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(The New York Times)   Meet the home-loan crisis's younger sister, Sallie. She's in college   (nytimes.com) divider line 306
    More: Scary, federal student loans, birth order, state education, discretionary income, accounts receivable, management consults, mortgages, credit monitoring  
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19326 clicks; posted to Main » on 10 Sep 2012 at 3:03 PM (2 years ago)   |  Favorite    |   share:  Share on Twitter share via Email Share on Facebook   more»



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2012-09-10 12:24:18 PM  
It's almost as if the cost for college is staggeringly disproportional to the value of the degree when compared to the actual salaries of the vast majority of jobs people with most majors will be able to get, thus rendering students tragically unable to repay in any timely fashion after living expenses make a dent.

I'm working on my degree, but i'm doing it piecemeal as I can only afford 1-2 classes at a time.
 
2012-09-10 12:26:45 PM  
Something needs to be done about for-profit colleges. They account for 50% of defaults and only 10% of all colleges, plus their graduation rate is only 20%. Government loans should not be going to these colleges.
 
2012-09-10 12:30:15 PM  
i2.photobucket.com
 
2012-09-10 12:30:59 PM  

sweetmelissa31: Something needs to be done about for-profit colleges. They account for 50% of defaults and only 10% of all colleges, plus their graduation rate is only 20%. Government loans should not be going to these colleges.


THIS. And "tuition equalization grants" that for-profit universities get from states is like a voucher system that siphons much-needed dollars away from real universities.
 
wee [TotalFark]
2012-09-10 12:36:21 PM  
Who is telling these kids that they need to to go to college? I'll let Mike Rowe address the issue.

And this:

Borrowers who attended profit-making colleges - about 11 percent of all students - account for nearly half of defaults

...needs to stop.
 
2012-09-10 12:38:33 PM  
 
2012-09-10 12:42:00 PM  

wee: Who is telling these kids that they need to to go to college? I'll let Mike Rowe address the issue.


200,000 jobs...damn!
 
2012-09-10 12:43:34 PM  
What until the non-funded pension plans hit the pan.
 
2012-09-10 12:46:08 PM  
This is one of the big reasons why all Stafford loans are now Federally administered, of course.

Which is a good thing, because the previous way of guaranteeing student loans administered by private companies was just us giving money away.
 
2012-09-10 12:47:39 PM  

basemetal: [i2.photobucket.com image 509x417]


*facepalm*
 
2012-09-10 12:51:35 PM  
Look, Sallie is just stripping so she can afford her psych text books.

once she has enough money, she'll concentrate on her studies.
 
2012-09-10 12:54:16 PM  
Yeah, those scumbags at Sallie Mae are tenacious. My wife's paperwork got mishandled during the last year of her residency and this little prick was calling ten times a day and just wouldn't take "it was a departmental screw-up and you know it because the hospital acknowledged it to you and is sending the proper paperwork in" and I finally let him have it with a sort of Steve Buscemi in "Fargo" "You're lord of your little booth" diatribe.
 
2012-09-10 12:59:07 PM  
Amount I owe Sallie Mae: $0
 
2012-09-10 01:00:37 PM  

Dancin_In_Anson: But it seemed like such a good idea at the time!


That puppeteering guild might be the most stinging indictment of Occupy Wall Street yet.

At one of Arts and Culture's meetings-held adjacent to 60 Wall Street, at a quieter public-private indoor park that's also the atrium of Deutsche Bank-it dawned on Joe: "I have to build as many giant puppets as I can to help this thing out-people love puppets!"

Jesus.
 
2012-09-10 01:04:46 PM  
No problems, I studied German as my language requirement in my undergrad. I hear their economy is doing well.
 
2012-09-10 01:08:30 PM  

sigdiamond2000: Dancin_In_Anson: But it seemed like such a good idea at the time!

That puppeteering guild might be the most stinging indictment of Occupy Wall Street yet.

At one of Arts and Culture's meetings-held adjacent to 60 Wall Street, at a quieter public-private indoor park that's also the atrium of Deutsche Bank-it dawned on Joe: "I have to build as many giant puppets as I can to help this thing out-people love puppets!"

Jesus.


Your tax dollars are re-investing in the puppetry arts. People love puppets.
 
2012-09-10 01:08:44 PM  

make me some tea: basemetal: [i2.photobucket.com image 509x417]

*facepalm*



That pic is faker than Olympic boxing officiating. Just look at the artifacts around the letters, their alignment compared to the cardboard they're "written" upon, and the fact that the letters which show up more than once - the lower-case a, i and g, for instance - are "written" exactly the same each instance they appear.
 
2012-09-10 01:09:45 PM  

basemetal: [i2.photobucket.com image 509x417]


That girl has a real future in calligraphy- look at how consistent her letters are.
 
2012-09-10 01:12:15 PM  

King Something: make me some tea: basemetal: [i2.photobucket.com image 509x417]

*facepalm*


That pic is faker than Olympic boxing officiating. Just look at the artifacts around the letters, their alignment compared to the cardboard they're "written" upon, and the fact that the letters which show up more than once - the lower-case a, i and g, for instance - are "written" exactly the same each instance they appear.


That's some fine pixel spotting there, Earl. I bet you score big on all those "Spot the Differences" photo quizes. *facepalm"
 
2012-09-10 01:12:30 PM  

King Something: make me some tea: basemetal: [i2.photobucket.com image 509x417]

*facepalm*


That pic is faker than Olympic boxing officiating. Just look at the artifacts around the letters, their alignment compared to the cardboard they're "written" upon, and the fact that the letters which show up more than once - the lower-case a, i and g, for instance - are "written" exactly the same each instance they appear.


You can tell just by looking at the pixels, and you've seen a few 'shops in your time...

/Kidding. Looks fake to me, too.
 
2012-09-10 01:13:12 PM  

Mentat: Amount I owe Sallie Mae: $0


I as well, because I consolidated all my federal loans with the Dept of Ed and go on their income-based repayment plan.
 
2012-09-10 01:18:22 PM  
Guarantee agencies are paid a default aversion fee, equal to 1 percent of the loan balance, if they prevent a borrower from going into default. But the same agencies get paid much higher fees for collecting or rehabilitating a defaulted loan.

If that's not immoral, then I don't know what is.
 
2012-09-10 01:22:06 PM  
Dropped out of college.. now make $300k a year. Suckers.
 
2012-09-10 01:25:29 PM  

sweetmelissa31: Something needs to be done about for-profit colleges. They account for 50% of defaults and only 10% of all colleges, plus their graduation rate is only 20%. Government loans should not be going to these colleges.


That's trickier than it sounds. For-profits target a different demographic than public and non-profit private post secondary schools. They also include vocational schools. All in all, they serve a "poorer" section of America, and the for-profits argue that government help is necessary for these people to have a chance at upward mobility.
As a misanthropist, my opinion is that if someone can't even get into BigState-U, that doesn't speak very well for his future prospects anyway. Maybe he should get used to living in the lower classes. But when I think of people more abstractly, without reference to any particular individuals, I accept the argument that everyone deserves a chance to try to better himself. So I think we should help the "students". If the people selling a better future fail to deliver it for, oh, 75% or so of their customers, then we take them out back and shoot them.
 
2012-09-10 01:26:03 PM  
Dropped out of middle school... now keep a Poor in my bathroom who gets paid minimum wage for licking my butthole clean. Suckers.
 
2012-09-10 01:27:01 PM  

TheDumbBlonde: sigdiamond2000: Dancin_In_Anson: But it seemed like such a good idea at the time!

That puppeteering guild might be the most stinging indictment of Occupy Wall Street yet.

At one of Arts and Culture's meetings-held adjacent to 60 Wall Street, at a quieter public-private indoor park that's also the atrium of Deutsche Bank-it dawned on Joe: "I have to build as many giant puppets as I can to help this thing out-people love puppets!"

Jesus.

Your tax dollars are re-investing in the puppetry arts. People love puppets.


I found a picture of the puppetmaster in question:

img833.imageshack.us

Man, to have a talent like that go to waste...

What a tragedy.
 
wee [TotalFark]
2012-09-10 01:27:06 PM  
For-profits target a different demographic than public and non-profit private post secondary schools.

I have a couple buddies who are veterans. Apparently the for-profit places love that GI Bill money.
 
2012-09-10 01:30:38 PM  

sigdiamond2000: TheDumbBlonde: sigdiamond2000: Dancin_In_Anson: But it seemed like such a good idea at the time!

That puppeteering guild might be the most stinging indictment of Occupy Wall Street yet.

At one of Arts and Culture's meetings-held adjacent to 60 Wall Street, at a quieter public-private indoor park that's also the atrium of Deutsche Bank-it dawned on Joe: "I have to build as many giant puppets as I can to help this thing out-people love puppets!"

Jesus.

Your tax dollars are re-investing in the puppetry arts. People love puppets.

I found a picture of the puppetmaster in question:

[img833.imageshack.us image 640x480]

Man, to have a talent like that go to waste...

What a tragedy.


Well, I feel better about my investment in the arts, and you should too.
 
2012-09-10 01:31:29 PM  
Listen, the student loan crisis IS THE REASON I have my government mandated Obama hobo. Do you realize how helpful he's been around the house? And all I have to do is give him a pack of beef jerky and a bottle of Thunderbird 3-4 times a week and he's happy.
 
2012-09-10 01:36:13 PM  
Dropped out of kindergarten.. now make $30M a month, Mitt Romney shines my shoes for tips while I pilot my own Gulfstream V, and I always wear jeans with a sportcoat. Suckers.
 
2012-09-10 01:52:31 PM  
Made it through three hours of the first day of preschool. Flipped over my little kid-sized desk, told that teachin lady to fark off, and now I am literally Willard Mitt Romney.
 
2012-09-10 01:53:07 PM  

sweetmelissa31: Something needs to be done about for-profit colleges. They account for 50% of defaults and only 10% of all colleges, plus their graduation rate is only 20%. Government loans should not be going to these colleges.


This right here.
 
2012-09-10 01:55:03 PM  
They got people by the balls, with a home loan you just default move on and deal with shiatty credit for 10 years. With a student loan there's no way out unless you croak or effectively croak iirc.
 
2012-09-10 01:56:24 PM  
I still owe about $11,000, but I'm paying it off.
 
2012-09-10 01:57:04 PM  
Dropped out of potty training.. now make $2B a day. I pay a barracks full of destitute immigrant women a pittance to become pregnant so they can serve their fetuses to me for dinner. Suckers.
 
2012-09-10 01:57:52 PM  

sweetmelissa31: Dropped out of middle school... now keep a Poor in my bathroom who gets paid minimum wage for licking my butthole clean. Suckers.


You pay him? I thought he did that for free?
 
2012-09-10 01:58:41 PM  

what_now: sweetmelissa31: Something needs to be done about for-profit colleges. They account for 50% of defaults and only 10% of all colleges, plus their graduation rate is only 20%. Government loans should not be going to these colleges.

This right here.


While for-profit colleges are the majority of the problem, $40,000 a year tuition at private colleges and spiraling public college costs are a problem as well.
 
2012-09-10 02:00:51 PM  
Failed abortion... now write blog articles for Townhall.
 
2012-09-10 02:02:20 PM  
I dropped out of Sesame Street - I can't read. I accrued a $7B net worth making the sorts of products that help people who can't read - lots of picture driven stuff. I patented rounded corners, because these types of people are the kind who hurt themselves on 90 degree angles. Then I got cancer a couple times. It didn't end well.
 
2012-09-10 02:02:37 PM  
You guys bought what with your billions you earned by dropping out?
HAHAHA suckers!

/scrubbing and rinsing, scrubbing and rinsing, scrubbing and rinsing
 
2012-09-10 02:05:48 PM  

sweetmelissa31: Failed abortion... now write blog articles for Townhall.


i.imgur.com
 
2012-09-10 02:06:30 PM  

what_now: sweetmelissa31: Dropped out of middle school... now keep a Poor in my bathroom who gets paid minimum wage for licking my butthole clean. Suckers.

You pay him? I thought he did that for free?


Well there's some exchange of services involved
 
2012-09-10 02:06:36 PM  
Don't know about the U.S., but here in Canada I worked for a student loan company (not collections) that helped students with the applications and servicing of the debt. I was only there 6 months before being laid off, but the training was for 6 weeks. Learning all the various government (provincial and federal) regulations as well as the chartered banks' policies. What a nightmare of red tape.

Thankfully I never applied for student loans for university - paid my own way.
 
2012-09-10 02:09:53 PM  

make me some tea: basemetal: [i2.photobucket.com image 509x417]

*facepalm*


It's all about the arrows, tea, and it worked.
 
2012-09-10 02:11:40 PM  

gopher321: Thankfully I never applied for student loans for university - paid my own way.


University's a lot cheaper in Canuckistan than it is here. My canadian wife was gobsmacked by the tuition here when we started talking about how much we need to save for our kids' education.
 
2012-09-10 02:21:31 PM  

GAT_00: what_now: sweetmelissa31: Something needs to be done about for-profit colleges. They account for 50% of defaults and only 10% of all colleges, plus their graduation rate is only 20%. Government loans should not be going to these colleges.

This right here.

While for-profit colleges are the majority of the problem, $40,000 a year tuition at private colleges and spiraling public college costs are a problem as well.


Oh, absolutely.

But the problem here isn't FEDERAL student loans, it's private loans.

If you have a FEDERAL student loan, you can make payments based on your income. If there's any loan left after 20 years (10 if you work in public service) the loan is forgiven, in some cases tax free.

Yeah the Direct (aka stafford) Loan isn't the issue. It's the private loans. IMO, they should be much, much more difficult to get.

Not because fewer students should go to college, but because colleges (including the one I'm currently sitting in) should be more affordable. And if that means that the dorms shouldn't look like 5 star hotels and the gym shouldn't look like an Olympic training facility, well so be it.

I have students who graduate from college, actually GET a job, and then realize that can't afford an apartment anywhere as near as the dorm they were living in.
 
2012-09-10 02:35:16 PM  
I'm seeing a trend here:
i.imgur.com
 
2012-09-10 02:41:26 PM  

mysticcat: I'm seeing a trend here:
[i.imgur.com image 340x561]


just of out curiosity I looked at their enrollment numbers, and wikipedia says University of Phoenix had like 600,000 people in 2010 and ITT tech has 80,000... those numbers put those default rates in better perspective.
 
2012-09-10 02:45:31 PM  

Headso: mysticcat: I'm seeing a trend here:
[i.imgur.com image 340x561]

just of out curiosity I looked at their enrollment numbers, and wikipedia says University of Phoenix had like 600,000 people in 2010 and ITT tech has 80,000... those numbers put those default rates in better perspective.


Oh you people! With your "math" and "facts" and such! I need a villain!
 
2012-09-10 02:47:35 PM  

Headso: just of out curiosity I looked at their enrollment numbers, and wikipedia says University of Phoenix had like 600,000 people in 2010 and ITT tech has 80,000... those numbers put those default rates in better perspective.


that's a 17% default rate for University of Phoenix and an 11% default rate for ITT.

The national cohort default rate is 8.8%, and the university I work for got very very concerned when our default rate spiked up to 1.3%
 
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