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For about the last 20 years, "banks" have been loaning billions of dollars to people with no collateral for degrees that guarantee a minimum wage job.
The people distributing the loans aren't stupid, but rather wickedly ingenius. So how are they getting their money back? Insurance? Derivitives? Indoctrination of the masses?
I know there is a scam going on. I've been doing some research lately and was wondering if anyone had some info or suggestions to investigate.
Thanks.
Part of it, is student loans cannot be discharged in a bankruptcy, if I understand it correctly.
i was unaware myself, my wife, a brother-in-law, 2 brothers, and 3 sisters were working for minimum wage. i guess we didn't get the memo. :oo-->
Student loans cannot be discharged in a bankruptcy, however, I am sure that there are some very rare exceptions to this rule. Student loans will follow a student until they are completely paid off. Since student loan balances are getting much bigger (some into the $100,000 range or higher) with the increase in college tuition, then these student loans can follow a student for the rest of their lives. I could be wrong on this but I think that since the student loans are backed by the gov't is the reason why student loans cannot be discharged in a bankruptcy.Quote:
Originally Posted by MNeagle
Wow, aren't you overly defensive today. ;D I didn't mean everyone, but come on, there was a story about a woman in debt $100,000 dollars with a degree in Womens Studies. There is a lot of that happening.Quote:
Originally Posted by chad
Anyway, with the economy tanking, defaults are going to go through the roof. It'll be like getting blood from an unemployed stone. They plan on getting their money somehow.
I was unaware of any such "guarantee" - in this economy, even a minimum wage job would be welcomed by many with college degrees! ;)Quote:
Originally Posted by RJB
With more student loans getting in the 6-figure range, then the old saying of "Nothing is certain but death and taxes" will soon be replaced with the 21st century saying of........................."Nothing is certain but death, taxes, and student loans".Quote:
Originally Posted by RJB
Federally-insured Student Loans can NEVER be subject to Bankruptcy. Never. On the hook forever. Forever.Quote:
Originally Posted by RJB
:o
I went to culinary school right after high school (I was young, naïve, and a communist), paid $45,000 for a good ol' guberment loan and ended up at a dead end minimum wage job. You'd be shocked how many people fall for this trap, every single person at the culinary school I went to fell for it, and restaurants loved it since they'd get highly trained white kids to work for minimum wage, yet not last long enough for a raise, due to the fact you actually have to work (I mainly quit due to my business and a severe skin condition I had, I ended up making a decent wage since I got very good.) I actually survived a long time compared to most: The worst was the culinary students who went to CIA (Culinary Institute of America), and took out loans for $150,000, no joke. They started cooking, then quit after 2-3 months, preferring to go to work as a waiter. Most of the wait staff were ex-cooks who were in 10s to 100s of thousands of dollars of debt, (this is how all high end restaurants are run with white cooks.)
Took me a while, but when I started figuring it out, I ended up posting here. :P
My small business thankfully has allowed me to pay off most of my debt. I'll never do anything like that again. I always was so trusting an naïve when I was young, but now I know better.
alright, alright. ;DQuote:
Originally Posted by RJB