Being murdered is no reason to forgive student loan, New Jersey agency says
- Thread starter scarletjimmy
- Start date
The parent co signed for the loan which made they responsible. The federal student loans were written off but not the NJ loan. He had to go to an expensive out of state college Univ of Vermont. The parent only has to pay $180 a month which she could handle.
The second student took out $188,000 student loan. The federal and state of NJ should never have been given them such a large student loans. They both sign the papers as co signers. They are also going after retirees social security checks if their kids don't pay their loans.
They could have brought insurance to cover these types of incidents.
The second student took out $188,000 student loan. The federal and state of NJ should never have been given them such a large student loans. They both sign the papers as co signers. They are also going after retirees social security checks if their kids don't pay their loans.
They could have brought insurance to cover these types of incidents.
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If you borrowed money you have to pay it back. Dead or alive.
Co-signed.
F*ck you. Pay me. (You know the movie)
Seriously though. I am sick and tired of people bitching and moaning about student loans.
NO ONE FORCED YOU TO TAKE OUT THE LOAN.
NO WHERE DOES IT STATE A UNIVERSITY GAURANTEES YOU A JOB (they provide guidance how to obtain knowledge, nothing more)
TAKE RESPONSIBILITY FOR YOUR LIFE. Many people make me sick today. And the rise of the millennials, told they are perfect by their 1990s parents, its only going to get worse.
(Fixed the spelling. Typing one handed on my back. Major shoulder surgery)
F*ck you. Pay me. (You know the movie)
Seriously though. I am sick and tired of people bitching and moaning about student loans.
NO ONE FORCED YOU TO TAKE OUT THE LOAN.
NO WHERE DOES IT STATE A UNIVERSITY GAURANTEES YOU A JOB (they provide guidance how to obtain knowledge, nothing more)
TAKE RESPONSIBILITY FOR YOUR LIFE. Many people make me sick today. And the rise of the millennials, told they are perfect by their 1990s parents, its only going to get worse.
(Fixed the spelling. Typing one handed on my back. Major shoulder surgery)
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Unfortunately some school's financial aid personnel weren't either that sharp or all they cared about was enrolling students and not carefully pointing out the relevance and obligations of debt. And a bigger problem is the rates the banks are charging with no way to refinance.
I have a relative who is encumbered with a loan at 6 1/2% and is unable to refinance. She is paying her debt regularly but it's sad when current borrowing rates are at least close to or near half of that. There is no way students should be permitted to run up student loan debts of $100,000+.....and there are many young people and families burdened with obligations like this who did not fully understand what they got themselves into. Poor counseling!
I have a relative who is encumbered with a loan at 6 1/2% and is unable to refinance. She is paying her debt regularly but it's sad when current borrowing rates are at least close to or near half of that. There is no way students should be permitted to run up student loan debts of $100,000+.....and there are many young people and families burdened with obligations like this who did not fully understand what they got themselves into. Poor counseling!
Make the loans dischargeable in bankruptcy, then students can just pull a Trump.
Yeah keep kicking the can down the road...
Is accountability really too much to ask?
I would never co-sign a loan -- student, car, whatever -- for my kid. No one co-signed loans for me but that's a side point. These parents today aren't very bright.
[QUOTE="RU62, post: 2103690, member: 680
I have a relative who is encumbered with a loan at 6 1/2% and is unable to refinance. She is paying her debt regularly but it's sad when current borrowing rates are at least close to or near half of that. ![/QUOTE]
Loans that have no asset backing them (ie Student loans) are completely different than many other loans that are asset backed (ie mortgage). Therefore the rate is different. Rates of student loans are higher because of the higher level of financial risk that the lender encumbers. What rate would you seek from an 18 year old with no assets? Certainly significantly higher than a married couple with established jobs, somewhat reliable income, and a house that the bank would own in case of a default, right?
I have a relative who is encumbered with a loan at 6 1/2% and is unable to refinance. She is paying her debt regularly but it's sad when current borrowing rates are at least close to or near half of that. ![/QUOTE]
Loans that have no asset backing them (ie Student loans) are completely different than many other loans that are asset backed (ie mortgage). Therefore the rate is different. Rates of student loans are higher because of the higher level of financial risk that the lender encumbers. What rate would you seek from an 18 year old with no assets? Certainly significantly higher than a married couple with established jobs, somewhat reliable income, and a house that the bank would own in case of a default, right?
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LOL. But seriously, there should be an exemption in the case of death or incapacity.
Reality is that if the murdered were a foreign national, our legislature would be motivated to legislate such an exemption.
Very true.
If we want college costs to go down, student loans need to be reduced and limited more, not increased. Whenever a 3rd party gets involved in the payment process, costs skyrocket (e.g., health care). The desire to allow every kid to go to any college of their choice really screwed up the system. Good job government.
Dealt with this company myself on behalf of my daughter. Wife and I decided to pay interest while she was still in school. At one point, the bill kept going up. Spare everyone all of the details, but was essentially told that if the loan was prepaid, the interest gets paid FIRST. My next question was, "so if I paid it off tomorrow, you would still get all of the interest?" I was told, yes. I told them that bordered on loan shark territory. So, I think it goes beyond aggressive Wall Street, LOL.
Long story short, my daughter will NEVER do business with this agency again. Lots of other places to get loans, if needed.
I guess some folks here really have bought in to the idea that many parents have financial savvy and buy into all of the BS financial aid packages that schools put together. To me the problem often lies with the schools and especially private and so called trade or specialty schools. I agree with the statement that the bank risks are higher because of no collateral backing up the loans. Probably a better way is thru a home equity loan but in many cases the borrowers do not own a home or have little if any equity in their property. The student loan situation is a mess snd is only made worse by the theory being sold to parents and students that a college or post secondary eduction is the way to succeed in life. Add in the factors that many young people attending post secondary schools would do better just joining the work forcetitle or even that high schools are often failing in their role etc and you have the root of the problem.
It's interesting to note how many of our parents succeeded in life or even ourselves without a college education or running up big post secondary debt. And then there are those who are scamming the system, not going to class etc which then affects the borrowing rate and who do not care about any future credit rating or obligations. So in the end decent people suffer.
It's interesting to note how many of our parents succeeded in life or even ourselves without a college education or running up big post secondary debt. And then there are those who are scamming the system, not going to class etc which then affects the borrowing rate and who do not care about any future credit rating or obligations. So in the end decent people suffer.
Why do we want everyone to have a college education? We don't have enough jobs for the current college graduates. If there is no demand, why increase supply? The additional students are mainly students that can't get into the public colleges or better school and I assume lower grades in HS.
Because the rest of the world is doing it. Yes, we need plumbers and electricians and all that. However, we need a large college educated work force to compete with the world. It would be a pretty big problem if all the big new innovations started coming from other countries.
A friend of mine's daughter just graduated from GW. Every since she got into GW he's been bitching-and-moaning about the price of the school. I said "you know you didn't HAVE to apply there and she doesn't HAVE to go there" back when she was senior in HS. But, I got the "well, her friends are going, I don't want to limit her, etc." My response was "you don't HAVE to complain about every time I see you because it was your choice". His daughter got a job making $22,000 and she has to live in DC, which will cost about $22,000. I told him I graduated Rutgers 28 years ago and I had a higher starting salary 28 years ago than his daughter has today. So, the point is that parents contribute to a lot of stupid decisions.
There are way too many high cost private colleges that are truly a waste of money. If a school isn't better that RU or the state's RU equivalent, why spend more? Hey, I love private K-12 schools and you get what you pay for. But unless a private college has ivy on the walls or something close to it, RU is the best choice.
Also, any major that ends in "studies" to is a joke and qualifies you for nothing, except grad school. Parents need to be careful with managing which schools their kids go to and what majors they study. Otherwise, you get kids with crazy debt making barely above minimum wage.
George Washington Univ is a nice school but at the annual cost of $62,000 a year. That's about $250,000 after graduation which I'm sure she has $150k in loan making $22k a year.
She can make some extra money working as an escort in D.C. if she's pretty enough. How the hell do you live on $22k in D.C.? I lived there and it's as expensive as NYC metro area.
The New Jersey parent that can afford it, fine, send your kid out of state. That means to me that your household income is at least $150,000 or you expect your kid to carry a substantial student loan. They shouldn't have to carry more than a $40k loan. If not, let them go to a public college in state.
For many, 2 years at a CC and 2 years at RU is the right choice (and one that will never limit you).
The problem with this "agency" is that they operate like a private company within the confines of the government and use state power to collect on the loans. BTW this is no different than how the family courts in NJ work regarding alimony and child support. If I only knew as a 23 year old man what I know today about what a racket the family courts are I would have never have gotten married. I have no problem paying child support but because they lump it together with alimony so the state can collect the federal Title IV D money on the full amount(illegal). The state is only supposed to collect on the child support amount. The state will garnish your paycheck 100%(also illegal). issue warrants for your arrest, suspend your drivers license, and throw you into jail because you cannot pay. Most of the men who get the worst part of deal are the poor and lower classes.
This is what a racket NJ's government is today. They want your money and they will use whatever state power necessary to get it.
Remember the famous quote,
"First they came for the Socialists, and I did not speak out—
Because I was not a Socialist.
Then they came for the Trade Unionists, and I did not speak out—
Because I was not a Trade Unionist.
Then they came for the Jews, and I did not speak out—
Because I was not a Jew.
Then they came for me—and there was no one left to speak for me. ”
The longer our complacent citizens continue to let government power go unchecked the harder it will be to unwind it when finally the government goes to far. We are getting to the point where our government is harming people not helping them. Time to kick the whole group of them out and start fresh.
This is what a racket NJ's government is today. They want your money and they will use whatever state power necessary to get it.
Remember the famous quote,
"First they came for the Socialists, and I did not speak out—
Because I was not a Socialist.
Then they came for the Trade Unionists, and I did not speak out—
Because I was not a Trade Unionist.
Then they came for the Jews, and I did not speak out—
Because I was not a Jew.
Then they came for me—and there was no one left to speak for me. ”
The longer our complacent citizens continue to let government power go unchecked the harder it will be to unwind it when finally the government goes to far. We are getting to the point where our government is harming people not helping them. Time to kick the whole group of them out and start fresh.
Unfortunately, Rutgers really isn't that cheap anymore. To really get a bargain you have to do two years at CC and then transfer.
Co-sign means that if the person can no longer pay , it is now up to the person who co-sign to pay off the loan. It is pretty straight forward.
Now in this case, if the person who co-signs dies, then the load is forgiven.
If no one co-signed, and the person dies, then the loan is automatically forgiven. The family wouldn't get stuck with it as long as no one co-signed.
This is typically how it works.
Now in this case, if the person who co-signs dies, then the load is forgiven.
If no one co-signed, and the person dies, then the loan is automatically forgiven. The family wouldn't get stuck with it as long as no one co-signed.
This is typically how it works.
Mother is a Brazilian immigrant who works as a housekeeper. More recently married, but knew even with the combined incomes, college would be difficult to afford. I have an idea: rather than send your kid in-state for $15k in tuition (or less) per year, let's let him go to UVM where tuition for out-of-staters is $37k. Makes perfect sense, but is typical thinking for so many dumba$$ NJ residents with college-age kids. She doesn't want responsibility for this loan, despite co-signing for it, but wants the NJ taxpayer to eat it. Sorry for your loss, but you eat it.
Though I suspect she'll declare bankruptcy and John Q. Taxpayer will have to pony up the cash eventually anyhow.
Though I suspect she'll declare bankruptcy and John Q. Taxpayer will have to pony up the cash eventually anyhow.
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I agree, but those still cost money.
Sallie Mae tried to tell me I graduated law school in April and was in default when my payment period had never begun. I literally had to get the government to write to them to explain how moronic that was.
Many people have successfully sued banks for wrongful foreclosures and illegal mortgage practices. The student loan industry makes the mortgage industry look like a beacon of ethics.
Are Trump and others who declare bankruptcy time again accountable?
It seems to me if Trump doesn't have to pay hundreds of vendors who built the Taj Mahal, mom shouldn't have any obligations to pay for her dead child's college. Trump has a casino, what will mom do with the degree, stick it on her own resume?
Why is it that any schmo off the street can run up a credit card debt and be forgiven, which society has no issue with, but try to get an education and improve yourself, and punish not only that person but also his parents?
I agree that not everyone should go to college ... and a lot of folks that aren't academically inclined, are more trade-oriented and/or are aiming straight at a career that doesn't require college don't go to college.
On the other hand, there are hordes of kids that graduate high school with no idea what they want to do. Outside of those who are truly terrible at academics, college is still the smartest, most logical path. They don't know what they want to do, so they're not going to get a jump on an alternative career path. And so many jobs require a college degree, why would they not do everything in their power to pursue a degree?
College gives you a chance to experiment with different subjects, figure out what you ultimately want to do and get marketable skills on your way to earning the mandatory degree.
If you finish HS and are clueless as to what to do next, CC might be the best path. Get at least an associate degree on the cheap and then decide what you want to do after that.
4 year colleges are just too expensive nowadays to fumble around for years without a major.
IMHO
4 year colleges are just too expensive nowadays to fumble around for years without a major.
IMHO
