General Discussion

NM_Birder

(1,591 posts)

84. For every moron "forced" to borrow stupid amounts of money

Tue Jul 29, 2014, 02:51 PM

Jul 2014

to go to school, there are many - many more who go to school just fine, don't bury themselves in stupid amounts of debt and are just fine.

Highlighting an example of ignorant borrowing practices, coupled with a tragedy is not what is wrong with capitalism. The system is not rigged, but it does take a certain amount of planning and rational thought. Borrow money, agree to the terms = your problem to deal with regardless of misfortune, that is the way it is.

Single mom, with three kids, borrowing 100k = extreme chance of financial collapse, THAT is why she had to have a co-signer in order to guarantee the loan would be paid back. I'm curious about how long this loan has been a problem, how long have payments been missed ? 100k loan @ 12% is a crystal award winning stupid thing to agree to, but it would still take several years to double to 200k.

BUT,........ I'm still shocked that a Pastor makes 75k !

Edit history

Please sign in to view edit histories.

Recommendations

0 members have recommended this reply (displayed in chronological order):

120 replies

= new reply since forum marked as read

Highlight:

Grieving parents hit with $200,000 in student loans [View all] davidn3600 Jul 2014 OP

The whole stinking system needs to be overhauled Jeff In Milwaukee Jul 2014 #1

I don't understand how a parent can co-sign for a loan yeoman6987 Jul 2014 #2

Blaming the individual yet again - TBF Jul 2014 #8

Yes I do see a systematic problem yeoman6987 Jul 2014 #9

You're mindfully siding with the banks on this - TBF Jul 2014 #15

+1 - and downthread. closeupready Jul 2014 #58

it's a pattern with that one. nt laundry_queen Jul 2014 #81

My kids went to the state college... one_voice Jul 2014 #16

When my husband and I went to the University of Delaware, class of phylny Jul 2014 #118

Used to be that "cheap" state schools were an option. Not so much anymore. Arugula Latte Jul 2014 #67

My instate tuition&fees is $32k per year. (University of Illinois) nt riderinthestorm Jul 2014 #79

I hated the U of I - I transferred to the UW-Madison, and BOOM, closeupready Jul 2014 #83

Congratulations! What a weird coincidence I'm in Madison today.... riderinthestorm Jul 2014 #102

Oo, jealous - if you're looking for a snack, try the Teddywedgers on closeupready Jul 2014 #105

I will! Thanks for the recommendation! riderinthestorm Jul 2014 #106

I Don't See RobinA Jul 2014 #66

The issue is that you are determined to find fault with the individuals TBF Jul 2014 #73

There is No System RobinA Jul 2014 #88

"Our system has every safeguard necessary to keep these people from being in the fix they are in" - TBF Jul 2014 #89

What Does RobinA Jul 2014 #93

I know you don't see it - TBF Jul 2014 #96

I don't think it was for a "private college" YarnAddict Jul 2014 #36

I don't understand how a parent can NOT co-sign a loan groundloop Jul 2014 #45

Where does it say it was for a private college? Do you have any idea what public nursing education pnwmom Jul 2014 #107

'Overhauled' is an understatement. earthside Jul 2014 #7

I've been teaching in higher ed for decades NJCher Jul 2014 #22

Glad I'm not the not only one who thinks this. Tetris_Iguana Jul 2014 #37

I'm a huge fan of community colleges Jeff In Milwaukee Jul 2014 #61

An R.N. requires a 4 year degree and can only be obtained at a college or university. pnwmom Jul 2014 #108

Not True Jeff In Milwaukee Jul 2014 #111

Don't forget to add - the people who actually teach students are more and more hedgehog Jul 2014 #103

We can partly blame the academic rankings race. nitpicker Jul 2014 #112

We live in a corrupt, criminal oligarchy. woo me with science Jul 2014 #3

Silhouette Man is excellent pleinair Jul 2014 #10

+1,000 malaise Jul 2014 #20

+ infinity..... dhill926 Jul 2014 #34

+infinity daleanime Jul 2014 #59

+1000 smirkymonkey Jul 2014 #115

An additional $100k in late penalties and interest? CrispyQ Jul 2014 #4

In FIVE years. The original amount doubled in five years. Its outrageous extortion nt riderinthestorm Jul 2014 #6

I'm in the same position, borrowed about 48K for grad school and smirkymonkey Jul 2014 #116

It's all about the upward transfer of wealth! Divernan Jul 2014 #17

Usury is a sin in the bible n2doc Jul 2014 #5

twas the only time Jesus was violent questionseverything Jul 2014 #55

Letting this family off the hook would encourage others to send their kids to expensive schools, Brickbat Jul 2014 #11

True, very true. closeupready Jul 2014 #24

This was a Republican "fix" to bankruptcy laws. WhiteTara Jul 2014 #12

At 75 thousand per year or so, I wonder what his tax rate is. davidthegnome Jul 2014 #13

+++++ marions ghost Jul 2014 #30

He is a minister and they are exempt. I would guess his wife is also considered a lay minister. jwirr Jul 2014 #33

35%?!? ieoeja Jul 2014 #54

The Student Loan Laws are the problem, but the parents Ilsa Jul 2014 #14

Beside the point. marions ghost Jul 2014 #28

State BSN is not always an option exboyfil Jul 2014 #40

Yes, it is always dependent on location and Ilsa Jul 2014 #92

Thank You exboyfil Jul 2014 #110

It effing DOUBLED in less than FIVE YEARS??? This has GOT to STOP! DesertDiamond Jul 2014 #18

The effective interest rate looks to be about 14% taught_me_patience Jul 2014 #95

Our economic system is seriously broken. Initech Jul 2014 #19

If they really want to fix the economy the next bailout should be a debt forgiveness bailout for the jwirr Jul 2014 #21

There are ways to discharge student loans. AtheistCrusader Jul 2014 #23

They would be in the same situation for a car loan or home loan. Nt Logical Jul 2014 #25

The difference being they could sell the house or car. tammywammy Jul 2014 #26

I am sure many homes are $100,000 under water. nt Logical Jul 2014 #50

Such loans can be discharged in bankruptcy davidn3600 Jul 2014 #113

Private Student Loans stink. mwooldri Jul 2014 #27

Only in America... marions ghost Jul 2014 #29

I'm not unsympathetic, but... JayhawkSD Jul 2014 #31

understand where you are coming from, however I challenge some of the assumptions magical thyme Jul 2014 #42

Yes, corruption is endemic. JayhawkSD Jul 2014 #48

I have to disagree..... daleanime Jul 2014 #63

Nah... RobinA Jul 2014 #68

I think you miss my point. JayhawkSD Jul 2014 #78

I happened to be walking through Washington Square Park... meaculpa2011 Jul 2014 #32

This is probably going to get me flamed, Jenoch Jul 2014 #35

It is criminal how these student loan outfits work. Lex Jul 2014 #51

You are correct of course. Jenoch Jul 2014 #57

Life Insurace on Student for Private Student Loan Debt Co-Signed for by the Parents HWPixHend Jul 2014 #87

Nonsense RobinA Jul 2014 #69

IF you could read you'd see Lex Jul 2014 #71

Ya Got That Right! RobinA Jul 2014 #91

LOL. Lex Jul 2014 #94

You are 100% correct! Nt Logical Jul 2014 #52

Which is why I laugh when my son says MissB Jul 2014 #38

Bravo. meaculpa2011 Jul 2014 #44

Private student loans should be treated like other consumer debt. Gormy Cuss Jul 2014 #39

You're right. Why do they get protection without giving something up? Jenoch Jul 2014 #60

As usual, "thanks, Uncle Ronnie". ieoeja Jul 2014 #41

That program ended because... meaculpa2011 Jul 2014 #46

Yep Tetris_Iguana Jul 2014 #49

But, as I point out in my post, everybody wins even when they do cheat. ieoeja Jul 2014 #62

I have no sympathy at all. There are so many financial mistakes here taught_me_patience Jul 2014 #43

Careful... meaculpa2011 Jul 2014 #47

You are correct, this is not the governments fault. nt Logical Jul 2014 #53

Then I'm glad you're not in charge. closeupready Jul 2014 #56

Well, your right about one thing... daleanime Jul 2014 #64

My post was more about the deadbeat dad taught_me_patience Jul 2014 #82

Students are being taught that paying for agreed upon obligations NM_Birder Jul 2014 #74

Student loan debt can't be discharged in bankruptcy. nt riderinthestorm Jul 2014 #101

Of course mistakes were made. Jenoch Jul 2014 #90

That doesn't sound quite ann--- Jul 2014 #65

It Depends RobinA Jul 2014 #70

Too many unanswered questions: Ilsa Jul 2014 #100

It's to late to complain about the conditions ... AFTER you borrow money NM_Birder Jul 2014 #72

And this is one of the many things wrong with capitalism TBF Jul 2014 #76

For every moron "forced" to borrow stupid amounts of money NM_Birder Jul 2014 #84

AGAIN - blaming all the individuals you can think of without TBF Jul 2014 #85

No idea who Jamie Dimon is, care even less, has no bearing. NM_Birder Jul 2014 #86

Typical right-wing viewpoint - TBF Jul 2014 #98

Who Cares RobinA Jul 2014 #97

Again with blaming the victim. TBF Jul 2014 #99

Yes, those deadbeat parents should lose everything they own... bluesbassman Jul 2014 #114

this is very timely for me steve2470 Jul 2014 #75

Do not co-sign loans. tammywammy Jul 2014 #120

George Carlin on education - TBF Jul 2014 #77

Never co-sign for nobody! GOLGO 13 Jul 2014 #80

This message was self-deleted by its author lostincalifornia Jul 2014 #104

Loans not subject to bankruptcy... discntnt_irny_srcsm Jul 2014 #109

Oh don't worry, they have their end covered. Tetris_Iguana Jul 2014 #117

Not worried about their end discntnt_irny_srcsm Jul 2014 #119