A question I struggle with is if I should let current students know. I'm not trying to be the one crushing dreams but feel I could save them tens of thousands of dollars and years of wasted time.
I wish someone would have told me (though I certainly don't owe anything near as much as most).
“The nationalist not only does not disapprove of atrocities committed by his own side, but he has a remarkable capacity for not even hearing about them.” --George Orwell
Originally Posted by AuH20
Who else in public life has called for a pre-emptive strike on North Korea?--Donald Trump
If you borrow money from anyone, pay it back.
"The wicked borrows and does not repay." Psalm 37:21
95) [Jesus said,] "If you have money, do not lend it at interest, but give [it] to one from whom you will not get it back."
(Other Apocrypha, The Gospel of Thomas)
It's simple. It is a predatory lending scheme by the government. People are generally afraid of the State and what it will do to you if you cross it. The State uses this reality to its advantage to secure future revenue (the interest) because it figures 1) the students will be so scared $#@!less of defaulting that they won't. 2) If default does occur it can then take the student to court and start taking assets and securing future income.
It's predatory in every sense of the word.
"Like an army falling, one by one by one" - Linkin Park
And what of legit default? Under this legal frame work legit default is illegal. It's indentured servitude.
"Like an army falling, one by one by one" - Linkin Park
Here is a scenario: you have Kid A and Kid B. Both are 18 years old and have just graduated high school. Kid A wants to go to college so he goes to the bank and applies for a student loan let's say it is $15,000. Kid A really doesn't want to go to college, but goes because of parental pressure. Kid A also has absolutely no ideas what he wants to do in life. Kid A also struggled in school and was a C student at best. Then you have Kid B. Kid B knows he doesn't want to go to college so he isn't going to waste his time. Kid B has been working a part-time job for a couple of years and has been developing a business plan, but he needs a $15,000 loan to take it to the next level. Between Kid A and Kid B who is the bank going to give the loan? I have a feeling they would be more likely to give the loan to Kid A.
Do you think Jesus actually said that?
And regardless, it doesn't address the obligation of the borrower.
What's legit default?
And why do you mention indentured servitude? Is there supposed to be something wrong with indentured servitude?
Doubt it. It's apocryphal. But I don't know of Jesus approving usury or predatory lending (which is what the student loan industry is about), either. Do you?
It is more predatory than ANY private debt. Article I, Section 8 of the US Constitution empowers Congress to establish uniform bankruptcy laws. All private debts, including all loans, can be discharged in bankruptucy. But student loans cannot.
The proper concern of society is the preservation of individual freedom; the proper concern of the individual is the harmony of society.
"Who would be free, themselves must strike the blow." - Byron
"Who overcomes by force, hath overcome but half his foe." - Milton
Exactly.
"Like an army falling, one by one by one" - Linkin Park
When you lose your income and can no longer service a debt, for example.
"Like an army falling, one by one by one" - Linkin Park
When the debtor dies without ever having had the means to repay the student loan, then they default at that point. Up until then, they will not have been the victim of any crime on account of the lenders simply asking for their money back and not getting it.
I think your idea of indentured servitude is a good one. We should be able to have clauses in loan contracts that allow us to offer our labor directly to our lenders to pay back loans we can't repay monetarily.
Last edited by erowe1; 09-21-2015 at 04:30 PM.
"I have no problem with students saying "suck it" to the government." I loved this quote!
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