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Showing posts with label student loans. Show all posts
Showing posts with label student loans. Show all posts

Sunday, February 26, 2017

Could millennial snowflakes be the catalyst to keep the U.S. from eliminating cash?

If there is one thing to be said about millennials it is that they are very emotional about their activism.  And all one has to do is look over the past couple of years at their push for 'safe spaces' on campuses, rabid protests over a myriad of different topics, and the rejection of many status quo policies that have been at the core of America's government over the past 20 years.

So with central banks, sovereign leaders, and elitist academics all pushing hard for the elimination of physical cash in the world's monetary systems, an interesting irony is coming to the surface where today's millennials could be the catalyst for protecting the economy from going 100% into a digital system.

Image result for psychology of cash
If millennials are supposed to be the first generation going mostly cashless, they are making the move halfheartedly.
Millennials still rely on cash — 80 percent of millennials carry greenbacks. And 42 percent still write checks, according to the Accel + Qualtrics Millennial Study 2017.
And that could be a good thing, as some advisors say a cash diet is the best way to pare down debt. 
The study corroborates other recent findings that technology is not overturning conventional ways to pay for things, even as millennials flock to mobile payment apps like Apple Pay and Venmo. 
Sophia Bera, a millennial who founded Gen Y Planning and is a member of the CNBC Digital Financial Advisor Council, said most of her friends carry some cash, but she rarely sees them using it as the first option to pay for things. It's mostly cash for emergency situations, or cash for tips.  
"When I use Venmo it feels like magical money," Bera said. "You forget that it is money, like any money, and that is bad." 
The financial advisor highly recommends cash to people trying to get out of credit card debt or for sticking to a budget. "A weekly cash amount is good," Bera said. "Take out $200 every Friday and when it is gone it is gone. ... It's a lot harder to drop six twenties on a dress than swiping a card. People don't buy flatscreen TVs with $20 bills."
Bera said switching to cash, even for just a few months, can help people reign in spending, and is especially helpful for those trying to get out of debt. - CNBC
Psychology has always played a huge role in how people see and respect money.  And all one has to do is look at a casino, which exchanges your currency for casino tokens (chips) because they know that gamblers are more than willing to spend these tokens in greater quantities than if they were playing a table game using real money.

Additionally, people became inured to accumulating high levels of debt when all they had to do is pay a paltry minimum amount which they could afford despite the fact they were actually increasing their debt levels through the interest compounding on that debt.

For a generation of Americans who suddenly had a wakeup call from the massive amounts of student loan debt they accumulated, recognizing the power of money by desiring to use cash instead of credit is a life-changing paradigm.  And even with America's youth being much more attuned towards using technology for nearly everything in today's society, their lagging in the transition to a cashless digital society because they realize that spending cash over credit is extremely beneficial to keeping oneself out of debt, could be a serious factor in hindering the establishment's agenda towards making all of finance one without physical money.

Monday, May 23, 2016

Millennials partying on taxpayer money long before the rise of Bernie Sanders

Before there was Bernie Sanders there was Barack Obama, who throughout his eight years in office has been the benefactor of free stuff long before the current Presidential candidate for the Democratic party began running on a platform of cradle to grave welfare.  And whether it was free Obama phones or free Obamacare to the poorest in the land, perhaps the biggest ‘free’ gift the commander-inf-chief gave to millennials was access to unlimited debt.
The current 18-30 generation in just eight years has compiled more than $1 trillion in student loan debt.  And perhaps the most devious thing behind this is that access to hundreds of thousands per person in student loans was done with the knowledge that there were going to be no real jobs created during his tenure, and as a side effect the system helped create new debt which was absolutely necessary to keep the financial system from imploding.

Read more on this article here...

Thursday, May 12, 2016

Keynsian shill blames the American people not spending as the reason behind slow economy

Forget the fact that inflation, higher costs for education, Obamacare taxes and premiums, and record rents are the primary reasons why Americans have shuttered their spending over the past eight years, and instead trust in journalistic propaganda that villifies consumers as the ones at fault for the slow economy.  Because this is the assessment of a so-called economic journalist for the Washington Post, who wrote on May 8 that if people just borrowed and spent, everything in the economy would be unicorns and rainbows.

broke

Read more on this article here...

Tuesday, March 29, 2016

Protected class: Judge ok’s dismissal of student loans for lawyers but leaves out rest of the country

One of the biggest reasons why people have such bitter disdain for lawyers as a whole is because over time, that class of elites will end up taking over an entire government.  And besides the natural positions within the Supreme and District Courts that are stocked full with former J.D.’s, the current President and Vice-President are also former lawyers, with a majority of the House and Senate coming from that vocation as well.
At the start of the 114th Congress on Tuesday, the U.S. Capitol will be a little less lawyerly. But not by much. Members of Congress holding J.D.s will sit in 160 of the House of Representatives’ 435 seats and 53 of the Senate’s 100. - National Law Journal
So perhaps it comes as no surprise that those who run the government would look out for their own far more than the overall American people.  And on March 28, a new ruling out of the U.S. Bankruptcy court in Brooklyn, NY provided a way for students who work towards law degrees to be allowed to dismiss their student loans, while the other 99.4% of in-debt American students are left out in the cold.
No-Justice

Read more on this article here...

Sunday, April 26, 2015

Ultimate consequence of education bubble taking shape as LSU prepares for bankruptcy

Like the bond bubbles, housing bubbles, and credit crisis of the last seven years, anytime economics are manipulated beyond the normal scope of market reactions, the results are the consequences that ultimately lead to a collapse or popping of that bubble.  And now the same can be said for education as on April 26, the first major victim of the debt fueled bubble that started with President Obama taking over the functions of Sallie Mae in 2010 is occurring in the state of Louisiana, and with football powerhouse LSU as the university announced they were preparing bankruptcy documents in light of the state’s planning to cut the sector’s education budget by nearly 87%.



Read more on this article here...

Sunday, January 18, 2015

Obama’s next boondoggle: Free college at the cost of $60 billion

President Barack Obama believes that people cannot do for themselves, and that he, as Master of the Universe, must do for them in all things.  Beginning with his schemes of investing in green energy companies that eventually went bankrupt, to nationalizing General Motors who today isbuilding new plants in China, not the United States, and of course in Obamacare, which has caused companies to divest full time jobs and people to pay over twice in premiums than they paid before.
So with little aptitude beyond puttering around on golf courses and spending billions on vacations, the President is once again trying to muster his inner ‘Hope and Change’ and reveal the next great scheme for the American people.  Free college.
Read more on this article here...

Monday, November 10, 2014

Activist group doing good by using donations to pay off American’s student loans

The history of activism in modern America has been more ideological than productive, with many groups using protests to simply gain publicity to promote a cause.  However, a new form of financial activism is beginning to come out of the shadows and is actually doing something for the people, and in areas that are of vital importance to the future of a generation.

Rolling Jubilee is a non-profit organization that seeks to bring together people who are suffering from the throes of debt servitude, assist them by buying off their debts held by government and corporate America, and simply writing off that debt and clearing it from the system.  By creating a coalition of members and supporters through the Debtcollective.org website and organization, subsidiaries like Rolling Jubilee are taking their donations and buying debt in the open market or from collection agencies at pennies on the dollar and writing off that debt at no cost to the former borrower.



Read more on this article here...

Sunday, October 5, 2014

Debt slaves can become slaves to the state if Senate bill 2726 passes

Remember the Peace Corps that was all the rage during the 1960’s and 70’s?  It was a way for students who had debts remaining after graduation to receive a deferment or even full forgiveness for volunteer service.  Now, Washington is a proposing a new way for students to receive forgiveness of their massive debts by having them work for the government for a set amount of years, and becoming part of President Obama’s ‘civilian force’ he promoted during his election campaign of 2008.



Read more on this article here...

Monday, April 29, 2013

Growing student loan defaults forces Sallie Mae to retract selling bonds

On April 29, Sallie Mae, the nation's largest student loan organization, was forced to pull back a bond offering of $225 million as investors refused interest in the lender due to the growing number of defaults taking place across the country.



Student-loan company Sallie Mae SLM -1.35% canceled a $225 million bond offering on Thursday after about two weeks on the market, according to people familiar with the deal. The move may mark a line in the sand: Investors whose thirst for yield has revived all manner of riskier asset classes decided they weren't getting paid enough to buy at the offered price amid rising student-loan defaults.

In the case of the canceled Sallie Mae offering, rising defaults could have crimped the cash flow of the federally backed loans supporting the new securities, because more defaults would mean less excess, or residual, income after holders of the original loans were paid. - Wall Street Journal

Even as central banks in Europe and the U.S. are willing to buy toxic assets like mortgage backed securities, which carry a risk threashold well above that of student loans, it appears the rubicon has been crossed by investors who no longer want to be fooled by the bubbles free money printing and quantitative easing provide, in an economy that is declining.

Sunday, March 3, 2013

The 12 ways to get rid of student loan debt through bankruptcy

In 2005, Congress, along with President Bush, changed the bankruptcy laws that made discharging certain debts harder to do for many Americans.  While seemingly innocuous eight years ago, the one area that has grown the fastest in the arena of consumer debt is the one area that is exempt from discharge under a bankruptcy.

Student Loans.

In Jan. of 2013, student loand became the largest consumer debt held by the American people, even surpassing that of credit card debt.  And with President Obama passing legislation to have the Federal government control over 85% of student loans, the government now holds the Damaclese sword over tens of millions of Americans who are burdened with up to six figure debt, with little opportunity to pay them off.

But there is hope, and by this, certain loopholes by which one can discharge their student loan debts in a bankruptcy.  It does not cost much, except the fact that it entails a person selling their soul to the government machine, and placing their future entirely in the hands of 'big daddy'.

According to the law, the judge has the discretion to dissolve any debts or judgements when there is sufficient cause to call for an 'adversary proceeding'.  In this proceeding, a judge may determine there are adequate reasons to have debts absolved, even under the laws pertaining to bankruptcy.

But in doing so, the individual must prove that they have mitigating circumstances which make it impossible for them to pay off these debts.  One primary reason to seek an adversary proceeding is mental illness.

Under the hopelessness criteria, one can demand a proceeding is they can determine that they have a serious mental or physical disability, for the debtor or the debtor's dependents.

What this means of course, is that you will officialy be rules mentally or physically ill, and place yourself in the database which now limits other rights and liberties one would have without government determination.  ie.... you would not be allowed to own a gun, and the government at their discretion, can force you onto medical procedures or prescription drugs against your will and desire.

Of course, there are 11 other alternatives to seeking recourse to have student loan debts discharged under special circumstances in a bankruptcy, and below are a list of options one can use to call for an adversary proceeding.

Tuesday, November 13, 2012

If your college Degree can't land you a job, demand a refund

Refunds are a common practice for businesses who want to ensure customers return again and again to their places of business, but what is the recourse for an college student who receives a lifetime of propaganda that their college Degree ensures a lucrative career, and it doesn't actually pan out?

Demand a refund of course!

And this is just what one student has done on Nov. 12, by submitting a petititon to the Obama administration to offer college graduates, who owe massive student loan debts, the right to turn in their diplomas in exchange for a refund of their money.


We petition the obama administration to:

Provide University graduates ability to trade their diplomas back for 100% tuition refunds.

Because of the inability of recent college graduates to find gainful employment in order to repay their college debt, and since this college debt cannot be eliminated in bankruptcy, and most of the recent additions to the job market have been in service related industries, the Obama administration should take up the cause of reducing college debt and hold those accountable responsible.

In the name of Consumer Protection, recent college graduates should have the ability to return the diploma and not make any reference to receiving education from the college in exchange for a 100% refund of college tuition. This may be extended with a graduated (ha, get it?) reduction for the last four years, with a red line at January 20, 2008.

While a novel idea, and unique way to hop on the Obama welfare wagon like 53% of Americans have already done, it would probably be more prudent to simply sue the college professors and university where you got your Degree, for failing to teach you basic logic and economics in believing that borrowing $120,000 would guarantee you a chance at one of Obama's famous shovel ready burger flipper jobs.

I'll have some fries with that Mr. Liberal Arts Degree man.

Wednesday, August 8, 2012

Government withholding money from Social Security recipients who have student loan defaults

When President Obama endorsed going back to school shortly after he came into office, very few Americans understood what the full ramifications of this would be.  Coupled with the fact that under Obama, the government has taken over the Student Loan industry, millions of Americans have become debt slaves to Uncle Sam.

And to deal with the 30% of student loan debtors who are delinquent in their payments, the government has moved towards stricter ways of getting its money back, and this now includes withholding Social Security payments to worthy recipients.



It's no secret that falling behind on student loan payments can squash a borrower's hopes of building savings, buying a home or even finding work. Now, thousands of retirees are learning that defaulting on student-debt can threaten something that used to be untouchable: their Social Security benefits.

According to government data, compiled by the Treasury Department at the request of SmartMoney.com, the federal government is withholding money from a rapidly growing number of Social Security recipients who have fallen behind on federal student loans. From January through August 6, the government reduced the size of roughly 115,000 retirees' Social Security checks on those grounds. That's nearly double the pace of the department's enforcement in 2011; it's up from around 60,000 cases in all of 2007 and just 6 cases in 2000.

The amount that the government withholds varies widely, though it runs up to 15%. Assuming the average monthly Social Security benefit for a retired worker of $1,234, that could mean a monthly haircut of almost $190. "This is going to catch an awful lot of people off guard and wreak havoc on their financial lives," says Sheryl Garrett, a financial planner in Eureka Springs, Ark.

Many of these retirees aren't even in hock for their own educations. Consumer advocates say that in the majority of the cases they've seen, the borrowers went into debt later in life to help defray education costs for their children or other dependents. Harold Grodberg, an elder law attorney in Bayonne, N.J., says he's worked with at least six clients in the past two years whose problems started with loans they signed up for to help pay for their grandchildren's tuition. Other attorneys say they're working with older borrowers who had signed up for the federal PLUS loan -- a loan for parents of undergraduates -- to cover tuition costs. Other retirees took out federal loans when they returned to college in midlife, and a few are carrying debt from their own undergraduate or graduate-school years. (No statistics track exactly how many of the defaulting loans fall into which category.) -
Smart Money

Over 100,000 social security recipients have had their benefits withheld in 2012 because of student loan delinquencies they have incurred, or they are bound to from co-signing with someone else.  And with the fact that nearly 50% of all Americans age 18-24 are unable to find jobs to pay off those loans, finding mercy with Uncle Sam is an fruitless activity because while your Pastor might give you remission for your choices, the government rarely forgives.

Friday, June 1, 2012

Student Loan delinquencies continue to grow

The amount of student loan debt and deliquencies in America is growing, and shows no sign of stopping.  In a new report from the Wall Street Journal, first quarter deliquencies for people owing student loan debts surged to 8.7%.  This means more than nearly 10%, or $100 billion dollars in debt is now more than 90 days delinquent.



Student Loans 90+ days delinquent surged in Q1 to 8.7% - near its peak crisis highs and remains above peak mortgage delinquency rates.

Student Loan Debt is growing while the rest of the household sector is delevering... - Zerohedge
With today new jobs report coming out as Epic Fail, the graduating classes of 2012, which many have already done in May, will only increase this percentage of delinquency within six months when these loans require paybacks.

Tuesday, January 24, 2012

Baby boomers may be the last generation of Americans to succeed

To say that the young, and those graduating from college will have a difficult time in the job markets and future financial system is an understatement.  Especially as new data out shows that the median net worth for those under the age of 35 has dropped more than 300% in the past 25 years.


The majority of this disparity is tied to the continuing devaluaton of the dollar, the massive increases in personal debt, and finally coupled with the rise in student loan debt.

The future's so dim, and very few can afford shades.

Wednesday, November 23, 2011

Occupy Student Loans: activists grab the next financial clarion call to protest

First there was Occupy Wall Street, then came Occupy (insert city), which was then followed up with Bank Transfer Day, and now we have the beginning of the Occupy Student Loan movement.

Rather than string out more absurd catch lines for this crew, perhaps we should go straight to John Galt FLA's Occupy Bathroom movement!

Occupy Wall Street’s latest grievance centers on student loan programs and higher education reform, and the group’s most recent campaign involves a movement-wide boycott on student loan debt repayment. Early Monday afternoon, a crowd of faculty and student organizers assembled at the southeast corner of New York City's Zuccotti Park to announce Occupy Student Debt, a national initiative directed at recruiting student loan borrowers and requesting that they willfully default on their loan payments. The campaign consists of three pledges:
1. A refusal to make loan payments. This pledge will take effect after a million debtors have signed on to the campaign.
2. A faculty pledge of support for the "refusers."
3. A general, non-debtors' pledge of support for parents, the students and other public sympathizers -
New American

More and more, the Occupy Wall Street crew is nothing more than a bunch of entitlement babies who expect everyone else to pay for their free rides, and now that they are going after student loans, should they be forced into re-programming to remove the knowledge they got at the colleges of their choice?

Tuesday, November 8, 2011

Failed banks in October tied to commerical real estate losses and depreciation

There were 11 banks that closed their doors in the month of October, but it appears there was a major difference between these banks, and the 74 that had shutdown earlier in the year.  Whereas the primary cause for most of those banks to fail was residential loans and mortgages, these new banks were instrically tied to commercial real estate.

(A review of the 11 bank failures can be found here)

Trepp’s report looks at the October failures and the makeup of each bank’s portfolio to ascertain nonperforming loan attribution. The company’s analysts found that commercial real estate exposure was the main driver behind problem loans for the banks that went under in October.
Commercial real estate loans comprised $401 million (65.1 percent) of the total $617 million in nonperforming loans at the failed banks. Construction and land loans made up $254 million while commercial mortgages comprised $147 million of the total nonperforming pool. - DSNews
For many observers and analysts, this is the final shoe that the real estate markets have been watching for to drop.  The commerical real estate industry is much larger than the residential one, and if the trend is headed towards massive drawdowns and non-performing loans, the number of banks that could very quickly fail would jump into the dozens or even hundreds.

Friday, October 14, 2011

The Student Loan system of lifelong control and servitude

"War is a racket."  These were the words of US General Smedley Butler on how the military industrial complex uses war to profit corporations.  If the good General were alive today he would say the same thing about the Education system and the student loan 'racket'.

Healthcare Administration.com has come out with a wonderful breakdown of how the student loan system works today, and how its institution helps create servitude for graduating students well into their 30's and 40's.

Exposing the Student Loan Racket in America
Via: HealthcareAdministration.com


The choices for a good affordable education may be a thing of the past.  But in today's world, a good eduction doesn't promise you a good job, so the question now becomes... what could you better spend your education money on to further your future?

Wednesday, September 14, 2011

Even lawyers sometimes prostitute themselves outside the courtroom

Ahh yes... Student Loans.  That one place that President Obama places as the 'new' job paradigm.  Dont have a job?  Go back to school!  We have free (well, sort of free) money and COOKIES!

Didnt work so well however for an aspiring lawyer out of work, inundated by student loans 10 years after graduation, and now relegated to making coin by one of the oldest professions on earth.

No, not that one... but instead, TOPLESS DANCING!

When Carla graduated 10 years ago, she thought her law degree would be a permanent ticket to a high-paying job.  But instead of selling her mind, Carla is selling her body. After student loans, debt, a layoff and unemployment battered her bank account, she now finds herself in an almost unbelievable position - dancing in a topless bar.
"Did I ever think I’d be taking my top off for rent money? No. I was in my mid-30s and had never danced before," said Carla, who asked that we use her stage name and withhold her identity and some personal details. "As a little girl, I never thought to myself, 'I just want to grow up and be a stripper,’ or, ‘All I ever wanted to do in life is climb in the lap of sweaty stranger and take my top off.' - Red Tape, MSNBC
Ahh well.... here's lookin at you kid.... I mean REALLY looking at you.  0.0

Hope you get lots of dollars there for providing a better service to mankind than the rest of your primary vocation (lawyer).  Dont forget about President Obama each time you mail in 40 hours worth of student loan payments at the cost of your self-esteem.

Tuesday, August 30, 2011

Want to get a good education and avoid massive student loans? Go to school outside the US!

A recent study of the cost of schooling within the US, and the rise of inflation which has made borrowing for an education no longer justifiable to the average American, offers a potential option that not only allows for a Degree from a well-established university, but the change to grow ones horizons by experiencing other cultures.

The option is to go to school outside the United States.

Going to a school overseas ticks a lot of boxes- for one, it’s a hell of a lot cheaper, and you don’t emerge deep in debt like you would back home.
Second, the quality of the education is as good if not better than what you would otherwise receive.

Third, and most importantly, it’s just more interesting. The experience abroad will be much more fulfilling, and it will distinguish you from the pool of other candidates who all have generic resumes.

Let’s say you’re an Ivy League type. Why pay Harvard $52,000 per year when you can go to the University of Cambridge in England for around $19,000 per year? Cambridge is consistently rated as one of the top universities in the world: same quality education, a fraction of the price.

If that sounds like too much, consider a place like Hong Kong University. Tuition at Asia’s top school is around $15,000 per year, and there are plenty of scholarships and financial aid packages available. Not to mention you’d be networking with future movers and shakers in the region.

Still too much? Look at Erasmus University in the Netherlands, whose Rotterdam School of Management is one of the top business schools in Europe. Tuition in the all-English program is around $11,500 per year, 73% less than Notre Dame’s Mendoza School, and 26% less than Michigan’s Ross School of Business.

Still too much? Try Qatar University, where there are numerous English-language programs in disciplines such as business and engineering. Tuition for foreign undergraduates is just $4,000 annually, and you’d be spending formative years in one of the world’s most thriving, opportunity-rich economies.

Still too much? Try Albert Einstein’s Alma Mater, the Swiss Federal Institute of Technology (ETH) in Zurich. If you make the cut, ETH’s tuition fee is a whopping $750 per semester for both undergraduate and graduate programs, and the school is typically ranked among Europe’s top 5 universities. - Simon Black, the Sovereign Man