Detailers Domain
Wicked CAS
Driven Perfection
Light Innovation
Kaizen Tuning
Aston Martin of New England

Thread: Reading this makes me angry

Page 2 of 2 FirstFirst 12
Results 21 to 32 of 32
  1. #21 Default  
    Quote Originally Posted by John@KaizenTuning.com View Post
    I had to do an "entrance and exit interview/counseling " which I had to read and then take like 5 question quizzes at the end of at both schools I attended that basically said here are the rules of the loan, heres how it works...dont fuck up
    Oh, i know the exit forms/interview/counseling/whatever you want to call it. I thought you meant something at the application end. By the time you get to the exit forms you're in it for the long haul.
    Reply With Quote  

  2. #22 Default  
    Quote Originally Posted by Justin.b View Post
    If we're going to talk financial responsibility, there's an awful lot of institutional irresponsibility that needs to be addressed. Especially since we're going to be the ones bailing out the college lenders just as we did the mortgage lenders (and every connected jackass that invested in mortgage-backed garbage derivatives).

    -Justin
    hang on. first of all, financial institution doesnt check what you are trying to major in before giving you a loan. And even if they do, students can switch majors quicker than they change their underwear, so its pointless anyways.

    as for banks for lending out to people who cant pay them back, their penality would be the fact that banks will not recover their capital as anticipated. its a 2 way street and the bank is the "victim" here of their own doing by lending out to people who cant pay them back. I dont feel bad for the banks, just like how i dont feel bad for the girl in question.
    Oh Yeah!
    Reply With Quote  

  3. #23 Default  
    I was this stupid... Kinda... I turned 18... My friends said "Dude. Get a credit card. You can buy things, and then just slowly pay it off whenever".... I got one... Bought a bunch of stupid clothes, went partying, did a stereo in the car... Next thing I knew I owed thousands that I couldn't afford to pay...

    What did I do? Took the consequences... Paid off what I could, as I could, and ruined a few years of my life... But I learned from it. I didn't ask for a fucking medal or a do-over...
    Reply With Quote  

  4. #24 Default  
    what a dumb bitch
    Reply With Quote  

  5. #25 Default  
    Quote Originally Posted by nperkins View Post
    I was this stupid... Kinda... I turned 18... My friends said "Dude. Get a credit card. You can buy things, and then just slowly pay it off whenever".... I got one... Bought a bunch of stupid clothes, went partying, did a stereo in the car... Next thing I knew I owed thousands that I couldn't afford to pay...

    What did I do? Took the consequences... Paid off what I could, as I could, and ruined a few years of my life... But I learned from it. I didn't ask for a fucking medal or a do-over...
    this was me too, i paid it off on my own.

    Personally all I can say is she is an idiot....let her rot
    Reply With Quote  

  6. #26 Default  
    Join Date
    Mar 2009
    Location
    Strongly Sheltered in Place like a Hero
    Posts
    6,424
    Quote Originally Posted by cheu_f50 View Post
    hang on. first of all, financial institution doesnt check what you are trying to major in before giving you a loan. And even if they do, students can switch majors quicker than they change their underwear, so its pointless anyways.

    as for banks for lending out to people who cant pay them back, their penality would be the fact that banks will not recover their capital as anticipated. its a 2 way street and the bank is the "victim" here of their own doing by lending out to people who cant pay them back. I dont feel bad for the banks, just like how i dont feel bad for the girl in question.
    Nope. I'm pretty sure the loans are federally backed in most cases. I think Sallie Mae was just a service provider for the federal loans, not the lender. So the default wouldn't hurt them - it just burns the taxpayers.

    I know there has been some restructuring of the way the loans are administered, but when I was in college, Sallie Mae was just the company that sent out payment books and processed payment. The money lent through them was not their own.

    Regardless of major, would you pay $120k for a bachelor's degree from a state school? I just checked the Salem State website and at today's rates the cost of a 4 year degree would be $30,680. Lending $120K against that degree is like spending $80k on a Camry.... and if there were a government agency buying Camrys for $80k/each, there's no way they could spin that as anything other than stupid /wasteful spending.

    -Justin

    White Hairdresser's Car, Orange Car with Hand-Built Engine (Like AMG) and 6-Speed (Not like AMG)
    Reply With Quote  

  7. #27 Default  
    Join Date
    Mar 2009
    Location
    In your girlfriends pants
    Posts
    6,194
    Quote Originally Posted by nperkins View Post
    I was this stupid... Kinda... I turned 18... My friends said "Dude. Get a credit card. You can buy things, and then just slowly pay it off whenever".... I got one... Bought a bunch of stupid clothes, went partying, did a stereo in the car... Next thing I knew I owed thousands that I couldn't afford to pay...

    What did I do? Took the consequences... Paid off what I could, as I could, and ruined a few years of my life... But I learned from it. I didn't ask for a fucking medal or a do-over...
    Commendable. You created some debt, and paid for it like a responsible person would do.

    Quote Originally Posted by streetxdreamer View Post
    what a dumb bitch
    Yes she is, a total waste. Now she has a daughter that will learn the same self-entitlement irresponsible behavior.

    Quote Originally Posted by Trptguy View Post
    this was me too, i paid it off on my own.

    Personally all I can say is she is an idiot....let her rot
    Commendable again, when I was in college I had somewhere in the 20's range of loans and I paid it off. The loans with my grants provided a way for my education, as a fiscally responsible adult I paid my damn bills. Currently I owe about $900 ...which will be paid off over a couple of months.

    Quote Originally Posted by Justin.b View Post
    Nope. I'm pretty sure the loans are federally backed in most cases. I think Sallie Mae was just a service provider for the federal loans, not the lender. So the default wouldn't hurt them - it just burns the taxpayers.

    I know there has been some restructuring of the way the loans are administered, but when I was in college, Sallie Mae was just the company that sent out payment books and processed payment. The money lent through them was not their own.

    Regardless of major, would you pay $120k for a bachelor's degree from a state school? I just checked the Salem State website and at today's rates the cost of a 4 year degree would be $30,680. Lending $120K against that degree is like spending $80k on a Camry.... and if there were a government agency buying Camrys for $80k/each, there's no way they could spin that as anything other than stupid /wasteful spending.

    -Justin
    Exactly. The taxpayers (we that work) are always getting the shaft, and that is exactly why this is sickening. Sallie Mae used to have just federal loan through the FFELP, now it has a mix of both federal and private loans. Bottom line is, when you create a bill pay what you owe.
    CLS500 |AMG Package | Premium Package | Lighting Package | Entertainment Package | iPod Kit | Keyless Go | Parktronic | Distronic | Hands Free Communication | Bluetooth | Trunk Closer | Voice Command

    R500 | Premium Package | Lighting Package | Entertainment Package | Parktronic | Hands Free Communication | Bluetooth | Chrome Package | On 20's

    E320 | On Chrome 16's
    Reply With Quote  

  8. #28 Default  
    Join Date
    Mar 2009
    Location
    San Francisco, CA
    Posts
    4,522
    The problem is that when student loans became federally insured, we started treating student loans as low risk debt. Lenders won't look at the loan based on just the student's credit worthiness- now they treat it more like a loan to the government. What do US government loans (bonds) look like? Low coupon, low risk. Does this sound like what the risk profile is for a student loan nowadays? It's a great deal for the students who will get lower rates and higher approval chances. It's a great deal for the business who help originate the loans. It's a bad deal when people default because the government is essentially saying they will cover defaults. (see http://projectonstudentdebt.org/file...nt%20Loans.pdf)

    Just like the financial crisis, imprudent risk management combined with improper incentive programs can cause a lot of trouble.

    Snipped of the PDF linked:
    Under the FFEL program, loan capital is provided by private lenders and the federal government guarantees lenders against loss through borrower default, or death, permanent disability, or in limited instances, bankruptcy. FFEL program loans are originated by private lenders. That is, private lenders work directly with students and families to initiate the loan. Private lenders also are responsible for billing borrowers and collecting loan payments.

    ...

    Loan Insurance. A central function of guaranty agencies is administering loan guarantees. When loans are in default, and when loans are eligible for a discharge (e.g., in instances of death or permanent disability), the guaranty agency pays the lender’s insurance claim. The guaranty agency subsequently files a claim with the federal government for a reinsurance payment.
    Last edited by KPewPew; 05-03-2012 at 02:52 PM.
    Reply With Quote  

  9. #29 Default  
    Trouble is, the article is sadly lacking in hard facts. I mean,
    really...quoting an *informal* survey from *15 years ago* and pretending it's
    relevant today?! Puh-leez. Yes, I'm sure that it has happened and might happen
    sometimes still and yes, it's a bad thing if/when it does. But an article like
    this is sort of like some commercials-making something seem like a major problem
    (gasp! lint from your toilet paper!) when it's not much of one at all.
    Need to Ship your car? We can can help! Save time and money on Auto Shipping.
    Reply With Quote  

  10. #30 Default  
    Join Date
    Mar 2011
    Location
    Portsmouth, NH
    Posts
    212
    Quote Originally Posted by LastMercury View Post
    This is what happens when you grew up in the "everyone gets a medal" generation and enter the real world.
    Meh, since day one of this world there have been idiots, morons, and those so stupid they should have their lives revoked...the problem now is that all of these assclowns have a keyboard and a voice, that's the only difference I'd say.



    -VJ
    Reply With Quote  

  11. #31 Default  
    Join Date
    Mar 2011
    Location
    Portsmouth, NH
    Posts
    212
    Quote Originally Posted by cegan09 View Post
    yup. It's weird being right on the cusp of that group. My year of people skirted through right before that took over full force. so to see the drastically different mentality of people even just a couple years younger than me is very weird. Not saying that all people of that age think that way, but i see more of them there than with my year.
    She is 30, I assume that makes her a bit older than you.



    -VJ
    Reply With Quote  

  12. #32 Default  
    Join Date
    Mar 2009
    Location
    In your girlfriends pants
    Posts
    6,194
    Quote Originally Posted by HyeQuattro View Post
    She is 30, I assume that makes her a bit older than you.
    and quite a bit dumber. Just saying..
    CLS500 |AMG Package | Premium Package | Lighting Package | Entertainment Package | iPod Kit | Keyless Go | Parktronic | Distronic | Hands Free Communication | Bluetooth | Trunk Closer | Voice Command

    R500 | Premium Package | Lighting Package | Entertainment Package | Parktronic | Hands Free Communication | Bluetooth | Chrome Package | On 20's

    E320 | On Chrome 16's
    Reply With Quote  

Page 2 of 2 FirstFirst 12
Thread Information
Users Browsing this Thread

There are currently 1 users browsing this thread. (0 members and 1 guests)

Posting Permissions
  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •