According to a new report by the Wall Street Journal, 7 million Americans are flat-out refusing to pay back their student loans because they feel scammed by their universities and government. They feel like they were told to go to school and are now left with worthless degrees, no jobs, and no prospects for the future. The government has tried many tactics to reach these defaulters, but their efforts have been fruitless for over a year.
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26 comments:
Strike their accomplishments from them, just like repo'ing a vehicle. Then, slap a lien on their homes, businesses, bank accounts.
It's not hard folks.
9:42 there are no jobs, homes, or business and probably no money in bank accounts worth the effort.
Trying reading the whole article and not just the headline.
Apparently it is that hard, folks.
That's already in effect. Also any money from taxes goes directly to student loan. In Maryland your unable to get vehicle registration until loan is out of debt collections. Loans are about 25 to 30 percent interest upon missing or being late on two payments. Times that by 50k to 100k. Morgage companys will not lend if student loan is default and courts are flooded with student loan debt collectors getting 15 year judgments and putting leans on cosigners homes and pensions...it's happening.
agree 9:42
The burden needs to go back to these students. Do your research and get your degree in something that is in demand and marketable. Trade skills are needed in Architecture, engineering, and design. Don't waste your money on a worthless degree. Check the school or university to see how graduates are doing after they leave the school. Do they offer job placement or employment assistance after they graduate? If not, you are wasting your money.
Many jobs will be needed in the skill trade fields of Plumbing, Electricians, Welders, and Waste Water management. Infrastructure is failing all over the country. Average age of Welders and Plumbers is now 50.
10:28
Are you dense?
The article clearly states that the students CANNOT REPAY THE LOANS.
They don't have the money. They can't get jobs sufficient enough for an independent existence.
The economy is in the toilet.
Those who LOANED the money took a risk.
Now they will go without payment.
Kids today are dealing with astronomical debt levels. Even compared to the late 90's, the difference is startling. Knowing what I do now, if my kid doesn't turn out wicked smart and with a passion for something that makes good money, I'm going to try and steer her towards a trade. The ROI just isn't there.
This article is based on a WSJ article last updated a year ago on August 21, 2015. To me this speaks incompetence and/or a desire to fool people into thinking this is recent news.
Yes, student debt is a problem but so is irresponsible reporting. Too often reading primary sources is important to keep from being fooled.
1028 is telling people to think before they get worthless degrees, he is not the dense one.
11:26
Are you stupid???
The problem is, people go to college without researching and get useless degrees that are not even marketable!!!!
The need to shoulder most of the blame for this.
9:42 AM hard to do that when they live in their parents basement with nothing in their own name
Some of the commenters are so mind controlled that they side with the international bankers instead of the young people in America who are trying to navigate life.
In 2008 house prices had NEVER declined. Ever. The bankers were counting on everyone knowing that fact and acting accordingly. They stole from people by providing "loans" for which they never had the principal.
Up until now, college degrees have ALWAYS promised more pay than high school degrees. This has never happened before. The bankers have engineered another bubble - student loans.
Those who do the LENDING are taking the risk.
The borrowers should default.
Simple.
Except now the thug government is going to take the young people's property by force. The debt cannot be excused. We have no defense from predatory lenders. The government is totally corrupt.
10:28
This is excellent advice for those who have not already accepted the student loans.
For those who have already been duped by the banks, you are in deep trouble.
I somewhat understand why, but it is totally wrong. You that borrowed, made that choice on your own. Now I don't want to pay for YOUR mistakes. You were stupid to borrow and some of you wasted those dollars and didn't take your college years seriously. again; YOUR choice, NOT mine.
For those of you who are considering borrowing for education; DON'T. I worked and paid as I took classes as Many of us did back in the day.
1:08
I totally agree with you. My son is working on his Bachelors right now in Civil Engineering. This is his second degree as a requirement for him to keep his job.
He will be living with me for the next five years and the agreement is for him to use all the money from his job to pay down this student loan. I in turn will not charge him anything to live with me, and all he has to pay is this and his Auto Insurance.
I gave him my old car for him to drive. It is extremely difficult for young people to get a start in life in this economy. He is in a good field, and his wages will go up when he finishes college, but in the mean time, this is what I can do to help.
I started a college savings program for him and his brother when they were born and savings bonds. The bonds covered the books, which is totally unreasonable! The Savings was done the first year! The rest is loans so he can finish his education. Unless you are born rich, the poor don't have much of a chance to succeed. I went to college in the Eighties. What I earned in the summer paid most of my tuition back then. Not the case today!
You must do some research if you are planning to go to college or a trade school! If not, you are wasting money. Plenty of people working in retail with useless degrees!
If the degrees are admittedly worthless then the colleges are committing fraud. Any other company that uses false advertising to push a worthless product either gets a lot of returns or refusal to pays. Why is a degree any different. Government policy stole my parents wealth by using policy moves to create a housing bubble. Now they are trying to steal the next generations wealth with an education bubble. And you can't even get out of it in bankruptcy (more gov policy to take your money and give it to their friends). You can pay all the money in the world, you can go to school for 30 years, but if the only job available after you graduate is pizza delivery boy you are going to be delivering pizzas.
Why are schools offering worthless degrees?
Because they are profit generators.
Why do banks loan money to people for worthless degrees?
Because thanks to their friends in the federal government it's the only type of loan that can't be closed in bankruptcy.
So the people are lied to, and not just a little white lie but a lie that plays on students desire for a better future in order to rob them. I believe in personal responsibility, but these kids have been brainwashed into thinking they will amount to nothing without a degree, and the system has been built to prey on them.
I'm going to assume that you are about 60 and make this real simple. We want our lives and our families to be as well off as the previous generation. We didn't vote for the people who created this rigged economy, we are doing what EVERYONE has been saying for years we needed to do to be successful. An 18 year will be robbed today when he signs a piece of paper like you told him to. An 18 year old will be robbed today by the people you put in power before he was old enough to vote.
Don't you dare blame the kids. Blame the hippy flower children who grew up, sold out, became the man, and is now bashing kids who are taking their lives a lot more seriously than you did at your age.
Tax payers money at work !
Tell them ALL vote Trump, and make America Great AGAIN!!!
I am 54, and I can definitely say my Parents and my Grandparents had it better financially than I have it today.
I still have 10 years to work and I seriously doubt there will be anything left in my retirement or social security to retire on.
I think every generation after the Baby Boom has been screwed! My kids who are young adults are living at home with me because of the lack of good paying jobs and the cost of housing and of course college tuition loans that will need to be paid back.
I will personally be glad when the baby boom generation is dead and gone!!! The Hippy Generation, which includes the Clinton's helped to bring about the mess that we are now living in today. The great experiment of social engineering has failed and the bills are coming due!
It is the BANKERS.
They are the problem.
They have "financialized" all commodities and control prices of things they never touch.
They bought off the Congress years ago.
All politicians cow tow to the bankers.
They are the problem. WE need to identify WHO they are and seek justice in the rigged court system.
Totally agree with 1:37 PM. Just Don't!!!
Commenting on this is good,but enough of those of you who THINK you have an answer.That ship sailed years ago.There IS no solution to this and do not let any politicians tell you there is.
They refuse to pay their student loans back because Obama, Hillary and Bernie have been preaching free college and they don't have to pay back their loans.
confiscate their assets until it's paid.
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