Student Loan Fugitives
Question: What’s next, debtor’s prison? Bailout all of Paulson’s buddies in the Wall Street Swindler’s Club and relentlessly pursue the unemployed who can’t repay their $150K in student debt? ——————-
Student loan fugitives
When faced with unaffordable monthly payments and relentless creditors, some see leaving the country as their only way out.
By Jen Haley, CNN October 24, 2008: 7:12 AM ET
NEW YORK (CNN) — Carl, a Florida native now living overseas, is afraid to move back to the United States. That’s because he can’t afford to pay his student loans.
Carl (who doesn’t want his last name used) stopped making his $450 monthly payments after his family incurred some unexpected medical expenses, and his $55,000 private loans went into default. That’s when the phone calls from debt collectors started, and Carl decided not to come back.
“It was made clear that if I ever came home, I’m screwed,” says Carl.
Today, he estimates his private loans are more than $70,000. Though he hopes to move home one day, for now, staying abroad is the only option he can see.
“If it means I have to live in exile from friends and family…well, that’s the breaks. So be it. But I won’t put my family in a situation where they are afraid,” he says.
While most Americans are burdened with debt of some kind, student loan repayment can be a particularly scary prospect for young people struggling to start a career. Payments are often higher than expected, and the loans can’t easily be discharged. Added pressure from debt collectors causes some grads to flee their loans by fleeing the country.
“These are people new to borrowing and they didn’t understand what they were getting into,” says Mark Kantrowitz of Finaid.org, an online student loan information Web site. “It’s a very sorry situation that it comes to students feeling they have no option than to leave the country,” he says. “It’s a sign the system is broken.”
To date, there is about $60 billion in defaulted student loan debt according to Chris Lang of the New York-based debt collection agency, ConServe.
Answer: In Denmark the Danish Government pays students to get a University Education. The idea being it is a benefit to the nation to have it’s people better educated. In America we spend $10,000,000,000 a month on a war in Iraq or bail Banks out for $700,000,000,000 but neglect our peoples education or health. Why aren’t the Wall Street gangsters honoring their obligations? Also, the Lambo buyer can discharge his debts in bankruptcy whereas the student loan borrower cannot. The whole student loan scam is like mafia loan sharking – the shylock makes loans to people they know will never be able to pay it back and when the sucker defaults the mob owns his ass. He does whatever they say or Guido comes and removes his kneecaps. Why do you suppose there’s been no downsizing, restructuring etc in academia such that college costs have risen at 2 or 3 times the general rate of inflation? Because the shylocks know that they can create a whole bunch of debt slaves out of naive young kids who think that they’ve got to go deeply in hock to have any chance at a future career. Then reality sets in, after college they’re driving a cab and Guido is looking for them. You’re probably one of Guido’s bosses.
Related Posts
Filed under: School Loan
Leave a Comment
XHTML: You can use these tags: <a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <strike> <strong>
TrackBack URL | RSS feed for comments on this post.