By Lori Harfenist
According to a new report by the Wall Street Journal, 7 million Americans are flat-out refusing to pay back their student loans because they feel scammed by their universities and government. They feel like they were told to go to school and are now left with worthless degrees, no jobs, and no prospects for the future. The government has tried many tactics to reach these defaulters, but their efforts have been fruitless for over a year.
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Aahhhhh ha! They don’t have too!!!
Student Loans are Indorsed in Blank and Are Uncollectable
According to the Federal Register, student loans are securitized
which means that student loans were sold or are pooled with other
student loans endorsed into a trust. These trusts are called asset
backed securities.
Just like the homeowners who have been bamboozled…it’s nothing but a scam. Legal instruments authenticate ownership and outlined rights of both buyer and seller, but when banks resort to fabrication and forgery to create the illusion of ownership the entire system breaks down.We recognize the long history and complex nature of the act of corruption, bribery, and fraud in government and among corporations. Corruption destroys the economy, faith in government and an individual’s freedom and right to due process.
Fannie Mae, in cahoots w/bank of america, (or as they prefer in their falsified assignments: fka Countrywide), KNOWINGLY LIED to the District Attorneys about modifications in regards to their ponzi scheme loans , and instead underhandedly, bundled up the loans AGAIN, but not before forging owner’s signatures on DOT’s and adding falsified stamped “ta-da” endorsements, fabricated assignments and then handed them over to other 3rd parties(Green Tree aka Ditech, Everbank, etc), who then handed the fabricated documents over to their handy dandy substitute trustee (oxymoron there) attorneys who have been and STILL ARE skipping to the courthouses across the country and turning in their fabricated evidence to foreclose on thousands of homeowners, who were NOTHING , but bamboozled from the start. But it’s ok because evil bank of america dished out anywhere from $300-$2000 per homeowner a few years ago as their hush hush punishment.
Then the games began…lies about modifications, lies about trial payments, lies about lost modification applications….all to stall and then bundle them up again with the newfound forgeries and falsifications. But it’s ok because after Fannie Mae(hiding behind their handy dandy substitute trustees) kicks the defrauded homeowners to the curb, they’ll make up for it by selling the home to minorities or small time investors. Sorta like if a child molester rapes a child and then on the way home stops by the candy store to buy a gumball for a kid on the street. How pathetically evil!
. Anyone who believes the wall street bailout ended in 2008 is sadly and sorely mistaken.
sounds like the CDOs that blew up AIG in 2008
Thank you for this info. My loan was sold several times and one company tacked on $43,000 – the original debt was only $16,000. With 8% interest (which you can’t change) that $16,000 is now $117,000. Now I’m 61 and will never be able to repay it.
Refused? Haha! More like broke and incapable of paying! Let’s go magical economy that works with no production or productivity!
Idiots, no one FORCED them go to college….everyone loves free money until the bill is due.
Cry me a river morons. The ironic thing is government got them into debt, by allowing everyone loans, now these pansies, want the same government to give them a solution. I got news for you fools, you won’t like what they come up with. Why would you ask the same people who created the problem, to come up with a solution? It’s like asking a rapist to do it all over again. LOL
While it certainly is the individuals responsibility, what kind of nation, society, whatever, allows its weak to be preyed upon, by its strongest and expects to survive?
There is a growing list of countries who’ve tried this, most of them no longer exist. Given the current situation, America may be added to that list soon.
The government is not legitimate but you still signed the loans, asking for more hand outs from the government is not the right answer. People are so short sighted and ignorant.
I’m not asking for a thing personally, wouldn’t attend college with bill gates’ money, just my preference.
Still seeing as how it requires the participation of “people” in order for society to work correctly, I figure society won’t last long. Should be fun seeing a new regime of either Mexican, Russian, Chinese, and or Canadian descent be implemented in America.. Seeing as how Americans problems are not Americans problems… At least judging by your statement.
Wrong…..The current culture in the USA until recently when the naive became wise to the fact that the required College Degree was necessary to obtain a decent paying job…but now it is a fallacy because there are no college jobs to be had for Americans only foreign workers. Thanks to this administration and the Democrat Party and the traitors in Corporate America who are hiring the illegal and the foreigner….However, before you gloat some more, you may find that your turn is next….The Democrats will not stop until every American is groveling on their knees for crumbs and that includes the trades.
Why do you suppose the government has become our worst enemy taking from American citizens and giving to a new brand of migrants? Why do you think a country would do this to those who made the country great….who fought and died for the country and who paid taxes all their lives so that we could be FREE?????? You had better get off the couch and start PAYING ATTENTION!
And you’re the same idiots who will be blaming them for not going to college when they can’t find a job… Republicans spew nothing but empty shame.
Where did all the corporate America jobs go? Yup! China, Turkey, Indonesia, India….just to name a few! Sound like the New World Order/globalization? If you say, “Yes!” you are paying attention! ONLY BUY MADE IN AMERICA FOR NOW UNTIL ONLY THE ILLEGALS AND FOREIGNERS ARE WORKING AND ALL AMERICANS ARE ON THE UNEMPLOYMENT LINE. Boycott those companies that sent their manufacturing abroad…CHECK THE LABELS!!!!! Help save this country before you find yourself drowning in Communism!
Drowning in communism? I’m pretty sure our jobs went to China because it’s more profitable for capitalism…. And where do we buy made in American goods? NOTHING is made here anymore…
Take the time to read the labels. Online search will help you find articles made in USA. Then, there is a site called, “Made in the USA that you can check out. Hillary Clinton is for globalization and open borders besides the killing of innocent babies int heir mother’s womb…..so….vote for Trump who says that he will bring the jobs back here.
So that means trump will bring his shoe line back from China? Lol. Don’t count on it. “American wages are too high” his words. He’s nuts.
Good for them, now if everyone will stop filling income tax, we might be able to get our constitution back.
Best advice I have heard all day…stop funding the criminals who are wolves in sheeps clothing.
And I’ve seen an article where their talking about “debter’s jail” coming, when it come’s to those….hope they can fit 7 million people in there.
I thought we got rid of those in the 1700s? Are we seriously going back to medieval serfdom?
We’re being set up for an inflationary depression, so it’s going the opposite way as far as debt goes. That’s why the US federal student loan system has re-tooled to drastically lower student loan payments and find ways to discharge loan debt outright. The Catholic pope (the Vatican is NWO) called for a world wide debt debt jubilee (wiping out all debts) a little over a year ago and now the Obama administration and the banking elites are saying we need more inflation and both want to see entitlement payouts (welfare, social security, etc.) substantially increase.
The government can take some federal benefit payments (including Social Security retirement benefits and Social Security disability benefits, but not Supplemental Security Income) as reimbursement for student loans.
The government cannot take any amount that would leave you with benefits less than $9,000 per year or $750 per month. And, it cannot take more than 15% of your total benefit.
The government and private lenders can sue you to collect defaulted student loans. Unlike other debts, there is no time limit on suing to collect student loans — you can be sued indefinitely.
Lucky for us there won’t be a US government as we know it by the time they could collect from retirement. Climate change will burn the world before the banks can burn us.
You can’t pay with what you don’t have. Period.
Cant get blood out of a stone!
Let’s all stop paying taxes, of course there will be no more money for food stamps, free housing….
Good for them? Anyone that thinks what they are doing is the right thing to do is nuts. These people had no problem signing up for the loans and taking the money. There is NO GUARANTEES in life. There are no guarantees that just because you go to college you are going to get a good job. Instead of taking the hand out you should have worked your way through college like most of us did many years ago. The reason college is so expensive is BECAUSE of these loans. Colleges can charge whatever they want because they know the government is going to pay the rate. STOP all college loan programs, work for your college education and you will see the tuition rates plummet. Back before the federal government was invoked college everywhere was very affordable. So suck it you little whiners. Pay back your debt or get your wages attached for non-payment just like the rest of you.
Fraud is the reason. Anyone can setup a degree mill, even run one out of the truck of their car. Govt approves any and all without vetting.
High schoolers usually have no problem taking out a $30k loan, especially when their school counselors, parents, teachers, etc. tell them that it’s their only chance for success in life, and that they should do it even if they haven’t picked a major.
How many real adults would take out a $30k loan for school before picking a major?
Kids will get the loans if they’re able to. Like you said, colleges will charge whatever knowing that the govt will pay the rate. Sounds like the recipe for a great scam.
Get out of your ivory tower and get real, Ms Bracken. Wake up to reality.
No guarantees except for the capitalists and their outsourced goon squads that are the police and military. They’re always guaranteed to get what they neither worked for nor earned.
Correction: Student loan programs are under the control of Lynn Blodgett et al who is the hired head of the international cabal that is in control of nearly every part of the USA and government now from local to federal since the COUP OF 2002 when Congress defunded any budget for internal audits or criminal investigations of government contractors as the SEC was also defunded from unraveling a maze of shell companies and illegal secret deal partnerships that got the contracts as all levels of government began to near totally contract out the real government.leaving those in the government with no authority to act. Then Congress gave themselves a self imposed unconstitutional gag rule to not mention, contact or ask one to testify and most never knew they voted in the COUP of 2002 and most now have no idea that the info they get from the real govt to base lass on is only what the cabal wishes them to know as nothing van be verified. This cabal illegally will say they are the government agency or employee and are not, as the real government still is audited and can be arrested for criminal acts. Massive thefts, deaths, and loss of rights and livelihoods has and is going on and CONGRESS REFUSES TO ACT. THIS IS WHAT THE CAMPAIGN IS ALL ABOUT, THEY JUST WORD IT DIFFERENTLY. Linda Joy Adams
The univ. do scam them. I spent 18 years working at one and put my daughter thru all four years. They still tried to charge a higher rate.Her and her husband both could not find jobs after graduation in there chosen field.
Judging by your poor command of the language, you didn’t actually attend the university, you just worked there.
You need to go back and practice more
—– Original Message —–
From: Disqus
To: [email protected]
Sent: Wednesday, August 10, 2016 10:52 AM
Subject: Re: Comment on 7 million Americans flat out refuse to pay back student loans
“Judging by your poor command of the language, you didn’t actually attend the university, you just worked there.” Settings
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joey (Guest):
Judging by your poor command of the language, you didn’t actually attend the university, you just worked there.
10:52 a.m., Wednesday Aug. 10 | Other comments by joey
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joey’s comment is in reply to carpkiller:
The univ. do scam them. I spent 18 years working at one and put my daughter thru all four years. They still tried to charge …
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‘”I spent 18 years working at one”
your a genius!
The loans from my school loans are transferred from bank to bank to bank have increased the interest so that no one paying the nominal amount will ever get their loans paid back. This was by design. I believe in paying back debts no matter how stupid the lender be! But, 30 years later, I found I was relinquished from my loan balance (600 bucks left a decade ago) because I was disabled. I didn’t know about the disability stuff and with only 600 left I KNOW they knew exactly what they were doing. They now owe ME thousands back and hello? Have I heard a word? So lame. One way street, and the lenders or those that have purchased these loans over and over again are standing on eggshells. One only is accountable to the institution they originally signed contracts with in theory. Not collection agencies or other institutions that purchased these school loans. Few understand this but even so these superficial lenders can make one miserable. Everywhere is a bit different, circumstances are a bit different but to stop paying on school loans (very specific description) is not a good idea! If one goes bankrupt, school loans are exempt. Talk with an accountant, preferably one that is not federal, state…just private.
Here’s a handy tip: if you pay $5 per month, that will keep you from defaulting and trust me, you don’t want to default, they really nail you then. Voice of experience here. I was told this by one of the companies which my debt was sold to on the QT by an employee who felt sorry for those with student loans.
Buyer remorse……
i not paying mine either
These are 7 million idiots who graduated with useless degrees. Liberals arts, gay studies, cultural awareness garbage.. all essentially nothing you can get a job in. No, they should not be let off the hook. Those are our tax dollars. Chase them down to the ends of the Earth. Otherwise, they’ll keep afloat this idea there’s that free lunch in society.
Reminds me of that line from the movie Tombstone when Ringo says in Latin “Eventis sultorum magister”, which translates to experience is the teacher of fools. A bit harsh, but some of it applies…
Hey moron, not every one who has student loans, majored in liberal arts.
If their degree wasn’t worthless, they’d be able to find work and repay the money they borrowed. Welcome to reality.
That isn’t how reality works… Unless it is your own twisted reality you are thinking of since you have no practical experience with other loans and what exactly they were for.
Since I have no practical experience? I paid off my car loan and am paying off my mortgage. I entered those contracts on my own free will and fully expect to complete them.
If I borrow money, I’m expected to and expect to pay it back. So, what was your statement all about?
Why should they repay the debt when the US has the petrodollar, just print what you need.
LOL, that’s what comes down to….for now, anyway.
And the band played on…
The degree is worthless, it is not real knowledge only re hashed crap, besides they will be no jobs for them anyway. Yet if they were given real knowledge which would help change to world for the better. The world has been dumbed down so much over the years, that we now have most of society, acting like drones. Real knowledge is power, power to free your selves from misery but they don’t want you to be free, they want you in debt from birth to death. The evil system has to be destroyed and the quicker the better and all of those who are a part of it, Yes good for them the mindless governments can’t provide a proper knowledge based system for their people, yet it can find billions to fund Terror and mindless wars. Every one should leave the country and go to Russia or live in China or India as these are countries that are advancing so fast I am sure they would find a good opportunity. I myself for the past 4 years have been stuck in a back ward western country where all my dreams have been destroyed. But I will not give up hope here the country is being taken over by China and it serves them right as they have got what they deserve I just hope I am out of the county when the whites are kicked out.
I’m one of these 7 million, and I’m fine.
I took out a loan 10 years ago, and aside from a tax return getting garnished I haven’t paid a penny.
It’s forced me to work as a contractor and pay taxes via 1099’s, since my tax returns and wages would be garnished. But working as a contractor has turned out to be great, I love the lifestyle.
My choices have been a much better alternative than paying back the loan. So many of my peers are struggling and stressing over it. I’ve been able to travel and live my life freely, and had I been paying off the loan I would’ve been stuck worrying about it.
If you’re considering not paying it back – great. Learn a trade (or learn to code) and make your own money. Live your own life. Forget about the bullshit.
Adults shouldn’t be talking high schoolers into taking out loans.
The next economic “bubble” to explode. No worries, via Congress and El Capitan’ Obama, we, the indentured serfs, will pay the bill. “Bailout”…it’s what you do when your boat sinks.
Good luck with not paying that back. When the government took over the student loans from banks — which all the students largely cheered — it became the purview of the IRS. That taskmaster; the one who will hound you forever, plus attach your wages.
So these kids think the Government/University “scammed” them yet they want more socialism.
Arrest every one of them. Total lack of personal responsibility. That signature on the loan papers means your well aware of the repayment due. Scum, low life scum.
student loan debt does not fall under the fair debt collection act….so you can not include it in any form of bankruptcy…if you have a job (over the table) or a bank account YOU WILL BE GARNISHED period…no exceptions including being on disability or S.S.
In 2008, I researched Barack Hussein Obama and found that he is a Communist, an atheist, sympathetic towards Islam, a homosexual with a made up story of a marriage to Michelle who is a transgender by the name of Michael and the children are adopted and there are no records of his birth in the USA…..Still even though I sent this out to many asking them to forward the info on…They still voted for the fraud. WE GET WHAT WE DESERVE AND IT LOOKS LIKE WE ARE GOING TO GET WORSE IF THE SAME IGNORANT PEOPLE GO TO THE POLLS REPEATING THE SAME MISTAKES OVER AND OVER AGAIN. God, if you are still in love with us and are watching, please help us!
My advice to all you deceived Americans who struggled through College and Graduate studies which was required for a decent job and find that there are NO JOBS, DON’T PAY THE TAB… The bankers will get another bail out and those working will pay the tab! WELCOME TO THE NEW AMERICA, FOREIGNERS!
Don’t fret hillarys gonna make education free,
Since they cannot get us to work until retirement, then just die within the year, they promise us “better jobs” if we just take out loans and go to college. Then they garnish our wages when we cannot pay them all quickly enough. They give a lot of opportunity for deferments and forbearance just to rack up more interest to take from us. The entire state college system has become a bank scam.
They weren’t even paying for College… they were paying for the 5 Star Living Accommodations.. the Swimming Pools, Tennis Courts, Beer Pong, Orgies et al….
A “College Degree” is no longer a “Diploma”…. it’s just Receipt!!!
“Your sorry asss owes the REAL AMERICAN WORKER’S/TAX PAYERS X Amount of Dollars for paying for your 4/6/8 Year Vacation and Spending Spree!!!”