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Student Loans
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ElJefe Offline
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Post: #1
Student Loans
In the US, are student loans issued only by the government or by individual colleges as well?

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12-18-2014 04:47 AM
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iknowexactly Offline
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Post: #2
RE: Student Loans
(12-18-2014 04:47 AM)ElJefe Wrote:  In the US, are student loans issued only by the government or by individual colleges as well?

They are disbursed through colleges, but the money actually comes either from the government or private banks like Wells Fargo.

Out of the student loans I have it's better to get the government ones, they are more lenient when you're broke. Of course the private sector is more vicious in collections.


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12-18-2014 04:52 AM
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ElJefe Offline
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RE: Student Loans
Ok, so the credit-risk is born by the government and private institutions.

I find it rather remarkabale that private insitutions issue this kind of lending.

I've been toying with a policy suggestion that universities should become "education banks" and take on the credit-risk of issuing loans to students. This would encourage them to focus on teaching marketable skills rather than creating a glut of lib arts majors (when we really need lib arts majors, just fewer and better ones).

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12-18-2014 05:32 AM
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Lou pai Offline
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Post: #4
RE: Student Loans
Private Institutions are involved in student lending because student loans are not dischargable in bankruptcy.


Schools do issue loans to students through scholarships and work study programs if you qualify for them.
12-18-2014 01:10 PM
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redbeard Offline
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Post: #5
RE: Student Loans
I'd bet that the colleges enjoy not issuing loans.

They keep jacking their prices up...and somehow it keeps getting paid for. They don't care that it's coming from loans or banks that aren't good for it. The colleges don't want to take that risk. Issuing loans would be a huge responsibility that would issue how much of a return? They would have to beat the interest rates of the fed and the banks, AND make it more profitable than increasing tuition.

I don't know about that.

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12-18-2014 01:58 PM
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ElJefe Offline
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RE: Student Loans
Right. But that's the idea.

We need a better way to price the marginal benefit of a lib arts degree. An efficient credit-market for lib arts degrees would help, and that requires the right incentives. By letting colleges do the issuing, you take care of a large part of the information problem.

If 37% of Americans are getting a college degree, and if we assume that everyone starting from the right of the IQ distribution get a degree, that means that you can get a college degree with an IQ of 105 or so. That's a pretty low bar for a 4-year degree.

You could probably get better results with a 2-years of coursework and trade school. It's a great crime to send mean-IQ level kids to college, where the object is learning and knowledge for its own sake, when what they really want is a job and to get on with their lives.

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(This post was last modified: 12-23-2014 08:43 AM by ElJefe.)
12-23-2014 08:43 AM
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redbeard Offline
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RE: Student Loans
I agree, but at the end of the day it's a free market. Colleges are "selling the dream" to millions of dumbasses and are making bank off of it.

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12-23-2014 09:15 AM
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MidWest Offline
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Post: #8
RE: Student Loans
Yeah. Imagine spending thousands of dollars on a degree in Portuguese or women's studies seems like a joke to me. I know a few in college who major in things like that.
12-23-2014 09:38 AM
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Rang off the Pipe Offline
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Post: #9
RE: Student Loans
Keep in mind that many employers also like to take students right as they graduate. Colleges are businesses like any other and get benefits from collaborating with employers. This is more pronounced in big-name schools of course.
12-24-2014 07:12 PM
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debeguiled Offline
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Post: #10
RE: Student Loans

“That sig BTW is a very asinine anti-family anti-parent quote. You live in a country where 40% of children grow up without a biological father, yet somehow “the greatest burden a child must bear is the unlived life of its parents”? Sorry but this is fruity Boomer nonsense.”

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02-16-2016 03:51 PM
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kaotic Offline
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Post: #11
RE: Student Loans
Don't take a loan out for something you can't pay. He had 30 years to pay it back.

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02-16-2016 03:55 PM
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samsamsam Offline
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Post: #12
RE: Student Loans
He had 30 years to pay back 1,500 dollars. $50 bucks a year, less than an expensive coffee at Starbucks a month.

Eat one less happy meal combo a month.

I don't feel bad for him. And I don't consider myself heartless, but sometimes people just fuck themselves.

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(This post was last modified: 02-16-2016 04:40 PM by samsamsam.)
02-16-2016 04:39 PM
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The Beast1 Offline
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Post: #13
RE: Student Loans
A $1500 student loan from the 80s? Dude doesn't have an excuse.

I look forward to this extending to liberal arts majors who default in the not so distant future.

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02-16-2016 10:48 PM
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Cattle Rustler Offline
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RE: Student Loans
Although I've paid my loans this is quite frightening, more than most things happening right now.

Obummer hasn't taken the 2nd amendment away BUT you can now get arrested for not paying your student loans.

A private company can now use the US Marshall Service to FORCE you, to pay. This is not the gubbmint but rather some collection agency.

Just imagine what this is setting precedence to......all the shit that the gubbmint is going to try to arrest you for.Car registration? Property taxes? Actually, I just read that a Federal Judge is forcing apple to unlock a phone. Put all the pieces together and soon enough we'll be forced to open our books and pay shit on whatevery we're told to do.

Even Trump won't stop this.

Let me put this again.....a collections agency did this: "seven deputy US Marshals showed up at his home with guns and took him to federal court "

Not a violent offender, no previous crimes.....just 7 pigs with guns drawn bashing through your door.

The government is starting to recognize the cracks through the Student Loan Ponzi Scheme and will not let it fall under any circumstances. They would rather put a gun to your head and force you to pay.

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(This post was last modified: 02-17-2016 12:00 AM by Cattle Rustler.)
02-16-2016 11:57 PM
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CleanSlate Offline
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RE: Student Loans
(02-16-2016 11:57 PM)Cattle Rustler Wrote:  Let me put this again.....a collections agency did this: "seven deputy US Marshals showed up at his home with guns and took him to federal court "

Not a violent offender, no previous crimes.....just 7 pigs with guns drawn bashing through your door.

No sympathy for someone who had 30 years to repay a $1500 loan and didn't, but sic'ing 7 blues with guns on a harmless deadbeat is so extreme it's ridiculous.
02-17-2016 01:04 AM
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scubadude Offline
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RE: Student Loans
According to the US Marshals they had been attempting to contact him for several years. They then went to his house to process serve him. (US Marshals do serve papers for federal courts). He refused to answer the door and yelled through the door "I'm not coming out, I have a gun". That is pretty fucking stupid. So what do the Marshals do, the leave and then return with 7 other agents and full SWAT gear. They took him into custody then took him to the federal courthouse to sign papers etc and was released. State courts do the same for not showing up. I know someone who the Sheriff picked up and took to court for jury duty. He's lucky the headline didn't read "Black man shot by marshals attempting to serve papers".

I'll fully agree that it is a stupid situation but... play stupid games, win stupid prizes.
02-17-2016 08:52 AM
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lavidaloca Offline
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Post: #17
RE: Student Loans
If your student loans are only $1,500 you should be laughing. That is nothing.

I can't understand why young people have such a hard time saving a bit of money. I see tons of my buddies making good money. $75k+. Most of them will save under $500 / month. Many of them essentially nothing.
02-17-2016 09:37 AM
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Ibagemyoutagem Away
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Post: #18
RE: Student Loans
In my experience I've taken both and only resorted to private because i can borrow alot more. The reason being was for myself to invest it and I didn't do well as I expected leading to me having a total of 30k loans (instead of around 18k) 4k cash (still in investments) and a year and a half left for school. Its kinda disappointing that I feel like i Can't stop going to school because i'll have to start repaying it. Feels like a trap once I found out working for myself is always the way to go and the only sure thing I get from college is debt. I just dont feel the promise of the degree as everyone else around me feels .

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God says, "So that you will like them."
Adam says to God, "God, why did you make women so warm and cuddly?"
God says, "So that you will like them."
Adam says to God, "But, God, why did you make them so stupid?"
God says, "So that they will like you"
02-17-2016 09:36 PM
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Ibagemyoutagem Away
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RE: Student Loans
(02-17-2016 08:52 AM)scubadude Wrote:  According to the US Marshals they had been attempting to contact him for several years. They then went to his house to process serve him. (US Marshals do serve papers for federal courts). He refused to answer the door and yelled through the door "I'm not coming out, I have a gun". That is pretty fucking stupid. So what do the Marshals do, the leave and then return with 7 other agents and full SWAT gear. They took him into custody then took him to the federal courthouse to sign papers etc and was released. State courts do the same for not showing up. I know someone who the Sheriff picked up and took to court for jury duty. He's lucky the headline didn't read "Black man shot by marshals attempting to serve papers".

I'll fully agree that it is a stupid situation but... play stupid games, win stupid prizes.

This happened in my city . They came around 3pm and knocked on his door , he

opened it and shut it(then saying ^he had a gun ect). Then the deputy called the

judge asking to make sure "do we have the authority to take this man in." The

judge said "do whatever it necessary to bring him in" then swat came in and

roughed him up and took him in. He straight lied and acted like a victim and later

just ignored his previous statements when it was him vs 7 officers and their official

statements.

Adam says to God, "God, why did you make women so soft ?"
God says, "So that you will like them."
Adam says to God, "God, why did you make women so warm and cuddly?"
God says, "So that you will like them."
Adam says to God, "But, God, why did you make them so stupid?"
God says, "So that they will like you"
02-17-2016 09:44 PM
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