The Yahoo article states that he was contacted several times and told them over the phone he would not come to court.
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Saying that a high-schooler should have read the fine print on a contract is not realistic - not because they are necessarily foolish, or stupid, or even naive, but simply because they donāt have a choice but to take a loan for at least some amount.
When college costs as much as it does, I would think that a very small percentage of parents could save enough to finance a college education for their children. If a student wants to go to college, the vast majority have no say in whether or not to take a loanā¦they must, just to walk in the door.
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Here is an explanation, including amortization tables:
The reason there is so much owed after 23 years is because the monthly
payment didnāt cover the interest costs. The interest alone on month #1
is $147.37, however, payments of only $118.47 per month were made, and
therefore, the loan will NEVER be paid off. The balance will continue to
grow forever. To be more extreme, itās like buying a car for $1,000 and
only paying $1 per month and then complaining after 23 years that you
now owe $10,000.
ā¦
The final analysis, as I see it, is that the graphic is either: (1) A
complete lie; or (2) The result of getting too many breaks and not being
responsible with the loan. Probably the former.
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Does anyone think 4 years of college is worth it anymore? Unless you know you want to be in a specific field that requires a degree (and has the income to pay for the degreeās loans), but most high school graduates do NOT fall into this category.
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But I donāt understand this still. How high is her interest and why? I havenāt been paying like I should and it has been no where near that high.
I mean, that is like shit credit card interests high or Payday Loan high. So either she got completely screwed by her loan provider (possible I guess if you went via a private org?) or sheās bad at math, or she made it up, or there is something else that we arenāt taking into account.
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I agree, only if they promptly release you if you even claim you werenāt noticed. Not only is the burden of proof on the state, but a few days in jail can cost a man his job and his home and all sorts of grief. @carlkingman points out āThe Yahoo article states that he was contacted several timesā¦ā but actually, it states the Marshalls said he was contacted. Thereās a great deal of room in there for error and confusion and flat-out police misconduct, which is why the burden of proof lies with the state.
There is no way at all this man could prove his claim, since itās negative. But since thereās room for reasonable doubt, if he looks like heās cooperating now, many courts would extend the deadline and see what happens.
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People who graduated around 2000 had around a 2.3% interest rate. People who graduated around 2010 had around a 6.8% interest rate and larger tuition costs.
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How about for a traffic ticket?
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Community colleges get a bad rap, but often times adjunct instructors at a 4 year institution wonāt make enough and theyāll teach the exact same class for much lower tuition rates at a nearby community college (or not nearby because many of the classes are online). I know college instructors who teach at 3 or 4 different institutions at a time.
Community colleges can save a lot of money and offer a lower cost for finding yourself. I donāt understand the parents who send their kids to a 4 year school for their first two years of college when the same courses are taught elsewhere for cheaper and transferring gets you the same degree in the end will lower debt.
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Or the loan changed terms as that shit go sold off to other institutions. God knows my bank account kept changing hands though the 2000s.
Miss one payment? Well under your new terms up goes your interest.
Donāt like that? Tough.
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We like to call that āIncreasing Shareholder Valueā as well as āExploiting new Marketsā
Itās really a win-win situation as Prison is a āGrowth Sectorā where we can outsource our telemarketing for a fraction of what we spend in India.
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I went straight through to school, but the more I look back on it the more I wish to hell Iād done something for a couple or four years ā drive submarines or something ā just to get my damned head straight. I think even from my perspective in my mid 40s, I was a pretty tolerable person at 24, but I look back on my mind-numbing idiocy at 18, and I canāt help but think Iād have had a cleaner path through school and through life if Iād done something else before university.
(And the folks I knew at Berkeley who had done a couple years of CC were leaps ahead of their peers in terms of seriousness)
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Silly naive 18-year-olds, taking advice on complex issues from people whose entire job description is to provide expert advice and counseling in those areas.
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I too did dumb things when I was 18. I made all kinds of bad decisions and was terrible at judging consequences. Thatās why I donāt think the various branches of the military should be allowed to recruit at high schools. The minimum age for enlisting should be 21.
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As a Canadianā¦ its double weird to me. Firstly, our average student debt for four years is $27k, and we think thats too high, and its a bit of a ācrisisā up here. And costs in general are going up, unless you live in Newfoundland.
Secondly, our loans are nationalized, though managed by the individual provinces as there are federal and provincial funds available. So while we also can not discharge them through bankruptcy they donāt get sold off to private lenders, the government owns those loans and theyāll take your tax refunds to pay them back, or they just get discharged after 15 years of reduced payments. See Vice: http://www.vice.com/en_ca/read/what-happens-if-you-cant-afford-your-canadian-student-loan-payments
This whole selling it off to credit collectionsā¦ seems so so so wrong.
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Fair enough, but I think a lot of mind-numbing idiocy comes from the fact that 18-year olds often live lives shielded from consequence. Iāve known too many people who joined at 18 overcame exactly that problem ā here, kid, hereās as much responsibility as you can handle and ended up doing great ā to agree with you.
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Meaning no offense, I donāt think you understand the purpose of military recruiting, if you think they want or need people with excellent judgement.
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Yeahā¦ one of the smarter guys I used to do tabletop gaming with was a vet and he said the even by 21 your brain is not the malleable thing it is at 18 to get you to do things that are life saving like putting your head down when the sarge says duck without question.
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So a debt to the government is handed to for-profit private collectors who then get the government to collect???
So much senseless profiteering in the USAā¦
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