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Student Loans and The Debt Slave Trade

Discussion in 'Political Discussion' started by PatriotsReign, Sep 11, 2012.

  1. PatriotsReign

    PatriotsReign On the Roster

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    And president Obama want to EXPAND our student loan program!


    "Last year the government paid $1.4 billion to collect defaulted loans of which $355 million went to 23 private debt collectors. Student debt collection is now the most sought-after contract within the industry.

    No wonder. Student loan collectors have the ability to garnish wages, seize tax refunds, and seize other government payments. Those in the debt slave racket are of course willing to do anything to keep the business alive. Obama wants to expand the program. Of course, so do all the universities and anyone associated with the slave trade.

    The schools and slave trade collection agencies are big contributors to politicians willing to accept campaign bribes to keep the student "aid" programs intact."


    Mish's Global Economic Trend Analysis: University of Phoenix Tops Debt Slave Racket with 35,049 Student Loan Defaults (Top Public School has 786); Debt Slave Collection Business is Booming; Housing and Economic Implications

    Bad Student Debt High as Collection Efforts Surge - Graphic - NYTimes.com

    http://www.nytimes.com/2012/09/09/b...by-collection-agencies.html?_r=3&pagewanted=1

    As student debt continues to surge, our current generation of students will be debt strapped for decades to come. Thus the future of our real estate industry look bleek. Recently graduated students are already admitting to putting of marriage, having children and buying homes....

    Very sad....
    Last edited: Sep 11, 2012
  2. DarrylS

    DarrylS PatsFans.com Supporter PatsFans.com Supporter

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    This is interesting as many of these colleges are private, and their presidents can demand salaries of over a million dollars.. all the while the taxpayers foot the bill to the tune of 32 billion a year..

    Ex military are particularly vulnerable.. lots of promise, little delivery, college makes some bucks and lots of debt incurred.

    Did you ever notice all the very nice buildings that these private colleges are moving into, you paid for it..

    There is a good article here, that refers to the recent GAO study..

    For-profit colleges bilking public, senator says

    another article.. not as good, but for balance..

    Senate committee report blasts for-profit colleges | Fox News
  3. IllegalContact

    IllegalContact On the Roster

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    hey....if someone borrows 50K per year to take anthropology, then what do you expect?

    I would not lend anyone money to take anthropology because the chances of ever seeing the money again are negatively affected.......they're not going to earn enough at starbucks to pay you back.
  4. DarrylS

    DarrylS PatsFans.com Supporter PatsFans.com Supporter

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    Actually what I had in mind were mostly the "trade" colleges...

    And places like Liberty U.. which is the largest recipient of federal funds in Va.
    Last edited: Sep 11, 2012
  5. Real World

    Real World Moderator Staff Member

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    Look at UMass. Top earner is at over $700k per. Scroll the pages and look at all the $200-300k earners. It's outrageous.

    Your tax dollars at work: State Payroll - BostonHerald.com

    The biggest fraud is Chief Warren. Seriously, here's a woman who rails against a rigged system, wall st, student loans, etc. yet she's a primary example of why a college education puts kids deep into six figure debt before they even have a job. To be paid $360k to teach a class is borderline criminal.

    One of the biggest problems with skyrocketing tuition costs, and student loan debt, is subsidation, as well as cheap, free, easy money by way of credit. When you give kids tens to hundreds of thousands in student loans, you flood the education market will cash. That artificial infusion of capital creates an inflated market where costs soar. Were money harder to come by, the costs, or spending at these schools would be significantly less. You can't pay a professor $365k to teach one class, if you're taking in lower tuition. The entire system needs to implode. The government needs to curb loans, and the education industry needs to come down to financial earth.
    Last edited: Sep 11, 2012
  6. Drewski

    Drewski Rookie

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    I posted a link here regarding the "Student Loan" bubble months ago - a piece written by Mark Cuban. If I remember correctly, I was laughed out of the thread.
  7. PatriotsReign

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    I know I would not laughed about this topic....so which members laughed?

    Gotta link?

    I think RW summed it all up nicely....student loans for everyone & anyone must go! Or at the very least, they need to be capped somewhere around $20k annually.

    Maybe some here believe professors are some of our most important citizens too. What a joke!
  8. Drewski

    Drewski Rookie

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    I actually thought it was you and PFnVA - although I admit Im digging the deep crevasses of my brain.

    Basically whoever it was kept going back to "ya....but that isnt a bubble"
  9. PatriotsReign

    PatriotsReign On the Roster

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    Now I know it wasn't me Drewski. One of my favorite economic websites is "Mish's Global Economic Trend Analysis"....which one of the most popular economic blogs in the US.

    Here's one of his posts.....


    Mish's Global Economic Trend Analysis: The "Education Bubble"; Student Loan Debt Passes Credit Card Debt, Expected to Hit $1 Trillion
  10. Drewski

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  11. PatriotsReign

    PatriotsReign On the Roster

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    Found it and just bumped your "Infinite Growth" thread where you'll see we agreed.
  12. Drewski

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    Was just coming to say the same.

    EDIT - It was scout and PFnVA who dissputed the bubble.

    I guess I was over dramatic with my "laughed out of the thread" comment

    Note to Self - Must work on long term memory.
    Last edited: Sep 11, 2012
  13. PatriotsReign

    PatriotsReign On the Roster

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    I beat you to it....nah, nah!;)
    Last edited: Sep 11, 2012
  14. Real World

    Real World Moderator Staff Member

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  15. patsfan13

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    The whole student loan scam has allowed tuition to skyrocket well beyond the rate of inflation.

    From the J Walker essay Enemies:

    Enemies

    Students would be better off if they could get their credentials online if you look at all the course ware available though online source the traditional university structure is obsolete.

    The lecture was used before the invention of the printing press so students could copy the book now with ipads, kindles and pdf files & streaming multimedia traveling thousands of miles away from home to listen to 'lectures is silly.
    Last edited: Sep 11, 2012

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