Skip to comments.Fed Shocked To Find Student Loans Used For Anything But To Learn
Posted on 06/24/2013 3:16:25 PM PDT by Rusty0604
Since January, the agency said it has flagged 126,000 applicants, about 1% of all those seeking aid for the 2013-2014 school year. "What we find are very poor students academically that are borrowing to the max, getting the maximum in their Pell grant and just going from school to school," said Rich Heath, director of financial aid at Anne Arundel Community College Roughly $829 million in Pell grants in the fiscal year that ended last September were "improper payments," which includes fraud and disbursements...
(Excerpt) Read more at zerohedge.com ...
I'm shocked. SHOCKED, I say!!!
I was talking to a young man whose brother had just gotten about 10k. He said his brother’s friends had run out band bought cars and “party” supplies with the money. His brother had rented a very nice off-campus condo. (I lived at home, drove a 20 year old beater I spent every weekend working on and worked half time too. I graduated with no debt but there’s no way you could do that at today’s inflated prices.)
Lookin’ for a paaaaaarty crowd.......
When I went to school I never personally saw a dime of the student loan money I borrowed. It was deposited directly into the College bursar’s account in the exact same amount as my tuition and associated fees. I wouldn’t have had the opportunity to use it for other purposes.
Lot of them is party bros lookin for white chicks, and they give could a about going to classes.
Whats that you say?
You HAND out money with little or no checks and balances and are surprised there is fraud????
My flabbers are completely ghasted.
Who woulda ever thunk?
Since the gov’t took over the student loan business, we will be stuck with all these loans that aren’t paid back.
I used my student loans for booze and hookers.
I've predicted that when Junior is upset that Grandma got a premature flush from the Death Panels, the fedgov will offer up a nice loan forgiveness program....
OMG. We see this all around. The drug dealers/users just get their loan with help from local trade schools or joke community colleges, and then never go to class. Live off the money. Totally abused. No oversight.
I live in a college bedroom town and a lot of that student loan money ends up on my sidewalk on weekends. I want my cleaning fluid bill subsidized.
Me too. It was taken to pay tuition and room and board as were any BEOG (now called Pell) grants.
I also had a part time job on work study and they got any of the money if I still owed above. The rest was kept for future fee offsets.
If I wanted cash I had to get a real job also which I did while still taking 15 hours or more a semester. Amazing what you can do with time when you aren’t wasting it going to parties and pledging a ridiculous fraternity.
I saw this card one time; it was an old cowboy and he was saying, “Most of the money I had in my life I spent on beer and women, and the rest I just wasted.”
One of my best friends in college used her to pay for her wedding. She was only married 2-3 years before the divorce.
The government is now essentially in charge of the student loan market, and thats not working out so well, The Wall Street Journal says in a Friday editorial.
Thanks to a provision passed along with health-care reform in 2010, the Department of Education became the originator of roughly 90 percent of U.S. student loans.
The results arent pretty, the paper points out. A whopping 35 percent of student-loan borrowers under 30 were at least 90 days late on their payments at the end of last year, up from 26 percent in 2008 and 21 percent in 2004.
Read Latest Breaking News from Newsmax.com http://www.newsmax.com/Newsfront/student-loan-debt-government/2013/03/01/id/492677#ixzz2XB27iN6m
No, you can’t pay the student loans at the insane interest it is right now. Grad of 06’ with a grant. I took on a loan in my frosh’ year and could barely pay it off and never did it afterwards. The rest of the semesters I did every “odd” job (don’t judge me on this) from strip club dj to driver to escort service driver for cash.
I knew a college student sometime in the 1980’s who took out student loans at a low interest rate and put the money in CDs earning more. The profit helped pay for her trips home to Egypt every summer.
The Big Education cycle is a mechanism where govt loans huge sums of money to students at subsidized rates.
who pay huge sums to attend universities
which pay ridiculous salaries to liberal profs/admins
who donate bigtime to Democrats
Thats why the Big Education cycle is not going away anytime soon.
I wonder if she’s wearing a burqua now that the Arab Spring is in full bloom....
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