General Discussion

Orrex

(67,063 posts)

132. Let her pay off the loan. Let the predatory lender be put on the hook for interest and penalties

Thu May 24, 2012, 12:14 AM

May 2012

Victims of student loans can't--practically speaking--escape those loans, so there's no actual risk of default. Temporarily delayed repayment, perhaps, but as long as the predators have the power to garnish wages, then the loan will be repaid.

As such, there is no legitimate reason to allow these loans to accrue interest, since the purpose of interest is to compensate for risk.

For that matter, if the loan were to be forgiven altogether, that would be tantamount to government-funded education, which is what your last paragraph advocates. So what's the problem?

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This Picture Will Make You Think Forgiving Student Debt Isn't So Crazy After All [View all] Playinghardball May 2012 OP

It's time for the Jubilee. kentuck May 2012 #1

And after that target the schools Puzzledtraveller May 2012 #4

ITA. It is probably the only thing that will save this country. Liberal Veteran May 2012 #5

Proven money-making majors. JDPriestly May 2012 #68

Agreed. Although the term "liberal arts" is one the wingnuts hate. Liberal Veteran May 2012 #80

They are confusing liberal arts and fine arts. Manifestor_of_Light May 2012 #104

OMG! Spot on! chervilant May 2012 #156

Wow. YellowRubberDuckie May 2012 #2

God didn't really mean that. Liberal Veteran May 2012 #7

I believe the bible is on the same level as Aesop's Fables. YellowRubberDuckie May 2012 #88

Or that rain didn't refract light before rainbows became god's 'compact' with man not to flood again AtheistCrusader May 2012 #134

Well, c'mon-- we derive our values from the Bible. It's the infallible word of god. Marr May 2012 #16

Please see my post number 88. LOL YellowRubberDuckie May 2012 #89

Yay for me, I'll get to claim the disability clause NightWatcher May 2012 #3

I never heard that before either grasswire May 2012 #25

Thankfully, not yet. n/t dotymed May 2012 #57

No, but the can garnish your Social Security benefits and Social Security disability benefits Freddie Stubbs May 2012 #74

The "disability" relief is a joke loyalsister May 2012 #91

I'm actually jumping through those "disability" hoops now. NightWatcher May 2012 #101

Sorry to be so negative loyalsister May 2012 #107

No worries. I definitely don't sweat the small stuff anymore NightWatcher May 2012 #109

I think what they mean is that, unlike most other debts liberalhistorian May 2012 #161

She should have been born to rich parents so she would have this problem corkhead May 2012 #6

Yeah Mitt says---just borrow the money from your parents. trumad May 2012 #8

Or if things get really tight...sell off some of your stock holdings. -nt Liberal Veteran May 2012 #11

It's true. I remember when I was a sperm and choosing my parents... Liberal Veteran May 2012 #9

Indeed......... Swede May 2012 #12

Yeah and they should pay the rest of us back who paid off our student loans!!! cbdo2007 May 2012 #10

. Liberal_in_LA May 2012 #13

I never took loans. I should get a refund with interest. Zanzoobar May 2012 #19

How far did you go in school and how did you pay for it? DefenseLawyer May 2012 #77

2.5 years of college. I worked. Zanzoobar May 2012 #121

That ain't much college. tabasco May 2012 #169

I didn't say it was Zanzoobar May 2012 #182

I rent and have paid off my student loans abelenkpe May 2012 #23

I sacrificed many things to pay off my student loans. Wroked 2 jobs for many years..... cbdo2007 May 2012 #29

I sacrificed too abelenkpe May 2012 #47

That's how eyewall May 2012 #59

reread her sign.. frylock May 2012 #54

Her sign leaves out some important facts. cbdo2007 May 2012 #70

So you EXPECTED to have an argument? why? DiverDave May 2012 #143

+ a gazillion chervilant May 2012 #157

Your argument, like all of those here aren't with the loan itself, yet that seems to be the only cbdo2007 May 2012 #160

Well, durn, chervilant May 2012 #163

This message was self-deleted by its author Honeycombe8 May 2012 #166

Divide and conquer in action! Blecht May 2012 #139

Everytime I see posts like yours I have to doublecheck my URL... white_wolf May 2012 #94

GOT MINE? And when I read posts like yours I realize why progressives get a bad rep! My brother... Logical May 2012 #112

More of that Ayn Rand worldview white_wolf May 2012 #113

If it was LOAN FRAUD then arrest them. 99% of the student loans are NOT FRAUD! Do you.... Logical May 2012 #114

You know if we took the money used to bail out the bankers we could could have bailed out homeowners white_wolf May 2012 #117

I agree the bankers should be in prison. It has nothing to do with a adult who chooses to borrow... Logical May 2012 #119

Not everybody has that choice. People get laid off and get into medical emergencies. Selatius May 2012 #140

That's pretty much how I look at it bhikkhu May 2012 #127

Very good points! I hope people read them! n-t Logical May 2012 #129

Those of you who are sinless, who've paid off student loans Tsiyu May 2012 #173

Some are legit complaints. Many are just wanting a bailout. Logical May 2012 #181

Wow... chervilant May 2012 #158

Odd that we often predicate what other people should do on what we ourselves did LanternWaste May 2012 #148

LOL...no shit. My brother worked two jobs to pay his off! n-t Logical May 2012 #111

Your brother worked two jobs. OnyxCollie May 2012 #136

I paid cash for my house magical thyme May 2012 #120

Why? fasttense May 2012 #147

That works out to paying about $120 per month. 4th law of robotics May 2012 #14

"Maybe pay a bit more than that?" Marr May 2012 #17

"Weren't you also one of the people . . . " 4th law of robotics May 2012 #18

You really think those figures seem reasonable. Marr May 2012 #20

I assume she knew what interest was going in 4th law of robotics May 2012 #26

of course you don't. that would require some compassion.. frylock May 2012 #64

There's a difference between compassion and coddling people who have made poor decisions 4th law of robotics May 2012 #82

And you know she made poor decisons, how? white_wolf May 2012 #95

23 years of paying off loans below the minimum monthly payments 4th law of robotics May 2012 #96

Do you know her circumstances? white_wolf May 2012 #100

Then the issue is with healthcare 4th law of robotics May 2012 #103

No offense, but you live in a dream world Tsiyu May 2012 #146

You believe it is impossible 4th law of robotics May 2012 #152

If he or she can find a real job right now - Tsiyu May 2012 #170

People continue to reference "right now" 4th law of robotics May 2012 #174

Funny That Tsiyu May 2012 #175

"just as we don't all look exactly like you" 4th law of robotics May 2012 #179

How do we know she is deserving of empathy? AtheistCrusader May 2012 #135

OMG me b zola May 2012 #126

100% agree, DiverDave May 2012 #144

Let's try a different route 4th law of robotics May 2012 #155

She Did Not erpowers May 2012 #76

Well they really ought to 4th law of robotics May 2012 #83

It doesn't really matter how you feel about it, in the end. girl gone mad May 2012 #105

Maybe she can't afford to do that abelenkpe May 2012 #33

And the GOP just stonewalled the bill Obama said they must pass to stop these rates. freshwest May 2012 #15

How is paying less than the interest each month paying "faithfully?" joeglow3 May 2012 #21

Bingo 4th law of robotics May 2012 #27

In this economy you ask how that is possible? abelenkpe May 2012 #36

"This economy" started in 1989? 4th law of robotics May 2012 #44

I'm confused abelenkpe May 2012 #50

You made the reference to "this economy" 4th law of robotics May 2012 #52

Oh, why not give it up now? Tsiyu May 2012 #176

I think the particularly silliness of your response is 4th law of robotics May 2012 #178

Telling indeed. Kingofalldems May 2012 #180

Roger. 4th law of robotics May 2012 #183

People get their repayment deferrred if they stay in school or if they have a hardship such as an JDPriestly May 2012 #69

What kind of stupid people depends on educating their citizens to the level we need jtuck004 May 2012 #22

Smells like BS to me badtoworse May 2012 #24

It sounds like she borrowed $26,400 at about 3.5% for 30 years. hughee99 May 2012 #30

Some of my grad school friends could only get loans at 7% interest Lydia Leftcoast May 2012 #35

In 1992 rates were 8 percent. nt abelenkpe May 2012 #37

The numbers work out taught_me_patience May 2012 #38

Thank you--I calculated at 7%, and it's quite reasonable to have that kind of a balance left Lydia Leftcoast May 2012 #43

How does the invalidate the criticisms of her? 4th law of robotics May 2012 #45

How do you know what her income is? Lydia Leftcoast May 2012 #48

How do you know what her income is? 4th law of robotics May 2012 #51

As I said in my previous post--- Lydia Leftcoast May 2012 #53

There's a difference between demanding *perfection of everyone 4th law of robotics May 2012 #84

LOL PERFECT??!! DiverDave May 2012 #145

Ego or humor 4th law of robotics May 2012 #153

You know who I find to be most often in debt, or dependent on social services? AtheistCrusader May 2012 #137

Your loans are deferred while you remain in school. JDPriestly May 2012 #73

Based on your description, she's been paying $118 a month for 23 years hughee99 May 2012 #63

I don't know what here interest rate is taught_me_patience May 2012 #66

I paid very, very high interest rates on my private loans in graduate school back in the 1990s and JDPriestly May 2012 #71

I'm not suggesting student loans are great, I just don't think the numbers add up hughee99 May 2012 #108

Of course there's more to the story......there always is..... cbdo2007 May 2012 #72

The avg student loan in 1990 (22 yrs ago) was $9,798. Honeycombe8 May 2012 #124

"Ridiculous degree" Hissyspit May 2012 #150

You can't blame a bank for someone getting a degree that won't make cbdo2007 May 2012 #159

Yup, figured that's the mindset your stuff Hissyspit May 2012 #165

Mostly interest. I want to see the banksters out of student loans before I have to go to Hardee's jwirr May 2012 #28

n/t BOG PERSON May 2012 #31

She seriously needs to understand carried interest taught_me_patience May 2012 #32

If only there were an institution that taught basic math skills 4th law of robotics May 2012 #34

It's real simple. taught_me_patience May 2012 #39

I know 4th law of robotics May 2012 #46

She may have gone to school in the era when student loan interest rates were really high Lydia Leftcoast May 2012 #40

Interest rates are currently 6.9% taught_me_patience May 2012 #42

;-) Myrina May 2012 #56

It's the banks and the schools Puzzledtraveller May 2012 #41

And it mostly goes to administrative bloat and fancy but unnecessary Lydia Leftcoast May 2012 #49

This plus 100! Here is my experience of that. white_wolf May 2012 #97

Im one of... a la izquierda May 2012 #149

So you know all about the ever-increasing tribe of well-paid adminstrators Lydia Leftcoast May 2012 #162

Hah! I wish! a la izquierda May 2012 #164

Yep, I borrowed something like $30k and ... Myrina May 2012 #55

This dialog reminds me of the health insurance/health care costs discussion.... MatthewStLouis May 2012 #58

Her sign says it - "No Bankruptcy or Forgiveness Allowed" haele May 2012 #60

Post removed Post removed May 2012 #61

I'm curious as to why she would have borrowed so much in the '80s. My son went sinkingfeeling May 2012 #62

I have to agree with you. Something else is going on here. JoePhilly May 2012 #85

Student Loan debt is in every way identical to indentured servitude Orrex May 2012 #65

Except that there's no longer any guarantee that the student actually gains a living . Egalitarian Thug May 2012 #87

Great point--I'm totally going to steal that! Orrex May 2012 #102

No social security until paid off??? I will Riley18 May 2012 #67

Not true. They will just garnish some of your social security Freddie Stubbs May 2012 #75

She did it wrong. aikoaiko May 2012 #78

After reading through this thread, I agree with frylock who had his post hidden by jury. gtar100 May 2012 #79

In a civilized society you must allow debts to be discharged in BK. pa28 May 2012 #86

Yeah, I personally agreed with Frylock 100%. nt white_wolf May 2012 #99

Me too, funny that it was hidden SomethingFishy May 2012 #168

Add my name to the list. girl gone mad May 2012 #106

Also cosigning frylock. Starry Messenger May 2012 #130

I agree with frylock. OnyxCollie May 2012 #138

bankers will never let that happen Aerows May 2012 #81

Sorry folks but the problem with her sign is the "borrowed" part. Dawgs May 2012 #90

I am glad I never got a student loan... AsahinaKimi May 2012 #92

You can't get medicare or SS until they are paid off? Marrah_G May 2012 #93

It's over 10k a year to live in the dorm at state schools here Marrah_G May 2012 #98

Just disgusting We_Must_Organize May 2012 #110

That's how the game is played Shankapotomus May 2012 #115

2012 costs for University of Illinois, a public state school is $30k for in-state tuition undergrads riderinthestorm May 2012 #116

Yes, it should. white_wolf May 2012 #118

So, your point is that I should pay off that woman's loan? Honeycombe8 May 2012 #122

Let her pay off the loan. Let the predatory lender be put on the hook for interest and penalties Orrex May 2012 #132

The system doesn't work that way. girl gone mad May 2012 #141

It's called a federal loan because the federal govt funds it. Meaning taxes. Honeycombe8 May 2012 #167

I'd Post my Experience but right now don't feel like it fascisthunter May 2012 #123

That's much more a problem with compound interest, than with the debt itself bhikkhu May 2012 #125

I'm sorry, but... roamer65 May 2012 #128

I paid off my loans, too, but I have sympathy for someone stuck with a high interest rate Lydia Leftcoast May 2012 #133

Part of what it means to live in a society.. girl gone mad May 2012 #142

Thank you for a magnificent post Orrex May 2012 #151

Thank you for the post. OnyxCollie May 2012 #154

Lol you fools who got loans for college... toddwv May 2012 #131

Maybe she should've been born wealthy instead. Bucky May 2012 #171

Well, it's obvious she didn't go to Fla_Democrat May 2012 #172

Totally meaningless - Too many unknowns Taitertots May 2012 #177