How the government banker bailout screwed me

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  • Wed, Jan 27, 2010 - 08:13am

    #21
    Peak Prosperity Admin

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    Re: How the government banker bailout screwed me

If the student loan market blew up then maybe tuitions would fall to real market prices. Its BECAUSE of federal subsidies to college tuition that the prices have exploded. But of course im wasting my time because no one reads what i write anyway. The end.

  • Wed, Jan 27, 2010 - 10:02am

    #22
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    Re: How the government banker bailout screwed me

[quote=bearmarkettrader]

If the student loan market blew up then maybe tuitions would fall to real market prices. Its BECAUSE of federal subsidies to college tuition that the prices have exploded. But of course im wasting my time because no one reads what i write anyway. The end.[/quote]

If you believed that, then it seems like “buying” the legal education was a rather foolish move.

A true capitalist PAYS his money, and TAKES A RISK (he is right),

Or HE WAITS.

You made a mistake (maybe even knowing), and now want to be bailed out.

Good luck.

.. A true capitalist would think you are worse than a naive sucker,

You are “a whining bailout seeker”, the capitalist might say.

  • Wed, Jan 27, 2010 - 12:56pm

    #23
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    Re: How the government banker bailout screwed me

[quote=bearmarkettrader]

If the student loan market blew up then maybe tuitions would fall to real market prices. Its BECAUSE of federal subsidies to college tuition that the prices have exploded. But of course im wasting my time because no one reads what i write anyway. The end.

[/quote]

That may be  true but I think you are missing the point.  You knowingly entered into a contract hoping that you would not be required to fully meet your obligations.  When it turned out that you had to fully meet your obligations, you complained that YOU were being screwed.  To make it worse, the obligation that you were hoping to get a walk on was the costs of your LAW DEGREE.

I don’t think the problem is that no one is reading what you are writing.  It is that we can’t believe what you are saying.

Bear, I have read many of your posts in the past and this threads whole line of thought just seem very out of place for both you and this site in general.

  • Wed, Jan 27, 2010 - 01:05pm

    #24
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    Re: How the government banker bailout screwed me

[quote=goes211]

[quote=bearmarkettrader]

If the student loan market blew up then maybe tuitions would fall to real market prices. Its BECAUSE of federal subsidies to college tuition that the prices have exploded. But of course im wasting my time because no one reads what i write anyway. The end.

[/quote]

That may be  true but I think you are missing the point.  You knowingly entered into a contract hoping that you would not be required to fully meet your obligations.  When it turned out that you had to fully meet your obligations, you complained that YOU were being screwed.  To make it worse, the obligation that you were hoping to get a walk on was the costs of your LAW DEGREE.

I don’t think the problem is that no one is reading what you are writing.  It is that we can’t believe what you are saying.

Bear, I have read many of your posts in the past and this threads whole line of thought just seem very out of place for both you and this site in general.

[/quote]

My sentiments exactly. 

By following your logic, BMT, since the markets are rigged, you should short them using margin.  If and when you lose your shirt, you should then hope your broker goes broke so you don’t have to pay him, and feel (according to you) rightfully indignant about doing so. 

I suggest you get on the phone with that University where you got your law degree and ask for a refund, as they apparently forgot to teach you about basic property law and ethics.  That’s about the only way you’re going to get any kind of reduction on that loan amount.

 

  • Wed, Jan 27, 2010 - 03:30pm

    #25
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    Re: How the government banker bailout screwed me

BMT sorry but you sound like a spoiled brat that did not get his way. Life does not aways go our way. You will learn years down the road that this will not change. I know you are young and have a bit of growing up to do.

I love the way these older bitter folk say how i took a bet and lost. Its 2005 and i get accepted to law school.

We older folk have already been there.

  • Thu, Jan 28, 2010 - 03:13am

    #26
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    Re: How the government banker bailout screwed me

Cant the bear just whine a bit??? The reason for my whining is that i had to fork over a fat $2650 last month and $1045 a month for 120 months. Ill get used to it in a few months Cool

  • Thu, Jan 28, 2010 - 05:56am

    #27
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    Re: How the government banker bailout screwed me

BMT many of the old people that saved their money all their life have more to whine about than you. Many saved & worked all their lives & look what has a hold of them now. Life will never be easy for any of us….except those that have the legal power to continue to legally steal.

  • Thu, Jan 28, 2010 - 06:51am

    #28
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    Re: How the government banker bailout screwed me

BMT — a little whining is allowed now and then – sounds like you are coming around.  

Good luck – a few years of hard work and it will be behind you, with a good lesson learned

 

Jim

  • Thu, Jan 28, 2010 - 06:59pm

    #29
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    Re: How the government banker bailout screwed me

Yes BMT you can bearly whine. Good news for you! From what the big O said last night, he has good news for you. They want to make it so you do not have to pay more than 10% of your loan percent to income and if you go into public service they will be excused after 10 years. Keep watching because they are there for you. I suggest that perhaps you could run for office or perhaps work for a district attorney’s office. Before you know it your time will be up and your loans will be forgiven. Or you could stay possitive and start using that degree to come up with the money to pay back the loans. You you work it just right you can probably have it paid back in about 5 years.

Just a little history lesson from me to you. Unlike you I did not start as early as you on the education, I was 30 years old before I went back to school. I was a single mom 1 child and really no future. I have always been a good employee but without an education there are not many opportunities. By chance this aquintance suggested I go to a technical school that he was starting at. That was in 90. I was struggling to keep up my mortgage payments after the divorce and figured what the heck I will give it a try. After attending school for some time I continued to have problem make my mortgage. Funny after getting caught up again one day I was talking to a lady at the mortgage company and she told me that if I was 3 months behind I could ask for help from HUD. I did just that. A nice 3 months I might add. Well they came back and told me no! I went to their offices personally and requested to speak with someone. After a discussion with them they decided to take a chance on me as I was in school after all. They reduced my payments to something that I could realistically afford and I continued on my journey. When I finished school in electronic engineering I had some pretty good size loans and had to pay back HUD. But in my mind that was okay. I owed it and I would pay it back and have. It is not easy to keep the mind positive but it can be done. I had to start out at low wages to get the experience and then you just keep towinf the line untill you get out. I believe you will. Life is tough, but we are lucky to live in such a wonderful country. i do belive it is time we take it back! In 2005 I sold my house for a profit and currently pay rent today. You see I was stuck in the house the HUD built for 17 years before I could sell it and make enough to move. I had learned my lessons on the other house. It was purchased in 87 during the last housing crisis. Learn form your mistakes they happen for a reason. By the way I am so much happier now!

  • Thu, Jan 28, 2010 - 08:29pm

    #30
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    Re: How the government banker bailout screwed me

I’m in a similar situation with my student loans.  In going back to school, my only real options were 1) continue to work full-time and go to school part-time and take an extra 2-3 years to get my degree, 2) Join the military and have them pay for my education (or most of it) but also likely to add a few extra years to get my degree, or 3) borrow whatever isn’t covered by grants (which was a lot considering it was out-of-state tuition) and stay in crappy apartments living as cheaply as possible.  Long story short I chose 3, and received my degree along with a buttload of student loan debt.  I’d never taken on lots of debt before, but I felt that it was the only way I could put my full efforts into school and finish in a reasonable timeframe.  Four years later I’ve busted butt to pay down more than half of it (~$40K) and only have the consolidated federal loans left, but that’s still a big chunk of change. 

Was it worth it?  In retrospect I think it still was, but it does still frost me that the educational system is so messed up that most working-class students have so few options for a decent college education that taking on massive debt is often seen as the least crappy alternative.  THAT is the true screw-job IMO.  My only consolation is that my consolidated loans are fixed at around 1.6%, and if we see bad inflation or a currency crisis my lender will badly take it in the shorts. 

– Nickbert

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