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Students refuse to pay back loans to failed for-profit college

newyorker.com

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Re: Students refuse to pay back loans to failed for-profit college

#11

Post by Alex3917 »

So basically students enroll in a scam college to trick people into thinking they are well educated, and then complain when the scam is revealed.

What's next, people who scam money from the elderly by pretending to be their grandchildren sue after only getting 25 cents with their birthday cards?

I realize these colleges are also using high pressure sales tactics to trick vulnerable populations into enrolling and then extorting them for money, but at some point people still need to take responsibility for their actions.

Re: Students refuse to pay back loans to failed for-profit college

#12

Post by jschwartzi »

krschultz wrote: post #6
eat wrote: post #3

I always hear people say things like "we don't have debtors prisons in the U.S.". If enough people start doing this, I have a very strong feeling that that will change. As student loans become more of a crisis, we're sure to see more people simply deciding not to pay. What recourse to lenders have if this happens on a large scale?

They can start garnishing your wages, so unless you never want to hold a job again, creditors will get their money.

With Federal loans they can also just take payment directly from your tax returns.

Re: Students refuse to pay back loans to failed for-profit college

#13

Post by kcole16 »

eat wrote: post #3

I always hear people say things like "we don't have debtors prisons in the U.S.". If enough people start doing this, I have a very strong feeling that that will change. As student loans become more of a crisis, we're sure to see more people simply deciding not to pay. What recourse to lenders have if this happens on a large scale?

We don't have debtors prison because it doesn't make any sense as a means of recourse.

If debtors stop paying, lendors will stop lending.

Re: Students refuse to pay back loans to failed for-profit college

#14

Post by Zigurd »

krschultz wrote: post #6
eat wrote: post #3

I always hear people say things like "we don't have debtors prisons in the U.S.". If enough people start doing this, I have a very strong feeling that that will change. As student loans become more of a crisis, we're sure to see more people simply deciding not to pay. What recourse to lenders have if this happens on a large scale?

They can start garnishing your wages, so unless you never want to hold a job again, creditors will get their money.

You can leave the country. Most of the people deeply in debt with degrees or training that won't pay the debt would find, for example, teaching English in China a relatively comfortable living. If you have the imagination to look beyond Europe, finding a gig that's better than debt slavery isn't too difficult.

Re: Students refuse to pay back loans to failed for-profit college

#15

Post by whafro »

mjburgess wrote: post #8
eat wrote: post #3

I always hear people say things like "we don't have debtors prisons in the U.S.". If enough people start doing this, I have a very strong feeling that that will change. As student loans become more of a crisis, we're sure to see more people simply deciding not to pay. What recourse to lenders have if this happens on a large scale?

A debtor's prison isn't much use to creditors.

For an isolated case, that's true. But in the aggregate, as a tool to get debtors to avoid default, that may be a different story.

Re: Students refuse to pay back loans to failed for-profit college

#17

Post by whafro »

vinceguidry wrote: post #7

It's a bit disingenuous to claim that you shouldn't pay back any of the debt incurred in earning your degree because the educational program was worthless when you're still seeking a career in the field requiring that degree. I agree she shouldn't have to pay all of the debt, but surely the degree isn't totally worthless.

Only if the degree is the sole factor in getting the career she desired.

If that's the case, I can send you a degree from WhafroU via PDF for a tidy sum within an hour. Get in touch, folks!

Re: Students refuse to pay back loans to failed for-profit college

#18

Post by [deleted] »

vinceguidry wrote: post #7

It's a bit disingenuous to claim that you shouldn't pay back any of the debt incurred in earning your degree because the educational program was worthless when you're still seeking a career in the field requiring that degree. I agree she shouldn't have to pay all of the debt, but surely the degree isn't totally worthless.

[deleted]

Re: Students refuse to pay back loans to failed for-profit college

#20

Post by vinceguidry »

mattmanser wrote: post #10
vinceguidry wrote: post #7

It's a bit disingenuous to claim that you shouldn't pay back any of the debt incurred in earning your degree because the educational program was worthless when you're still seeking a career in the field requiring that degree. I agree she shouldn't have to pay all of the debt, but surely the degree isn't totally worthless.

She got ripped off by a school, so should now give up her dreams of becoming a nurse. Great argument.

No, she should start a career in whatever field she's best positioned to start one in. Oh is that nursing? I wonder why.
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