Posted on 05/19/2017 6:25:37 PM PDT by Lorianne
see link in post below
Warning! News at 11!
Outlaw student loans
And the Money Quote is:
Close to 80 percent of borrowers who rehabilitate their debt make the minimum $5 monthly payment....
Maybe it is time to open a collection agency
“...the Education Department is paying its debt collectors up to $1,710 per borrower to collect around $45”...
Thank God CONGRESS is in charge of ALL Government Spending and the Republicans are in full control.
/s
The government often pays debt collectors nearly 40 times what they bring in, federal records show... If a borrower subsequently makes nine on-time monthly payments of as little as $5 during a 10-month period, their loans are returned to good standing and the default is supposed to be wiped from their credit reports... But the CFPB found that more than 40 percent of these borrowers defaulted again within three years.
Even when borrowers don’t default, debt collection efforts often yield little. Close to 80 percent of borrowers who rehabilitate their debt make the minimum $5 monthly payment,...That means the Education Department is paying its debt collectors up to $1,710 per borrower to collect around $45, regardless of whether the borrower continues to make her payments. - https://www.bloomberg.com/news/articles/2017-05-19/americans-are-paying-38-to-collect-1-of-student-debt
What is also largely unknown is that a student’s entire student debt will be “forgiven” if they make all their 120 continuous payment during 10 years if they work for the government or secular non—profit.
I’d gladly pay the $45 myself for $1710 later.
I’ll bet kick backs are required to get these contracts.
Nice swamp you got there...be a shame if somebody drained it.
Further ‘proof’ of what the real results of using OPM really are.
If ‘you or I’ were in a business with lots of tax deductions because of poor money handling, they would do their best to shut you down.
I used to chuckle at the fact that I would carry an envelope to NY from metro DC and get about 300 bucks for it.
Naturally 80% of the time is was for a lawyer and you can bet they were probably billing their client about 1000 for the delivery.
Media preparing the ground for the Democrats to run on a HUGE HONKING STUDENT LOAN FORGIVENESS platform in 2020.
Its not my swamp, and yes, somebody should drain it - and replace it with Godly and wise leadership. And which would prosecute those who do not pay their loans. In addition, universities themselves are much part of the problem, becoming secular seminaries for the Left, many of whom then work for the gov. in getting their debt to be forgiven. What a system.
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