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    Colleges suing alumni unable to payback

    http://www.today.com/id/3041440/vp/51238103/#51238103

    This may not be new, but it is new to me and no I have mine payed off.


    Last edited by LindenCy; 03-19-2013 at 05:11 PM.

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    re: Colleges suing alumni unable to payback

    Hey lenders, quit lending ridiculous amounts of money to people you know have little to no chance of ever being able to pay it back and you won't have as many issues.

    The idiot in the video should've thought about what his tuition was really buying him before taking out the loans instead of now asking "what did this really buy me?" Loans aren't free money.



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    re: Colleges suing alumni unable to payback

    Quote Originally Posted by IcSyU View Post
    Hey lenders, quit lending ridiculous amounts of money to people you know have little to no chance of ever being able to pay it back and you won't have as many issues.

    The idiot in the video should've thought about what his tuition was really buying him before taking out the loans instead of now asking "what did this really buy me?" Loans aren't free money.
    Normally I would agree. However, everyone in this country believes they are entitled to a college education. If you restrict or tighten the regulations around educational loans people will be up in arms. Also, many of these individuals have no credit history so that further complicates things. Lenders compensate for this risk by not allowing this debt to be forgiven even in the event of bankruptcy (and death if I'm not mistaken).



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    Re: Colleges suing alumni unable to payback

    Why shouldn't they be able to get their money back that was borrowed? College should be available to anyone able to handle the work. And the government provides backing to get loans needed for those who can't pay for it upfront. The problem is that many have gone from taking out loans to pay for school to taking out loans to live the greatest years of your life. I would think anyone knows someone who used their education loans to take a spring break trip or buy a television.

    The colleges themselves are as much to blame for this trend as anyone. Now instead of having a 12'x12' room for two people to share along with a communal bathroom for your hall, you have schools building suites with very nice living accommodations to attract students to their school. Those nice new dorm halls and rec facilities need to get paid by someone.



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    Re: Colleges suing alumni unable to payback

    Quote Originally Posted by Cyclone711 View Post
    Normally I would agree. However, everyone in this country believes they are entitled to a college education. If you restrict or tighten the regulations around educational loans people will be up in arms. Also, many of these individuals have no credit history so that further complicates things. Lenders compensate for this risk by not allowing this debt to be forgiven even in the event of bankruptcy (and death if I'm not mistaken).
    Bankruptcy is correct, death I BELIEVE is incorrect. UNLESS, like many students who take private loans, you have your parents co-sign to get you cheaper rates. I did this for about half of my loans and took out an insurance policy immediately in case something did happen. The last thing I wanted on my parents was having to bury their son AND get a 5 figure bill from Iowa Student Loan.

    As a single person my student loans in my name would go against my estate. I don't really have one so all assets would be sold and ISL would collect what the could. I'm sure they don't have the power to reach out to family to collect. However in my case where my parents are co-signed they are liable for anything I can't pay. If I die, they will be next in line. My private loans (like my mortgage) should die with me.


    Last edited by Tri4Cy; 03-19-2013 at 05:36 PM.
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    Re: Colleges suing alumni unable to payback

    Quote Originally Posted by Clonehomer View Post
    Why shouldn't they be able to get their money back that was borrowed? The problem is that many have gone from taking out loans to pay for school to taking out loans to live the greatest years of your life. I would think anyone knows someone who used their education loans to take a spring break trip or buy a television.
    Students should be able to pay for half of their education and college life by working through college. Paying back a $40,000 loan is a hell of a lot easier than paying back a $80,000 loan.


    The gap in our economy is between what we have and what we think we ought to have--and that is a moral problem, not an economic one. - Paul Heyne

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