hey buddy
A Word about the Mortgage Crisis and Student Loans
Wed, 09/17/2008 - 19:39 | by poorteacher
Here is what I don't understand.
Adults make a decision to take out a loan which they can't repay because they want to leave beyond their means in a house they can't afford.
And the government bails them out.
The government then bails out the financial institutions that greedily loaned this money to people who couldn't afford to pay it back.
Yes, they let millions of people suffer with the burden of student loan debt.
A decision that was made when they are relatively young and inexperienced and really didn't understand the consequence of debt.
So let me reiterate, experienced adults take out bad loans (I remember my dad warning me of this), and the government bends over backwards for them.
Young people are allowed to take out loans for the betterment of their future and the future of our country, and when was the last government program instituted to help with this?
Seems a bit unfair doesn't it.
Well over 100 billion dollars given so far to help out greedy companies, CEOs, and people who want to live the high life witout earning it.
And where is our student loan forgiveness programs?
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July 09 program
There is a post with links on programs available and coming soon. Look for the one called Lower Payment Programs.
Amen!
I couldn't agree with you more. I have heard that there will be reformations to our repayment programs starting in July 2009. However, it IS so unfair. I feel like I can't get a break to save for a home, for my retirement because of these loans. Now, if you calculate how much interest you'll pay, you will almost double the amount of the principal!! I think that we need to definitely submit a class of letters to legislation now. Any suggestions about that?
can u tell me
I was interested in your remark about reform coming in July '09. Can you tell me where you found the information so I can see if I can look forward to some relief?
Re: Student loan forgiveness and legislation
I agree-what can be done. My loan has doubled and despite having a license to practice law, I cannot find a job.. it is unfair that to get out of poverty, thinking getting all the education I could would help, put me in the situation where I owe double-how is that fair-each deferment packs on crazy interest and I cannot restructure it, yet these fat cats on wall street are saved from their deliberate actions. I am a mother of three and I can see no way that my children will be able to go to college and I do not want them to take on loans and end up like I am-I will never be able to pay this off in my lifetime and how can I support a family like this... Whatever lobbying we can do-let me know-who can we contact for our "bailout" or at least affordability to pay these back..
Alicia-OH
You are right
You are definitely right. You mind starting a post on the forum about this, maybe we can get some interest.
lets do it
I just sent a letter to my Congressman talking about the very thing we are discussing....if we can bail the country out of over a billion dollars in debt that no one wants to take responsibility for, then assistance needs to be made for the men and women who have taken out student loans to better their lives, but for whatever reason are struggling to repay...throw me the same damn bone that you've thrown to the MILLIONAIRES who stiffed our country out of OUR MONEY!....oh, and did I forget to say that the tax payers will ultimately be paying back the "bail out money"....
I'm with you..
My loans are rediculous and I worked during each of my stints in school. AND we only get a $2500 interest deduction a year on our taxes.. Home mortgage interest gets a bigger deduction.. Let's flood them with letters!
JZ
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