Forum Post: Student loan billing statements are the new draft cards!
Posted 13 years ago on Oct. 19, 2011, 9:10 p.m. EST by artschoolgrad1984
(0)
from Philadelphia, PA
This content is user submitted and not an official statement
I have absolutely nothing to do. I speak three languages fluently and code in half a dozen. With a small freelance project here and there I'm making maybe $800 a month in a good month. Travel, dating, having my own place again, etc., are dreams as distant as the stars. I really hope the summer before the crash ('08) was not the high point of my entire life going forward. I never thought that at 27 I'd be thinking "I'm not getting any younger!"
I wish somebody had told me that you don't get paid for being brilliant. Somebody! My parents, a school counselor, a teacher. I WOULD have gone into construction instead (my job for two entire summers during high school), not to an Ivy League university for Visual Studies.
Imagine if fifty million people stopped paying their loans overnight. Student loans, credit cards, mortgages. The banks will be up sh*t creek in an instant. Jamie Dimon and Lloyd Blankfein, all these people who made the real economy DISAPPEAR, will be coming down to OWS in person to try to negotiate with us!
Student loans are mostly gov backed, the banks wouldn't give a shit they will be paid, those who stopped paying would up shit creek, and everybody else would get fucked too, because the gov money comes from us to begin with.
Yea, that's why this whole student debt debacle is one gigantic scam.
The student loans are also bundled and sold as asset-backed securities and traded on wall street.
Another disaster-in-waiting, just like the mortgage crisis.
http://www.wallstreetoasis.com/blog/is-student-loan-debt-the-real-crisis-in-waiting
Thanks for laugh! I got me a shiny economics degree and my job might as well be "equities in Dallas". I quit the investment firm (can't say name due to agreements I signed) because I just couldn't handle being part of the problem anymore. Thanks again for link, gotta laugh to keep sane these days.
The system itself is flawed. Student loans being government backed means schools can keep inflating tuition with no risk. It means banks could (prior to the recent legal changes) keep collecting fees and be assured of no risk. It meant people would get loans when they normally probably shouldn't have gotten the full amount.
This coupled with the fact such loans, grants, are based on "need" means the more a school charges the more likely someone will get that money.
It's an endemic cycle of death.
Completely agree, I just had to post because I felt the OP was waaaaay off base with his solution to the problem... aside from going back in time and not taking loans that is... oh the money I would have if I didn't pay my way through school and instead just worked during the housing bubble.
Not allowing the discharge of student loans in bankruptcy is a surefire way to have a backdoor draft.
New report out today has student loans at 1 trillion dollars. Congrats you are now apart of the highest consumer debt in the U.S. Don't you wished that someone had told you that people who make a lot of money college is rarely the reason. Steve Jobs -College Drop Out- Bill Gates -College Drop Out- I know those are extreme cases but I also know some people that make over 300,000 a year that never even went to college. Most people I know that make over 50,000 a year never went to college. Bottom line, its the person not the education level.
how about going after the universities that sold you a worthless degree, as for a refund, should have been an engineer, we need more of them,
Why would anyone want to destroy their credit rating like that?
Great idea (just mark out your SSN's first)!!