Wednesday, February 4, 2015

268 Billion In Student Loans Are In Default! Over 20% Of Student Loan Holders Have Gone Belly Up On Their Student Loan Obligations!



THE CRIMINAL STUDENT LOAN BANDITS DON'T BAT AN EYE WHEN THEY HAVE YOU SIGN ON THE DOTTED LINE OF THOSE LOAN DOCUMENTS TO GET THE MONEY NEEDED TO FUND YOUR EDUCATION. THE SCHOOLS WILL TELL YOU,"THIS IS PART OF YOUR "FINANCIAL AID PACKAGE""!! PPFFFFFFFFF!!!!!! WTF!?! TAKING OUT A LOAN IS "FINANCIAL AID" WHAT ARE TODAY'S STUDENTS? SOME THIRD WORLD COUNTRY BORROWING MONEY FROM THE IMF? WELL, THEY MAY AS WELL BE, BECAUSE LENDING MONEY TO A LOT OF THESE DESTITUTE STUDENTS MEANS THAT THE LENDERS HAVE ZERO CHANCE OF BEING REPAID, EVEN IF THAT DESTITUTE STUDENT SOMEHOW MANAGES TO GRADUATE. IT WOULD BE TANTAMOUNT TO THE IMF LENDING MONEY TO ZIMBABWE, MUGABE TAKES BUT WILL NEVER REPAY.

THE WHOLE SYSTEM OF FUNDING EDUCATION IS BROKEN. THE INSTITUTIONS OF HIGHER LEARNING HAVE TRANSFORMED THEMSELVES FROM SCHOOLS OPERATING FOR THE PUBLIC BENEFIT TO MONEY MAKING OPERATIONS THAT MUST TURN A PROFIT.

LET ME GIVE YOU AN EXAMPLE. A PRIVATE COLLEGE NAMED FORTIS INSTITUTE, CHARGED A YOUNG WOMAN OVER $40,000 TO BECOME A CERTIFIED NURSE ASSISTANT. 40 GRAND. WELL SHE FINISHED BUT COULD NOT PASS HER STATE BOARDS. SHE WORKED 2 JOBS, 7 DAYS A WEEK NEAR MINIMUM WAGE AND PAID OFF THE 40 GRAND, IT TOOK HER 2 YEARS BUT SHE DID IT. NOW, THE TRADITIONAL WAY TO BECOME A CNA WOULD TO APPRENTICE AT A NURSING HOME WITH ANOTHER CNA, UNDER THE SUPERVISION OF AND LPN AND AN RN. THIS APPRENTICESHIP WOULD BE SUPPLEMENTED WITH NURSING BOOKS. WHEN THE INDIVIDUAL FELT THAT THEY HAD AQUIRED ADEQUATE KNOWLEDGE THEY WOULD TAKE THE STATE BOARDS AND HOPEFULLY PASS THEM AND OBTAIN THEIR STATE LICENSE. YOU SEE, THIS WOMAN DID NOT HAVE TO PAY A PRIVATE COLLEGE ANY MONEY AT ALL TO BECOME A CNA, BUT I'M SURE THE ADMISSIONS REP SOLD HER A LINE OF BULL DICKEY A MILE LONG AND WHEN SHE SIGNED HER LIFE OVER TO THE COLLEGE AND SIGNED THE LOAN PAPERS, I'M SURE THE ADMISSIONS REP AND HER BOSS, THE ADMISSIONS DIRECTOR GOT A NICE FAT COMMISSION CHECK!

BUT THE SAME GOES FOR PUBLIC AND PRIVATE COLLEGES AND UNIVERSITIES. OVER THE LAST 2 DECADES, THE COST OF HIGHER EDUCATION HAS SKYROCKETED,FAR OUTPACING INFLATION OR REAL WAGE GROWTH AND WHAT DO YOU GET FOR THE HIGHER COSTS?DORM ROOMS WITH SAUNAS AND WET BARS, GOURMET MEALS AND OTHER NICETIES TO PAMPER THE STUDENTS WITH IN ORDER TO KEEP THEM INSULATED FROM THE HARSHNESS AND REALITIES OF THE WORLD BEYOND THE BOUNDARIES OF THEIR CAMPUSES. IN STAYING PAMPERED, THE STUDENTS CAN THEN INDULGE THEMSELVES WITH ECSTASY DRENCHED WEEKENDS OF SMOKING POT AND NON-STOP SEX AND WEEKS FILLED WITH LECTURES FROM CULTURAL MARXIST PROFESSORS SPEWING "POLITICALLY CORRECT" PSYCHO BABBLE TO THEIR MALLEABLE MINDS. BY THE TIME THEY DO GRADUATE A REGULAR GIG IN THE CORPORATE WORLD IS AN ANATHEMA TO THEM AS THEY REJECT THEIR UPBRINGING AND WANT TO "BE LIKE" THEIR "HERO" - "O'BAMA"! AAAAAARRRRRRRRGGGGGGGGGGHHHHHHHHHHHHHHHHH!!!!

WELL, YOU GET MY POINT.

OVER 20% OF STUDENT LOANS ARE IN DEFAULT. TIME TO REWORK THE BANKRUPTCY LAWS AND LET THESE ONEROUS LOANS BE DISCHARGED IN BANKRUPTCY. YEAH, YEAH, I KNOW, ALL THE DOCTORS AND LAWYERS WITH SIX FIGURE STUDENT LOAN DEBT WILL BE THE FIRST IN LINE TO SIGN UP FOR CHAPTER 7 BANKRUPTCY PETITIONS AND I KNOW, THE GOVERNMENT NEEDS TO BE PAID. HOWEVER, I LOOK AT IT THIS WAY, THE GOVERNMENT SHOULD HAVE BEEN PAYING FOR THE EDUCATION OF THESE PEOPLE IN THE FIRST PLACE, SECONDLY, ALL THE MONEY THAT WOULD BE SPENT ON PAYING BACK THESE LOANS WILL BE PLOWED BACK INTO THE ECONOMY AND YOU WILL SEE A HUGE ECONOMIC BENEFIT TO HAVING THIS MONEY "FREED UP" TO CIRCULATE.

THE INITIAL SHOCK TO THE SYSTEM WOULD BE GREAT. AFTER THE INITIAL UPHEAVAL SUBSIDED YOU WOULD STILL SEE A GREAT MANY PEOPLE CONTINUE TO PAY ON THEIR LOANS. BUT THE TRULY DESTITUTE, THOSE INSOLVENT AND THOSE WHOSE UNPAID STUDENT LOANS HAVE HAUNTED THEM FOR YEARS LIKE PHANTOMS WOULD BE GRANTED PERMANENT INJUNCTIVE RELIEF BY THE BANKRUPTCY COURT.

IT IS TIME FOR ACTION TO PROVIDE RELIEF FOR THESE STUDENT LOAN DEBTORS. CURRENT LAW ALLOWS NO WAY OUT.EVEN IF THE BORROWER DIES AND THEIR PARENTS ARE SIGNED ON THEIR STUDENT LOANS, THEN THE PARENT IS RESPONSIBLE FOR PAYING THE REMAINDER BALANCE. IT IS TIME TO END THESE INJUSTICES AND TIME TO DEMAND THAT STUDENT LOANS BE ALLOWED TO BE LIQUIDATED VIA BANKRUPTCY AT THE FEDERAL BANKRUPTCY COURT.  

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