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littlebrowngirl
Brevity is the soul of wit - Shakespeare
08:18 AM on 08/19/2011
Colleges should be more responsible and accountable. The cost of college is too high and they saddle you with bone crushing debt without any stake in you finding a job that could help you earn a good living and make these payments.
05:24 AM on 08/19/2011
My sister is racing to get out of $3800 in credit card debt before her student loan resets from $180 a month minimum payment to $325 next year. The default rate on student loans seem to have gotten so bad that they're going after their debt slaves that haven't defaulted.
02:02 AM on 08/19/2011
Sallie Mae has gouged students for decades. Yes, this bubble will burst becuase graduates can't find jobs and therefore can't make their loan payments. But unlike other debt; student loan debt won't ever go away. The interest will continue to accumulate along with penalties and garnishment of any wages the borrower might earn.

Student loans are not protected by bankruptcy thanks to our wise Congress of the past.
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IndyVoter777
08:52 AM on 08/19/2011
This has nothing at all to do with Sallie Mae! It is about state and private colleges charging too much for an education.

Waste and fat cats in the Universities that waste so much money and get paid way more than they are worth is the issue.
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karen1p
12:28 PM on 08/20/2011
No, it's a lot about finance. It IS about getting kids into debt.....debt that you cannot charge off.
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dwill123
flexing the "golden pipes" on the day's issues
09:47 PM on 08/18/2011
I'll bet they're not defaulting on student loans in India.
05:42 PM on 08/20/2011
Because education free there? Wow what a novel concept! They must have gotten the idea from us in the '60s before we stupidly abandoned the idea.
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ILoveGreatDanes
If you can read this,my cloaking device is broken.
08:55 PM on 08/18/2011
I'm in default on my graduate school loans. They let you go into forbearance for three years. After that, even if you don't have a high paying job (which I didn't), you're expected to pay the full monthly loan payment, more than one week's salary each month for me. When I told them I couldn't afford that much money, they said, "Tough. You have to pay the full amount or nothing." So now because I haven't paid them anything, they're after me for the whole amount plus tons more interest. I don't understand why they wouldn't give me a lower monthly payment. I would have paid them, albeit more slowly.
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Mike Sprinkel
01:52 AM on 08/19/2011
Talk to a lawyer about filing for bankruptcy. You have to show "undue hardship" to discharge student loans, so unless you're physically unable to work or something, you probably can't get those discharged. HOWEVER, some courts will shave-off some of your student loan debt to make your monthly payments more manageable.
10:34 AM on 08/19/2011
But don't bet on it - it's VERY VERY RARE... By LAW they are supposed to take what you can afford but few of them actually follow the law since no one is watching them...
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daveagain909
08:46 PM on 08/18/2011
many of the kids you are talking about should have not been or should they be in college, they can not afford it and should concentrate on community colleges. the librals Democrats and obama and his boys like the idea that they are in debt beyond their status, . it will keep them on the government support roles for the rest of there lives, most know that a over educated minority is out of his league unless a token is needed.and can never repay their loans.
10:14 PM on 08/18/2011
Wow your comment is ridiculous beyond belief, ignorant you are.
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daveagain909
09:45 AM on 08/19/2011
facts are facts, check out the unemployment rate of blacks and minorities. Why waist the money.
holyghostie
Spiritus est qui vivificat
08:34 PM on 08/18/2011
colleges and universities have woeful purchasing practices.

If they spent money wiser....tuition wouldn't need to be so high.

They don't spend the money on prof salaries so I wonder where it goes?
05:44 PM on 08/20/2011
What do you mean, they don't spend it on professors' salaries? How do they live and pay their bills? That's ridiculous. Everyone should get paid for their work.
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Jen Celli
If it keeps on rainin', levee's goin' to break
05:08 PM on 08/18/2011
Tip of the iceberg folks... delinquent unsecured debt, commercial defaults and student loan delinquencies are going to be the next challenge to banking solvency. When those start to hit and trigger panic, the RE meltdown will pale by comparison because most of the RE loans were government or insurance backed to ensure that the banks recovered most or all of their monies. Now they'll be stuck with commercial buildings that are vacant, unsellable and useless in the larger economy; and largely uninsured against loss. Combined with unsecured debt that isn't backed or insured, who do you think is going to pay for that? Get ready for Bank Bail Out 2.0.
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liberalmyers
06:47 PM on 08/18/2011
I hate to be so pessimistic,but I'm afraid you have hit the nail on the head. Theres alot more folks out there that don't have a clue as to the effect all this next wave of delinquent unsecured loans are going to have on this and the world economy. F&F
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Jen Celli
If it keeps on rainin', levee's goin' to break
10:58 AM on 08/19/2011
I'm not really about being pessimistic myself; however, you can't look at the dynamics of finance and realize that there is no money in the system. If people are barely making ends meet to survive, they aren't going to pay on student loans and credit cards. Simple math; you ain't got money, you ain't gonna pay.

As far as commercial defaults go, just drive around your own community and look at all of the vacant commercial buildings. Those are a major problem if there isn't already blight connected to them. There is no income being generated and the loans are not only delinquent, but there are unpaid taxes, insurance and maintenance that create a huge liability to the lienholder. Those are not government backed and it's highly unlikely they'll be able to collect a fraction of what's owed on the loan if they can't sell/lease or otherwise dispose of those properties. So, in short, the banks will have their hands out soon enough and I predict it will be right around election time.
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marshallwyattearp
exposing the lies and deceit from all sides
04:28 PM on 08/18/2011
If all you people making pathetic little comments on this site, would do as your chosen leaders suggested.... You give up everything you work for(if you wirk) so your elected officials could distribut it around the world as they see fit, and we wouldn't be having the economic issues we are having. 8-0
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liberalmyers
06:50 PM on 08/18/2011
Not worth the effort.
04:17 PM on 08/18/2011
I think a huge problem these days is instant gratification and the lack of looking beyond tomorrow with today's youth. They think X degree will give me the chance to earn 100k a year!! But they don't want to realize that yes, someone in X field can make that....in 10-15 years. You however, are going to start out as an entry level in X field at 32k a year, and now you owe someone 75k in loans. That is just horrible planning. Colleges and the internet push this, get X degree and earn millions! But lets forget to tell them about the ever increasing amount of people WITH those degrees.
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vippy
Carpe Diem!
03:42 PM on 08/18/2011
Another silly headline. There are no jobs, neither for college grads or not. And that is where the problem lies, one can't pay back the loan. Look at Washington and their bad decisions that created this environment. Then we read that the big banks get money still from our government NOT TO lend to the consumers! And here is Obama on the campaign trail telling us more fibs!
Lesley Donley
Freedom from Oppression Now
03:52 PM on 08/18/2011
Obama is not to blame for this mess. This is all something the republicans sprang on Obama just before he took office. Republicans are so afraid the population will get even a small taste of socialism or equality for fear we'll like it and crave more. Student loans used to be serviced by the government for 1 1/2% interest, but the banks are charging 7% and if you don't pay they take it out of your tax return. I paid mine back with a credit card and my 401K because the Republicans arranged it so the loan would be taken out of my Social Security if I wouldn't pay it. There's a law that Democrats should repeal fast. This is how the following generations will get no Social Security at all.
04:04 PM on 08/18/2011
"Freedom from Oppression Now" and talking about how people will get a taste of socialism and like it....wow. Ask some socialist country citizens if they feel free or oppressed.
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jenkait
Elizabeth Warren for President!
08:03 PM on 08/19/2011
Really?! I've never heard of that, that's brutal... If you don't (ie, can't) pay your student loans it will be taken out of your social security?! I'm in Canada, so I don't fully know how it all works in the states...that just sounds awful. Glad you (somehow) got it sorted out. Take care!!
03:11 PM on 08/18/2011
Don’t believe the hype!!! I have been in the education debt industry for over 15 years and I can help. There are several different avenues available to you and I can explain what you have gotten yourself into. There are some people that will tell you that we are all doomed but there is a way to get on top of and manage this debt with little effort. Times are tight don’t get fooled again by the banks. If you default you are playing into their hands. Regardless of your loan type, lending, or servicing agency. I know what you can do to save your credit and save money. Should you want to learn more contact me at hiredpro@g­mail.com. Explain your situation and we can figure out what works best for you. Regardless of your current loan status I can help either you or someone you know.
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Mister Grumpy
An Angry American
02:56 PM on 08/18/2011
Having a college degree to obtain employment is still important, but is overly promoted by the education complex as being the only way to get a good paying job. Unfortinitely the debt ladden student doesn't discover this little broadcast fact until they have already raked up a huge amount debt and then can't get a job in their area of study............

Colleges should be fined or punished for making false claims by its conselors..........
01:09 PM on 08/18/2011
The student loan disaster is a creation of the lending industry's pure greed.

While everyone is pointing fingers at students as irresponsible and colleges as greedy and blah blah blah, NO ONE is looking at the deregulation and privatization of the industry itself as the primary culprit.

If we REALLY wanted to 'do something' about the student loan crisis, we'd do two things - return ALL consumer protections including bankruptcy to 'student' loans as well as federally guaranteed mortgages, and NATIONALIZE 'em... cap the interest at 4%, stop the 'capitalization' of interest, fees and charges, require that 50% of ALL payments made by the borrower be applied to the principal, and make the DOE and HUD service the loans cause THEIR overhead is 3% as opposed to privatized 'servicers' 27%.

And let the folks who have ALREADY paid WAY more than they should have write off the difference as a CAPITAL LOSS.

Until we ADDRESS the RE-REGULATION and DE-PRIVATIZE the system, it doesn't matter one hoot in H@LL how much we 'forgive' - it will just all start over again, and I for one am totally UNINTERESTED in funding Albert Lord's birthday parties ANY MORE!!!
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Reno Fickler
Head Lifeguard/Dead Sea Marina
01:00 PM on 08/18/2011
There are no 'whites' or 'latinos' in the picture. Racist. Blacks aren't the only ones who don't pay their loans. We deserve recognition, too.
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jenkait
Elizabeth Warren for President!
06:01 PM on 08/18/2011
Are you serious?

I took the picture to be of a graduation ceremony, as the girl is wearing a cap and gown. If so, the student pictured would not have even had a *chance* to pay/not pay her loan yet!! I took it as, "problems a graduating student such as this is going to face".
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daveagain909
08:48 PM on 08/18/2011
Reno, here here....