the truth about student loans

[screwsalliemaedebt]

I think everyone here needs to detach emotionally from your credit report. You will be fine without credit. Also work for yourself and have control of your money.

[carpetburn23]

If you are contemplating taking out student loans and have any type of felony on your record, DO NOT DO IT. You will have very few job offers and be in debt forever.

[bigrel12]

we must think outside the box to pay off our student loans. My wife and I have over $63,000 in student loan debts. We decided to ask people for help.

thestudentloanmarathon . com

[Quixotepr]

Was the purpose of the student loans to get our people educated so USA can compete in this tough capitalistic world, or was their purpose so that companies like Sallie Mae profit obscenely from people who wanted to be productive? Yes, it is tax payers money, but we cloth, feed, and house criminals in penitentiaries at about 60k a year and nobody complaints. The government is responsible to get its talented people educated, if not then the lack of professionals in the future will be our demise.

[tswagg504]

I should have just started selling drugs out of high school

[edchaos2]

MrSlacker. seems to be an old hippie communist. ever wonder why they call them hippies? The term hippie is short for hypocrite...

[MrOldSlacker]

Why is it that every video on youtube concerning Sallie Mae is like an ex-Scientologist telling people to run for their lives if approached by that cult?

Could it be that Sallie Mae is a SCAM? Could it be that CEO Albert Lord is taking your hard earned money and building an 18 hole golf course with it?

Ah,preditory capitalism! Fuck your friends, kill your parents and have a nice day.

[mg200442000]

I pay 1,200 dollars per month and Sallie Mae still continues to ruin my credit with delinquent accounts that do not exist. Thanks Sallie !!!

[sfordgg]

sallies a prostitute and gives lousy head

[Jessecraft1954]

I think the government is so wrong to give free college educations to prisoners who have taken so much from society, even murdering several people and yet, the government can`t seem to give them enough things for free, free room and board, free clothes, free cablevision, free gyms to play in, free healthcare, free college degrees and many people in prisons do not contribute anything to pay for anything while in prison. This is a crime. Prison system or reward system?

[carpetburn23]

@Jessecraft1954 I agree with you completely. I also see that the government in this case the judicial system just like many government agencies, are not in the business of being fair. They are in the business of making more senseless policies and laws to be able to keep their jobs, through revenue. Anybody that does not support it, by not getting into trouble is the enemy to their system.

[PurrGrrl]

We had a brief time in the US--50s, 60s& 70s--of prosperity in w/there was more social mobility. Poor/lower middle class folks cd rise up the ladder by working hard, getting an education, etc. But now things've changed& we're reverting back to the way most societies have been & still R thru out the world--classist/racist/sexist. That is, we've become a society in w/most Amers stay in same socioeconomic scale as R parents--or worse &quality of life's been deteriorating since 70s. Wake up!

[PurrGrrl]

Edchaos, what I'm trying to say is that right now--as opposed to 1960s--ppl are required to get licensed or have spec training in many fields b4 they can get those jobs. Maybe used to be one cd be a self-taught engineer--not true anymore. Regulations require spec licensing, degrees, etc. I too am very good at what I do but it doesn't matter. I nd connections, money, etc. in order to break in. Wish it weren't that way but it has been that way thru out most of history.

[applyforstudentloan]

Loans are a complex topic. Many people are just not familiar with all the terms and technical aspects involved in the loan process.  It can be very confusing to try to figure out what loan is the best loan. When it comes to student loans it can be almost a hassle to try to figure out exactly what terms, conditions and costs are for each loan you may be offered

[4merCIA]

And stop worrying so much about your college loans. Fuck them, if they're stupid enough to loan money 2 students 4 studying crap like Black History or anything else in which they know that there are no jobs,then THEY are at fault also 4 making irresponsible loans,just like the banks loaning money to people who can't afford their homes,not just the students.If you don't own any assets and don't have a verifiable income-they can't do anything 2 u except get a court judgement they can't collect.

[4merCIA]

My fellow college professors couldn't use

they're=they are

their=plural possessive pronoun

there=demonstrative pronoun?

correctly in a sentence, EVER!They didn't know the difference between are and our! American education,take it from an ex-prof-is worthless compared to what you can do on your own.Thomas Edison didn't go to public schools and look what he did,Bill Gates dropped out of college and so did Steve Jobs (McIntosh).Most of our scientists are from other countries-don't waste your time.

[spikefivefivefive]

What do you expect from a community college?

[4merCIA]

Your government is fucking up your life. They brainwash you into studying for example, computers 4 years 2 get a degree. When you graduate you're heavily in debt-then the (excuse my worthless 10 years of college education)fucking sonsofbitches allow the computer jobs to all be transfered overseas 2 foreign countries such as Communist China!Top of all this,when I was teaching in college in Indiana,the fucking Dean told me I HAD 2 give passing grades 2 blacks or my contracts wouldn't be renewed!

[spikefivefivefive]

That's why you take into consideration the macroeconomic picture before you decide on a major. That's supposed to be what Guidance Counselors are paid to know and explain.

[PurrGrrl]

Yes, but that can change @any time. I've met lots of ppl who had more "practical" majors but still can't find a job in their field 'cause after they grad from college the economy chngs. Besides, not everyone is suited 4 the same kind of work. You just can't major in something & try to enter a field because it fits the macroeconomic picture. If you're not good @that kind of work then just getting a degree in something u don't like/aren't good at just prepares u for something u can't do anyway.

[edchaos2]

PurrGrrl you seem to understand nothing. My Major was my life. I am very good at what i do. My work was good enough for Sony Pictures to steal it, even though it's copyrighted. Thier comments back to be were it will be cheaper to settle in court that to make you an offer.

[4merCIA]

To Blazillian: I've taught n colleges overseas n n the US 4 20 years w/3 USELESS degrees from American colleges that r only interested n making money,especially from the poor class of Americans who don't have parents that can tell them the truths about how 2 succeed.You're right that hemiacetal structure bonding is extremely complicated but r u serious when u say that it can't be learned on your own,or without obtaining a degree?If colleges would serve as "guides" in our learning,..(cont.below)

[spikefivefivefive]

While I'm in the same boat as many of the people here, there is something misleading in the video. A social security entitlement like "disability" can never be garnished. That is the only circumstance under which a student loan can be discharged with bankruptcy. I guess my experience with SM wasn't really that bad at compared to some of the others

[edchaos2]

only disability can get you out of student loans, and only those who have terminal cancer. If you are missing a limb, youre gonna pay. The depiction is sarcastic, and should have been clear to anyone with student loans.

[foundationandempire]

music and the pictures, for some reason, reminded me of the movie, soylent green. Anyone else is intimately familiar with that film walk away feeling the same?

[4merCIA]

As a former college instructor in the US, I tell you, you are studying your asses off,working for every point you can get on exams and at the same time your instructors are giving passing grades to blacks in order 2 keep their jobs! Blacks at my college threatened professors often that if they didn't get a passing grade they would give the teacher a bad "teacher evaluation" when the course was over or even sue the college 4 discrimination! You're studying your asses off n they're not doing shit!

[southbobby]

Well 4merCIA this is a unfair world.People are paying out the ass for school for little and sometimes no reward. I guess you were the guy that got threatened.hehehehe

[4merCIA]

Your government is fucking up your life. They brainwash you into studying for example, computers 4 years 2 get a degree. When you graduate you're heavily in debt-then the (excuse my worthless 10 years of college education)fucking sonsofbitches allow the computer jobs to all be transfered overseas 2 foreign countries such as Communist China!Top of all this,when I was teaching in college in Indiana,the fucking Dean told me I HAD 2 give passing grades 2 blacks or my contracts wouldn't be renewed!

[waverly2468]

I'm not sure what's worse--the Nigerian money transfer scam or the student loan racket in the U.S.

[edchaos2]

student loans are packaged in bundles and sold off to investors at high risk. They keep getting sold. they are making a killing at our expense. The intrest rates are trivial compared to how much they charge every time its sold.

[Latressa2]

My student loan for law school has reached $135,000. Of course, I did not borrow that much. The interest and fees are killing me. I have estimated that I will be 75 years old before I pay it off.

[Rockynurse]

should have thought of that before law school! The job market for lawyers is pretty sad right now. Unless ur ivy league or just very smart and lucky u won't b able to own a house or a nice car for a very long time.

[Latressa2]

I own a home and car. Thank you

[Rockynurse]

LOL u don't own it if ur in debt it owns u! Couple Q's how many years left is there on that home mortgage?

[4merCIA]

Then why don't you DO SOMETHING USEFUL with your law degree and HELP THESE PEOPLE WHO ARE HAVING ALL THIS FUCKING TROUBLE WITH SALLIE MAE!? Why the hell is it that lawyers only think about the money and NEVER about doing something worthwhile in society for their fellow countrymen?

[vwlf]

We must do away with private student loans and let student loan debt be dischargable through bankruptcy once again; these people have no right to steal our lives.

[edchaos2]

you can thank Bill Clinton for the no-discharge law.

[vwlf]

Yes, I know, I don't support corporatist politicians like the clintons or Obama; I vote green. The democratic majority in congress also recently voted down an amendment on the recent higher education bill that would have reinstated bankruptcy (albeit the mangled, 2005 form of bankruptcy) for private student loans. They disgust me.

[TonicEnergy]

Tell me what you think, i have right now a total of $80,000 in student loan debt that includes everything (housing, interest, tuition) How is it possible for soneone to end up paying 40k and have only borrowed less than $10,000? My interest rate from Sallie Mae is %8.25. I'm really really scared......

[edchaos2]

what they dont tell you is they sell your loans, and everytime they sell it they add 25% on the principal plus interest. I barrowed 7500 dollars and still owe 20,000 15yrs later. which is the reason I posted this video.

[TonicEnergy]

I remember that a Payment Plan of up to 30 years exist for those whom are interested in taking that long. Now that you say this, if anyone at all were to do that, it must be suicide, because the loan will NEVER be paid off in that time if 7500 goes to 20k in just 15 years. Imagine $80k! Unless that person makes 100k a year minimum, a 30 year plan is unrealistic. Am i understanding this correctly? :(

[Rockynurse]

After u miss a few payments ur credit line will be effected for years to come! Don't try to run back to spain! IF u do and come back to the US the IRS will arrest u!

[TonicEnergy]

I'm scared a shit, really really scared Rockynurse! I will be graduating with a bachelors of fine arts in 3d animation/visual effects in 2009. After graduation salaries, having a demo reel, is about 50,000 lowest to 80,000 with no prior experience. 5 years after that i should be able to be around 80k with Titles (film or games) that i've worked on. That the most realistic figure i can tell you. How about these elaborate payment plans, for like 20 years? 100k in 20yrs is about $500 a month.

[Rockynurse]

Yah 80k? ur screwed buddy u won't own a house for a decade or so after graduation if ur lucky

[TonicEnergy]

Yes, I am not kiding I have that much student loan debt, however, my passion is for 3D Animation/Compositing and Visual Effects within the film or game industry; and this education is EXPENSIVE, anywhere in the country, i have NO choice but to pay what's on the price tag. If i don't like it, find another career. I shall not! :D I'm more likely than not going to live in an apartment near work, maybe a car, since i want to travel, i don't need to but a house. What are your thoughts at this point?

[Rockynurse]

LOL if u go bankrupt then it won't own a car or a house or nething! Wat is the starting salary ur gonna get for ur major? How can u afford to pay 1200 buxx a month and still pay rent and travel HA u won't have the $! Im an accounting major and if u come out with 100k debt making wat the average college grad does ur screwed!

U Know the loan company can confiscate ur income tax return so the IRS goes after u? U know u can't get a home loan that costs more than 25% of ur monthly income?

[kosovo101]

you could always work a part time job and learn shit on your own then do your own shit. and if you are the shit then someone will pay you. school is for lazy assholes.

[heirloomtomatoella]

but school does tend to broaden one's vocabulary so they don't need to rely on cussing every other word to get their point across

[kosovo101]

sorry im not from your gay world!! i dont need school, im self employed and own my own business. So ill cuss as much as i like fuck off! p.s. this is the internet!!!

[Blazillian]

Try showing up at a biotechnical corporation and telling them that you taught yourself the bonding properties of hemiacetal structures.

More than anything, college is an opportunity for maturation in the presence of one's peers. There are a number of differences in the mentalities of the educated versus the uneducated that are unnecessary.

When I spend ten hours in a lab studying, and you call me a "lazy asshole," I get more than a little offended.

Have fun running your McDonalds, man.

[4merCIA]

To Blazillian::...In other countries they concentrate on the courses the students need 2 do the job at hand n the professors actually try 2 help the students learn instead of deliberately trying 2 fail many students so that there will not be too many graduates n a certain field.Many students don't really show their capabilities until they get older n aren't thinking 99% of the time about sex.Look how many foreigners r developing new products n techniques every year.N just look at theUS HS's now!

[4merCIA]

To Blazillian:rather than dictating that we take dozens of useless courses which r designed 2 do nothing more than drag out the time we have 2 spend 2 get a degree so that they can make more money n keep a legion of antiquated liberal arts courses as prerequisites 4 a degree which requires only technical education-we would produce graduates who are able to "think" n invent nstead of just memorizing 4 the sake of passing a test.

[edchaos2]

MY cousin taught himself areonautical engineering and now works for Boeing as head engineer for the new joint strike fighter.

[4merCIA]

Great! Just remember how many famous people have become known all over the world for their work,and they learned it in informal situations.Some of the best computer geeks,learned it all on their own with help from friends and the Internet.

[PurrGrrl]

Problem today is there's so much govt regulation over that--must have a license, certificate, degree or permit that requires expensive college classes to have been taken in order to enter many fields, but by the time you've graduated there might not be any jobs in that field. Technology's increasing rapidly and fields with job opportunities are changing so fast that one cd spend money going to school then graduate to find they nd to go back again & just study something else.

[spikefivefivefive]

Caveat Emptor

[babsie1952]

I tend to disagree, school is where I heard the most cussing and manners are not learned at school especially today.

[INOSH22]

Profanity is the inevitable linguistic crutch of the inarticulate motherfucker.

—Bruce Sherrod

[spikefivefivefive]

who want to learn new vocabulary

[4merCIA]

Who "want"? Try the 3rd person singular of "want", i.e. "wants" - you MUST be a college graduate evidently.

[spikefivefivefive]

It was a fragment in response to someone elses's comment.

Notice the lack of a period.

That's amusing criticism from somone who uses the number "2" as a prepostion and doesn't know how to punctuate correctly.

[TonicEnergy]

Yes, I am not kiding I have that much student loan debt, however, my passion is for 3D Animation/Compositing and Visual Effects within the film or game industry; and this education is EXPENSIVE, anywhere in the country, i have NO choice but to pay what's on the price tag. If i don't like it, find another career. I shall not! :D I'm more likely than not going to live in an apartment near work, maybe a car, since i want to travel, i don't need to but a house. What are your thoughts at this point?