Outrage! How Student Loans Are Destoying Us

HYPNOTIC.

HYPNOTIC.

Grand Poobah
Grand Poobah
Joined
Nov 15, 2011
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Today is "1-T Day" - the estimated date on which student loan debt will officially hit a mind-boggling ONE TRILLION DOLLARS. As a result, hundreds of organizations and individuals are participating in a National Day of Action to mark this extremely important, highly disturbing milestone.


To that end, ForgiveStudentLoanDebt.com has, once again, collaborated with Kyle McCarthy, Founder of OccupyStudentDebt.com, as well as LoanReformNow's RaeAnn Roca, to create a new website:

​


HR4170.com





As the petition in favor of The Student Loan Forgiveness Act of 2012 quickly approaches our goal of one million signatures, no doubt you'll be called upon by friends, family and co-workers to defend your support of the bill. HR4170.com is intended to be your one-stop destination for all things related to this groundbreaking bill.





Not only does the new site provide easy-to-navigate links for you to use to help spread the word and raise awareness about the bill, but it also contains a whole host of resources to help sharpen your arguments, explain why this bill is needed and how it will help to jumpstart our floundering economy.





Please join millions of others across the country participating in today's National Day of Action by visiting HR4170.com and start spreading the word!





Thank you, as always, for your continued support. Together, we're going to fundamentally change the way in which we pay for higher education in America - but it's going to take some work, so let's get started!





Sincerely,





Robert Applebaum


Founder, ForgiveStudentLoanDebt.com

 
Holy crap! i didn't look at the balance on my last statement. I had no idea i still owed that much! you'd think after 10+ years of paying, i'd have it under a T!

Liveline

 
I'm the same 5 weeks left, then a endless life of paying back what you should be entiltled to. Please do not get me started o this one, Its a Joke in the UK esp with the "Welfair State".

Damn Joke.

 
Yeah, where's my Bailout!!! Everyone else go one GM, Fannie Mae, bla bla bla. I wan't my BAILOUT!

 
I have mine down to 5k now. By the time I pay it off I'm sure bailouts will be handed out left and right. I imagine the over 100k income bracket will get the handouts first

 
yeah... of course. handouts to the wealthy. why would we want to change the way the government works now, right. Actually, I think i have mine down to around 3K after over 10yrs paying, and didn't even graduate. good thing though. I found a job that i enjoy just as much(if not more), and probably pays 2-3x what i would have made with my degree. Hopefully I have a good year! I would love to get rid of that baggage, regardless of whether they end of giving bail outs later or not!

 
It's sad. When you get to college and go into the bookstore to buy your $250 Organic Chem book they slip in a Capital One Credit Card application that you will probably get denied for, but they will hand over 150,000 for medschool.

I know, we all knew what we were signing up for so be quiet Younghypnotiq. It still doesn't make it right preying off an 18 year old kid who can't even balance a checking account. "why do I have they NSF on my statement, it said I still had money in my ATM

 
I would personally be sad if this one flies. I paid mine off. I would be extremely envious if others are allowed to get a free ride on this one. /default_wacko.png

 
most people who are taking out loans last 5-8 years are facing a job market with guaranteed lower incomes, 4x higher tuition that 10 years ago, and a career field that is more welcoming to those from outside of the USA than those within it. College was the proverbial dream for every family to send their children to, today an Associates is worth what a high school degree was and a Bachelors is merely stating now that you're competent enough to make 40k.

 
I've seen that video before. Absolutely, positively worth every bit of the six minutes and twenty four second investment.

 
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This is an ongoing dilemma that is getting worse by the day as the rich get rich and the poor get poorer.  I signed that petition on page one, but haven't found that the bill went anywhere.  

Due to personal hardship, I requested a forbearance, which eventually got turned over to a Collection Agency for the full amount of the original loan. Now there's no way for me to go back to school, NADA.  I also co-signed loans for my daughter, and she can't get a job making enough to pay them back either.

My youngest son doesn't even want to go to college now.

Its really a sad state for everyone, so is there no way out?

 
and then congress lets  the rate of a subsidized Stafford student loan doubled to 6.8 percent from 3.4 percent before their holiday break.  Unbelievable............

 
Hi folks,

With student debt surpassing credit card debt, something needs to be done about it. Tuition is so high that some professions are taking a hit because they just have no chance in paying off their loans. It's not unheard of for a Doctor to graduate owing $350,000 in government and private loans. Maybe some of you are struggling with student loans and have used up all your deferment and forbearance time? We have all heard that bankruptcy is useless in getting rid of student loans, they are untouchable and are bolted around your neck like a thralls collar until the day you die or pay them off.

Well there is hope now. Here is an article that says that isn't true. http://getoutofdebt.org/48336/how-to-really-discharge-your-student-loans-in-bankruptcy

Perhaps you are one of those that feels that "you borrowed the money, so it's your duty to pay it back." I agree and have been paying mine back grudgingly as I watch inflation rise 10%, school tuition rise 40% and earnings rise 3%. Of course those numbers aren't real but I think you sort of get the idea. Tuition follows closely in the shadow of what the Government will provide in guaranteed student loans.

Then we have the wide eyed, naive 18 year old who is starting college like he was told his whole life was the way to success. Full of optimism, he doesn't know or even fathom that he could be the one who can't find a job after getting a degree. Sallie Mae is throwing money at him. Why not take an extra $14,000 a year to help out?

I don't know, something is broken here and needs fixing. Only 40% of student loans are being paid back. The rest are in deferment, forbearance, default or on an Income Based Repayment plan. However you look at it, the government isn't getting its money back.

~Young

 
yea this is a unfortunate situation with the amount of $$ in student loans in default this could one day turn into the next crisis as the housing loans a few years back. Maybe not as bad but nevertheless...   Not even sure what a college degree gets you nowadays unless it's a specialized skill that is in high demand. Regardless whatever salary you make coming out of college it's going to take a long time to pay back

 
I owe so much money in student loans, I want to cry. Literally. I seriously don't think I'll have them payed off for another 30 years. I have a friend who is a dermatologist in CA and makes a ton of money, but is still struggling to pay back the 100s of thousands he owes.

 
Dkaramazov said:
I owe so much money in student loans, I want to cry. Literally. I seriously don't think I'll have them payed off for another 30 years. I have a friend who is a dermatologist in CA and makes a ton of money, but is still struggling to pay back the 100s of thousands he owes.
Click to expand...
same Have a friend who is a Physician.  the amount of loans taken out negates the salary they make

 
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