Perpetual, I spent 100K to go to school and cannot earn income.

[stevenpaul]

Quote from noob_trad3r:

And it is non dischargeable as well. So with unemployment or underemployment that 100K will become 800K through compounding and penalties.

At that point you are better off leaving the United States and working overseas illegally.

I don't think it's any better overseas, illegal or otherwise. If you have a lead, though, please divulge.

There have been cases of student loans being discharged. The judge wanted to see that the student had been making regular payments for about 10 years, and when times got tough he discharged the debt.

http://www2.ed.gov/offices/OSFAP/DCS/loan.cancellation.discharge.html

More realistic is the new IBR (income based repayment) system, whereby only a small percentage of one's discretionary income has to be paid towards the loans. If you work for a nonprofit, the balance is forgiven free and clear after 10 years of making these very reasonable payments.

http://studentaid.ed.gov/PORTALSWebApp/students/english/IBRPlan.jsp

When IBR was created about a year ago, I jumped for joy. I'm no longer worried about my own hefty student loans incurred in the acquisition of a useless doctorate from USC.

Let's keep in mind that the current job market is a joke. It could well be that my doctorate will prove useful at some point down the line, as will this lady's MBA. Let's not be too cynical just yet, and in the meantime, it's up to each one of us to learn how to work the system.

 

[dumb_mother]

problem with IBR is that the program is currently just an unfunded project that i woudn't be surprised if it never gets funded and just scrapped at some point.

 

[peilthetraveler]

Quote from KINGOFSHORTS:

http://www.nytimes.com/2010/09/04/your-money/04money.html?partner=rss&emc=rss


I found this one. Might as well add to the pile.

Nobody likes unpleasant surprises, but when Allison Eastman’s fiancé found out four months ago just how high her student loan debt was, he had a particularly strong reaction: he broke off the engagement within three days.

170K debt in a degree on how to use a camera. YES!! 170K to learn how to take pictures.

Nice Piece of ass but not worth 170K

Have you been to a photographer in the mall,or at babies R us lately? Some charge hundreds to take and print a few pictures.

You could almost buy your own camera equipment for what they charge. Now I know why they charge so much. Gotta pay those student loans!

So no thanks...I will continue to take pics with my digital camera and pay 15 cents at walmart to print pictures.

 

[hippie]

Quote from syswizard:

This is an easy one.
If the economy does not demand college graduates (i.e. there are no job openings), then suddenly the VALUE of a college education goes to near zero.
This should result in mass layoffs of college professors, etc. and huge austerity programs at all colleges.

The problem is that Fed insured student loans are too readily available, even to students attending over-priced online scam schools. The unemployed were fooled into believing that the certificate would help them get a good job. Scam schools selling hope to the desperate, taxpayers end up footing the bill.

 

[AMT4SWA]

Quote from KINGOFSHORTS:

http://www.nytimes.com/2010/09/04/your-money/04money.html?partner=rss&emc=rss


I found this one. Might as well add to the pile.

Nobody likes unpleasant surprises, but when Allison Eastman’s fiancé found out four months ago just how high her student loan debt was, he had a particularly strong reaction: he broke off the engagement within three days.

170K debt in a degree on how to use a camera. YES!! 170K to learn how to take pictures.

Nice Piece of ass but not worth 170K

http://www.elitetrader.com/vb/showthread.php?s=&threadid=206160


AMT4SWA

Registered: Apr 2002
Posts: 5666

09-03-10 10:08 PM

America has been DUMBED DOWN by DESIGN! We were the big player superpower with a Constitution and a CITIZENRY who had control over THEIR government.

YIKES said the Globalist Wealth Entities, or better described as predominantly old western european families (you know the ones, those who OWN the criminal syndicate central banking system of the world)!!!!!

From B of A issuing the first CREDIT CARD back in 1958 to the Womens Lib Movement, all PLANNED! In some cases even FUNDED by various FOUNDATIONS who have their MASTERS directing them from abroad. The plan has ALWAYS been to pull mama out of the house (and to get her a$$ DISTRACTED while working to start paying for debt!!!), and then get the kids brainwashed in public school through THEIR best weapon......INCREMENTALISM.

From the very late 50's through the 60's, and then accelerating into the 70's, our US education system has gone to hell......all by DESIGN! Public schools and colleges have been polluted with very destructive mentalities, and a rush to focus mainly on teaching the little BOTS how to go out and get a JOB (UUGH!!!!!!!!!!!).

Financial education and Entrepreneurism has been obliterated into almost a "thought crime" if taught......how sad! The little bots have been brainwashed into negativism towards their parents, and how to get crappy jobs with tons of debt by the time they are in their mid 20's.........BY DESIGN!!!!!!!!

The directed theme has been DEPENDENCY, MEDIOCRITY, and politically correct OBEDIENCE! Behave now you little timid and docile masses, go out and BUY MORE $HIT AND WORK MORE OT!!!
As the cattle have been lead into a directed indentured servitude state, compromised by debt and distractions, they have ultimately LOST CONTROL OVER THEIR OWN GOVERNMENT..........ALL BY DESIGN!!!


Edit/Delete • Quote • Complain

 

[KINGOFSHORTS]

 

[Vinny1]

Quote from peilthetraveler:

Have you been to a photographer in the mall,or at babies R us lately? Some charge hundreds to take and print a few pictures.

You could almost buy your own camera equipment for what they charge. Now I know why they charge so much. Gotta pay those student loans!

So no thanks...I will continue to take pics with my digital camera and pay 15 cents at walmart to print pictures.

You can use this site to order pictures online or pick them up at Walmart, Walgreens, Duane Reade, or Meijer at a cost of 9 cents for each 4 x 6 picture...

http://www2.snapfish.com/snapfish/helppricing

http://www2.snapfish.com/snapfish/showretailers

 

[AMT4SWA]

Quote from KINGOFSHORTS:

FRICKING AWESOME!!!!!!!!!!!!!

Just shows another PERFECT example of how debt DEPENDENCY has TRASHED the world.......BY DESIGN!

 

[RiceRocket]

Hey lazy fucks, if you can't get a job, start your own business!!! Stop whining and take your 100k degree and put it to use. Learn to step up and take some risk. Create some jobs for other people instead of whining about it. This mentality is what has created the big nanny government today that gets in the way of entrepreneurs in every step of the process. Either take things in your own hand or take a flying fuck!

 

[Lights]

Those who charge usury are in the same position as those controlled by the devil's influence

You're all slaves.

Quote from noob_trad3r:

These stories are popping up so often its probably best to have one thread for them.

And here we meet some 49 year old lady who spent close to 100K to go to school and cannot even get a job flipping burgers so she lives in a hotel and probably soon in her car.

It is a sickening plummet, considering that she was earning $56,000 a year in her old job, enjoyed vacationing in places like Mexico and the Caribbean, and had started business school in 2008 at Iona College.

Ms. Jarrin had scrabbled for her foothold in the middle class. She graduated from college late in life, in 2003, attending classes while working full time. She used to believe that education would be her ticket to prosperity, but is now bitter about what it has gotten her.

“I owe $92,000 for an education which is basically worthless,” she said.

Last year she moved to Brentwood, Tenn., south of Nashville, in search of work. After initially trying to finish her M.B.A. program remotely, she dropped out because of the stress from her sinking finances. She has applied for everything from minimum-wage jobs to director positions.




http://www.cnbc.com/id/38537255