View Full Version : More student loan woes in the news...
When the story came out last year I thought he was home free. Apparently not:
"In 2020, a bankruptcy judge granted Kevin Rosenberg, a Navy veteran, $221,000 in student-loan forgiveness from his undergraduate education and law school. A year later, a federal judge reversed that decision leaving Rosenberg on the hook for his massive debt.
And it comes down to complexities in bankruptcy law that keep many borrowers trapped in student debt.
Lawmakers have been pushing to reform bankruptcy standards for student loan discharges because of how difficult it is to prove enough hardship to qualify for forgiveness, and Rosenberg's original ruling showed some possible hope for debtors who are trying to do the same. But now the case is back to square one."
https://www.yahoo.com/news/judge-stripped-veterans-221-000-163232879.html
They will NEVER be paid back. Student loan forgiveness will at some point be used as leverage to get people to give up their private property.
Why do I want Kevin Rosenberg to get free schooling? I paid for mine, I didn't try to get a law degree because first I couldn't afford it and second I was pretty sure I wasn't cut out for legal jargon and nonsense.
Nobody offered student loans as FREE so nobody really got trapped.
Averageman
10-11-21, 14:17
I went in to the Military to get my College Education. I went nights and Saturdays for years.
I continued to go as a Single Father of an infant. Juggling all of that wasn't easy, but when I graduated it was all free and clear.
Sometimes if something is too easy, you don't understand the value of it
I bet if he spent his summers painting houses or roofing he would be more accountable with his money. You can be an educated dumbass afterall.
There are parents out there who are desperate to get their kid into college despite the costs. Seems that the devil is in the details:
"So he turned to parent PLUS loans to pay for his son's education at George Washington University, and he told Insider the process was "extraordinarily simple."
"I go online, put in a little information and hit submit, and 60 seconds later, there's another $30,000," O'Kelley said. "I got very little information and very little confirmation and I think that's the part that gets me the most. It was too easy, and it shouldn't have been."
Now he has $104,118.60 in student debt with 360 monthly payments to go - each payment about $760 - meaning he will be 88 years old when he finishes paying off his debt, "that is, if I live that long," O'Kelley said."
https://www.yahoo.com/news/meet-57-old-dad-104-100000220.html
The_War_Wagon
10-11-21, 17:07
Judge Smails tells it like it is.
http://youtu.be/eiRGRvE_Wqg
In TN the 2 year community colleges are paid for with very little qualifications other than graduating high school. Do that for two years and then, if you want a 4 year degree, transfer to a 4 year school. But I suppose most CC’s aren’t flashy enough for the entitled generation.
Why do I want Kevin Rosenberg to get free schooling? I paid for mine, I didn't try to get a law degree because first I couldn't afford it and second I was pretty sure I wasn't cut out for legal jargon and nonsense.
Nobody offered student loans as FREE so nobody really got trapped.
Exactly. I look as this student loan scam as a back door way that (at some point) tax payers will pick up the bill for massively over priced college degrees. The whole thing is a big money scam.
There are parents out there who are desperate to get their kid into college despite the costs. Seems that the devil is in the details:
"So he turned to parent PLUS loans to pay for his son's education at George Washington University, and he told Insider the process was "extraordinarily simple."
"I go online, put in a little information and hit submit, and 60 seconds later, there's another $30,000," O'Kelley said. "I got very little information and very little confirmation and I think that's the part that gets me the most. It was too easy, and it shouldn't have been."
Now he has $104,118.60 in student debt with 360 monthly payments to go - each payment about $760 - meaning he will be 88 years old when he finishes paying off his debt, "that is, if I live that long," O'Kelley said."
https://www.yahoo.com/news/meet-57-old-dad-104-100000220.html
And...?
Right now I can finance a new Ferrari...but I know I cannot afford to finance a new Ferrari. I say that to people, some understand and way too many do not.
This is why I did not buy a 500,000 home, it's not that I couldn't qualify...it's because I know I can't afford it. If I can't have that house and get payment forgiveness, nobody should be given a law degree which they can use to buy a 500,000 house.
I feel bad for the guy but F him. We bag on people who don't do sufficient research and end up with a $2,000 garbage AR when they could have got a serious rifle for half that amount. But I'm supposed to lose sleep over a guy who took on 100 grand in student debt but was "tricked"? Sounds like he would have been a shitty lawyer anyway.
80 year old people get scammed by spoof emails that look like legit stuff from their bank simply because they don't have the familiarity they need or the cognitive functions necessary to protect themselves from legit looking but spoofed emails. I'll save my sympathy for them and people like them.
This guy failed to ask questions, read the fine print and run it past a lawyer. He didn't get scammed.
As a home owner for the last 30 in South Florida, believe me the scammers came after me left and right with BS "refinance" offers that were straight up scams at worst or simply really bad deals at best. There is a reason none of them got me, the thing that saved me most was the simple understanding that nobody gives away money for free and and legit lender will be getting a huge return.
People have also failed to understand "student loans" are the new "mortgage." Used to be somebody bought a house for $100,000 and if they paid a standard 30 year the lender eventually got $300,000 in payments. It's a fairly simple 1:3 ratio.
Then the housing market dropped and far too many people were allowed to walk away or get criminal levels of debt forgiveness. So that lending model was applied to student loans, so yeah if you borrow 30,000, you should expect to pay back about three times that much or in this case an extra $10k.
Any potential borrower better have that borrow 1, give back 3 number locked in their head really hard. The other thing they need to know is if you somehow F it up and don't graduate, you still owe. Qualifying for a loan isn't the same as being able to maintain payments.
This is why so many kids (including kids in their 30s and 40s) still live at home with ma and pa. This is why so many of those same kids don't own a car and literally uber everywhere.
If you don't need an XYZ degree in order to get the occupation that you are going after and I mean a real occupation and not a pipe dream job that you really aren't capable of doing, there is no reason to buy that degree. Might as well just start working for a living.
I’m sick and tired of paying for other peoples mistakes and wants.
A lot of kids want to go to college for the "college experience" of socializing and getting acquainted with the human condition. They could save a bundle just by frequenting the local sports bar.
If you don't need an XYZ degree in order to get the occupation that you are going after and I mean a real occupation and not a pipe dream job that you really aren't capable of doing, there is no reason to buy that degree. Might as well just start working for a living.
My 24 yr old son has 2 jobs currently. Neither required any sort of degree.
Tried to explain to him the dangers of student loans but his mom (douchebag) convinced him otherwise... Explained to him many times how much student loan debt his mom ran up so she could get her degree and end up working a field where it was NOT EVEN NEEDED but he would not listen to me.
Now he has a 30k loan to pay back for his piece of paper that he never 'needed' to be able to work at the jobs he is working at now.
I would rub his nose in his stupidity more but I truly believe that deep down he knows I was right all along and he should have listened.
A lot of kids want to go to college for the "college experience" of socializing and getting acquainted with the human condition. They could save a bundle just by frequenting the local sports bar.
Never had to buy the girl from Chemistry class any drinks to get the booty... Or the one from Calculus class, or the one from Civics class, on and on and on... :)
I’m sick and tired of paying for other peoples mistakes and wants.
Welcome to the USA!
Where do you think 99% of your taxes go?! Who cares if it's students or transgender Pakistanis! Or unions or big pharma or industry etc....
There's zero indication anyone in the gov't has the least idea of reducing spending. Left is taking it to a new level but right will do the same. Student loans are just a very visible issue. Did you read the current budget? Wanna bet there's WAY more insane wastes of money!
If you think student loans are bad check out NSF grants! The absolute most ridiculous programs! My graduate advisor was getting several $Million over the course of a few years. Some project to geologically map the Death Valley and Panamint regions. He NEVER put it all together and retired last year! Students got small $1000 stipends a month for doing all the leg work.... Lord knows where that money went! He never published a paper on it. Nothing!
I used to look up on NSF what profs in any department I was in were getting! Absolutely stunning! Ends up most of the faculty on a good program may be decent instructors BUT they are outrageous grant writers! One prof at a university I was at was an ACE! He threatened to split if they didn't hire his wife... She got hired! His work has been on the tectonics of the Andes. How do you feel about a few $Million going to that project? This active project goes back at least 15 years.....Every time I think he's done another trip and another paper published....on the Andes!
A lot of kids want to go to college for the "college experience" of socializing and getting acquainted with the human condition. They could save a bundle just by frequenting the local sports bar.
Is that code for smoking weed and hooking up with coeds?
My 24 yr old son has 2 jobs currently. Neither required any sort of degree.
Tried to explain to him the dangers of student loans but his mom (douchebag) convinced him otherwise... Explained to him many times how much student loan debt his mom ran up so she could get her degree and end up working a field where it was NOT EVEN NEEDED but he would not listen to me.
Now he has a 30k loan to pay back for his piece of paper that he never 'needed' to be able to work at the jobs he is working at now.
I would rub his nose in his stupidity more but I truly believe that deep down he knows I was right all along and he should have listened.
Mom should have been required to co sign. I feel sorry for him BUT somebody (you) even explained it to him and he still signed. 18 is a dangerous age, used to mean you are now responsible for yourself but so many kids have been protected from reality that personal responsibility is almost an alien concept for most (and here I'm generalizing and not talking about your kid).
I'm pretty sure every time he sends a payment he remembers what you told him vs what his mom told him and he probably just doesn't even want to talk about it at all. Hopefully with two jobs he won't be digging out forever.
Welcome to the USA!
Where do you think 99% of your taxes go?! Who cares if it's students or transgender Pakistanis! Or unions or big pharma or industry etc....
There's zero indication anyone in the gov't has the least idea of reducing spending. Left is taking it to a new level but right will do the same. Student loans are just a very visible issue. Did you read the current budget? Wanna bet there's WAY more insane wastes of money!
If you think student loans are bad check out NSF grants! The absolute most ridiculous programs! My graduate advisor was getting several $Million over the course of a few years. Some project to geologically map the Death Valley and Panamint regions. He NEVER put it all together and retired last year! Students got small $1000 stipends a month for doing all the leg work.... Lord knows where that money went! He never published a paper on it. Nothing!
I used to look up on NSF what profs in any department I was in were getting! Absolutely stunning! Ends up most of the faculty on a good program may be decent instructors BUT they are outrageous grant writers! One prof at a university I was at was an ACE! He threatened to split if they didn't hire his wife... She got hired! His work has been on the tectonics of the Andes. How do you feel about a few $Million going to that project? This active project goes back at least 15 years.....Every time I think he's done another trip and another paper published....on the Andes!
Last president who even attempted it was Reagan and they called it voodoo economics. The other problem was while fiscally conservative in many areas he rebuilt our military and waged a spending war with the USSR which ultimately put them out of business and neither effort was cheap so he constantly gets portrayed as a big government / big spender guy. But at least he bought something useful for the money vs. flushing it on complete BS like pretty much every other president before or since.
F*** that dude. I paid my student loan debts off. Then, through hard work, helped pay my wife’s student loan debt off. I’ve lived a life style not depended on debt. So I have no pitty for this dude or anyone else looking for it. Especially when i’m facing a layoff for not submitting to a jab that would do me more harm than good.
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F*** that dude. I paid my student loan debts off. Then, through hard work, helped pay my wife’s student loan debt off. I’ve lived a life style not depended on debt. So I have no pitty for this dude or anyone else looking for it. Especially when i’m facing a layoff for not submitting to a jab that would do me more harm than good.
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When I was seriously broke, my wife (then gf who was living with me) paid off her student loan, for a career that proved to be a dead end and then we bought a car we could afford and a house we could afford when we were able to do so.
That anyone would come crying to me for a handout because they couldn't do what we did, is BS. Live within your means not above it. If anyone is due debt forgiveness it's me because I paid my damn debts, so I'm first in line.
A $50K student loan debt can be paid off in 5 years with a second job that pays $1000 a month. I have a $15 an hour kid in my lumber yard that makes almost that much a month in overtime.
Student loans work fine if teens weren't treated like little kids up until theyre out of college.
Everyone I know who went to college used student loans at some point and all have better jobs and their loans have been paid of long ago while still paying mortgages and everything else. When teens are treated like children they'll behave like children.
Couple examples.
Friend 1. Lived with his parents going to college. Worked night shift so as to not cut into school time. Went to community college up until he had to advance further. All the community college was paid out of pocket. Had to get loans at the University. During college he didn't go out a lot, drove his old car from highschool, lived at home. The first job he got after graduation sucked but he made due. Paying for his own apartment still driving the same car and paying off the college loan. A few years later he gained experience and got a better paying job in the same field at a different company. Bought a modest house. A few years later got more experience, better job, more money. Bought a nicer car. Long story shot he now lives the suburban life stile with a nice house, swimming pool, 2 nice cars, all loans paid off and he was able to be unemployed for close to a year while paying for all his expenses and his wife's college degree at the same time!
Friend 2. Similar situation. Lived with parents, worked nights, went to community college to save money and paid out of pocket. Got loans when it was time to go to the university. Never bought fancy new cars. Nice used car that clean and reliable for around $5k. It could be stick or automatic, 4cyl was fine...I've known him since the late 90s and I can think of 4 cars that he's had the whole time. Got a got job due to his degree. Bought a modest size house and did renovations as time went on. Today the house is almost paid off, the loans have been paid off long ago hes in his early 40s and is getting ready to retire.
As they were growing up their parents treated them like adults. They all had to have jobs and pay their own way. Parents always helped of course but it taught value of work and money. When you know X hours only gets you Y amount youre more careful how you spend it.
And there more. All of them took money (and school) seriously and didn't spend on frivolous things. All went to college for real degrees.... business, education, sciences.. all of them are in their late 30s to early 40s, all have their loans paid off long ago and living in suburbia making excellent money.
College is what you make of it
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Wasn't easy, he was stupid. Glad he's saddled with his obligations. Guess he'll suicide out and that will make the news too.
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