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Fire Walk With Me

(38,893 posts) Wed Oct 10, 2012, 11:23 AM Oct 2012

A Report From The Occupy Wall Street Student Debt Working Group

Occupy Wall Street ‏@OccupyWallStNYC

RT @postvirtual: A Report From The Occupy Wall Street Student Debt Working Group http://annlarson.org/2012/03/03/a-report-from-the-occupy-wall-street-student-debt-working-group/ … #studentdebt #ows

http://annlarson.org/2012/03/03/a-report-from-the-occupy-wall-street-student-debt-working-group/

Student debt in the US has topped one trillion dollars. Americans now have more student debt than credit card debt or any other kind of consumer debt. This is not just a problem for private college students. Sixty-two percent of public college students leave school with debt.

College tuition has risen to insane heights. Tuition has gone up more than 400% since the 1980′s, an increase that has far outpaced inflation or family income. In fact, check out the Project on Student Debt for some scary stories about ruined lives and dashed dreams. Debtors are more likely to commit suicide, divorce, and suffer from depression.

Default rates on student loans have gone through the roof in recent years. The NYT reports that 8.8% of borrowers whose loans came up for repayment in 2009 are in default. Default rates are as high as forty percent when for-profit college figures are taken into account.

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A Report From The Occupy Wall Street Student Debt Working Group (Original Post) Fire Walk With Me Oct 2012 OP

They will be taking warrprayer Oct 2012 #1

I don't see how that can be legal. You agreed to a certain amount and to the interest rates. When sabrina 1 Oct 2012 #3

that's exactly what they did warrprayer Oct 2012 #4

How many people in US have student loans? nt tama Oct 2012 #2

Student Loan Scam skiptaylor Oct 2012 #5

I agree, it is a scam. DLevine Oct 2012 #6

Yeah jonpaulprime Oct 2012 #7

warrprayer

(4,734 posts)

1. They will be taking

Reply to Fire Walk With Me (Original post)

Wed Oct 10, 2012, 05:52 PM

Oct 2012

money out of my S.S. when I turn 65 (if they don't raise the age first!) to pay for a student loan from 1997. Every time they sell the loan they add another $1000 to it

sabrina 1

(62,325 posts)

3. I don't see how that can be legal. You agreed to a certain amount and to the interest rates. When

Reply to warrprayer (Reply #1)

Fri Oct 12, 2012, 05:56 PM

Oct 2012

they sell a loan, you have no say in that, which I think people should. Not only should they not be charging you MORE, you should share in any profits they make from selling your loan, imo.

Have these practices ever been challenged in court? Seems to me like they just do what they want and since no laws have been passed to stop them, (and who would have ever thought we would need such laws to cover every devious scheme they come up with?) they just keep pushing until eventually someone will have the guts to put a stop to their schemes at the expense of the people.

warrprayer

(4,734 posts)

4. that's exactly what they did

Reply to sabrina 1 (Reply #3)

Tue Oct 16, 2012, 04:11 PM

Oct 2012

it will take sweping reform to change things. The probability of that happening in my lifetime is about 0.

tama

(9,137 posts)

2. How many people in US have student loans? nt

Reply to Fire Walk With Me (Original post)

Thu Oct 11, 2012, 05:29 AM

Oct 2012

skiptaylor

(22 posts)

5. Student Loan Scam

Reply to Fire Walk With Me (Original post)

Sat Oct 20, 2012, 10:24 PM

Oct 2012

These loans should be repudiated en mass

DLevine

(1,789 posts)

6. I agree, it is a scam.

Reply to skiptaylor (Reply #5)

Sun Oct 21, 2012, 06:07 AM

Oct 2012

Unfortunately, this country doesn't give a rat's ass about its citizens, unless you are a member of the 1% club.

jonpaulprime

(104 posts)

7. Yeah

Reply to DLevine (Reply #6)

Wed Oct 24, 2012, 11:44 AM

Oct 2012

The student loan debt crisis needs to be addressed. I'm sick of hearing Republicans tell students, essentially, "it builds character to spend the rest of your life working a dead end job to pay off your student loans!"

Trying to fix what's wrong with the system builds character.

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