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Originally Posted by Alan
I think many of these loans were downright unethical. Many many17-18 year olds never had anyone teach them about money. They come from families where no one went post high school to continue their education. Many families have zero in savings. They were sold a rosy deal. Look at the Sallie mae website, and it looks like they will give you money for books, living, school and transportation expenses. Don't you think the lenders have any culpability? why in the world did they shovel money out with no collateral for multiple years?
The weird thing about the student loan case that the court just decided is that the plaintiff didn't have standing, and hadn't been wronged, yet the court heard the case anyway and decided in their favor. I wonder what sort of legal theory was required to justify that.
As I understand it, most student loans are secured by the government, making collateral un-necessary from a lender perspective. I'm not sure it's a lender's responsibility to protect borrowers from government's largesse.Quote:
Originally Posted by flowerseverywhere
I was not for student loan forgiveness. So the government who guaranteed the loans with no collateral, no guarantee students could pay them back and have basic living expenses, should we just let those people never be able to afford to have children, buy a house or get out from a mountain of debt no matter how hard they work?Quote:
Originally Posted by Alan
I certainly don't have a good answer but it seems like this debt was accrued through many administrations and now, suddenly, the bottom has fallen out.
The Eighth Circuit Court found otherwise when they overruled the original court’s denial of standing to Missouri.Quote:
Originally Posted by jp1
When I was in college in the late 80s, I had a roommate who got student loans and she used it for living expenses.Quote:
Originally Posted by flowerseverywhere
Just our particular case - Our second child has huge loans and no degree, due to some mental health issues that really came out during their time at college. Although they were not passing many classes, they were able, against our advice and often without our knowledge, to keep racking up debt to stay in school. They were an adult, did not need our approval, and were not truly, deeply, cognizant of this impact on their future. 10+ years later, they have paid back almost nothing, have huge difficulties holding any sort of job, can afford little to no therapy or general health care, and are back living here with us. We try to cover as much dental/health care as we can, and try to hook them up with resources. They try, also, and it's so hard to see the toll this takes. I am pushing them to see if they can get this debt removed via bankruptcy. I know that in some cases, this can still be done, but is much harder. However, my cousin, who is quite healthy and able to work, has several times run up large consumer debt, purchased a new car, quit job in fit of pique, then has declared bankruptcy, keeping all items including car, with all debt removed. Three times, over the past 35 years. Makes me sick to my stomach, and yes, we all DO pay for that. I'd rather pay for the students that are truly having problems making payments than an entitled jerk who wants new stuff without paying for it. BTW, cousin moved to FLA with her family, and told us on their last visit that they are buying a house, which they will be able to keep, free, if they "have" to declare bankruptcy again. I hope they are wrong about that.
I think that's my main gripe about this - that unlike other unsecured loans, it's really hard to get out from under student loans in a bankruptcy situation. (and if a car is collateral for its own car loan, how on earth do people get to keep cars in bankruptcy? Lots I don't know/understand here....)
Early morning: I found this excellent discussion of bankruptcy as it affects student loans. I think it will give you some structure to work with and the mental health issues discussed towards the bottom may apply. See how much paperwork you can gather and what mental health evaluations are available and see if there is probono legal aid available where you are for him. https://www.investopedia.com/how-to-...due%20hardship.
Okay---as long as The Supremes can legislate against discounts of any kind, they need to forbid offering coupons and quantity discounts or even rebates---ESPECIALLY rebates---on purchases of consumer services. Also, they can include along with that any volatility in the prices of stock on the exchanges. The stocks must ALWAYS remain at or incrementally above the price paid. Never less. See? I believe you'll find quite a few people that would support that public policy mandated by the U.S. House of Supremes. Hope that helps you some. Edited to add: As long as they're putting a stop to freebies, they need ta take it a step further by abolishing cash handouts ta sodbusters from the USDA, and the VA needs to cease all the gimmies to veterans. No more free hairtcuts, no more va hospitals, no more va rest homes, no more pensions. Get them all off the gravy train. Same with congerss---no more gravy for them, either. If they need money, they can get out and WORK, mowing lawns or washing dishes, or delivering papers, till they get enough $$$ to buy their own bank or some other business. Steada being coddled like those crybaby college kids who are mad cause they're paying for their useless degree in economics or political science, several times over. But yeah---I got more ideas on how to cut the fat outta big gummint, by getting the slackers to pay their own way. Stay tuned. Thankk mee.