Default: The Student Loan Documentary is a feature-length documentary chronicling the stories of borrowers from different backgrounds affected by the private student lending industry and their struggles to change the system. In 2005 private student loans were exempted of ALL consumer protections. No matter when their loans were taken, many borrowers now find themselves in a paralyzing predicament of repaying two, three or multiple times the original amount borrowed, with no bankruptcy …
student loan
How long ago did you go to college? Saving up money to pay for college was doable in the 1980s and 1990s, yet the cost of college has increased 4x since meaning you’d have to find a lucrative job to pay your way through. A select few may find such jobs with a high school diploma. That’s not reality for this decade.
Please point to these consumer protection laws that forbid banks from increasing interest rates to ridiculous levels. They even do it on people who pay on time each and every time.
student loan
No loan is exempt from consumer protection laws. Truth in lending is explicit for borrowers. I took out student loans when I went and actually read the paperwork. It’s all in there ( I even had to take a quiz, to show that I understood repayment terms).
The victimization of debtors is disappointing. College is expensive, it’s common knowledge. If you don’t want to be a credit slave then don’t get yourself into debt. Simple solution, save up the money first, then pay for college out of pocket.
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I should have read this post prior to responding to the previous post. I see you believe in a banking structure that charges impossible to pay interest rates because they know you can’t get out of it. Even Jesus preached against this sort of lending practices. At any rate, what I advocate is fair lending practices to the consumer, not defaulting on your loans.
The fact that people file bankruptcy on gambling debts, cars, credit cards, yet not student loans does say something about our society.
Consolidate your debt onto a student loan
If you actually took the time to read about the issue or about what I wrote in Facebook, then you’ll see I don’t advocate taxpayers carrying my burden. What I advocate is against banks making it impossible for people to pay back their debt when they default on a single payment. These banks will raise your interest rate from 8% to 30 to 60 percent (some much higher than that) making it impossible to pay off. All from one missed payment. You do the math.
Student loans for bad credit
This is how they make money you see, they are clever business men. They want you to get in debt so that once you are they have credible reason to jack up their interests rates to get more money out of you. These idiots deserved what happened to them.
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Lol, the rest of the taxpayers shouldn’t have to carry your burden because you were stupid with money. Don’t take a course you can’t afford.
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I’m graduating this year with a Ph.D. I’ve got a loan close to $200k. The payment is going to be bigger than my mortgage.
If you have facebook, there is a group with 200+ thousand members called: “Cancel Student Loan Debt to Stimulate the Economy”
There is also a petition which you can find there.
Consolidate your debt onto a student loan
lol
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Yes! Unstill Banks changes..? Yes! Unstill Congress and American people need changes..? Why American Financial and Banks collapsed in 2008-2009?
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I’ve been watching videos about slave labor in Dubai. (Dubai has partially financed the City Center fiasco in Las Vegas). Student loan debtors aren’t much better off than indentured construction workers in Dubai. College is like joining the army. For some people it will change their lives for the better. For others, it will be the worst mistake they ever made.
Consolidate your debt onto a student loan
Fucking losers…LOL
Need to consolidate your student loans?
what jobs? and the people making a dollar an hour DONT OWE 50,000 Dollars.
I think the prices are ridiculous.
Consolidate your debt onto a student loan
student loans are the WORST financial products out there. If you think the housing collapse was bad? How about an entire generation completely unable to pay back student loans as they compete with a global workforce and automation?
college costs 100K and you lose 4 years of earning potential. How many people do you know in their 20′s or 30′s making 6 figures or more?
Student loans for bad credit
ahhhh debt with no job
student loan
I just defaulted recently after being unemployed for 6 mos and now I realized how fucked I am..
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4-5 years of being unemployed and out of the workforce to complete a degree that costs thousands in student loans. Followed by massive unemployment. It seems to me that college is not such a good investment after all.
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The key is being very vigilant about the amount of student loan assistance you apply for while in school.
Borrow federal loans first before private ones and don’t borrow a penny more than you need to! You will thank yourself when you have to pay them back.
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What a joke. People who take out loans of any type pledge to pay them back. If they don’t then it is the same as stealing. Student loans are no different. These people made bad decisions and want someone else to pay for it.
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Sallie Mae are criminals … #1 they approved 20,000 to a diploma mill w/o telling me! I have bank documents proving they’re liars. I caught one of their managers lying on the phone (recorded and published)! Presently refusing to send forbearance forms (since October 2008 they refused to send forms!!!) They lie, divert, — even locked me out of my account. Every trick in the book to force a default to sell my loan for a profit to collection agency. “CBS 60 Minutes Sallie Mae Default Profit”
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and the saddest thing is we are putting them in jail. How in the flying **** am I supposed to pay my debt while I am in jail?!!!
student loan
Oprah Winfrey has done colossal damage to young people by pushing education and not warning about student loan debt. Even Suze Orman has backed down a little from the idea that student loan debt is “good” debt. I have an accounting degree that I haven’t used for anything. I mostly lost interest in accounting after I graduated. The office jobs that I had didn’ t require a degree–just some knowledge of accounting principles. My degree is just glorified office skills.
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Be very careful about taking out Student Loans. Apply for every Scholarship you can think of, particularly the less well advertised ones. Do well in your first year of University, reduce your course-load if necessary to increase your GPA. Do not struggle with 5 courses, do 3 or 4 per semester, and get better grades. Better marks equal better chances at funding. At the very least reconsider the bullshit option course and do the core essentials.
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All I’m saying is that student loans are something to avoid. Achieve the highest grades you can at a non-Ivy league institution, during your 1st or 2nd year, and then apply for Scholarships & Fellowships to go elsewhere. If you can’t afford 30 thousand and up, don’t attend the University. I’m speaking from personal experience. There is also no guarantee that you will get the degree. If you can half the yearly expense with a scholarship or award, you are far better off.
Need to consolidate your student loans?
Well (juozasg), the 120 000 is going to increase rapidly with interest being compounded after you graduate. Having studied at Oxbridge, I know first-hand how expenses can mount up, and I had a scholarship. I would recommend that you complete a first engineering degree at a less expensive University, and a 2 year MSc at a more prestigious one. The debt isn’t worth the prestige, trust me, it took me a decade to pay all the loans required to attend Cambridge. It’s worth being careful.
Student loans for bad credit
Do you guys realize that at 15% interest it takes 8 years of 0$ in payments with $30,000 in loans to reach $90,000. Either that women decided not to work, or she is just an idiot.
The calculation with 20% interest to reach 90K is 6 years of not paying one single cent…so there is more to her story.