Yeah...student loans are next

[amonasro]

uh, won't these student loan bailouts only bailout the companies that hold the loans i.e. you still have to pay your loan back?

Yeah, the banks. Of course the students who were encouraged at every turn by the government to go into debt will get nothing.

 

[silverlinkx2]

at what point do us debtors just say "fuck it" and realize that trying to maintain a decent lifestyle will be impossible because of corporate bailouts and a destroyed dollar? i mean, trying to be an honest person will get us nowhere. i gotta pay these assholes three times through principal, interest, and taxes.

 

[silverlinkx2]

Well I'm pretty much screwed. Lenders are just not lending at all. Two banks I used have completely stopped student lending, and I've had 3 denials this morning. I don't know how I'm going to pay for school this term. I guess I won't be able to now.

 

[cheapseats]

I'm not going to lie, I would LOVE a bailout for my student loans.

Exactly. Who wouldn't? One credit card balance should be forgiven per renter who charged too much Life, if we will jump through hoops and stand on our heads for homeowners who charged too much House.

Nothing wins over hearts and minds like dollars and cents.

I want to get the hell out of America for a while, and get away from the tyranny.

It's starting to sound good, am I right? Ten or twelve years in Europe, EASILY taking the train to see ALL of the continent. The Orient Express would be an adventure, I bet. Or perhaps a year apiece in ten or twelve different countries, teaching English.

Good thing THAT'S the go-to language, eh, or we'd REALLY be fucked.

I can't do that until I pay off my loans, so by all means, send that cash my way.

I believe that Economic Free Fall -- resulting from willfully unethical behavior by certain people who, not coincidentally, made huge fortunes off the Run Up To Crisis -- constitutes an Emergency Situation that both calls for and accommodates, as Marines who are being trivialized by traffic detail might say, Improvisation.

A great many assurances that have been made to Americans, in exchange for compulsory payment of high and rising taxes, are simply going not only unmet but unremarked. There is a casual we-said-that-stuff-when-we-were-pandering-for-votes-but-now-let's-talk-turkey type of an attitude that is NOTHING LESS than saying LIARS R US.

It is unacceptable. They have changed the rules of the game, mid-game, in ways that hurt you and bolster their own personal and financial security. They then write laws to protect themselves from your complaint. In the fullness of time, I believe this period will be world-renowned as one during which Bad Guys reigned. There have been many such.

I feel certain that there now exists enough national and international outrage that one will not be imprisoned, tortured or killed for re-arranging their priorities from, say, pay off debts and then hopefully relocate to reclocate and then hopefully pay off debts.

The day that judges rule against Survival will be the day we start having fewer judges, I think.

 

[danberkeley]

Well I'm pretty much screwed. Lenders are just not lending at all. Two banks I used have completely stopped student lending, and I've had 3 denials this morning. I don't know how I'm going to pay for school this term. I guess I won't be able to now.

Take a year off from school and get a job.

 

[silverlinkx2]

I would normally have no qualms with waiting a year and getting a job and paying it myself, but I work part time already on top of going to school full time, and I have a completely ridiculous amount of debt already, and I figure the longer I wait to graduate the more interest I'm accruing and the more income and career experience I'm losing.

 

[danberkeley]

I would normally have no qualms with waiting a year and getting a job and paying it myself, but I work part time already on top of going to school full time, and I have a completely ridiculous amount of debt already, and I figure the longer I wait to graduate the more interest I'm accruing and the more income and career experience I'm losing.

You cant do the impossible. If you cant pay for school (either through loans or working or whatever), then you cant go to school. And if you cant go to school, then do something else. Perhaps working full-time or doing sidejobs will help you save money to pay for school or pay off the debt.

 

[cheapseats]

It was on the front page of I forget which newspaper yesterday that the state universities and colleges may replenish their coffers by accepting fewer in-state students and garnering more out-of-state tuition.

I will argue that the extra-ordinary rate at which they accept Foreigners at even HIGHER tuitions is in direct opposition to the best interests and indeed the national security of this country.

A college degree is, today, as a high school diploma was 25 years ago. It's pretty much the price of admission. When you think glass ceiling, know that it is more like ruggedest lucite and, unless you are a phe-nom, you are NOT busting through it without at least a bachelors.

The price of education is OUTRAGEOUS, devoid both of vision and of heart.

 

[silverlinkx2]

Pretty much.

 

[roho76]

This is going to get out of control very soon. All hell is going to brake loose financially and they only way to fix it is to stop printing money, stop government spending, and raise taxes through the roof. And since the only one of those things that is likely to happen is raising taxes this economy will no longer be sustainable in the very near future. There will come a point where everybody will say screw the Banks and Taxes because they will have to either eat or pay taxes. Our government will not have time to implement higher taxes and try to reverse this trend. The Fibonacci of bad economics is about ready to reach the point of no return and will spiral out of control. IMHO.

 

[schiffstudent]

Well I'm pretty much screwed. Lenders are just not lending at all. Two banks I used have completely stopped student lending, and I've had 3 denials this morning. I don't know how I'm going to pay for school this term. I guess I won't be able to now.

Dude, federally backed stafford Loans are still available, don't give up. You may not be eating sushi every night, but stafford loans have always paid all of my tuition and gave me a fat check to live on for each semester. Forget about private student loans. For the next year Obama is going to make a lot of money available for students. I say take it, get your degree and get the hell out of here, that's my plan.

 

[Scofield]

Dude, federally backed stafford Loans are still available, don't give up. You may not be eating sushi every night, but stafford loans have always paid all of my tuition and gave me a fat check to live on for each semester. Forget about private student loans. For the next year Obama is going to make a lot of money available for students. I say take it, get your degree and get the hell out of here, that's my plan.

How do you plan on paying back your loan when you "get the hell out of here?"

Are you going to go find a job overseas and relay the money back to pay off the loans? I come closer and closer every day to doing this myself.

 

[amonasro]

How do you plan on paying back your loan when you "get the hell out of here?"

Are you going to go find a job overseas and relay the money back to pay off the loans? I come closer and closer every day to doing this myself.

There are many different reasons the gov't allows you to defer loans. It's pretty easy to do online. Not a long-term solution, but good for times like now.

 

[schiffstudent]

How do you plan on paying back your loan when you "get the hell out of here?"

Are you going to go find a job overseas and relay the money back to pay off the loans? I come closer and closer every day to doing this myself.

Absolutely, I plan on deferring them out as long as I possibly can, but my degree and background fit a career in Asia more than it does here. There is no reason why you couldn't do the same, just be prepared to learn the language wherever you go though.

 

[MrNick]

Dude, federally backed stafford Loans are still available, don't give up. You may not be eating sushi every night, but stafford loans have always paid all of my tuition and gave me a fat check to live on for each semester. Forget about private student loans. For the next year Obama is going to make a lot of money available for students. I say take it, get your degree and get the hell out of here, that's my plan.

If he does that, I don't see how the majority will be able to pay it back in the future.

 

[american.swan]

You cant do the impossible. If you cant pay for school (either through loans or working or whatever), then you cant go to school. And if you cant go to school, then do something else. Perhaps working full-time or doing sidejobs will help you save money to pay for school or pay off the debt.

The smartest Debian Admin I ever knew couldn't pay for college. He worked on campus and part-time jobs going to school part-time. It took him eight years to graduate.

I guess it depends on your major. IT fields you can kind of teach yourself and get some certifications like cisco, but most majors you're up a creek without a degree.

 

[schiffstudent]

If he does that, I don't see how the majority will be able to pay it back in the future.

Neither do I, that's why I firmly believe that in a few years from now, when times are extremely bad, a portion of the loans will be forgiven in order to ease the burden on us. The government is doing this with the toxic mortgages it bought recently, and to keep people that are in default on their loans in the home and paying, which they want, they're going to reduce the principle and or the payment of the mortgage.

All in all, when things get really bad and all aid stops for students, the last thing anyone will think about is paying back their student loans. Having food in your mouth and a roof over your head will trump everything.

 

[MrNick]

Neither do I, that's why I firmly believe that in a few years from now, when times are extremely bad, a portion of the loans will be forgiven in order to ease the burden on us. The government is doing this with the toxic mortgages it bought recently, and to keep people that are in default on their loans in the home and paying, which they want, they're going to reduce the principle and or the payment of the mortgage.

All in all, when things get really bad and all aid stops for students, the last thing anyone will think about is paying back their student loans. Having food in your mouth and a roof over your head will trump everything.

I never thought about it that way. Thats why I love these forums, so many intelligent people. I'm learning more here then anywhere, thanks.

 

[Isaac Bickerstaff]

. . . a portion of the loans will be forgiven in order to ease the burden on us. The government is doing this with the toxic mortgages it bought recently, and to keep people that are in default on their loans in the home and paying, which they want, they're going to reduce the principle and or the payment of the mortgage.
.

Ease the burden? How does government ever ease the burden? All it is doing is shifting the burden from those that are too stupid or lazy or too corrupt to keep their finances in order to those of us who have worked very hard to stay out of debt.

It is a classic case of the strong being forced at gunpoint to support the idiotic. Before, I was just mad at the government for enabling. Now I am just plain pissed at those who are lining up at the government feeding trough for my money. Assholes.

God damn people defaulting on their mortgages deserve to starve under a bridge, and for heaven's sake, if you can't pay for your own damn student loans, you deserve to have your head ripped open and have what's left of your brain repossessed.

 

[silverlinkx2]

Holier-than-thou alert

Hey genius, don't you realize that if most of us could pay our debt off we would. I can't even finish school because of those "idiotics" that you're talking about. And I don't blame them. I blame the government for sponsoring corrupt institutions like Freddie and Fannie who gave Latina gardeners 400,000 loans for a home. So I won't be able to pay my loans now and I will default, and the bank will lose...what, exactly? Oh that's right, they lose NOTHING. It's called Fractional Reserve Banking, look it up.

which government agency do you work for?