy into..
    with that said, I have student loans left and the day I pay them off I'm throwing myself a giant party.
    "Every experience is a lesson. Every loss is a gain."


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    God/dess 4everresolutions's Avatar
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    Default Re: picture worth 1000 words - Student Loans

    Oh Melonie, that's scary.....I'm so glad I decided to put off my college education until I can afford it out of pocket.



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    God/dess Kisca's Avatar
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    Default Re: picture worth 1000 words - Student Loans

    Wow.. I never looked at it that look. I am in school now.. But Im glad I never got a loan. One reason I started stripping was to pay before I need to get a loan... so far Im in the safe. But my friend only needed a loan of 50% of what she needed to pay for school, and in her 3rd year shes already behind.. it sucks. I saw her bills and the interest % is a joke.. then with ~13-16/h good lucking trying to repay them

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    Banned Melonie's Avatar
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    Default Re: picture worth 1000 words - Student Loans

    I saw her bills and the interest % is a joke.. then with ~13-16/h good lucking trying to repay them
    Indeed, in the US at least, Student Loans are 'Forever'. And as a non-bankruptable debt owed to a 'gov't agency', student debt collections are both exempt from time limits ( meaning that they can keep tacking on penalties and interest forever ) and exempt from most 'bill collector relief' laws and regulations.

    In fact, some members of the 'gold foil hat crowd' have been speculating that Student Loan debt increasingly constitutes the equivalent of 'indentured servitude' to the gov't. The gov't already has the authority to garnish wages and/or withhold gov't check payments from those who owe large Student Loan debts - with essentially no recourse on the part of the debtor. Ultimately, the gov't also has the existing legal authority to deny gov't 'priveleges' to those who owe Student Loan debt in a similar manner as it denies gov't 'priveleges; to those who owe back child support etc. This could potentially lead to some 'nasty' future situations i.e. 'what do you mean I can't renew my driver's license ?' or 'what do you mean I can't apply for a dancer's license'. Similar speculation has discussed scenarios where, for example, the gov't could offer joining the US military as a 'leveraged' option versus paying down existing student loans to 'current' status. Not wanting to get too far afield, but with no time limit and with 'non-dischargeable' status re bankruptcy, being behind on student loan payments arguably constitutes a MAJOR future risk factor.

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    God/dess Deogol's Avatar
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    Default Re: picture worth 1000 words - Student Loans

    I think we are already seeing the results of so many people being pushed out of society (no license, etc.) One merely adapts to live and survive further out of government control and view the government as not a tool of society but more and more as an entity of torment and tyranny. Ostracizing works only to the point where the few look at the many and go "uh oh!"

    I was watching TV yesterday (Sep 7 if ya can find the new story) that education is considered the next bubble. The first to go will be a bunch of "for profit" schools (or at least highly "right sized") and then the community colleges...

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    Default Re: picture worth 1000 words - Student Loans

    ^^^ again not wanting to beat a dead horse or tip the economic versus political balance, but several past DD threads have discussed ...

    - the cost / benefit equation of obtaining a degree versus the eventual 'reward' of a good job with a comparatively high pay rate has been declining significantly

    - the fact that inner city scholarships / diversity admission policies, combined with increasingly 'flexible' academic standards driven mostly by dropout rates, have resulted in many cases of community college attendance becoming a de-facto substitute for social welfare benefits ... such that most industries now regard most community college degrees as little better than a high school diploma in terms of prospective employee 'qualifications'.

    Circling back on topic, it's one thing to obtain a comparatively 'worthless' community college degree based on scholarship / gov't grant money that does not need to be paid back. However, it is another thing entirely if obtaining that community college degree also resulted in the creation of student loan debt that can never be retired except by repayment ( with penalties and interest ).

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