And the next bubble to burst could be...

[billvon 2,396]

>>Well, very few people do _that_ - but many people have loans that are
>>very hard to pay back.

>Anyone who does what you explained, is an idiot!

In bad economic times, they are indeed idiots. In good times, they are often called geniuses - since success in a capitalist economy is defined by making money.

People didn't get crushing mortgages because they wanted to go bankrupt. They got them because, up until that point, it was a great way to make money. Taking risks to make money has a long tradition in capitalism.

[mnealtx 0]

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It's certainly sad that faculty expect to be paid at the end of the month. (It's not at all uncommon for a freshly graduated PhD in engineering to be paid a starting salary MORE than the faculty who taught him/her make).

Given your past statements about your salary, I'm sure you'll forgive the lack of tears over your posts.

Mike
I love you, Shannon and Jim.
POPS 9708 , SCR 14706

[PiLFy 0]

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I've typed up a few replies to this. I'm not going to post any of them.

Hmmm... I think you should grow a pair, and post!

If you got screwed over... that’s your fault for not reading your loan documents.

And if it was the Federal Government that did so, it’s again your fault for getting in bed with the Fed. Just as it will be California’s fault for getting screwed over if they take a bailout, instead of cutting spending.

Get in bed with the FED... and they control you.

I won’t be taking any Federal money for my Masters. Sallie Mae will continue to work just fine... regardless of what they pay their CEOs... I will read my loan documents, and pay my loan on time.


Also, I just read everything on your little website... except the stories, waste of time... and the primary topic of their concern, are loan defaults. http://studentloanjustice.org/educate.htm

THEN DON’T F**KING DEFAULT ON YOUR LOAN!

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I don't know you, Jason. I don't want to, either. You're not worth the jail time.

If I were drinking chocolate milk... it would have just come out of my nose.

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Did you know they can pull your professional license w/the slightest hiccup in payments? There are Doctors who had a health problem for a few months or a year. Their licenses were pulled because they missed a couple of payments.

Yeah... its called the law!

Actually... Residents and Attending Physicians, have short and long term disability coverage... if you get sick, or injured, once you cash in all of your PAL (Paid Annual Leave) and SPAL (Sick)... it will kick in, upon making a claim. Short term is typically included as a benefit... Long term is optional and comes at an additional cost per pay period. And short-term disability pay is a percentage of your pay, not full.

Sorry, but I highly doubt that has happened, at least, for doctors.

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Their loan principles went from $150K to $500K or more.

That's Total Crap! How would the, principle, change? I could see fees and/or a penalty of increased interest rate... but that’s plain ridiculous.

Prove it!

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People are being killed over this.

Wicked Chocolate Milk!

I sincerely hope you were drunk when you posted these replies. If not? You're beyond redemption.

[mnealtx 0]

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I sincerely hope you were drunk when you posted these replies. If not? You're beyond redemption.

So, in other words...you got nuthin'.

Mike
I love you, Shannon and Jim.
POPS 9708 , SCR 14706

[billvon 2,396]

Both of you cut it out.

[PiLFy 0]

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I've typed up a few replies to this. I'm not going to post any of them. Bottom line? We're talking about the fed govt. They're thieves. PERIOD. Student loans fall outside almost every consumer protection law there is. That's by design, Einstein.

Don't get angry with me because you don't know any better. I doubt it makes you feel any better, and it does nothing for your finances.

The Feds are about as honest as it gets for lenders. If we really want to do this comparison realistically, the young kid goes to the car dealer and gets taken on the financing. 15% (or higher interest) because he has no credit history, or more importantly, because he didn't shop a credit union or any where before going to test drive. Worse, the loan front loads the finance changes or prevents prepayment, so once he signs, he's stuck with it. That's an extra 7-8k in finance charges that might have been avoidable. Still, only pays 30k in those 5 years. Not remotely close to 105k.

The Feds may give you the option to pay over 25 years, but it's not going to be in your interest to do so. Much like paying the minimum on a credit card. The Feds will happily take more money up front, and as I wrote, it takes only a small difference to reduce a 25 year loan to a 10 year.

You're correct in that I didn't deal in loans. I worked 4 summers and 3 of 4 years, paying about 60%. I also opted for a UC over Caltech, saving 80k there.

I'm not without empathy for some of those saddled with loans, esp the doctors. But when you talk about hundreds of thousands of students getting screwed over...I've read many of the articles with anecdotal stories and the majority of these were self inflicted.

I'll share this much w/you. I worked my ass off for the seven years my degree took. They were very physical jobs. I did the right things. I went to a community college the first few years. I didn't piss away funds. I didn't rack up a huge credit card debt afterward. When you don't have daddy's checkbook behind you. Things can still get very expensive. Then, after entering repayment for about seven years? I woke up one day w/a serious health problem... That was it. For the next few years, I could barely work. I had to watch helplessly as the interest was capitalized again & again. Now, that $24K loan is significantly higher. Once problems occur in repayment. There are all sorts of games the US Dept. of Edu can play. W/O any pesky consumer protection laws to get in their way? You might as well be talking to King George before the Revolution. Your rosy view of the student loan situation is mistaken. There's a whole other side to it you know nothing about. Someone quipped for me to get a lawyer. To what end? So I can pay him to tell me the government is exempt from the laws?

I totally get that many people make their own misery. It pisses me off, too. I didn't do anything wrong. I got sick. You won't find my story on websites like the one I posted here. I never bothered. Some people like to pat themselves on the back for being so smart & prudent. They like to zero in on people like a fool who runs up a debt load of $100K+ for a low paying social work degree. It's easier that way. The reality is their good fortune is a lot more tenuous. The economy crashed a few years ago. Many people who thought they would never have to worry again found out differently. I'm glad that hasn't happened to some posters, here. I am far from being alone in this position. If you wake up tomorrow w/a health problem? You might find you're right here w/me. Luck has a way of running out. Good Luck to you, Jason.

[rhaig 0]

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Someone quipped for me to get a lawyer. To what end? So I can pay him to tell me the government is exempt from the laws?

that was me. I should have said "if you feel you're being treated illegally, get a lawyer"

you're not being treated illegally. you, through sickness, were unable to work, and your loan went into default. Thus the massive balance you now have to pay.

Is it your fault you got sick? No. But were the terms of the loan made available to you before you signed? Did you take the time to understand them?

the answer should be yes to both of those. It seems the answer to the last question is no.

Sucks to be in your position. I'm not making light of that. Having a sickness that prevents you from working I would think shows a "substantial hadship" of the type that is needed in order to get student loans dismissed under bankruptcy. There are also hardship discharges of student loans available.

So back to the get a lawyer tack... this time, get a consult with a bankruptcy lawyer. Generally student loans aren't dischargable under bankruptcy code, but with substantial hardship shown, they can have their balances adjusted or dismissed alltogether.

--
Rob

[kallend 1,623]

Quote

Quote

It's certainly sad that faculty expect to be paid at the end of the month. (It's not at all uncommon for a freshly graduated PhD in engineering to be paid a starting salary MORE than the faculty who taught him/her make).

Given your past statements about your salary, I'm sure you'll forgive the lack of tears over your posts.

Thank you for making my point.

...

The only sure way to survive a canopy collision is not to have one.

[kallend 1,623]

All those years in college and STILL you forget that sentences should have verbs in them.

...

The only sure way to survive a canopy collision is not to have one.

[mnealtx 0]

Quote

Quote

Quote

It's certainly sad that faculty expect to be paid at the end of the month. (It's not at all uncommon for a freshly graduated PhD in engineering to be paid a starting salary MORE than the faculty who taught him/her make).

Given your past statements about your salary, I'm sure you'll forgive the lack of tears over your posts.

Thank you for making my point.

Quote

I AM in the top 5% of incomes

Thanks for making mine.

Mike
I love you, Shannon and Jim.
POPS 9708 , SCR 14706

[rhaig 0]

Quote

All those years in college and STILL you forget that sentences should have verbs in them.

It's not paid for... they're repossessing his education.

:)

--
Rob

[PiLFy 0]

Quote

Quote

Someone quipped for me to get a lawyer. To what end? So I can pay him to tell me the government is exempt from the laws?

that was me. I should have said "if you feel you're being treated illegally, get a lawyer"

you're not being treated illegally. you, through sickness, were unable to work, and your loan went into default. Thus the massive balance you now have to pay.

Is it your fault you got sick? No. But were the terms of the loan made available to you before you signed? Did you take the time to understand them?

the answer should be yes to both of those. It seems the answer to the last question is no.

Sucks to be in your position. I'm not making light of that. Having a sickness that prevents you from working I would think shows a "substantial hadship" of the type that is needed in order to get student loans dismissed under bankruptcy. There are also hardship discharges of student loans available.

So back to the get a lawyer tack... this time, get a consult with a bankruptcy lawyer. Generally student loans aren't dischargable under bankruptcy code, but with substantial hardship shown, they can have their balances adjusted or dismissed alltogether.

I didn't default. I managed to still work just enough to get by. They still had the stones to tell me I was making too much during that period. So, the interest kept being capitalized. Bankruptcy? No consumer protection laws apply here, remember? Maybe I should have been like a ton of TROGs, & just went on welfare? I thought about it in passing. The thing is. That's definitely not my style. Being so, I don't know the ropes of that racket. One would think paying it back longer would suffice. What's the difference of a few years on a nothing (to them) loan? Those jackwagons in Washington print way too much of the stuff, anyway. I think some of them need to get sick, too. It could do them some good. Thanks for the suggestion about a consult. @this point. I'm thoroughly jaded about the whole process. Young people are committing suicide over this crap. The govt. doesn't give a sh*t.

[PiLFy 0]

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All those years in college and STILL you forget that sentences should have verbs in them.

It's not paid for... they're repossessing his education.

:)

FU2, Jerks. Make fun of this kind of thing, & you might be next. Then you can make smart_assed remarks in a mirror. Enjoy it.

[billvon 2,396]

Your one warning. Cut it out.

[dmcoco84 4]

Quote

I sincerely hope you were drunk when you posted these replies. If not? You're beyond redemption.

Now... why would statements that offended you be, ok, if I were drunk? See, when people say or do things that upset me... I get more pissed, if they are drunk, because people often lose their ability to control their actions under the influence of alcohol.

If you can’t control your actions, or words, drink less...

Like in the movie, “The Hangover”... she only slept with the bartender because she was drunk, she said. Oh, right? So, being drunk makes it excusable? Nope! Good Bye.

I don’t agree with prohibition, and if one wants to ingest alcohol, it is their right; so long as they do not infringe on the rights of others or break the law.

No... I did not have one drop of alcohol in me.

Are you threatening me with physical violence, as you did to another above, because I exercised my right to freedom of speech after you made statements with no supporting information?

Quote

I'll share this much w/you. I worked my ass off for the seven years my degree took. They were very physical jobs. I did the right things. I went to a community college the first few years. I didn't piss away funds. I didn't rack up a huge credit card debt afterward.

Good Job. I Commend You.

Quote

When you don't have daddy's checkbook behind you. Things can still get very expensive.

My parents were able to put away money in two separate accounts for my sister and I. Her account was bigger than mine when she accessed it, because it was sitting for two more years, than mine was.

The account covered my tuition and books for my first two years. (I got one C, in Pre-Calc - She barely spoke English. No Joke) It did not cover my EMS training, nor has it paid a dime of my second two years.

My parents, worked hard, and they took the initiative to save... I benefited appropriately. As my sister will save for her children, and may be able to afford to put away more than our parents did.

I don’t want children. I will be spending my, imaginary child’s, college fund traveling for BASE.

I was grateful for what they had saved for me... and I have worked full time since I was 16.

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Then, after entering repayment for about seven years? I woke up one day w/a serious health problem... That was it. For the next few years, I could barely work.

- What did you major in?
- What degree do you have?
- Why did your degree take 7 years? For a MS? For a BS? If you had a student loan, I can’t see a BS taking 7 years... if you paid out of pocket for a 4 year degree and worked to make every dime, I can see it taking 7 years, easily!

You haven’t provided much info...

- So you differed for 7 years while in school? Began payment at graduation, and then paid for 7 years? So we are at 7 years after the completion of your degree, plus the time you were sick?

Exactly how long were you sick? You said, I could, Barely, work.

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Sick...

That’s pretty broad bro, and the fact that I worked in an ER for over 4 years... (along with picking up hours on the floor, doing IVs in all departments including ICU during the night shift, because our hospital didn’t have an IV team like a trauma center does, and I was one of the best, PEDs too... and have worked at other ER faculties within my hospitals system here in Hampton Roads)

... I find it hard to take anyone seriously with such a broad explanation. It could be anything from cancer... to a hernia/appendix removal surgery.

And there is nothing you could say that would shock me... How were you sick?

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Once problems occur in repayment.

Lets not play wording games like politicians... defaulting on your loan... breaking your contract... just as the Federal Government is breaking the contract with, We The People... The Constitution.

At the least, all your website talked about, was defaults.

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There are all sorts of games the US Dept. of Edu can play.

Again... your fault for getting involved with the Fed. My sister was looking at Federal loans, and I told her absolutely not, and elaborated as to why.

THE SECOND THING I WOULD CUT, BILLVON... the Department of Education.

(And will we will get back to that thread)

Given to us by Jimmy Carter... my goodness, how did we ever educated our nations youth before we had the Department of Education.

Oh wait, our kids are learning even less... and are getting dumber too.

CUT!

Damn, I just saved a lot of money... getting back to following the Constitution and allowing localities to control their education, as the Founders intended it. Especially if the Feds are going to cut things like the DC voucher program, that helped poor families get the hell out of the DC public school system.

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Your rosy view of the student loan situation is mistaken.

Read your loan... Pay your loan... don’t break your contract... how is that a rosy view?

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Many people who thought they would never have to worry again found out differently.

HIGHLY IRRATIONAL THOUGHT: The truth will set you free... but first it will make you miserable.

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If you wake up tomorrow w/a health problem? You might find you're right here w/me. Luck has a way of running out.

Tell me your story, I’ll tell you mine... oooh, giggity!

Honestly bro, if you didn’t have a, SERIOUS, medical issue... with the way you are speaking... if I were to share my current situation,

You will look like an enormous, Ass!

Psst... I’m unemployed... "I can barely work"

But I'm still paying my bills.

[dmcoco84 4]

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I didn't default. I managed to still work just enough to get by. They still had the stones to tell me I was making too much during that period. So, the interest kept being capitalized.

Please, do elaborate...

[Airgump 1]

anything short of liberal can be over come!

[dmcoco84 4]

An Additional Note:

Looking over my Sallie Mae Account:

Postpone or reduce your payments

If you have trouble making your student loan payments, you may be eligible for the deferment and forbearance programs referenced on this page. Remember to make your student loan payments by the scheduled due dates outlined in your coupon book or monthly bills. By making your payments when due, you not only establish good repayment habits and build good credit, you may also earn and retain repayment benefits on eligible student loans. It is important to take action before you become delinquent, incur late fees and other collection costs.

If you want to know more about delinquency and its consequences, please view delinquency consequences.


Delinquency Consequences

Being delinquent is very serious

Loan delinquency can have long-lasting or permanent consequences. If you are delinquent and default on your loans:

* Your delinquency can be reported to all national credit bureaus and could impact financing of any future purchase, such as a home or an automobile.

* The cost of your loan can increase with the addition of late fees and other charges.

* For FFELP loans, any government payments due you, such as IRS refunds, can be impounded by the Department of Education.

All which was made known to me before I signed the documents...

[rhaig 0]

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Bankruptcy? No consumer protection laws apply here, remember?

educate yourself about your options. I outlined some of how bankruptcy can apply to student loans in my post.

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Maybe I should have been like a ton of TROGs, & just went on welfare? I thought about it in passing. The thing is. That's definitely not my style. Being so, I don't know the ropes of that racket.

which is why you should consult with a bankruptcy lawyer who knows the ropes and can tell you if you have a chance of getting your loan modified or dismissed. It's foolish for me to assume I know enough to tell you what to do. I know enough to know I don't know near enough to advise anyone.

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One would think paying it back longer would suffice. What's the difference of a few years on a nothing (to them) loan? Those jackwagons in Washington print way too much of the stuff, anyway. I think some of them need to get sick, too. It could do them some good. Thanks for the suggestion about a consult. @this point. I'm thoroughly jaded about the whole process. Young people are committing suicide over this crap. The govt. doesn't give a sh*t.

I get the attitude that you pay your own way. I'm digging out of a debt hole right now when I was advised to file bankruptcy. In the end, that might have been the better option. My credit is still taking a beating during the 5-yr payoff of my credit cards, and I'm out about 100K in that 5 years paying it all off. Bankruptcy might have cleared it all away, and while I would have had crap credit for 7 years, I would have had that $$ in my pocket. But that's not my style. I pay my way. And this way I think there's more of a lesson learned. In your case, with laws written specifically to allow for bankruptcy to apply in cases of hardship, I might be more likely to take advantage of the laws. There are also some bills that were written this year to bring student loans back under the consumer protection umbrella.

and for my wise-ass remark earlier... no ill will intended. you gotta learn to make fun of yourself. It's either that or the stress of the situation consumes you. I noticed a physical difference in myself when I started making fun of myself for being a years salary in debt to credit cards.

--
Rob

[dmcoco84 4]

Sure is quiet round these parts... did you go and plead the FIF?


I said There! Are so many amendments, in the Constitution of the United States of America!

I can only choose one!

I plead the FiF!

FIVE! 1 2 3 4 FiF!

Anything you say, FiF!


I have a secret document that I think you need to see... FiF!

http://www.pp2g.tv/vYH1-Y3U_.aspx

[GeorgiaDon 340]

Quote

Sure is quiet round these parts... did you go and plead the FIF?


I said There! Are so many amendments, in the Constitution of the United States of America!

I can only choose one!

I plead the FiF!

FIVE! 1 2 3 4 FiF!

Anything you say, FiF!


I have a secret document that I think you need to see... FiF!

http://www.pp2g.tv/vYH1-Y3U_.aspx

I'd open your link, except that I'm afraid it might be the virus that seems to have invaded your brain and scrambled your language processing.

Don

_____________________________________
Tolerance is the cost we must pay for our adventure in liberty. (Dworkin, 1996)
“Education is not filling a bucket, but lighting a fire.” (Yeats)

[dmcoco84 4]

Nah, its just Tron! Tyrone's Crack dealer

http://www.imdb.com/title/tt0353049/quotes



Well, I sent him a respectable PM, he chose not to answer...

Hope he wasn't lying...

[rushmc 18]

Quote

Quote

Sure is quiet round these parts... did you go and plead the FIF?


I said There! Are so many amendments, in the Constitution of the United States of America!

I can only choose one!

I plead the FiF!

FIVE! 1 2 3 4 FiF!

Anything you say, FiF!


I have a secret document that I think you need to see... FiF!

http://www.pp2g.tv/vYH1-Y3U_.aspx

I'd open your link, except that I'm afraid it might be the virus that seems to have invaded your brain and scrambled your language processing.

Don

Wow

and I say something much less of an PA and I get threatened with a permanent ban

go figure

"America will never be destroyed from the outside,
if we falter and lose our freedoms,
it will be because we destroyed ourselves."
Abraham Lincoln