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Old 04-16-2012, 03:28 PM
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Default New generation of indentured servants



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There are over 35 million students now indentured servants to Citibank. They owe typically over 20k. Most are leaving the universities with no job in sight and a huge student loan to pay off. In 2005, our elected officials working for Citi-bank, federally insured all Citi-bank's student loans. Now the loans follow the student for life until they pay them off. Recently, our elected officials were toying with the ideal of giving Citi-bank a raise by doubling the interest rates on student loans. Let all take a moment to thank our elected officials
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Old 04-16-2012, 03:34 PM
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There are over 35 million students now indentured servants to Citibank. They owe typically over 20k. Most are leaving the universities with no job in sight and a huge student loan to pay off. In 2005, our elected officials working for Citi-bank federally insured all Citi-bank's student loans. Now the loans follow the student for life until they pay them off. Recently, our elected officials were toying with the ideal of giving Citi-bank a raise by doubling the interest rates on student loans. Let all take a moment to thank our elected officials
It is soo good to see our elected officials looking out for those who elected them.

If Citibank gets the interest rate doubled they can spend more on campaign finance to convince students to vote for Citibank's in pocket politicians.
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Old 04-16-2012, 05:11 PM
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Running up that debt was a personal choice taking the easy way rather than the other options. If you want somebody elses money you pay the price. No sympathy from me.

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Old 04-16-2012, 05:19 PM
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No one forced them to take out those loans. You can work and pay your way through college. I am living proof of that. Of course it's not the easy way and you can't go out and party all night like the C average students.
Old 04-16-2012, 05:46 PM
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I have 1 week of school left, right behind ya.

Yeah that^ , lol. Everyone can work their way through school. No problem. School 40 hours a week, work xx hours , housekeeper, wife and mother. I would rather keep my health and sanity and have a few loans.
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Old 04-16-2012, 06:17 PM
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Citibank didn't force those students to take out student loans. Nothing is free. They should have worked their way through college like was done in the past. I feel no sympathy for them.
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Old 04-16-2012, 06:21 PM
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I have 1 week of school left, right behind ya.

Yeah that^ , lol. Everyone can work their way through school. No problem. School 40 hours a week, work xx hours , housekeeper, wife and mother. I would rather keep my health and sanity and have a few loans.
Congrats on finishing up your schooling, such a wonderful accomplishment.
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Old 04-16-2012, 07:36 PM
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I have 1 week of school left, right behind ya.

Yeah that^ , lol. Everyone can work their way through school. No problem. School 40 hours a week, work xx hours , housekeeper, wife and mother. I would rather keep my health and sanity and have a few loans.
Then get loans, nothing wrong with that. And most people going to college don't have kids and a house to keep up.

The loans are not the problem, it's the loan takers who don't want to pay it back or take responsibility that is the problem.
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Old 04-16-2012, 07:41 PM
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The college loan bubble is nearing the needle...
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tailwinds...

Disclaimer: The information I provide is my unaffiliated opinion and not reliable as financial advice. Past performance guarantees SHTF.
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Old 04-16-2012, 08:01 PM
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And then there is that little issue of them not being able to find jobs after they acquire their degree and debt. I have a hard time believing we have an entire generation or mostly worthless, educated lazy people that simply aren't trying hard enough. But then I'm not a millenial; perhaps one of them has an opinion to share as to whether they were morons for borrowing or if it was the economy failing to deliver the jobs and the future that were promised.

Caveat emptor sounds so dismissive when there have been massive systemic changes in the last decade. They bought the idea that was sold to them over the course of their entire life. They have a good reason to be very p*ssed off. Like I said, I'm not from the millenial generation, just an outsider making some observations. I expect to be observing a period of payback long before I retire.
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Old 04-16-2012, 09:17 PM
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These kids are victims of a corrupt, lying, finacial debt system that does indeed seek to put them into debt before they have even gotten a good start at life. We can blame the kids if we want to, but that still doesn't reach into the heart of the problem, which we are all to blame for.
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Old 04-17-2012, 12:43 AM
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And then there is that little issue of them not being able to find jobs after they acquire their degree and debt. I have a hard time believing we have an entire generation or mostly worthless, educated lazy people that simply aren't trying hard enough. But then I'm not a millenial; perhaps one of them has an opinion to share as to whether they were morons for borrowing or if it was the economy failing to deliver the jobs and the future that were promised.

Caveat emptor sounds so dismissive when there have been massive systemic changes in the last decade. They bought the idea that was sold to them over the course of their entire life. They have a good reason to be very p*ssed off. Like I said, I'm not from the millenial generation, just an outsider making some observations. I expect to be observing a period of payback long before I retire.

Well, the jobs not being there when they graduate is Citibank's fault, how? Still comes down to personal responsibility whether there are jobs to be had or not. The students went in knowing when they signed the loan docs that they will owe the money come he'll or high water. It's not a freakin' home mortgage where yo can just walk away and everything will be "cool" in 7 years.
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Old 04-17-2012, 01:11 AM
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Sheeple for the Education-Gov't Complex
Old 04-17-2012, 02:02 AM
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Well, the jobs not being there when they graduate is Citibank's fault, how?
Tell me of any other kind of debt anywhere where the bank can just say "well, who cares about the borrowers ability to repay, we'll get our money." The banks have ZERO risk making these loans, and all the reward (courtesy of the fed.gov). That distortion of normal credit practices is breaking the economy just like the housing bubble did, except now the consumer is the one holding the bag instead of the banks.

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The students went in knowing when they signed the loan docs that they will owe the money come he'll or high water. It's not a freakin' home mortgage where yo can just walk away and everything will be "cool" in 7 years.
Which is EXACTLY the problem. Perhaps if banks had to worry whether the loans were going to be paid back, and didn't just give out loans like candy, college education wouldn't be the disaster it is today. Student loans are unsecured debt like any other and should be treated as such.
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Old 04-17-2012, 03:04 AM
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Let's look at this from a business aspect. If you are making $25K a year, you probably can't afford to work through school. Montana state is $20K a year now.
You have to decide should I take the loans out and get done in four years or work and maybe take 8-10 years to get through. You lose years of being able to market your degree taking longer. Hopefully you get a degree that pays enough money to be worth it.
If you are spending $80k on an education to make an extra $10K a year its probably not that good an investment.
Not to mention degrees that won't pay the bills in a good economy. Most of the liberal arts degrees give you nothing more than being able to say I graduated. You don't have any particularly marketable skill to sell. Sadly those are the guys that end up working in government. It might be part of why our government is going broke.
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Old 04-17-2012, 03:38 AM
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So if the indebted can't pay it back then we will say they refuse to pay it back. Then they will be jailed and if that doesn't work we'll force them to work. If that doesn't work we'll provide "incentives" such as physical pain, (read torture).

Morally we'll all be in the clear, because they volunteered for it.
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Old 04-17-2012, 04:58 AM
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Originally Posted by talon115 View Post
These kids are victims of a corrupt, lying, finacial debt system that does indeed seek to put them into debt before they have even gotten a good start at life. We can blame the kids if we want to, but that still doesn't reach into the heart of the problem, which we are all to blame for.
The "blame" doesn't start until the whining reaches a crescendo. NO WHERE that I ever saw was there a rock solid carved in granite guarantee that a college degree automatically placed you in the career of your choice at a pay level you desired. In the best of times, let alone now.

Sometimes in life you take a chance ... sometimes you win, sometimes you lose.

They "bet" that a college education was the ticket to success. Well, some of them lost. Not all. That's life. You take your licks, brush yourself off, hitch up your big kid pants and move in a different direction. The education wasn't wasted ... the degree doesn't "expire". They GOT what they paid for .... I'm sorry, BORROWED to pay for. Now it's time to repay the loan. If it takes longer or takes working two or three jobs instead of the "promised" one, so be it.

This business of "that's what they were TOLD so it's not their FAULT" is laughable. There's a sucker born every minute ... PT Barnum made a fortune off of them. They shouldn't have believed everything they heard ... and their parents should have reinforced that.

They can chalk it up to a lesson well learned early in life.
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Old 04-17-2012, 05:05 AM
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Let's look at this from a business aspect. If you are making $25K a year, you probably can't afford to work through school. Montana state is $20K a year now.
You have to decide should I take the loans out and get done in four years or work and maybe take 8-10 years to get through. You lose years of being able to market your degree taking longer. Hopefully you get a degree that pays enough money to be worth it.
If you are spending $80k on an education to make an extra $10K a year its probably not that good an investment.
Not to mention degrees that won't pay the bills in a good economy. Most of the liberal arts degrees give you nothing more than being able to say I graduated. You don't have any particularly marketable skill to sell. Sadly those are the guys that end up working in government. It might be part of why our government is going broke.
EXACTLY.

I figured that out back in the late 70s (the so-called pined away for "good old days") My parents didn't have a dime and I wasn't going to starve or work three jobs to put myself through school and went to work instead.

And god forbid anyone come out of school and get a job where the employer PAYS your tuition to get a degree. Half of employers in the US offer tuition reimbursement.

I know, I know, it's toooooooooo haaaaaaaaarrrrrrrrrrrrddddddddd to work and go to school at night or on weekends or online, whatever. Two of my coworkers seemed to manage to do it ... with families and all that entails, too.
One is working on her master's now ... all on the company dime.
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Old 04-17-2012, 05:12 AM
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Quote:
Originally Posted by talon115 View Post
These kids are victims of a corrupt, lying, finacial debt system that does indeed seek to put them into debt before they have even gotten a good start at life. We can blame the kids if we want to, but that still doesn't reach into the heart of the problem, which we are all to blame for.
WHY must there ALWAYS be blame afixed to EVERY situation?

Why must there ALWAYS be an evil bogeyman that is out to get someone?

It is frankly too simple for folks to face up to ... sometimes things just don't work out the way one thought it would. It's not necessarily anyone or any thing's FAULT.

It is part and parcel of the entitlement mentality taking over this country.

Suddenly now everyone who borrowed money to get a degree somehow is entitled to a job that pays enough to live and pay the loans back on a scale and scope that the borrower decides. All while maintaining a standard of living that the borrower decides is "acceptable".

Maybe those that finance cars with a five year loan should start whining when in three years the cars don't run like they did when they were new and need repair or maintenance. Yeh, it was the evil lenders who "fooled" them into doing the deal.
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Old 04-17-2012, 05:41 AM
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People should pay their debts if they can.

There are a few things I don't like about this situation though. First, non-discharge debt is wrong. Second, for the most part this debt is not the wealth of someone else being loaned out. This is a free ride for whatever institution our government decides. I'm not a fan of fractional reserve bs. Viewed in this light, I feel the non-discharge aspect even more wrong. Third, I attribute the huge increase in tuition rates to the availability of all this bs currency, (or debt if you will). This becomes a huge forward feedback loop for the system.

Also, people should pay their debts if they can. (in case a reader "forgets" the first thing I wrote).
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