Financial Information
Default: the Student Loan Documentary
government debt consolidation loans
Default: The Student Loan Documentary is a feature-length documentary chronicling the stories of borrowers from different backgrounds affected by the private student lending industry and their struggles to change the system. In 2005 private student loans were exempted of ALL consumer protections. No matter when their loans were taken, many borrowers now find themselves in a paralyzing predicament of repaying two, three or multiple times the original amount borrowed, with no bankruptcy protection, no cap on fees and penalties and no recourse to the law. The consequences are dire, with stories of borrowers in financial and emotional ruin. www.defaultmovie.com A film by Serge Bakalian and Aurora Meneghello
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#6 written by cramsa 1 year ago
This is the fucking future of America… DEPT SLAVERY. They don’t give a shit about your “higher education” in ‘art history’ you got into $50,000 of dept for, or you “women’s studies” degree you “invested” $100,000 from an “ivy leage” school… all they care about is keeping you in dept for as long as possible, to make bigger profits. WAKE UP!
There was a time when students would WORK part time and use cash to pay off school, but costs rise every year, and preditory lendinders feed on people.
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#7 written by cramsa 1 year ago
@1GUNSQUIRREL
But you heard what that fool on TV just said… she was implying that you need a “significant” amount of education to become a “professional photographer.” Propaganda, sounds like she never learned SHIT. It’s one thing for a doctor, scientist etc to require REAL significant amounts of education, it’s another thing to borrow $30,000 to learn art, and end up owing THREE TIMES MORE for that same worthless piece of paper… unlike a medical degree etc.
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#10 written by aceknight8 1 year ago
College life is just borrowed money and borrowed time. I would advise high school grads to go to college…just don’t enroll in classes. Enjoy the college experience without the debt. Sit in on lectures you enjoy for free. Join discussion groups on issues and ideas you care about. No need to pay 20-50k a year for some prof to read off a powerpoint. Work part time,even at near minimum wage at least you keep 100% of your money for you
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#11 written by aceknight8 1 year ago
To survive crippling college debt one has to adopt personal austerity measures. These differ for everyone, but what I’ve had to do is take up “Free sleeping” aka invisible homelessness. This saves me anywhere from 400-700 a month from rent. I moved to the southwest with its mild winters and low humidity. Gym membership is only 30 a month. I pay all of my 400 for student loans and still have hundreds left over.
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#12 written by jvarela965 1 year ago
I exhausted my Stafford loans having taken 2 classes not realizing this. I have one class to go to graduate and cannot take it because cannot afford and the College still wants payment for the 2 unpaid classes. I have come all this way and stuck right before the finish line. All of my loans are in forbearance
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#18 written by ticks4ticks4 1 year ago
@ImNotYourFriend212 Because so-called ‘intelligent’ college students sign a legally binding contract to borrow loans w/o reading the terms of the loan or doing their research! They don’t read/understand the ‘fine print’. They feel a “divine right” to college.
Other problems: 1) many useless degrees exist, leading to no job opportunities (esp. w/ many grads. competing, and no useful experience that employers want;
2) the USA economy;
3) high shool teachers/counselors say “Go to college!”. -
#19 written by ticks4ticks4 1 year ago
@aceknight8 True! (except for federal/state income taxes you pay). Don’t waste money (or borrowed money) on college that leads to no useful job skills, especially in useless degrees that many college grads have.
If interested, consider a trade school or vocational (usu. 2 year) program at a community college. -
#22 written by heartuvgold 1 year ago
@ticks4ticks4 Because of my $2500 loan, I can’t go back to school unless I pay for it myself. I can no longer get any financial aid and if I get a job they will garnashee my check. I am totally and permanently disabled but I want to aquire a trade so I can work for myself. That 2500 has turned into thousands over the years because I wasn’t able to graduate and the school I went to wasn’t accredited and closed down.
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#23 written by heartuvgold 1 year ago
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@prettyproblem16 Good call. I am not exaggerating when I say I learned nearly as much at my CC as I did at my university. I went to a fairly well respected school, earned good grades, and learned next to nothing. I can’t imagine going tens of thousands of dollars into debt, to learn practically nothing, and then going out into one of the most difficult job markets since the great depression.