[theluckycountry]

Crackdown On Student Loan Defaulters To Begin With Benefit Seizure, Then Wage Garnishment
$this->bbcode_second_pass_quote('', 'T')he U.S. government will begin seizing federal benefits from 195,000 student loan defaulters in June, with wage garnishment notices set to reach 5.3 million borrowers later this summer, the Education Department announced on May 5, marking the formal restart of involuntary collections after a years-long pause.

[careinke]

$this->bbcode_second_pass_quote('theluckycountry', '[')b]Crackdown On Student Loan Defaulters To Begin With Benefit Seizure, Then Wage Garnishment
$this->bbcode_second_pass_quote('', 'T')he U.S. government will begin seizing federal benefits from 195,000 student loan defaulters in June, with wage garnishment notices set to reach 5.3 million borrowers later this summer, the Education Department announced on May 5, marking the formal restart of involuntary collections after a years-long pause.

[Newfie]

I graduated high school in 1969 and did not go to college, in part, because I could not justify the costs. I was stone broke and so were my parents so it was all a loan and with not guaranteed job at the end it did not make sense to me. I eventually did get a degree using various options but spent a lot of time in night school. Never did take out a loan. Graduated in late 30's.

So I do not get how this whole mess happened, where there no Guidance Counsellors who could do math?

My take is that large portions of Higher Education are a stacked Ponzzi scheme. Not that any ONE party should bear the whole cost of the fiasco but that it should be proportioned out between the Student, the College, and the Lender.

I get that that would make a very messy situation but I don't see the point in not sharing the cost out to all participants.

[theluckycountry]

Whoever is running the universities and colleges are making out like bandits. Here they get tax exemptions, they don't even have to pay land rates/taxes, and mobs like the pharmaceutical industry pour millions into them every year. Then there are the government grants. The lecturers get paid stuff all, I was told that by some of them when I was there, you have to be the Dean of a department or better to get a real salary. Where all the money goes I have no idea, nor do I care. I remember when I went through back in my twenties I was on a very tight income, used to carry a small thermos of coffee to uni in my backpack. One day I was sitting by a building and a couple of delivery trucks backed up. Out of there doors came trolleys of fine food, horderves and fancy canapés, dishes with silver tops that were obviously full of delicious meats etc. It would have cost a fortune and who was it all destined for? The chancellor and the heads of some departments no doubt, entertaining business execs or politicians perhaps?

Seeing it all go past I realized how revolutions start

[theluckycountry]

$this->bbcode_second_pass_quote('careinke', 'W')hen they outlawed student defaults on Federal Loans, I knew it would turn out bad.

[AdamB]

$this->bbcode_second_pass_quote('theluckycountry', ' ')People need to remember who presidents dine with, who their friends are. We all give our friends the heads up.