Posted on 04/02/2015 10:13:22 AM PDT by SeekAndFind
Remember those 15 people who refused to repay their federal student loans? Their “debt strike” has picked up 85 more disgruntled borrowers willing to jeopardize their financial future to pressure the government into forgiving their student loans.
And the government is starting to listen. The Consumer Financial Protection Bureau has invited the group to Washington on Tuesday to discuss their demand for debt cancellation. Although the CFPB doesn’t have the power to grant that request, the agency’s overture shows that the strike is being taken seriously.
It’s been a month since 15 former students of the failing for-profit giant Corinthian Colleges said they would not pay a dime of their student loans because the school broke the law.
Corinthian, which runs Everest Institute, Wyotech and Heald College, has become the poster child for the worst practices in the for-profit education sector, including high loan defaults and dubious programs. Clouded by allegations of deceptive marketing and lying to the government about its graduation rates, Corinthian lost its access to federal funds last year, forcing the company to sell or close its schools.
In the aftermath, current and former students of the for-profit schools have called on the Education Department to wipe away debt they say Corinthian pressured them into taking. After months of pleading with the department to forgive the federal loans, the students teamed with an offshoot of the Occupy Wall Street movement known as the Debt Collective. Together, they came up with the idea for the strike.
(Excerpt) Read more at washingtonpost.com ...
I think most employers now check the credit records of applicants. If an applicant has a black mark relative to college loans, s/he will most likely not be employed. This credit check is also done by people renting out apts, lending $ for cars, etc., etc., etc.
Of course, what this group is trying to do is to have the debt removed, leaving no record of their not paying back the money they borrowed.
On the other hand, some of these ‘universities’ were never anything but diploma mills. They’d accept the least qualified students who’d never have been accepted at any respectable university, charge astronomical fees, and hand out a piece of paper that was worthless. IMHO, that entire ‘diploma mill’ industry arose because of federal student loan guarantees
The federal government will most likely find out first given their ponzi scheme built on credit (that every president & Congress in my lifetime has perpetuated).
Next step in this “process” - banks will pressure the feds to pay them back with our money.
All of this so mega many progressive humanity departments in “higher education” can be paid mega times more than they are worth out in the real world.
I am firmly convinced that if the Democrats find themselves running behind in ‘16 they are going to propose loan forgiveness. It is going to happen.
Coerced?
Really?
Please explain how someone can coerce you in to taking out a loan against your will?
Confiscate their tax refunds, it’s the old-fashioned way...
Yes. Otherwise, it is stealing.
Suze Orman recently quit her TV show. She’s already been going around with Elizabeth Warren at student financial Q&A and student loan forums, promoting both Warren and changes to the law to make student debt bankruptable.
I suspect Suze Orman is going for the head of the Consumer Financial Protection Bureau, in return for endorsing Warren.
Ebenezer: But have they no refuge, no resource?
Spirit of Christmas Present: [quoting Scrooge] Are there no prisons? Are there no workhouses?
FMCDH(BITS)
Agreed, but I fear that our guarantee will be used as a means to buy votes with a promise of some type of forgiveness plan.
Couldn’t agree more. When I took out student loans, I fully expected to have to pay them back - and I did. Further, I expected that they would take the payments directly out of my wages if I didn’t comply.
Sometimes I think it is time to just let the world collapse, so that there is nothing for left those who ‘demand’ to ‘demand’. The world is upside down.
Well, sure. Obviously someone is going to try to perpetrate that fraud. I mean, after all, they ARE democrats.
I paid cash for my Bachelors Degree in Accounting. I went to a community college for 3 years and got every credit I could cheap then transferred to a Cal State University and spent 2 years there. I was married, had a kid, and worked nights so I could go to school during the day.
I have 0 sympathy for any of these stupid people that have hundreds of thousands of dollars in loans.
When I left college I was given ten years to pay back my student loans. Mine were paid back in less than eight years.
I did without quite a few things to make those loan payments, so I have NO sympathy for the people who are refusing to pay back their loans now.
These loans were all given out by the Feds, so when they forgive them it'll be the taxpayers picking up the tab for them.
Early in Obama's term, the Feds took over the school loan business. They've been using these loans to keep millenials happy for the past several years, and now they plan to keep them happy (i.e. and keep them voting Dem) by forgiving all the loans.
“Please explain how someone can coerce you in to taking out a loan against your will?”
Lie to them to convince them that it’s a good deal for them. Miss lead them into thinking that with all the money they stand to make, the cost of the education is well worth the investment. Convince them that there are jobs waiting for them after they finish school.
we ought to boycott paying income taxes
we would win if we worked together
But we are wussies; very comfortable in our living
So then, the school lied to them. They should be suing the school.
They did not borrow the money from the school.
If I take out a loan to buy a new car and the car turns out to be a lemon, I still owe my bank the money for the car.
My grievance is with the car dealership/manufacturer.
You will be surprised to find that there are freepers who will disagree with you.
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