Proposed Rule Links Federal Student Aid to Loan Repayment Rates and Debt-to-Earnings Levels for Career College Graduates
Submitted by RoninMD on Fri, 09/03/2010 - 20:49.
This is interesting. Now colleges are responsible for the graduate's gainful employment.
The Republicans should have thought of this earlier. Apparently, it wasn't in the republican best interest. I think it's not going to work unless there is more job creation and less overseas outsourcing.
The next bubble after the home mortgage bubble is the student loan debt bubble and it's is about to burst.
If you did not know, student loan debt now exceeds credit card debt.
The number of people defaulting on student loans is increasing.
If you are in default on a student loan, don't bother. If you are trying to discharge your debt through a rehabilitation program, don't bother.. once the debt is discharged, the IRS will tax you as if the debt was income. The government does not provide fair incentive or any real alternatives to getting out of this black hole. Might as well let the interest accrue hourly which is what the industry planned anyway.
There is a reason why the government is providing no real incentive for discharging your student loan debt and accelerating your debt load. I wonder what it is.
If you are an educator, spread the word to your students. Borrowing for college isn't worth it.
There are organizations forming and trying to lobby the government for change. e.g., The Student Loan Justice Organization
Republicans will tell you to "keep the change". To the slavers (republicans) I say, "I don't like the way the student loan government scam isn't changing."
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Yep, not worth it....
Colleges can't find jobs for their students if there are no positions on the market. The idea behind funding your own education is to make sure that kids of educated parents will get educated kids of poor parents will become workers. Government loans were meant to help poor students who outperform their peers. What happened in reality is that every guy "wanting" to have an education got a student loan and now it's all about to blow up. What surprises me even more is how many people think that they can actually get out of these debts using bankruptcy or a debt settlement which is completely impossible.
Be careful of 419 scams offering help with debt settlement! It may be impossible to recover lost money.
Jeremy D
It time to change that law.
A student loan is a consumer loan in the same class as credit card debt and debtors should be given the same protection bankruptcy provides to consumer debtors.