User Comments

1. 

   8/06/08

   DrBurst

   can we get a mod, please

   [reply]
2. 

   8/06/08

   savitri

   oo.. OOw what's this...

   [reply]
3. 

   8/06/08

   Anok

   Read and commented.

   [reply]
   1. 

      8/06/08

      DrBurst

      Thank you
   2. 

      8/06/08

      Anok

      You're welcome!
4. 

   8/07/08

   DrBurst

   come on, this must be stopped.

   [reply]
5. 

   8/07/08

   legbamel

   And what, exactly, happens if you default on your college loans? Do they repossess your cap and gown? If you declare bankruptcy, do they take away your degree?
   
   I'm of two minds about the sub-prime issue. Part of me thinks that people who are foolish enough to fall for the shananigans of unscrupulous lenders ought not to be surprised when something too good to be true turns out to be so. Part of me considers that people are willing to believe the best of others and grasp an opportunity that they hadn't thought available to them.
   
   I think educating people about loans before they're allowed to sign their papers would go a long way toward eliminating the problem. Can't we include that information in high school math classes, so that people aren't surprised by the actuality of balloon payments and adjustable rates?

   [reply]
   1. 

      8/07/08

      DrBurst

      In the article "Coming eventually: a fire sale on college tuition", on comment number 8, OBrienreply states,
      
      "Consider this stark email I received from a parent of two:
      
      Hi Kathleen,
      
      Yes, a school can reposses your diploma in the following ways:
      
      1. If you are not current in your payments at graduation time you don't get your diploma.
      
      2. If you owe a school money after graduation, they will not release transcripts of your record or verify to a propspective employer that you ever attended."
      
      I disagree with you on education solving this problem. This is due to what I call "Ivy-blindness". Some parents want their children in name brand schools no matter what. I think this will result in the problem continuing no matter what efforts are made. But, including thformation in math class will less the acuality of balloon payment and adjustable rates. But I ask you, how many will pay attention?
      
      OOO, btw, what do you think my article's new citing system.
   2. 

      8/07/08

      Anok

      If you default on your loan they can
      
      A) freeze your assets
      B) Garnish your wages
      C) take inheritances
      D) Seize or reposes your property
      
      Etc.
      
      I watched an acquaintance of mine default on a student loan. He thought he had evaded them - he was wrong. They get nasty - like the IRS.
      
      'Tis no joke.