 Seeking Empowerment regarding Student Loans?
Who funded that so-called loan - you or them? Is that loan application you signed an actual promissory note that is publicly traded on the world market? Did they set up a demand deposit account in your name in their institution right after you handed them the note? Can you use that asset to offset your so-called debt to them? The true and correct answers to these questions, and more, may astound you.
As truth is defined in commerce as an unrebutted affidavit, there are a wealth of questions, negative averments and conditional acceptances with which one can stay in honor and, via a private administrative process, get student loan companies to agree with the truth that that so-called 'student loan' is nothing more than a fiction which can be eliminated. See below to shortcut your process in getting up to date regarding competently handling and even eliminating student loan debts.
Don't consolidate. Terminate, cancel or eliminate student loan debt, legally and ethically.
Recent Student Loan News
Cynicism rises to fill the emptied space of exaggerated and failed hope. It’s all simple math. If you follow the money rather than the blather, it’s clear that the American system is a bipartisan fusion of economic models broken down along generational lines: unaffordable Greek-style socialism for the old, virulently purified capitalism for the young. Both political parties have agreed to this arrangement: The Boomers and older will be taken care of. Everybody younger will be on their own. The German philosopher Hermann Lotze wrote in the 1870s: “One of the most remarkable characteristics of human nature is, alongside so much selfishness in specific instances, the freedom from envy which the present displays toward the future.” It is exactly that envy toward the future that is new in our own time.
Interesting Facts About the Student Loan Debt Bubble, 4/30/12
Dozens of students were arrested this afternoon at the Sallie Mae headquarters demanding forgiveness of student loans. The protest comes after recent reports show $1 trillion in student debt burdening borrowers.
The high amount of debt is good news for debt collectors, however. A Bloomberg report shows that debt collectors made nearly $1 billion in commissions from aggressivley pursued student loan collection efforts.
Students Protest Debt as Student Loan Debt Collectors Make a Billion, 3/26/12
The amount Americans owe on student loans is far higher than earlier estimates and could lead some consumers to postpone buying homes, potentially slowing the housing recovery, U.S. officials said Wednesday.
Student-Loan Debt Tops $1 Trillion, 3/22/12
Earlier this week, students from an OWS offshoot called Occuppy Student Debt pledged to refuse to pay back their student loans. Some of the members of the group have shared their stories on the group's site.
Student Occupiers: It's the Debt, Stupid, 11/23/11
By end of 2011, student loan debt will top $1 trillion. It already exceeds credit card indebtedness. Moreover, in the past year alone, students borrowed over $100 billion, double the amount a decade ago adjusted for inflation.
Borrowing is one thing, repaying another. Therein lies the rub. Many former students end up debt slaves for life. With interest, collection charges, penalties, and other costs, some burdens exceed $100,000, Over their lifetime, they can rise five-fold or more for some.
America's Lifetime Student Loan Debt Bondage, 11/20/11
In the US, there’s over $1 trillion of “student loan” debt on the books. This is money that people borrowed from banks and government agencies (Sallie Mae comes to mind). The funds flowed through the “education” landscape and cash flow mills, paying for faculty, administrators, buildings, overhead and much else.
This gusher of student loan money over the past two generations (!) has been a key factor – THE key factor – in the super-inflation of the cost of education. That is, the more money that goes for loans and grants, the more leeway and incentive the schools have to raise tuition and let internal costs soar.
Penn State Pricks the Student Loan Bubble, 11/15/11
In a way, Obama would be turning higher education in to a third-party payer system (not too dissimilar from our current health care system – which is also characterized by outsized cost increases). Under this new system, colleges might charge whatever they want because their customers simply turn the bill over to the U.S. taxpayer who has no say in the transaction. Under such a system what incentive would a kid have to live at home and go to a community college? Why not attend the most expensive university that taxpayer money will allow? I suppose Obama was so impressed with how this dynamic works with health care that he decided education could use some of the same medicine.
Peter Schiff: Obama Announces Plan To Boost College Tuitions, 10/27/11
The amount of student loan debt owed by college dropouts and grads is continually increasing. Total outstanding student loan debt in the U.S. more than quintupled over just the past 12 years: from $90 billion in 1999 to $550 billion in 2011. To make matters worse, the use of home equity loans to finance college educations (until the housing bubble burst and home prices plummeted) followed by the dramatic expansion of student loan programs caused the price of college to skyrocket, so that young people are going into more and more debt even as wages stagnate and sometimes decrease.
Don’t Let Your Kids Grow Up To Be Debt Slaves, 10/25/11
The Federal Reserve Bank of New York claimed in a published report Wednesday that student loan debt in the U.S. has now surpassed $1 trillion, for the first time ever exceeding the total amount of credit card debt held by Americans.
Due to the rising cost of education across the board, students are being forced to borrow almost twice as much as they were just 10 years ago, the College Board told USA Today.
That’s what led to a spike in student loan amounts and drove 2010′s total loans to more than $100 billion, another new record, accounting for roughly $4,963 for every full time undergrad student.
Student loan debt now over $1 trillion, 10/19/11
Higher education is in a bubble. A college degree is seen as insurance for the future, and parents and students are evidently prepared to pay whatever it takes (either up front or by taking out loans) for a degree, regardless of the return on investment for their purchase.
Higher Education Bubble, 10/15/11
The millions of students who graduated in 2008, 2009, 2010 and 2011 are now facing the toughest job market in U.S. history, with unemployment by some accounts equal to or exceeding the Great Depression. Some 85% of college graduates have plans to move back in with mom and dad in the hopes our economy will recover. But as we have seen over the last year, there has been no such recovery, and without an income, many college grads are finding it impossible to make good on their loans. The most recent data show that over 300,000 Americans from nearly 6,000 different schools defaulted on their loans in 2009.
College Bubble Update: Default Rates on Student Loans Soar to 15%, 9/16/11
Despite the mind-numbing mantra we constantly hear from our political leaders and central bankers that inflation does not exist, there are certain parts of our lives where even a freeze-dried coffee bean can see that prices are clearly rising: At the grocery store. At the doctor’s office. At the gas pump.
One of these places is also our hallowed institutions of higher learning. It’s no secret that the cost of university education, especially in the United States, is staggering. Tuition at private schools in the US averages $30,000 annually, and students often graduate over $50,000 in debt.
This leads to a fancy form of indentured servitude; students with this kind of debt load are forced to take the first paid work they can find, and they’ll work for the next 14-years of their life just to start back at zero.
Best way to stay out of student loan debt and boost your resume, 8/30/11
Whatever the case, before you send your child to college or attend college yourself, I highly recommend watching the following documentary, again only available on the internet because the government run mass media won't publish this type of information in the western world. It is called "College Conspiracy" and it does a good job of showing what a con job the education system is.
Debtucation, 6/20/11
A father was dragged from his home and handcuffed in front of his children by a SWAT team looking for his estranged wife - to collect her unpaid student loans. A stunned Kenneth Wright had his front door kicked in by the raiding party at 6 am yesterday before being dragged onto his front porch, handcuffed and led to a police car with his three children. He says he was then detained for six hours while officers looked for his wife - who no longer lives at the house.
SWAT Team Launch Dawn Raid on Family Home to Collect Unpaid Student Loans, 6/9/11
What is as disturbing is that half the jobs landed by new grads do not even require college degrees. There has been a spike in new grads working in restaurants, bars and driving cabs.
Even if grads cannot find jobs, they still have to pay back their student loans. The average graduate owes about 25,000 dollars. For the first time in history, Americans owe more on student loans than credit cards. With tuition costs sky-rocketing, student loan debt is expected to cross the-trillion-dollar mark this year.
US Graduates Face Bleak Job Outlook, 5/23/11
"About two-thirds of the people I see attended for-profit (universities). Most did not complete their program, and no one I have worked with has ever gotten a job in the field they were supposedly trained for. For them, the negative (debt default) mark on their credit report is the No. 1 barrier to moving ahead in their lives. It doesn't just delay their ability to buy a house, it gets in the way of their employment prospects, finding an apartment, almost anything they try to do."
America's Student Loan Racket: Soaring Default Rates - Robbing students to enrich financial interests, 5/20/11
Is going to college a worthwhile investment? Is the education that our young people are receiving at our colleges and universities really worth all of the time, money and effort that is required? Decades ago, a college education was quite inexpensive and it was almost an automatic ticket to the middle class. But today all of that has changed. At this point, college education is a big business. There are currently more than 18 million students enrolled at the nearly 5,000 colleges and universities currently in operation throughout the United States. There are quite a few "institutions of higher learning" that now charge $40,000 or even $50,000 a year for tuition. That does not even count room and board and other living expenses. Meanwhile, as you will see from the statistics posted below, the quality of education at our colleges and universities has deteriorated badly. When graduation finally arrives, many of our college students have actually learned very little, they find themselves unable to get good jobs and yet they end up trapped in student loan debt hell for essentially the rest of their lives.
Student Loan Debt Hell: 21 Statistics That Will Make You Think Twice About Going To College, 4/30/11
College sticker shock is probably stunning many parents as college aged students now sign their intent to register at thousands of schools across the country. You can almost feel the panic when Johnny or Suzie tells mommy and daddy she is going to University of Break the Bank while they watch their home equity plummet. What should be a proud time is now becoming a scary prospect for many parents looking at backbreaking student loan debt. If not the parent, many teenagers are looking at going into debt similar to taking on a mortgage without even owning a brick and mortar house. Many private schools now charge $50,000 or more per year in tuition and fees. Given that the average annual income for an American worker is $25,000 this one year cost is daunting. In the past if you picked the wrong major or school you ended up with a nice looking piece of paper and a likely opportunity to work in the blue collar world as a backup earning a relatively decent income. Today, pick the wrong career and school and not only do you have that same piece of paper but you also have limited prospects in finding even a basic job to service your college debt, forget about paying the rent or filling up your car with $4 a gallon gas. To expect teenagers to pick the right college and have their lives figured out early on is a bit much to ask. Students in the past did not have this same albatross hanging over their head. The big problem now is the massive cost of college.
Student loan shark industry – total revolving debt contracts during recession while student loan debt increases by a stunning 80 percent on an annual basis. A college degree for working at McDonald’s?, 4/27/11
It was announced last summer that total student loan debt, at $830 billion, now exceeds total US credit card debt, itself bloated to the bubble level of $827 billion. And student loan debt is growing at the rate of $90 billion a year.
There are far fewer students than there are credit card holders. Could there be a student debt bubble at a time when college graduates’ jobs and earnings prospects are as gloomy as they have been at any time since the Great Depression?
The Student Loan Debt Bubble, 1/11/11
Today's higher education means crushing debt burdens at a time systemic high unemployment and fewer good jobs make repaying them onerous to impossible. America's ownership society is heartless, favoring capital, not popular interests, a policy with strong bipartisan support.
Millions of college graduates are in permanent debt bondage, 1/7/11
As you read this, there are over 18 million students enrolled at the nearly 5,000 colleges and universities currently in operation across the United States. Many of these institutions of higher learning are now charging $20,000, $30,000 or even $40,000 a year for tuition and fees. That does not even count living expenses. Today it is 400% more expensive to go to college in the United States than it was just 30 years ago.
16 Shocking Facts about Student Debt & the Great College Education Scam, 12/26/10
One of the more ominous statistics coming from this recession is that student loan debt has now surpassed total credit card debt in the United States. The reason for this is based on the deep impact of the recession. Credit card debt peak at $975 billion back in September of 2008 and is now down to $826 billion. This is good news right? Well the main reason for the decline has been through the rise of bankruptcies. As this number decreased student loan debt has continued to soar and is now larger than total credit card debt. Part of it has to do with the fact that you are not allowed to discharge student loan debt through bankruptcy. The government is the biggest player in the student loan market but the banks are the folks dishing out the loans. Similar to the housing bubble, when banks and government combine you usually end up with inflated prices and very wealthy bankers. The working and middle class end up paying for the bad bets in the end with inflated prices and giant amounts of debt.
Privateers of education – How banks collude with the government to inflate college costs; Student loan debt now surpasses total credit card debt
Eliminate Student Loans
Student loans are either secured or unsecured.
Unsecured student loan issues can be addressed similarly to addressing credit car issues.
Secured student loans, for example, those that are backed by the Department of Education, can be addressed more as if one is dealing with a mortgage or foreclosure matter
In either case, was there actually a 'loan'? Who funded that so-called loan - the student loan company or you?
Is the application for the 'loan' not a 'promise to pay'? Isn't it actually a promissory note? - in the same category of negotiable instruments as a Federal Reserve Note... or an IOU?
Is that promissory note an actual security, traded on the public market?
When you handed them that note, did they create a demand deposit account in your name in their institution?
Well, then, isn't that an asset on the books? and is there any reason that you cannot use that asset to offset your debt with the financial institution?
You may be surprised that the answer to all of these questions is Yes! Are they ever going to answer these questions? Of course not. They certainly do not want to let the cat out of the bag, but knowing that truth is defined in commerce as an unrebutted affidavit, there are a wealth of questions, negative averments and conditional acceptances with which one can stay in honor and, via a private administrative process, get them to agree with the truth, the facts and you that that so-called 'student loan' is nothing more than a fiction.
Eliminate student loans and student loan debt.
See also: Eliminate debt page, eliminate credit card debt page and
eliminate mortgage debt here.
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