You didn't even read it, did you? You just disregarded it because it doesn't fit your world view. You are pathetic, scum of the earth. People present you with scientifically backed evidence showing how the world really is and you disregard it because it is brought to your attention by a group of people you find inferior to you.

Snapshots:

1. Former debt collector gives advice ... - archive.org, archive.today

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federal loan collects are a lot nicer than private collecters.

Time to exploit the system to our own gain, ladies and gentlemen.

Federal prisons are also a lot nicer than private ones.

Federal hentai is better than private hentai.

Literally can't go tits up

I graduated from a private art school in May and my total debt that’s all federal is about $260k. My biggest problem is my mom signed up for parent plus loan while doing my loans as well and well I currently owe $33k and she owes $230k and she was planning on retiring in 3 years.

"Crashing this credit score... WITH NO SURVIVORS"

holy fuck that comment is just insane. $260k for an ART DEGREE???? AND NOBODY CAN PAY FOR IT?????!!?!?!?!?!?!?!?

The follow up is even worse. Lord christ almighty come back quickly.

Thank you for the advice. This has been a big anxiety point for me because as much as I don’t mind tanking my own credit score and not answering the phone my mom is an immigrant and worked hard for a good score and the ability to have a decent retirement and it would be entirely my fault for screwing both up.

This is my big issue with the current state of burger college loans, why isnt anyone saying "No, you dont get $260k for an art degree".

These are signed for by adults, and usually co-signed for by even older adults. The only thing that can be done is to start labor camps to pay these off so that the next generation realizes there are actual consequences for taking on debt.

Right but even if i go into a bank and ask for $30,000 for a 1997 geo prism, they are gonna tell me to get fucked regardless of my co signer.

If your co-signer is a doctor, I'd lend you 30k for whatever you wanted.

you, yah, but not a (((banker))). which makes me ponder the student loan debacle even more....

I'm with you in terms of ethics, like the whole system is fucked. But practically, I'm wholeheartedly for dooming Millennials and Zoomers to a lifetime of wage slavery for the perfectly self-interested reason that full-time work keeps people out of my forests and deserts.

Why wouldn't you hand out 260k for an art degree? Those loans can't be discharged. You can't escape from them.

You've got that person paying interest on the loan for most of their adult life.

Because these are borrowed from the government, not from a bank. And pretty much the entire point of making this work that way was to ensure that nobody gets denied a loan because statistics show that giving it to them is going to result in a loss to the lender, on average. Otherwise private lenders would be sufficient, but then they would deny a lot of people, probably in a racially biased fashion too, and that would be awful. But unfortunately nobody could have predicted that lending money to a lot of people who can't repay it will result in a lot of people who can't repay it.

To make matters worse, it turns out that in a free market where demand isn't paying their own money (at least not immediately), the supply side figures ways to provide seemingly absolutely necessary services that consume all available funds. There's a sci-fi short story from 1965 about it.

This is the fucking house market crash in 2008 all over again, you got the state mandating that loans are to be given to people who absolutely shouldn't have them. People need to learn that there are fucking morons out there, and you can't expect to throw money at them infinitely

you're absolutely right

remember how after the '08 housing crash, when we bailed out the banks, nobody even got punished - and in fact, many of those responsible were even given raises?

that was some subtle, *"you can fuck this all up again and we'll take care of it" messaging tbh

Fun fact: TARP ended up making profit for the government, so the bail out was not exactly what plebs think it was. But it would be nice to not have the recession too.

Unfortunately it’s the governments fault for making it so no one could get punished.

If you don’t bailout the banks the entirety of the financial system collapses due to no credit being given out and banks falling apart.

Course it’s slightly unfair to blame the government for not having to foresight and enacting the Dodd’s-frank act in 2002.

Free money in a form of loans is a cancer. Securitized free money loans is a heart attack with a brain tumor.

Who was responsible that got a raise? My recollection is sketchy, but I do remember some of the central figures getting pretty unceremoniously tossed out. I think one of them got punched in the face in a gym by some random who lost money.

IMO the "bailout" was the right thing to do because it kept shit from exploding. The ability to do one is what separates advanced nations from Peru or Zimbabwe where the population wakes up and finds their savings aren't worth the paper they're printed on.

Who gives a fuck just print more money ala lets go full chinese economy

At least I wish we could waste money on ghost towns rather than letting some effeminate white kid waste 5 years to become a hentai artist

hilariously, every country that has free education (especially china) also makes it hard as shit to go to college. Tracking isa dirty word in america, in europe you know if you're college bound by grade 8, where you're going to college by grade 10, and what you can study by grade 12.

I'd love to see more hard data on this, but I heard from a university professor that if you look at the grades for a big class at a state school there is a statistically suspicious cluster of C's and Ds (depending on the program, a d can force a student to retake). They belong to the affirmative action students. He was saying there is pressure to not fail them because it's expensive for the students and embarrassing to the university. They aren't on the same level as the kids who had more expensive educations and they get murdered in curves grading.

But unlike the housing crash, you can't repossess an education. So when this bubble bursts, it's going to truly be at the expense of the lenders - ok I'm sorry, that was too absurd, I'll try again: It'll get passed onto taxpayers. Debt "forgiveness" = everybody else pays for your decisions.

Except the constitution says everyone is created equal so no one should be denied any credit.

[removed]

the neat thing about the constitution is that blacks are not included in "everyone" category.

Yes and no. It's the same as in there is way too much money, worse as in the debt can't be discharged in bankruptcy so you can never actually reset your debt levels, and better because college debt isn't securitized like mortgage debt is.

why isnt anyone saying "No, you dont get $260k for an art degree".

how naive are you that you can't answer this question yourself lmao

go down to Tower Loan and get a payday loan with 20% interest and see if anybody there tries to stop you

the people taking these massive loans out are idiots for sure but what do you think the lenders' main motivation might be?

>

3

is that c mongomery (((burns)))

20% interest? That better be compounded weekly or that is one generous payday loan.

Seriously I'm impressed Americans aren't all burning out during their degree with all that pressure. If I fuck up I just waste time but if they fuck up they're sitting on 100k debt with nothing to show for it

well college used to be fun up until a few years ago, when you could get black out and have unprotected sex with multiple partners. Kinda took the edge off.

College used to be for people who had money to burn or actually did well in school. Now you've got mouthbreathers from households where neither mom nor dad has worked since Bill Clinton was president taking up massive loans because college is now seen as mandatory education

Take a look at graduation rates over time. Spoiler - they've been going down for decades.

An American college student is either not trying at all, or boofing stevia and methylphenidate. I never saw anything in between those two extremes.

Post in fragilewhitetedditor has a really shitty king of the hill tattos aaand posts in actuallesbians.

All the ticks checked.

A debt collector who defaults on his debts. Reminds me of this horrid friend of the family I used to know who was a financial planner that had no money saved for retirement.

those who can't do, teach

Federal student loans have essentially created an asset bubble were undergrad degrees are the asset. Just like in housing, there is no one to tell retards that their degree in poetry is not going to be able to pay back the 120k loan. Worse however is this is a bubble that can’t pop until people stop going to college for a bit, because the government decided to give out loans that can’t be discharged via bankruptcy, which is hilariously usurious.

When the bubble collapses everyone’s degree will be worth far less then they are now, because while fewer people will have them, it also won’t be pertinent and people will be using other means to figure out who gets jobs. All because the federal government can’t figure out (again) why giving out loans without any sort of of checks to it is hilariously poor policy

Don't worry, Bernie will solve it by giving us free college, all we have to do is crash our economy

Literal meme tier logic by the populist camp.. yes let’s make college less expensive by making the government pay for it. No one ever jacks up prices when the government is the one forking over the cash

I will give the wall that it creates bussywork, and might actually reduce the requirement for border guards, even though most illegals just enter with a freaking plane ticket, but free college is basically just throwing money into the money pit so the crayon eaters can feel less bad about themselves

Radical centrist take (and thus the right one) is that the United States wants both illegal immigrants and as many people as possible to graduate colleges that the population continues to grow, with first gen illegals making manufacturing and agriculture inexpensive while their kids and everyone else become highly educated and thus, productive members of society who increase the gdp and grow the economy a ton. Also has a nice side effect of suppressing wages for every type of work, allowing American companies to gain a competent edge.

The wall is entirely a political project meant mostly to stop drugs (which are horrible for a productive society) and to make illegals come in ways that don’t allow them to establish ghettos.

Nice dystopia

I dunno, seems like a pretty great system As long as you aren’t poor.

Nice try Disney^tm

to make illegals come in ways that don’t allow them to establish ghettos.

This is good policy.

The funnier part is that the high school educated working class will have their tax dollars going to whiny kids who statistically make more money than them

From a macro level that’s hugely beneficial because poor people are litterally worthless to a state and economy. However I would imagine that high school education dies as soon as free college is announced and if you don’t have a college education you aren’t going to be able to do anything.

I used to work in defense. the money defense wastes as a single payer market is ludicrous.

This is why it's more difficult to enlist in the military than it is to get in a US college.

You literally just have to put an "X" on the loan paperwork....