The Student Debt Problem Is Worse Than We Imagined • Hacker News Board

Re: The Student Debt Problem Is Worse Than We Imagined

#371

Post by RandomInteger4 » Fri, Aug 31, 2018, 2:17 AM UTC

whatshisface wrote: post #345

RandomInteger4 wrote: post #342

Earlier quoted context omitted.

I'm honestly siting here flabbergasted -- almost in shock -- at the shear delusion on display that I just had to read. Like, this comment obviously goes against the terms of hacker news, but I can't come up with a response that addresses the nonsense you've just laid forth. There is no fraud when someone can't pay back their student loans. Bankruptcy isn't fraud. Bankruptcy isn't paid for with interest. Bankruptcy is…

> There is no fraud when someone can't pay back their student loans. The fraud happened when they signed a bunch of kids up on 200k degree plans, under the false pretenses that it would be worth it. It was clear from the start that many of these degrees could not possibly make back their cost, but in the end a bunch of young people fell prey to the information assymetry. That's the premise of the discussion - because…

The people suffering from student loan debt are not merely those who went into majors that you shit on you ignorant asshole.

Re: The Student Debt Problem Is Worse Than We Imagined

#372

Post by TomMarius » Fri, Aug 31, 2018, 1:46 PM UTC

thatjsguy wrote: post #47

drcode wrote: post #34

Earlier quoted context omitted.

I must say, as someone who made quite a few sacrifices to pay off my school debt, I'll be pretty miffed if less responsible people from my same generation get a break on their loans.

Somebody getting a break doesn’t bring you down, it just brings them up. I’m sorry you had to pay off your loans. I’m paying about $100,000 myself. But even if I didn’t get amnesty, I’d rather not have one more graduate who, like me, has sincerely considered whether simply being dead would be easier to deal with. And there are a lot of people like that. I’d rather be in debt forever if it means that subsequent multit…

It definitely does bring him down, as he could've pursued more opportunities/experiences/etc, but didn't. Something like "lost profits".

Re: The Student Debt Problem Is Worse Than We Imagined

#373

Post by gamechangr » Wed, Sep 05, 2018, 5:49 PM UTC

harryh wrote: post #365

gamechangr wrote: post #363

Earlier quoted context omitted.

I can see your math, but actually it was nothing like that (but I didn't realize the extra info would be interesting to anyone - my fault). I should have given more information, now it sounds a bit misleading, but it's incredibly frustrating that corporations get away with this. It was a 2.5% loan that balloons up to 6% loan after two missed payments, but that's not the confusing part. Interesting loophole, when he w…

Accruing penalties when you fail to make payments is typical for almost any kind of loan. It is also totally normal for penalties to be paid before principal. I'm really not sure what your complaint is.

I did not expect for the interest rate to double with two missed payments. (yes there were low at 2.5% ).

I did not expect to be financially responsible for the entirety of the loan - but not be allowed to know if it is current or behind.

I did not expect that when an interest rate is capped for student loans, that there is an unlimited and compounding penalties that you are again - responsible for - but not allowed to know if you are in good standing.

Every other loan that you owe - they have to tell you what you owe and what the terms are. Not co-signing though

Re: The Student Debt Problem Is Worse Than We Imagined

#374

Post by harryh » Wed, Sep 05, 2018, 6:55 PM UTC

gamechangr wrote: post #373

harryh wrote: post #365

Earlier quoted context omitted.

Accruing penalties when you fail to make payments is typical for almost any kind of loan. It is also totally normal for penalties to be paid before principal. I'm really not sure what your complaint is.

I did not expect for the interest rate to double with two missed payments. (yes there were low at 2.5% ). I did not expect to be financially responsible for the entirety of the loan - but not be allowed to know if it is current or behind. I did not expect that when an interest rate is capped for student loans, that there is an unlimited and compounding penalties that you are again - responsible for - but not allowed…

They have to do that for student loans too. Even if you're co-signing.

You should go back and look at the document you signed. It's a contract just like anything else and if your counter-party doesn't abide by the terms then you have grounds to get out of the contract.