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So many victims with student loan debt.

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So many victims with student loan debt.

Old 05-31-2012, 06:39 AM
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Default So many victims with student loan debt.

It is not my fault. I signed my name and took the money but its not my fault.

The government should bail me out.

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Old 05-31-2012, 06:44 AM
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A few years ago I read the biggest dead beats were doctors make over 300K a year
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Old 05-31-2012, 06:45 AM
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What a croc of crap.
I had loans, took me 7 years to pay.
Man these type of people irk me beyond belief
YOU borrowed money......YOU signed the deal..........YOU pay it back.

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Old 05-31-2012, 06:47 AM
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This is predicted to be the next bubble to burst.

Just like the mortgage crisis, people have zero responsibility and its always the evil banks that MADE them take the loans.
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Old 05-31-2012, 06:48 AM
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It's another example of the "progressive" mentality that's making headway in our country.

Buy too much house, it's not your fault, it's the lenders fault.
Buy too much car, it's the dealers fault.
Take out too many loans and spend years in school, it's societies fault.
Kill your parents, it's thier fault.
Get fat, it's McDonalds fault.

I think you get the idea....
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Old 05-31-2012, 06:49 AM
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Originally Posted by NCcarguy View Post
It's another example of the "progressive" mentality that's making headway in our country.

Buy too much house, it's not your fault, it's the lenders fault.
Buy too much car, it's the dealers fault.
Take out too many loans and spend years in school, it's societies fault.
Kill your parents, it's thier fault.
Get fat, it's McDonalds fault.

I think you get the idea....
I may use this as a quote in my signature.
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Old 05-31-2012, 06:53 AM
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The sad part is the true victims are the people that do the right thing and work through college or use the GI Bill they have earned. These are the people doing the right thing and by helping out these cry babies that made poor choices while taking maximum loans and living high on the hog while going for a degree in Art is hurting the hard workers. We can not keep helping foolish people. You borrowed the money, pay it back. It is such a simple concept.

I am sorry that you signed up for a 17.9% interest student loan to go to Devry for medical billing specialist but that is your mistake.
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Old 05-31-2012, 06:57 AM
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i had a 25 year old kid in my office the other day that I overheard talking to our receptionist while paying his past due insurance premiums, " finally got my student loan money so now I can pay a few bills I'm behind on".

I almost laughed out loud. I had studint loans but they paid for tuition and books. I worked part time to pay rent food and beer money.

I don't get it
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Old 05-31-2012, 07:00 AM
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I do feel like these kids were victimized, but not by the banks who gave them their loans. For these kids’ entire lives they were told by their parents, teachers, guidance counselors, and society in general that, “the key to success is an education”, “follow your heart and your dreams”, “Investing in yourself by taking student loans is the right thing to do.” So these kids worked hard all through high school, and by the direction of their parents and schools applied to colleges, and signed up for an education costing $100k when they were only 17.

In these kids' minds they did everything their parents and society told them to do. However, now that they have done that and are on the hook for $100k in loans, where is society’s half of the bargain? Where are the jobs for these college graduates? Less than 50% of college graduates have been able to find a job coming out of school.

No one told these kids that there is a good chance you might not be able to find a job after you graduate. I don’t blame these kids they did what was expected of them, but never received what they were promised. The sad thing is its not just Art History majors who are having a hard time finding work, its people across all majors.
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Old 05-31-2012, 07:06 AM
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I completely disagree. 18 years are adults and responsible for their decisions and paths. At what age are people held accountable for their actions? Bad advice is not an excuse. How come some people can work through college part time and manage to excel in this world?
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Old 05-31-2012, 07:10 AM
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I don't see them as victims either but why has the cost of college tuition quadrupled since the 80's? Is anyone looking into this? Why does college cost so much? Why does a professor like Elizabeth Warren, who teaches one class, get paid $350K? Doesn't this contribute to the out of control costs?
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Old 05-31-2012, 07:15 AM
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I know people who have taken student loans and payed for a Europe trip. BUUT I also know people who have spent 50K on an MBA with the hopes and dreams that they would be able to land the high paying career and this horrendous economy has opened zero doors for them. I was fortunate enought that my parents prepaid 80% of my school and I paid for the rest via my own ass working and scholarships.

However I can see as how a $1,000 a month student loan payment can cripple a recent college grad due to either having no job or low paying job.
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Old 05-31-2012, 07:23 AM
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Originally Posted by Sailfish_WC View Post
YOU borrowed money......YOU signed the deal..........YOU pay it back.

Quite simple isn't it?
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Old 05-31-2012, 07:31 AM
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Originally Posted by beber View Post
I do feel like these kids were victimized, but not by the banks who gave them their loans. For these kids’ entire lives they were told by their parents, teachers, guidance counselors, and society in general that, “the key to success is an education”, “follow your heart and your dreams”, “Investing in yourself by taking student loans is the right thing to do.” So these kids worked hard all through high school, and by the direction of their parents and schools applied to colleges, and signed up for an education costing $100k when they were only 17.

In these kids' minds they did everything their parents and society told them to do. However, now that they have done that and are on the hook for $100k in loans, where is society’s half of the bargain? Where are the jobs for these college graduates? Less than 50% of college graduates have been able to find a job coming out of school.

No one told these kids that there is a good chance you might not be able to find a job after you graduate. I don’t blame these kids they did what was expected of them, but never received what they were promised. The sad thing is its not just Art History majors who are having a hard time finding work, its people across all majors.
There was never a contractual agreement between the student taking the loan and the working world. Yes this situation sucks. I would be curious to know how many unemployed recent graduates and their parents voted for Obama. The majority must have because he won the last election. That makes them a victim of their own circumstance in a way. The loan agreement they signed did not say when you graduate and get a job you are obligated to pay us back. It just said you are obligated to pay us back.

I see what you are saying about people telling you college is the path to a career. It still is. No degree on a resume for a good paying job will never see the first interview most likely. That much was still pretty true 4 years ago. There are more graduates every semester and there are still only so many jobs. Do you think it's going to get better? Do you think a student's best option is to drop out of school and spend all of their time look for work?
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Old 05-31-2012, 07:34 AM
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18 = Adult? Really. I thought so when I was 18, but now that I look back on it I was just a dumb ass kid. I am not a kid any more maybe a dumb ass but not a kid.
My wife is a great example of this very argument. She spent 7 years + in college to become a lawyer (start to finish) and she could not find a job when she got out. The lenders 1000% worked with her all of them no questions asked. She signed a form each month that said hey no job yet but here are the app's I have filled out. That was the end they did not hassle her about. Sure they called from time to time to see what was up but nothing like missing a cell phone payment.

So she finally gets a job making 20% of what you would expect a lawyer to make. That is the only job she could get. Was it because she had a poor education? NOPE! She went to the #1 trial law school in the USA. Was it because she did not do well in law school? NOPE she was top 10-15 in her class. Which is pretty damn good in my opinion.
When she hit the market as a lawyer she had so many positives working for her
- She had 5 years exp working in a law firm doing everything from paralegal work, to refilling the paper tray...
- new software training on the latest computer technology for lawyers.
- She was the office manager before she even finished undergrad.
-Not a huge firm but big enough to keep her busy 6-7 days a week.
So what happened?
They offered her a position that did not exist to convince her NOT to go to law school. To stay there and make 40k a year.
She said no, I want to be a lawyer. So she finishes law school, goes back to that company and they are hurting $$$. Its a good thing she did not take that job they offered because it would have been the first one cut.

Then the search really kicked off. like I said above she finally found a job making squat.
Any how I could go on and on and on and on and on and on about this long story of my and her life but lets cut it short.

Now that she has a job STILL making jack shit she is paying off her loans. The amount of money she makes each month just covers her loans. You say GO GET ANOTHER job. Guess what it's not there.
She has reached so many milestones in her short career as a lawyer court, trials, flying here and there for depos, just doing what most first or second year lawyers aren't doing. Her fellow classmates are sitting behind a desk doing research and pushing papers, she is out filing motions, going to trial ect.

It's not always black and white, its not always JUST DO THIS...... because in her case and for may people that went to law school over the past 3 years are in the same boat. Tons of student loans, and VERY,VERY,VERY low paying jobs due to all the lawyers on the street.

Monthly payments well over 1000$
The end
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Old 05-31-2012, 07:37 AM
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Originally Posted by beber View Post
I do feel like these kids were victimized, but not by the banks who gave them their loans. For these kids’ entire lives they were told by their parents, teachers, guidance counselors, and society in general that, “the key to success is an education”, “follow your heart and your dreams”, “Investing in yourself by taking student loans is the right thing to do.” So these kids worked hard all through high school, and by the direction of their parents and schools applied to colleges, and signed up for an education costing $100k when they were only 17.

In these kids' minds they did everything their parents and society told them to do. However, now that they have done that and are on the hook for $100k in loans, where is society’s half of the bargain? Where are the jobs for these college graduates? Less than 50% of college graduates have been able to find a job coming out of school.

No one told these kids that there is a good chance you might not be able to find a job after you graduate. I don’t blame these kids they did what was expected of them, but never received what they were promised. The sad thing is its not just Art History majors who are having a hard time finding work, its people across all majors.
Can you show us who promised these kids a job that you speak of.
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Old 05-31-2012, 07:45 AM
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Part of the cycle and helps to keep colleges one of the biggest growth industries in the country.

Primary problem is it allows a lot of kids to go to college that really aren't college material.....proving that by not being responsible enough to get and hold a job and pay the load back.

And relieving them of their obligation would buy SO MANY VOTES.
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Old 05-31-2012, 08:01 AM
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Originally Posted by fishingfun View Post
Can you show us who promised these kids a job that you speak of.
School is supposed to teach our yutes to observe, evaluate, plan, decide and act. Call it critical thinking. Part of that educational process should be looking at the 3rd and 4th years and perhaps extended education, with an eye on a goal. The goal is not graduation. The goal is gainful employment in a field of work you enjoy or have an aptitude for. Our yutes should minimally come out with an enhanced mindset and some skills to make them more employable.

I don't see that outcome very often...
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Old 05-31-2012, 08:05 AM
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There are many hardship and tough stories about going to school for years and only find out there are no jobs in that field. It stinks but that is reality. Nothing is a guarantee in this world, its cruel but true. To expect other people to pay for other peoples choices is crazy.
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Old 05-31-2012, 08:09 AM
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I think in high school they should have a class on how to manage money. Probably wouldn't help but worth a try.
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