WhiteHouse.gov Student Loan Petition
 

The number of signatures NEEDED has already been passed up 3 times over, but please take a moment, sign up for an account if you haven't already, and add your signature to this petition that was created to the White House to eliminate current student loan debts.

To quote directly from the petition:

Here is the shortlink provided by the WhiteHouse.gov page: http://wh.gov/gpx

14,654 Signatures as of 6:40pm Sep 27, 2011

More broke people looking for handouts. Pay your bills.

My guess is that your mailbox is filled from collectors trying to get a few bucks from you because you are a deadbeat. :2 cents:

Interesting idea for sure. :pimp

Fuck That! Pay up dead beat.

Student loans are a debt willing taken on to further someones earning potential. Not to mention the abuse that occurs with personal expenses being paid with "educational" loans.

.

If we are eliminating debts/expenses in order to jolt the economy, I can think of many many many ways to do so. I've seen a lot of people slave for years to pay off their loans... I just can't get behind giving everyone left over a clean slate.

Another bailout. Wahoo. Just what we need, more poisoning of our brains.

You're cool :)

+10 cool points

I want to open a Mercedes Benz dealership can I get free money for that too?

The construction phase will jolt the local economy so will the employees I hire.

.

This is actually a really good idea as long as the people with the student loans are actively working and paying taxes. Remember these are people unlike most of you, that have made the effort to get a college education and are using their education to better the country. This petition makes sense to close the gap for middle class families that couldn't afford sending their children to college.

This is true. My brother did this. Took out tons of money for school, then didn't even pay for the school with the money and is now defaulting on both. I hardly see how this would be good for our country.

Fuck, if that's supposedly a valid idea, why not forgive credit card debt then if that amount is less?

Right? Clean everybody's credit rating and let everybody go spending again. It should stimulate the economy for the better...

Imagine how much money would be injected into the economy if there was a 24 month mortgage holiday.

Inflated bullshit money, because after a 24 month mortgage holiday... dumb motherfuckers would be so untrained to ay their mortgage that it would repeat itself.

Exactly, I know a girl that defaulted on 2 student loans. The first was her and her ex-husband using the money for a house down payment. The second was for a used car.

.

Forgiving it? No way... I can't see that happening even if they had 300 million signatures and it shouldn't happen.

Depending on the conditions, I would support a deferment, which you can get for various reasons already.

Credit wise, school loans do little to nothing to help your credit, however they can burn your credit. As well, they factor into a home loan as total money going out vs. income. Overall, credit wise, they're about the lowest on the scale as you can get.

At that time we could wipe credit debt clean, releasing all sorts of other money into the economy, and also giving those homeowners money to start paying their mortgage again.

Yes, but they would have to continue paying off the credit "given" to them while their mortgages kicked back in. In theory it sounds good, but in practicality I think it would be more or less just buying time.

Because people used the money to educate themselves. Not to buy shoes, tv's and clothes... :helpme

The current recession and housing b.s. has sparked Americans to pay off credit cards... I don't remember what the average cc debt was now, but I do remember it's dropping.

Clearly, Americans got the message.... maybe some twisted method would work, but I still wouldn't ever support them totally forgiving it.

How exactly did they default on the student loans? Student loans are not discharge-able in bankruptcy. They have to be paid no matter what, just like taxes. No way of getting out of them.

They may be behind on payments, but they did not get out of the loans.

Stupidest idea I've heard in years...

Nah that's when the government steps up and gives everyone a huge bonus just for being American.

They're low life's that viewed the loans as free money. When she lived with me they tracked her down but she just ignored all correspondence.

.

I still owe money on my college loan, so, um.... I'll sign up.

All done!

The "student loan industry" is basically the banking industry, the loans are bundled and sold/resold over and over just like real estate paper. They hope you never pay it off because the interest keeps accruing as penalties multiply.

They are non-dischargeable in bankruptcy, while IBill fucks can declare bankruptcy and then
start over.
Student loans are taken by people who otherwise can't get an education (not the children of the wealthy) so the negative effect is skewed.

Making them dischargeable under regulated circumstance just makes sense.

I disagree. What makes sense is having the monies paid directly to the educators not the students. This would stop a lot of the abuse and limit the loans to education vs living expenses.

As far as having the loans dischargeable under bankruptcy laws any student worth his education would know to declare bankruptcy soon after getting the loan. Big deal if your credit is a mess when you're 23-25 years old if you get to start your career debt free.

Funding would dry up quickly.

.

they shouldnt forgive them, they should allow one 5 yr freeze. That you can only do once during the life of the loan. You got some kid out of school with a mountain of school loans and can only find work at starbucks for now. Its not going to get paid. things will get better then unfreeze and payments can start. We wont get in to the scam schools that rat fuck these students and there is close to no gov regulation on it.

http://www.pbs.org/wgbh/pages/frontl...llegeinc/view/
it will make u physically ill. They are fucking people with the promise of a better life.

This is a good example of how there are two sets of rules for different groups in this country. A few weeks ago on Bill Maher he had a Tea Party guy on who said that this country has socialism for the very poor and socialism for the very rich and those in the middle are left to fight it out in a warped, fucked up version of capitalism.

I can form a company, convince a bank to loan me money to start a business and then run that business into the ground and bankrupt it. I can then bankrupt the company and walk away from the debt. All the while my personal assets will never be in jeopardy.

However, if I take out a student loan that loan balance is with me for life no matter what circumstances may occur. Not to mention the fact that I will likely repay 4-5 times or more than I borrow.

Maybe this makes me sound like a tin foil hat wearer, but I have started to think that the cost of education keeps going up because our leadership wants good, controlled, in debt worker bees who aren't going to do too much too change the status quot. If you get out of college, get married, have a kid or two and settle down you have some serious debt so you need the job you have. You won't make too many waves for fear of losing what you have.

If you are young, debt free and have a positive cash flow you are trouble waiting to happen for a politician.

This is a fair idea. Or allow for a restructure of the debt so that the interest rate is very very low and the payments are very small.

I have a friend that got out of college and the job he was able to get wouldn't allow him to live and pay back his student loan at the same time. they restructured his loan to lower the payment, but now the total he will pay back is obscene. He borrowed a total of 60K. When it is all said and done he will pay back almost 400K.

That's what I mean by 'regulated circumstance'.
That would be one of them. A buffer period for example.

You almost have to allow for living expenses of some sort in a student loan. If you are going to a university and taking a full time class load you will have very little time to get a job to pay for food and other living expenses. Sure, people will take advantage of it and abuse it, but a lot of students do it so they can buy food, pay for gas for their car and be able to focus on getting good grades and learning as much as possible.

The main problem is how expensive it is to get a degree. A friend of mine's son just started his freshman year. He is getting the state resident discount. After tuition, dorm costs, books and fees it is almost 22K per year. His parents have told him they will send him some extra money for food and other stuff so best case scenario for him is that he will come out of this 88K in debt. That seems crazy to me.

Are you sure about that?

I have a corp. I can't just run around willy nilly and spend money that I don't have, declare bankruptcy, and then stroll off into the sunset. I am still held responsible.

I realize that it happens, but there's a little more to it than that.

And as for those who worked and saved their money, investing it in the institutions that made the loans? The people who actually worked for it just get fucked out of their money?

If your business is incorporated and it fails you can declare bankruptcy. If the business goes out of business the creditors will take any and all assets the business has, but as long as you set it up correctly they will not be able to touch your personal assets.

Now I may have overstated things in one area. If you personally do something that is considered reckless and causes the downfall of the company creditors or other investors/shareholders could sue you personally, but they would have to prove that whatever you did caused the destruction of the company.

Business wise, almost all lines of credits at banks today have a personal guarantee on them now. Bankrupting the company doesn't clear that debt, it transfers it to you, personally. If you are married, they can take the money from either of you as well, directly from your check, before you get paid, legally, even if the other person never owned the company. The way around this is collateral, which again, they take if you default.

Adding to that: Point being, they wont let you bankrupt shit anymore unless you are truly bankrupt, even personally. If you can pay it personally, a judge just transfers the debt to you, even b2b owed money.

never
 

This will never happen, it sets a precedent which could never be reversed.

Not to mention, this guarantees the enslavement of 1000's of people. That leaves them with less people to worry about enslaving.

It's pointless to consider either possibility since neither would ever realistically happen, but let's look:

1. If student loans were forgiven, what do you think the money would be spent on? Not much different than what CC-forgiven debt money would be spent on.

2. This is just a guess but considering the higher interest rates on CCs than on student loans, forgiving CC debt would ultimately pump more into the economy as there'd be less money being wasted on interest.

3. Let's say there'd be 2 possibilities with discharging CC debt: Those CCs are then closed, or those CCs remain open. If they are closed, then it finally gets a bunch of people off of spending outside their means. If they remain open, then yes the debt could be built back up, but look at all the spending that could happen.

Anyways, most of that is devil's advocate talking - neither would ever happen. Perhaps a "mortgage holiday" as someone mentioned could be possible, which I think would be better given how many people are ridiculously in debt and how foreclosures aren't really sought after by banks especially in underwater situations. Who knows.