I am the 1% of Student Loan Debt

http://tibbon.tumblr.com/post/13839164804/i-am-the-1-of-student-debt

by tibbon • 15 years ago

5 12 15 years ago

tibbon.tumblr.com

kls6• 15 years ago

Sallie Mae and all of the banks that pushed changes so that bankruptcy couldn’t happen for student loans are just greedy and really shouldn’t be allowed to offer these loans.

The bankruptcy reform bill was the biggest assault on citizens right that has happened over the last few years and almost no one took notice. America was founded on the principal of debt amnesty, in which a citizen at any time could based on their own analysis of their situation could absolve themselves from the burden of their debt. In doing so the owner of their debt would liquidate their assets and take to proceeds. The debtor was then free to try to rebuild.

This institution was created because any other construct, will inevitably lead to slavery and create a debtors nation. They studied the factors that created debtors prisons in Europe and wanted to avoid the pitfalls of a nation built on debt burden. Because it is a nation built on slavery.

The fact that an institution as old as the founding fathers was changed on the eve of the collapse bears more than coincidence. Student Loans are the most over leveraged product on the market, what is worse is they are not backed by an asset that can be liquidated. Knowing this and seeing the collapse coming the lobbyist and politicians quickly worked to place safeguards into place to keep the house of cards from coming down.

Coincidentally the timing of the move is damning evidence to the fact that not only the financial industry but also the politicians knew the collapse was coming. The instituted the means test as a way to strap homeowners to underwater mortgages and outright removed student loans from consideration. It was the most blatant display of politicians putting business interest before the people.

They did everything in their power to strap us to the debt of poor choices while simultaneously working to form legislation to bail out businesses that made equally poor chooses.

I implore each and every one of you, to look at the bankruptcy reform bill and who voted for it and vote them out. They have shown that they are now overtly and directly working against your interest. It is a huge assault on your rights, while you may never need the relief those rights afforded, if you do you will find that they have blocked your ability to start over, denying you of rights when you need them the most. It is a heinous attack on the rights of the citizenry.

anamax6• 15 years ago

>> Sallie Mae and all of the banks that pushed changes so that bankruptcy couldn’t happen for student loans are just greedy and really shouldn’t be allowed to offer these loans.

> The bankruptcy reform bill

had nothing to do with the non-dischargability (can't get out of with bankruptcy) of student loan debts. That change happened in 1998.

> almost no one took notice.

Speak for yourself.

> The fact that an institution as old as the founding fathers was changed on the eve of the collapse bears more than coincidence.

Bankruptcy laws have changed many times since "the founding fathers".

kls6• 15 years ago

had nothing to do with the non-dischargability (can't get out of with bankruptcy) of student loan debts. That change happened in 1998.

Thanks for the info, I thought I read that they where both in the Bankruptcy Abuse Prevention and Consumer Protection Act in 05. I was unaware of a previous bill.

And I do understand that the laws have been change previous to the 05 and 98, but my understanding of the law is that it was the first such attempt to restrict the people who could file for chapter 7 AKA total discharge of debt, therefore pushing them into a 13, requiring a judge to garnish a large portion of the income for 5 years before they can be declared free from the responsibility of having the service the debt.

anamax6• 15 years ago

Why do I get the impression that if he hadn't been loaned money to get that degree, he'd have complained about that?

The lesson that I'm getting out of this is a that a lot of people shouldn't be in college and/or shouldn't be allowed to choose their major.

kls6• 15 years ago

I think the article covers the issue pretty well, collage to many was as inevitable as buying a house, it was so ingrained into cultural norms that the though of not going never even crossed his mind. There are cultural forces and norms that have a strong influence on peoples actions without them even contemplating an alternative point of view or the ramification of the action. Cultural wisdom and norms like "put your money in real estate, it never goes down", "we are a military family" or "Everyone in my family goes to college" are strong subconsciously influencing factors, to just put it on the person alone ignores a lot of factors that got us into this mess.

anamax6• 15 years ago

> I think the article covers the issue pretty well, collage to many was as inevitable as buying a house, it was so ingrained into cultural norms that the though of not going never even crossed his mind.

Is that "ingrain" stronger than "He was just following orders"? I ask because few people accept the latter excuse.

> Cultural wisdom and norms like "put your money in real estate, it never goes down",

That sounds like a lame excuse, as real estate is one of the classic cycles.

I am the 1% of Student Loan Debt

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