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03/14/2012 10:44:27 PM · #26 |
Originally posted by Kelli:
The thing with the student loans is you can't get out of paying them. You can't bankrupt them. If you go in default they attach your bank accounts, your paycheck and take any and all refunds for taxes. There are only 2 ways to get out of paying student loans. Become permanently disabled or die. |
Can you refinance a student loan?
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03/14/2012 10:51:02 PM · #27 |
Originally posted by Judith Polakoff:
Originally posted by Kelli:
The thing with the student loans is you can't get out of paying them. You can't bankrupt them. If you go in default they attach your bank accounts, your paycheck and take any and all refunds for taxes. There are only 2 ways to get out of paying student loans. Become permanently disabled or die. |
Can you refinance a student loan? |
I don't know. But you can consolidate them and lower payments that way. There are still options for reducing what you pay, based on income. It's been a few years since I've dealt with them though and there might be more up to date information. |
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03/14/2012 11:05:26 PM · #28 |
As much as I detest my student loans (and I have a lot), you have to remember they are unsecured loans. There is no collateral. The only other common loan of that type is credit card loans and student loan interest rates are quite nice compared to typical credit card rates.
My loans are locked in at 2.75%. You really can't say that's a bad deal. (but I still hate them) |
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03/14/2012 11:43:41 PM · #29 |
Originally posted by DrAchoo:
As much as I detest my student loans (and I have a lot), you have to remember they are unsecured loans. There is no collateral. The only other common loan of that type is credit card loans and student loan interest rates are quite nice compared to typical credit card rates.
My loans are locked in at 2.75%. You really can't say that's a bad deal. (but I still hate them) |
Monica was talking about interest of 25 percent. Is that accurate? |
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03/15/2012 12:01:24 AM · #30 |
Originally posted by Judith Polakoff:
Monica was talking about interest of 25 percent. Is that accurate? |
Just ten years ago, private loans accounted for only 4 percent of the student loan industry. Today, these loans account for 20 percent of the volume.
The increase is phenomenal mainly because it is typically cheaper to get a loan direct from the government versus a private loan. The interest rate that some private lenders charge can be astronomical-the top allowable rate is 18 percent.
The Obama administration is trying to reign in some of the grosser excesses, particularly from some recently started private schools who prey on government guarantees.
I was saddened to see Senator Olympia Snow of Maine recently retire, since she was a good middle of the road Senator. Then I found out one reason she might be leaving. Her Husband's been running this scam.
" Former Maine Gov. John McKernan Jr., have investments worth between $2 million and $10 million in Education Management Corp., a Pittsburgh-based company that operates for-profit higher education institutions. McKernan is chairman of the board of directors of the company, now embroiled in a lawsuit in which the federal goverment, 11 states and the District of Columbia are seeking to recover a portion of the $11 billion in federal student aid that the education firm has received since July 2003." Penalties could be double the amount found recoverable to a nice round $33 Billion.
Message edited by author 2012-03-15 00:02:43. |
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03/15/2012 02:28:28 AM · #31 |
Originally posted by Kelli:
Become permanently disabled or die. |
Well there ya go. It's not like the gov't didn't leave you any alternatives. :P |
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03/15/2012 05:21:31 AM · #32 |
Originally posted by Judith Polakoff:
Originally posted by DrAchoo:
As much as I detest my student loans (and I have a lot), you have to remember they are unsecured loans. There is no collateral. The only other common loan of that type is credit card loans and student loan interest rates are quite nice compared to typical credit card rates.
My loans are locked in at 2.75%. You really can't say that's a bad deal. (but I still hate them) |
Monica was talking about interest of 25 percent. Is that accurate? |
My friend was paying his loans and called to ask about his rate and they said it was at 23%. So he got them to lower it because of his income or I'm not sure what to a more reasonable rate.
His father is a cosigner and he wants to get his dad off the loan. He can do that if he pays steady for 2 years. OK cool, he has done that already. Now they tell him that's only if he's paying the full interest rate. It doesn't count if he's paying the "reduced rate".
Come on mousey mousey. That's right. Cat's making the rules.
I have another friend that just stopped paying his loans entirely, so long that they went to collection agencies. He moved around a lot and they lost track of him. But then he had a steady, tax-paying job for 3 or 4 years and they still didn't track him down. His wealthy grandma paid one off (why didn't she just pay for his college then and skip the nonsense?) and went to pay the other off and they LOST it. They couldn't locate the loan, didn't know who they had sold it off to.
Shit show? Yea... but also, he lucked out now didn't he? So far. :P |
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03/19/2012 06:31:50 PM · #33 |
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03/19/2012 07:52:24 PM · #34 |
Originally posted by escapetooz:
My friend was paying his loans and called to ask about his rate and they said it was at 23%. |
It does amaze me to see this sort of interest rate. These days when we so many legislators making law based on what it says in the bible, yet no one seems to mind that usury (and they meant charging ANY interest, let alone loanshark levels) is forbidden.
Exodus 22:25 If thou lend money to any of my people that is poor by thee, thou shalt not be to him as an usurer, neither shalt thou lay upon him usury.
Psalm 15:5 He that putteth not out his money to usury, nor taketh reward against the innocent. He that doeth these things shall never be moved.
Proverbs 28:8 He that by usury and unjust gain increaseth his substance, he shall gather it for him that will pity the poor.
Ezekiel 22:12 In thee have they taken gifts to shed blood; thou hast taken usury and increase, and thou hast greedily gained of thy neighbours by extortion, and hast forgotten me, saith the Lord GOD.
Lateran III decreed that persons who accepted interest on loans could receive neither the sacraments nor Christian burial. Pope Clement V made the belief in the right to usury a heresy in 1311, and abolished all secular legislation which allowed it. Pope Sixtus V condemned the practice of charging interest as "detestable to God and man, damned by the sacred canons and contrary to Christian charity."
Charging interest on loans became the norm after the enlightenment but usury laws always governed the upper limit of what was a reasonable rate of return. After 1776 All of the States in the Union adopt a general usury. Most states set the interest limit at 6%.
But lately the SCOTUS has said that the only limitation on interest rates are the state's limits on limiting them. In 1980, because of inflation, Congress passed the Depository Institutions Deregulation and Monetary Control Act to exempt federally chartered savings banks, installment plan sellers and chartered loan companies from state usury limits. This effectively overrode all state and local usury laws. The 1968 Truth in Lending Act does not regulate rates, except for some mortgages, but requires uniform or standardized disclosure of costs and charges.
In the 1996 Smiley v. Citibank case, the Supreme Court further limited states' power to regulate credit card fees and extended the reach of the Marquette decision. The court held that the word "interest" used in the 1863 banking law included fees and, therefore, states could not regulate fees.
It seems religion in not a limit on what business is allowed to do in the marketplace, yet religion is a limit on what people are allowed to do in their homes. There ought to be a law. |
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03/19/2012 07:59:41 PM · #35 |
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