Comments on: Should You Walk Away From Your Student Loans? http://www.mint.com/blog/finance-core/should-you-walk-away-from-your-student-loans/ The blog of the free, simple personal finance solution. Track all your spending automatically, find the best deals, save more money. And save the world. Fri, 20 Nov 2009 20:48:42 -0800 http://wordpress.org/?v=2.8.4 hourly 1 By: Greenman1 http://www.mint.com/blog/finance-core/should-you-walk-away-from-your-student-loans/comment-page-1/#comment-42301 Greenman1 Fri, 20 Nov 2009 19:07:05 +0000 http://www.mint.com/blog/?p=3176#comment-42301 This area of the loan industry needs A SERIOUS REGULATORY OVERHAUL. The predatory practices of the student loan industry puts people in financial perl very early in life, and many sign up for way more than they bargained for. The banks want the loans (government guaranteed, the colleges want the money, and everyone is saying that once you have your degree "you'll be fine". There is no relief for people who come under financial hardship, at all. Corporate America has an easier time negotiating or walking away from their debt. My wife, after paying her loans on time for years, ran into financial hardship and now her loan has BALLOONED, been sold off and you cannot follow the money trail for any kind of reasonable recourse. I really hope the current administration cleans up this part of the bank loan system, they really do prey on the young, weak and financially naive. Mint, are you listing? Help us out! We need fresh thinking in this area. This area of the loan industry needs A SERIOUS REGULATORY OVERHAUL. The predatory practices of the student loan industry puts people in financial perl very early in life, and many sign up for way more than they bargained for. The banks want the loans (government guaranteed, the colleges want the money, and everyone is saying that once you have your degree “you’ll be fine”. There is no relief for people who come under financial hardship, at all. Corporate America has an easier time negotiating or walking away from their debt. My wife, after paying her loans on time for years, ran into financial hardship and now her loan has BALLOONED, been sold off and you cannot follow the money trail for any kind of reasonable recourse. I really hope the current administration cleans up this part of the bank loan system, they really do prey on the young, weak and financially naive. Mint, are you listing? Help us out! We need fresh thinking in this area. ]]> By: Kristalin http://www.mint.com/blog/finance-core/should-you-walk-away-from-your-student-loans/comment-page-1/#comment-41016 Kristalin Sat, 24 Oct 2009 15:36:42 +0000 http://www.mint.com/blog/?p=3176#comment-41016 I don't know the exact numbers, but there are plenty of kids in college who had little to no parental involvement. In my case my parents didn't have the money, and never put pressure on e to go to college. So when the time came I was pretty much on my own. They never did the walk throughs, or parent's night, or anything. I had to beg them just for the tax info, and then apply for their fafsa pin myself. Many people don't realize this, but a big portion of today's college students are going at it alone. And yes, we don't really understand what we are signing into until its done. I don’t know the exact numbers, but there are plenty of kids in college who had little to no parental involvement. In my case my parents didn’t have the money, and never put pressure on e to go to college. So when the time came I was pretty much on my own. They never did the walk throughs, or parent’s night, or anything. I had to beg them just for the tax info, and then apply for their fafsa pin myself. Many people don’t realize this, but a big portion of today’s college students are going at it alone. And yes, we don’t really understand what we are signing into until its done. ]]> By: Jared http://www.mint.com/blog/finance-core/should-you-walk-away-from-your-student-loans/comment-page-1/#comment-39907 Jared Wed, 14 Oct 2009 04:43:15 +0000 http://www.mint.com/blog/?p=3176#comment-39907 I am a student that has no help from his parents who has taken out student loans. Its pretty simple to get into college when you've worked for it and you really want to go. Maybe parents aren't always the helping hand, sometimes they're the ones who aren't in a position to lend support so I end up doing things on my own. Loans are a bad idea. I knew that going in, but sometimes there is no other choice. I knew that it was either I went to college on my own or spend the rest of my life asking, "Would you like fries with that?" I am a student that has no help from his parents who has taken out student loans. Its pretty simple to get into college when you’ve worked for it and you really want to go. Maybe parents aren’t always the helping hand, sometimes they’re the ones who aren’t in a position to lend support so I end up doing things on my own. Loans are a bad idea. I knew that going in, but sometimes there is no other choice. I knew that it was either I went to college on my own or spend the rest of my life asking, “Would you like fries with that?” ]]> By: letitgo http://www.mint.com/blog/finance-core/should-you-walk-away-from-your-student-loans/comment-page-1/#comment-39327 letitgo Fri, 09 Oct 2009 20:26:38 +0000 http://www.mint.com/blog/?p=3176#comment-39327 Consolidation loans aren't always a bad deal. I consolidated a few years ago and locked my rate at 4.75. Interest rates have gone up since then, so it worked for me. I did the "go to community college because it's cheaper" route for 10 years while I worked full time, started a family, etc. If I hadn't taken out student loans, I couldn't have finished the undergraduate degree. Once I signed those papers, there was no way I WASN'T going to finish. No, the degree didn't give me a dream job making a fortune, but it has improved my income and given me more opportunities, which is all I expected a degree to do. Yes, I will be paying for that degree for the next ten years. That's what I signed up for, that's what I got. That's why it's called a loan and not a gift. Consolidation loans aren’t always a bad deal. I consolidated a few years ago and locked my rate at 4.75. Interest rates have gone up since then, so it worked for me. I did the “go to community college because it’s cheaper” route for 10 years while I worked full time, started a family, etc. If I hadn’t taken out student loans, I couldn’t have finished the undergraduate degree. Once I signed those papers, there was no way I WASN’T going to finish. No, the degree didn’t give me a dream job making a fortune, but it has improved my income and given me more opportunities, which is all I expected a degree to do. Yes, I will be paying for that degree for the next ten years. That’s what I signed up for, that’s what I got. That’s why it’s called a loan and not a gift. ]]> By: Evgeniy http://www.mint.com/blog/finance-core/should-you-walk-away-from-your-student-loans/comment-page-1/#comment-39016 Evgeniy Thu, 08 Oct 2009 06:12:55 +0000 http://www.mint.com/blog/?p=3176#comment-39016 I agree with you. Student loans are not for the poor. I agree with you. Student loans are not for the poor. ]]> By: g http://www.mint.com/blog/finance-core/should-you-walk-away-from-your-student-loans/comment-page-1/#comment-38895 g Wed, 07 Oct 2009 18:35:54 +0000 http://www.mint.com/blog/?p=3176#comment-38895 how does this comment even help anyone? all you did was bash both sides of the coin the well to do and the poor kids with no parents. not everyone has a high horse to sit on jeff. lets not send kids to college so all the blacks and hispanics can keep doing all the cheap labor and support my college going ass... only the silver spoons can go to college i mean we are the only ones smart enough to deserve it. you are the reason why it can be difficult to live well in a america. its your fault alone. i hope your kids get caught up with loans and you have to bail them out. then maybe you will remember the stupid unforgivable comment you left for people to read. how does this comment even help anyone? all you did was bash both sides of the coin the well to do and the poor kids with no parents. not everyone has a high horse to sit on jeff. lets not send kids to college so all the blacks and hispanics can keep doing all the cheap labor and support my college going ass… only the silver spoons can go to college i mean we are the only ones smart enough to deserve it. you are the reason why it can be difficult to live well in a america. its your fault alone. i hope your kids get caught up with loans and you have to bail them out. then maybe you will remember the stupid unforgivable comment you left for people to read. ]]> By: Anonymous http://www.mint.com/blog/finance-core/should-you-walk-away-from-your-student-loans/comment-page-1/#comment-37800 Anonymous Tue, 22 Sep 2009 20:07:52 +0000 http://www.mint.com/blog/?p=3176#comment-37800 I agree. In hindsight, if you can't pay for school without loans and won't get a good job from it, what good was the degree, anyway? It's time for the Universities to feel the pinch when people quit going. Then maybe the people in the US Senate will do something for the students that is more than a temporary fix to make a name for themselves. I agree.

In hindsight, if you can’t pay for school without loans and won’t get a good job from it, what good was the degree, anyway? It’s time for the Universities to feel the pinch when people quit going. Then maybe the people in the US Senate will do something for the students that is more than a temporary fix to make a name for themselves.

]]> By: Anonymous http://www.mint.com/blog/finance-core/should-you-walk-away-from-your-student-loans/comment-page-1/#comment-37797 Anonymous Tue, 22 Sep 2009 19:58:39 +0000 http://www.mint.com/blog/?p=3176#comment-37797 Not everything drops off your credit report after a year. Student loans is an exception, I believe. Not everything drops off your credit report after a year. Student loans is an exception, I believe. ]]> By: Slavery today http://www.mint.com/blog/finance-core/should-you-walk-away-from-your-student-loans/comment-page-1/#comment-36304 Slavery today Wed, 02 Sep 2009 19:27:33 +0000 http://www.mint.com/blog/?p=3176#comment-36304 America the great is in a sorry state of disrepair. Student loans are a FORM OF SLAVERY. The public has been brain washed into thinking that if they don't attend college, you will not be successful. Student loans in them selves are a form of hardship and only upon death the debtor will be able to get rid of this debt. It is amazing to realized that the US government is more up to forgiving a foreign debt than to forget one of it's citizens student loans. European countries such as Germany, provide free university and college to it's citizens. The problem with student loans is an muted echo to health care issues affecting the US today. Debt by means of student loans and high health cost is in it self destroying the very fabric in which this great country was founded on. The fact that no one has even realized is that their right to privacy and constitutional rights has and will continued to be violated by this companies. Continual harassments, treats and intimidation are unfortunate reminders that we have been lied to. One never ops not to pay your debt because you want to, you don't pay because you just plain can't. What ever happen to liberty and justice for all? Peace of mind is something debtors don't EVER have. I wounder how many people have killed themselves because of this issue and their death have been forgotten in mounts of government paper work. Liberty and justice to us all? America the great is in a sorry state of disrepair. Student loans are a FORM OF SLAVERY. The public has been brain washed into thinking that if they don’t attend college, you will not be successful. Student loans in them selves are a form of hardship and only upon death the debtor will be able to get rid of this debt. It is amazing to realized that the US government is more up to forgiving a foreign debt than to forget one of it’s citizens student loans. European countries such as Germany, provide free university and college to it’s citizens. The problem with student loans is an muted echo to health care issues affecting the US today. Debt by means of student loans and high health cost is in it self destroying the very fabric in which this great country was founded on. The fact that no one has even realized is that their right to privacy and constitutional rights has and will continued to be violated by this companies. Continual harassments, treats and intimidation are unfortunate reminders that we have been lied to. One never ops not to pay your debt because you want to, you don’t pay because you just plain can’t. What ever happen to liberty and justice for all? Peace of mind is something debtors don’t EVER have. I wounder how many people have killed themselves because of this issue and their death have been forgotten in mounts of government paper work. Liberty and justice to us all? ]]> By: Powered by Tofu http://www.mint.com/blog/finance-core/should-you-walk-away-from-your-student-loans/comment-page-1/#comment-31612 Powered by Tofu Tue, 26 May 2009 20:06:39 +0000 http://www.mint.com/blog/?p=3176#comment-31612 The title of this post is misleading, since you can't "walk away" from student loans. I'm also a little shocked lately by people acting like they had no idea that they would have to repay their student loans. That's why it's called a LOAN. ;) I'm still paying mine and will be for the next 30 years. But I agreed to it, because it was a trade-off to be able to get an education even though I didn't have family to help me pay for it. The title of this post is misleading, since you can’t “walk away” from student loans. I’m also a little shocked lately by people acting like they had no idea that they would have to repay their student loans. That’s why it’s called a LOAN. ;) I’m still paying mine and will be for the next 30 years. But I agreed to it, because it was a trade-off to be able to get an education even though I didn’t have family to help me pay for it. ]]>