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Student Debt Giant Navient to Borrowers: You’re on Your Own

bloomberg.com

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Re: Student Debt Giant Navient to Borrowers: You’re on Your Own

#41

Post by theseatoms »

metaphorm wrote: post #24
techsupporter wrote: post #4

> There is no expectation that the servicer will act in the interest of the consumer... Navient says its public statements encouraging borrowers to contact the company didn’t mean it would act in their best interest. So, pardon in advance for the vulgar language, but why the fuck is this OK? From any company? I'm getting real damn sick and tired of "what the big print gives, the spidery print takes away" and how we'r…

> So, pardon in advance for the vulgar language, but why the fuck is this OK? From any company? shareholder capitalism. they have zero accountability except to their shareholders.

They're also accountable to the legal system.

Re: Student Debt Giant Navient to Borrowers: You’re on Your Own

#42

Post by ikeboy »

>“What this means for the Education Department is that it needs to fire Navient,” Bergeron said. “Damn the costs.”

This is literally how costs go up. "OMG we need this, damn the costs" "OMG why does everything cost so much, why is the debt so high?"

Re: Student Debt Giant Navient to Borrowers: You’re on Your Own

#43

Post by jmcphers »

hkmurakami wrote: post #25
paulpauper wrote: post #17

Earlier quoted context omitted.

IMHO, reality paints a sightly more optimistic picture...the average debt per graduate is $30,000--about the price of a new car, but as measured by wages, a degree gains value (this is because since 2009 wages for grads have seen much stronger growth than wages for non-grads) http://greyenlightenment.com/is-college-a-big-waste-of-time-... I read stories on Reddit about grads who have debt but are also making decent 5…

It would be helpful (though very difficult) if we could isolate the branding/signaling value of certain colleges from the education/training value of colleges, to ascertain the nature of the return on investment value that is being derived from colleges or varying statures, locations, etc. "What we are buying" through 4 years of college seems to be getting less and less clear to me, and the administrators are very mu…

The Department of Education has stats on the average salary after graduation at many institutions (realize this is only a weak proxy for the signals you want, but is at least correlated). You can play with, and download, their data here:

https://collegescorecard.ed.gov/

Re: Student Debt Giant Navient to Borrowers: You’re on Your Own

#45

Post by metaphorm »

theseatoms wrote: post #41
metaphorm wrote: post #24

Earlier quoted context omitted.

> So, pardon in advance for the vulgar language, but why the fuck is this OK? From any company? shareholder capitalism. they have zero accountability except to their shareholders.

They're also accountable to the legal system.

just barely. to be held legally accountable an injured party has to file suit, litigate the case (long and expensive), and win a judgment that will be a large enough quantity of money to force the company to not just break the law in the same way again because it was profitable to do so.

Re: Student Debt Giant Navient to Borrowers: You’re on Your Own

#46

Post by alistproducer2 »

Student loan money is awesome. Go to a state school, pay for school with PELL grants and working. Take the loan money and bank/invest/refinance stuff with it. The interest doesn't start accruing until after graduation so until then it's free money. The worst thing you can do with it is actually pay for school with it, especially an expensive private school for a degree with uncertain job prospects.

Re: Student Debt Giant Navient to Borrowers: You’re on Your Own

#47

Post by joshkpeterson »

techsupporter wrote: post #4

> There is no expectation that the servicer will act in the interest of the consumer... Navient says its public statements encouraging borrowers to contact the company didn’t mean it would act in their best interest. So, pardon in advance for the vulgar language, but why the fuck is this OK? From any company? I'm getting real damn sick and tired of "what the big print gives, the spidery print takes away" and how we'r…

Insult to injury - I currently have loans serviced by Navient, but I didn't choose them. Originally they were directly from the government but the government sold them to Navient so now I'm stuck with Navient. I had no say in the matter.

Re: Student Debt Giant Navient to Borrowers: You’re on Your Own

#48

Post by danmaz74 »

adventured wrote: post #27
paulpauper wrote: post #17

Earlier quoted context omitted.

IMHO, reality paints a sightly more optimistic picture...the average debt per graduate is $30,000--about the price of a new car, but as measured by wages, a degree gains value (this is because since 2009 wages for grads have seen much stronger growth than wages for non-grads) http://greyenlightenment.com/is-college-a-big-waste-of-time-... I read stories on Reddit about grads who have debt but are also making decent 5…

The median student debt is a lot more interesting, it's much lower than $30,000. The median of all outstanding student debt is around $14,000 today (for households that have any student debt). The median debt for individuals that went to public universities is closer to $10,000. The average is massively skewed by the top few percentage of all borrowers that have taken on almost unfathomable loans.

What's interesting here is the average or median debt of just-graduated students though; counting those who already repaid almost all their debts isn't meaningful.

Re: Student Debt Giant Navient to Borrowers: You’re on Your Own

#49

Post by qbrass »

rco8786 wrote: post #35
noonespecial wrote: post #9

Earlier quoted context omitted.

>I'm getting real damn sick and tired of "what the big print gives, the spidery print takes away" I propose "the bigger the print, the stronger the statement". Therefore, if you make one claim in 24 point and then attempt to rescind or modify it in 8 point, the 24 is legally binding because it was larger and so nullified the smaller. This also means that if you want to place limitations (like 'one per customer' etc)…

Brilliant idea

You can bury things just as easily in a stack of single page sized letters.

Re: Student Debt Giant Navient to Borrowers: You’re on Your Own

#50

Post by cbennett »

dominotw wrote: post #39
cbennett wrote: post #31

Earlier quoted context omitted.

> shareholder capitalism. they have zero accountability except to their shareholders. Random thought that just came to mind. Have coalition of debt holders (borrowers ) ever considered buying stock in these companies to influence them in the form of another company that is jointly owned or invested in by thousands or tens of thousands of folks? Eg, mass activism campaign launches request for everyone to invest X% of…

people who can do this are benefitting from the way current things are setup. Why would they cut the branch they are sitting on.

Target market would not be folks already massively invested in these stocks. Target market would be student loan debtors who have comfortable jobs and salaries north of 50k.

Apps like Robinhood have opened the ability for folks earning even less than 50k , to comfortably invest.

Many tens of thousands may be interested; there could be a bigger market opportunity than you think.

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