[Easy E]

Obama is thinking about implementing a new student loan repayment method, makes IBR even more easier to handle.

http://news.yahoo.com/obamas-student-loa...42818.html

Now if Obama would just allow me to discharge ALL of my student loan debt, I would pull a Roosh and sell all my belongings, empty my bank account, and go on a pussy pillaging mission through Eastern Europe.

[Brian]

why should you be allowed to discharge your student loan debt? you asked to borrow money with an agreement you pay it back. heck, if they would have denied you the right to borrow money you would have bitched about that.

[Easy E]

(10-26-2011 01:41 PM)Brian Wrote:  

why should you be allowed to discharge your student loan debt? you asked to borrow money with an agreement you pay it back. heck, if they would have denied you the right to borrow money you would have bitched about that.

Guy like Donald Trump borrows tens of millions for a development deal, the deal winds up not making money, and he files for bankruptcy. Debt gone.

You can't do that with student loan debt. Hell, I would be cool with it even if they took away my degree and didn't allow me to get transcripts. It seems strange the the student loan industry should get such a sweetheart deal.

Time to make student loans dischargable.

[Brian]

(10-26-2011 01:50 PM)Easy E Wrote:  

(10-26-2011 01:41 PM)Brian Wrote:  

why should you be allowed to discharge your student loan debt? you asked to borrow money with an agreement you pay it back. heck, if they would have denied you the right to borrow money you would have bitched about that.

Guy like Donald Trump borrows tens of millions for a development deal, the deal winds up not making money, and he files for bankruptcy. Debt gone.

You can't do that with student loan debt. Hell, I would be cool with it even if they took away my degree and didn't allow me to get transcripts. It seems strange the the student loan industry should get such a sweetheart deal.

Time to make student loans dischargable.

the contract Donald Trump signed was different then the one you signed. If they ever make student loan debt dischargeable then that will basically end student loans as you know it because every dumbdick will borrow 100k, get an education, then declare bankruptcy. ones student loans are done you will have to actually work your way thru and you will hear students bitching and whining about how the banks wont lend to them. you want the best of both worlds.

[MikeCF]

(10-26-2011 01:41 PM)Brian Wrote:  

why should you be allowed to discharge your student loan debt? you asked to borrow money with an agreement you pay it back. heck, if they would have denied you the right to borrow money you would have bitched about that.

Keep preaching the morality of your slave masters!

When a deal goes bad, the banks are the first to file for bankruptcy.

But YOU slaves better keep paying your bills. Otherwise, you're dead beats and immoral scum.

[Easy E]

(10-26-2011 01:58 PM)Brian Wrote:  

(10-26-2011 01:50 PM)Easy E Wrote:  

(10-26-2011 01:41 PM)Brian Wrote:  

why should you be allowed to discharge your student loan debt? you asked to borrow money with an agreement you pay it back. heck, if they would have denied you the right to borrow money you would have bitched about that.

Guy like Donald Trump borrows tens of millions for a development deal, the deal winds up not making money, and he files for bankruptcy. Debt gone.

You can't do that with student loan debt. Hell, I would be cool with it even if they took away my degree and didn't allow me to get transcripts. It seems strange the the student loan industry should get such a sweetheart deal.

Time to make student loans dischargable.

the contract Donald Trump signed was different then the one you signed. If they ever make student loan debt dischargeable then that will basically end student loans as you know it because every dumbdick will borrow 100k, get an education, then declare bankruptcy. ones student loans are done you will have to actually work your way thru and you will hear students bitching and whining about how the banks wont lend to them. you want the best of both worlds.

In most countries, you don't have to go deep in debt to get an education. It is provided for by the government.

Oh, and student loan debt is already kind of dischargeable (read the orginial article) since they will forgive it after 20 years of minimum payments (10% of discretionary income) under Obama's new plan.

Student loans will be dischargeable in the future. I would bet on it.

[MikeCF]

(10-26-2011 01:58 PM)Brian Wrote:  

the contract Donald Trump signed was different then the one you signed. If they ever make student loan debt dischargeable then that will basically end student loans as you know it because every dumbdick will borrow 100k, get an education, then declare bankruptcy. ones student loans are done you will have to actually work your way thru and you will hear students bitching and whining about how the banks wont lend to them. you want the best of both worlds.

The market will respond and higher education costs will be lower.

How many people in their 50's have student loan debt? None, because higher education costs were lower.

Thus, your free market argument fails. There is no free market in education, since government interference has allowed costs to rise a level higher than they would have risen in a free market.

To have higher education costs adjust, there needs to be a shock to the system.

Discharging student loan debt would be that needed shock.

The OP is naive to think Obama wants to reform student loans. Universities are a huge source of campaign cash. Reforming student loans would make colleges less profitable.

The old are getting rich on your guys' backs.

[Brian]

(10-26-2011 02:02 PM)Easy E Wrote:  

(10-26-2011 01:58 PM)Brian Wrote:  

(10-26-2011 01:50 PM)Easy E Wrote:  

(10-26-2011 01:41 PM)Brian Wrote:  

why should you be allowed to discharge your student loan debt? you asked to borrow money with an agreement you pay it back. heck, if they would have denied you the right to borrow money you would have bitched about that.

Guy like Donald Trump borrows tens of millions for a development deal, the deal winds up not making money, and he files for bankruptcy. Debt gone.

You can't do that with student loan debt. Hell, I would be cool with it even if they took away my degree and didn't allow me to get transcripts. It seems strange the the student loan industry should get such a sweetheart deal.

Time to make student loans dischargable.

the contract Donald Trump signed was different then the one you signed. If they ever make student loan debt dischargeable then that will basically end student loans as you know it because every dumbdick will borrow 100k, get an education, then declare bankruptcy. ones student loans are done you will have to actually work your way thru and you will hear students bitching and whining about how the banks wont lend to them. you want the best of both worlds.

In most countries, you don't have to go deep in debt to get an education. It is provided for by the government.

Oh, and student loan debt is already kind of dischargeable (read the orginial article) since they will forgive it after 20 years of minimum payments (10% of discretionary income) under Obama's new plan.

Student loans will be dischargeable in the future. I would bet on it.

Ahh, looking for more free shit from the government. why stop at health care...
Once they become dischargeable they become much higher risk, interest rates go up, and banks stop making them. ultimately that would be good because it would decrease tuition prices but there are going to be consequences.

[Tuthmosis]

(10-26-2011 01:58 PM)Brian Wrote:  

(10-26-2011 01:50 PM)Easy E Wrote:  

(10-26-2011 01:41 PM)Brian Wrote:  

why should you be allowed to discharge your student loan debt? you asked to borrow money with an agreement you pay it back. heck, if they would have denied you the right to borrow money you would have bitched about that.

Guy like Donald Trump borrows tens of millions for a development deal, the deal winds up not making money, and he files for bankruptcy. Debt gone.

You can't do that with student loan debt. Hell, I would be cool with it even if they took away my degree and didn't allow me to get transcripts. It seems strange the the student loan industry should get such a sweetheart deal.

Time to make student loans dischargable.

the contract Donald Trump signed was different then the one you signed. If they ever make student loan debt dischargeable then that will basically end student loans as you know it because every dumbdick will borrow 100k, get an education, then declare bankruptcy. ones student loans are done you will have to actually work your way thru and you will hear students bitching and whining about how the banks wont lend to them. you want the best of both worlds.

Here goes another regular-ass dude supporting the interests of the super-rich and powerful--a member he doesn't, and probably will never, belong to--at the expense of the group of regular, generally honest, hard-working people he does. I think America is truly unique in this respect: a sizeable proportion of the population not only voting against their own interests, but actively agitating on behalf of the rich, and excoriating those who don't do the same.

The worst part: all in the delusional fantasy that they're among the rich themselves (studies bear this out--may more people believe they're "well off" than actually are) or will some day be.

We'd be better off if the occasional person was able to discharge a few thousand dollars in student-loan debt and continue to be producers in the economy, versus rich, non-producing tycoons being able to virtually discharge billions (even trillions) of dollars because they were merely playing around with risky, exotic financial instruments tied directly to large institutions that are "too big to fail." They get bailed out and go right back to gambling with our money.

Open your eyes, dude. I'm shocked at how many people have chugged this goddamn kool-aid.

[thegmanifesto]

(10-26-2011 02:00 PM)MikeCF Wrote:  

(10-26-2011 01:41 PM)Brian Wrote:  

why should you be allowed to discharge your student loan debt? you asked to borrow money with an agreement you pay it back. heck, if they would have denied you the right to borrow money you would have bitched about that.

Keep preaching the morality of your slave masters!

When a deal goes bad, the banks are the first to file for bankruptcy.

But YOU slaves better keep paying your bills. Otherwise, you're dead beats and immoral scum.

The Mortgage Bankers Association defaulted on their building.

You really can't make this stuff up.

“The CEO of the powerful Mortgage Bankers Association, John Courson, has said that underwater borrowers should keep paying on their mortgage loans and ‘should not walk away from lawful debts’. In an interview this past year, Courson appeared genuinely concerned adding: ‘What about the message they will send to their family and their kids and their friends?’

This past week, the Co-Star Group, Inc., indicated that it had agreed to buy the MBA’s 10-story headquarters building in DC for $41.3 million. The only problem is that $41.3 million comes up a skosh shy of the $75 million first mortgage on the building that the MBA took out from PNC Financial Group way back in 2007, when they purchased the property for $79 million.

The very same MBA also defaulted on their payments and secured a forbearance agreement, prior to the short sale. Nicely done, Johnny-O.

http://www.mortgage-mod-monster.com/stra...t-for-you/

[chefedemaquina]

The problem comes from everybody getting student loans then defaulting on them. Unless you get a private student loan which you might get to default on, then you got a federally funded student loan, subsidized or non subsidized it is still federally funded and like the IRS they want their money.

[tenderman100]

(10-26-2011 02:02 PM)Easy E Wrote:  

In most countries, you don't have to go deep in debt to get an education. It is provided for by the government.

Of course, in those countries, universities don't have huge administrative bloat like we do here.

And, of course, in those countries, they don't admit every dickhead with a high school diploma.

Although you should look at England -- universities are now charging much more because, they too (or at least the less exclusive ones) also admit any dickhead with a high school education.

(10-26-2011 02:02 PM)Easy E Wrote:  

Oh, and student loan debt is already kind of dischargeable (read the orginial article) since they will forgive it after 20 years of minimum payments (10% of discretionary income) under Obama's new plan.

Student loans will be dischargeable in the future. I would bet on it.

Bet you five dollars that student debt, in 2012, will remain non-dischargeable. One condition though -- that the government doesn't take the market over.

[Brian]

sometimes it makes alot of sense to default. what the mortgage bankers association did was smart from a business standpoint, although the hypocrisy involved is beyond belief considering they will tell underwater homeowners to keep making their payments. if the value of the collateral declines and the only recourse the bank has is that collateral it makes sense to walk away. just like many underwater homeowners would be wiser to stop paying their mortgage, give back the house, and walk away. and the banks that took the risk and made that bad loan will be penalized accordingly. but thats all in the contract that was made between the borrower and the lender.

[Easy E]

Quote:

Bet you five dollars that student debt, in 2012, will remain non-dischargeable. One condition though -- that the government doesn't take the market over.

I didn't mean that soon...but it will eventually be dischargeable just like other debt. There are tons of people out there who can't even make the interest payments on their student loans. This debt is in default. It is not going to be collected. Eventually, the government is going to realize this and just allow it to be discharged. It isn't going to be paid back anyways.

[Brian]

(10-26-2011 02:10 PM)Tuthmosis Wrote:  

(10-26-2011 01:58 PM)Brian Wrote:  

(10-26-2011 01:50 PM)Easy E Wrote:  

(10-26-2011 01:41 PM)Brian Wrote:  

why should you be allowed to discharge your student loan debt? you asked to borrow money with an agreement you pay it back. heck, if they would have denied you the right to borrow money you would have bitched about that.

Guy like Donald Trump borrows tens of millions for a development deal, the deal winds up not making money, and he files for bankruptcy. Debt gone.

You can't do that with student loan debt. Hell, I would be cool with it even if they took away my degree and didn't allow me to get transcripts. It seems strange the the student loan industry should get such a sweetheart deal.

Time to make student loans dischargable.

the contract Donald Trump signed was different then the one you signed. If they ever make student loan debt dischargeable then that will basically end student loans as you know it because every dumbdick will borrow 100k, get an education, then declare bankruptcy. ones student loans are done you will have to actually work your way thru and you will hear students bitching and whining about how the banks wont lend to them. you want the best of both worlds.

Here goes another regular-ass dude supporting the interests of the super-rich and powerful--a member he doesn't, and probably will never, belong to--at the expense of the group of regular, generally honest, hard-working people he does. I think America is truly unique in this respect: a sizeable proportion of the population not only voting against their own interests, but actively agitating on behalf of the rich, and excoriating those who don't do the same.

The worst part: all in the delusional fantasy that they're among the rich themselves (studies bear this out--may more people believe they're "well off" than actually are) or will some day be.

We'd be better off if the occasional person was able to discharge a few thousand dollars in student-loan debt and continue to be producers in the economy, versus rich, non-producing tycoons being able to virtually discharge billions (even trillions) of dollars because they were playing around with risky, exotic financial instruments tied directly to large institutions that are "too big to fail." They get bailed out and go right back to gambling with our money.

Open your eyes, dude. I'm shocked at how many people have chugged this goddamn kool-aid.

this is how capitalism is supposed to work. the banks that make shitty loans blow up and go bankrupt. i never supported bailing any of the banks out.

Easy E wants Obama to discharge his student loan debt so he can go chase pussy in Eastern Europe. I dont really know how you consider that 'continuing to be a producer in the economy.' like too many other people in the US right now he wants something for nothing and doesnt want to live with the consequences of his decisions.

[MikeCF]

(10-26-2011 02:11 PM)thegmanifesto Wrote:  

The Mortgage Bankers Association defaulted on their building.

You really can't make this stuff up.

“The CEO of the powerful Mortgage Bankers Association, John Courson, has said that underwater borrowers should keep paying on their mortgage loans and ‘should not walk away from lawful debts’. In an interview this past year, Courson appeared genuinely concerned adding: ‘What about the message they will send to their family and their kids and their friends?’

This past week, the Co-Star Group, Inc., indicated that it had agreed to buy the MBA’s 10-story headquarters building in DC for $41.3 million. The only problem is that $41.3 million comes up a skosh shy of the $75 million first mortgage on the building that the MBA took out from PNC Financial Group way back in 2007, when they purchased the property for $79 million.

The very same MBA also defaulted on their payments and secured a forbearance agreement, prior to the short sale. Nicely done, Johnny-O.

http://www.mortgage-mod-monster.com/stra...t-for-you/

JP Morgan walked away from a huge deal.

Banks do this all of the time.

Yet guys like Brian keep preaching the morality.

Know what's even funnier?

I get paid to make pro-banking arguments in my "real life."

These guys do it for free.

People are strange.

[Brian]

(10-26-2011 02:11 PM)chefedemaquina Wrote:  

The problem comes from everybody getting student loans then defaulting on them. Unless you get a private student loan which you might get to default on, then you got a federally funded student loan, subsidized or non subsidized it is still federally funded and like the IRS they want their money.

yes, and no private bank in their right mind is going to give 100k of unsecured debt to a 17 year old w/no income. so once that happens their are going to be a lot of people who are denied the opportunity to get a college education, and then they will start bitching about how thats not fair, when before they could and claimed it wasnt fair they had to actually pay the money back. the only way its 'fair' in some minds is 'i get something for nothing'

[Easy E]

Quote:

Easy E wants Obama to discharge his student loan debt so he can go chase pussy in Eastern Europe. I dont really know how you consider that 'continuing to be a producer in the economy.' like too many other people in the US right now he wants something for nothing and doesnt want to live with the consequences of his decisions.

Hey, I thought guys on here would sympathize.

This forum is for guys who like to chase pussy.

And I stand by what I say:

If Obama makes student loans dischargeable, I will:

(1) Vote for him.

(2) Pull a Roosh and head to the promised land (Eastern Europe) to chase pussy.

[MikeCF]

(10-26-2011 02:24 PM)Brian Wrote:  

(10-26-2011 02:11 PM)chefedemaquina Wrote:  

The problem comes from everybody getting student loans then defaulting on them. Unless you get a private student loan which you might get to default on, then you got a federally funded student loan, subsidized or non subsidized it is still federally funded and like the IRS they want their money.

yes, and no private bank in their right mind is going to give 100k of unsecured debt to a 17 year old w/no income. so once that happens their are going to be a lot of people who are denied the opportunity to get a college education, and then they will start bitching about how thats not fair, when before they could and claimed it wasnt fair they had to actually pay the money back. the only way its 'fair' in some minds is 'i get something for nothing'

Why does a college degree cost 100K?

Think deeply, and you'll stop shilling for the banks.

Or if you're gonna shill, do what I do, and get paid by the hour.

[Brian]

(10-26-2011 02:23 PM)MikeCF Wrote:  

(10-26-2011 02:11 PM)thegmanifesto Wrote:  

The Mortgage Bankers Association defaulted on their building.

You really can't make this stuff up.

“The CEO of the powerful Mortgage Bankers Association, John Courson, has said that underwater borrowers should keep paying on their mortgage loans and ‘should not walk away from lawful debts’. In an interview this past year, Courson appeared genuinely concerned adding: ‘What about the message they will send to their family and their kids and their friends?’

This past week, the Co-Star Group, Inc., indicated that it had agreed to buy the MBA’s 10-story headquarters building in DC for $41.3 million. The only problem is that $41.3 million comes up a skosh shy of the $75 million first mortgage on the building that the MBA took out from PNC Financial Group way back in 2007, when they purchased the property for $79 million.

The very same MBA also defaulted on their payments and secured a forbearance agreement, prior to the short sale. Nicely done, Johnny-O.

http://www.mortgage-mod-monster.com/stra...t-for-you/

JP Morgan walked away from a huge deal.

Banks do this all of the time.

Yet guys like Brian keep preaching the morality.

Know what's even funnier?

I get paid to make pro-banking arguments in my "real life."

These guys do it for free.

People are strange.

there is a big difference between 'morality' and adhering to the terms of a contract. giving back a building in a real estate deal certainly isnt moral but its completely ethical per the terms of the contract both parties willing entered into.

[tenderman100]

Obama Trying to buy the youth vote.

http://www.realclearmarkets.com/articles...99323.html

Meanwhile, read this from one of the commenters, WinstonCat.

This guy IS paying back his loans. So if you forgive everyone else's loans, are you going to give HIM his money back??

Because you know, that "fair" and of course, everybody has to pay their fair share, right?

Quote:

Having over $40,000 in school loans you think I would be up for this, but I'm not. I pay my month payments, more than they want, and have since I finished my degrees. I had my loans with a bank, but Obama took this over, so now I pay Fannie for my school loans. I would not have been able to go to college and get masters degrees without these loans and was happy to lock in some low interest rates, but I never thought I would get away with not paying them - who in their right mind thinks that they can spend money on something - education, Ipad, Iphone, new car, house, etc., and should not pay for it??? I just don't get it - I never had the highest paying jobs, but I make paying that school loan a priority - in fact when I bought my first house I went with something cheaper so I could afford to pay the mortgage and my school loans.

I'll never forgot a friend of mine (older lady) telling me about her step daughter going to college for free and having free daycare for her two illigitimate children (different fathers) on the government and how great it was she got everything including food for "free." I then reminded her that it was not free, it was coming out of my little paycheck, while I struggled to go to school at night to finish my BA, and work a full-time job, and manage my own expenses. I'll never forget her face - she went white - and then she apologized to me - as she knew how hard it was on me. Maybe those kids in NYC and all the other places need to be shown what real work looks like and what responsible people do to make it in this world. I made it - two master's later and I'm doing great - making great money, still working hard, but I would not trade my previous hard work/poor life for anything as it made me what I am today!

Free is not free, success is work and work is not easy!

[Brian]

(10-26-2011 02:26 PM)Easy E Wrote:  

Quote:

Easy E wants Obama to discharge his student loan debt so he can go chase pussy in Eastern Europe. I dont really know how you consider that 'continuing to be a producer in the economy.' like too many other people in the US right now he wants something for nothing and doesnt want to live with the consequences of his decisions.

Hey, I thought guys on here would sympathize.

This forum is for guys who like to chase pussy.

And I stand by what I say:

If Obama makes student loans dischargeable, I will:

(1) Vote for him.

(2) Pull a Roosh and head to the promised land (Eastern Europe) to chase pussy.

and this is why America is toast - people will just vote for whoever gives them the most free shit.

[MikeCF]

(10-26-2011 02:27 PM)Brian Wrote:  

there is a big difference between 'morality' and adhering to the terms of a contract. giving back a building in a real estate deal certainly isnt moral but its completely ethical per the terms of the contract both parties willing entered into.

You're not even making coherent arguments.

This isn't even fun, since you don't have skills.

Peace out.

[tenderman100]

(10-26-2011 02:27 PM)Brian Wrote:  

there is a big difference between 'morality' and adhering to the terms of a contract. giving back a building in a real estate deal certainly isnt moral but its completely ethical per the terms of the contract both parties willing entered into.

I think people on this board ought to learn something about business.

Real estate loans are non-recourse loans because the bank can take back the property.l

[Brian]

(10-26-2011 02:27 PM)MikeCF Wrote:  

(10-26-2011 02:24 PM)Brian Wrote:  

(10-26-2011 02:11 PM)chefedemaquina Wrote:  

The problem comes from everybody getting student loans then defaulting on them. Unless you get a private student loan which you might get to default on, then you got a federally funded student loan, subsidized or non subsidized it is still federally funded and like the IRS they want their money.

yes, and no private bank in their right mind is going to give 100k of unsecured debt to a 17 year old w/no income. so once that happens their are going to be a lot of people who are denied the opportunity to get a college education, and then they will start bitching about how thats not fair, when before they could and claimed it wasnt fair they had to actually pay the money back. the only way its 'fair' in some minds is 'i get something for nothing'

Why does a college degree cost 100K?

Think deeply, and you'll stop shilling for the banks.

Or if you're gonna shill, do what I do, and get paid by the hour.

simple, supply and demand. you change the student lending rules and then the student loans dry up, costs come down, but some people cant borrow money to get an education, then those people start bitching about how its not fair and its all about how only the rich can afford to go to college and banks wont lend them money when the reason the banks wont lend them money is because its too high risk. its a never ending quest for 'fairness' that is impossible to get.