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The Student Loan Debt Bubble Is Creating Millions Of Modern Day Serfs

Every single year, millions of young adults head off to colleges and universities all over America full of hopes and dreams.  But what most of those fresh-faced youngsters do not realize is that by taking on student loan debt they are signing up for a life of debt slavery.  Student loan debt has become a trillion dollar bubble which has shattered the financial lives of tens of millions of young college graduates.  When you are just starting out and you are not making a lot of money, having to make payments on tens of thousands of dollars of student loan debt can be absolutely crippling.  The total amount of student loan debt in the United States has now surpassed the total amount of credit card debt, and student loan debt is much harder to get rid of.  Many young people view college as a “five year party“, but when the party is over millions of those young people basically end up as modern day serfs as they struggle to pay off all of the debt that they have accumulated during their party years.  Bankruptcy laws have been changed to make it incredibly difficult to get rid of student loan debt, so once you have it you are basically faced with two choices: either you are going to pay it or you are going to die with it.

But we don’t warn kids about this before they go to school.  We just endlessly preach to them that they need a college degree in order to get a “good job”, and that after they graduate they will easily be able to pay off their student loans with the “good job” that they will certainly be able to find.

Sadly, tens of millions of young Americans have left college in recent years only to find out that they were lied to all along.

As I have written about previously, college has become a giant money making scam and the victims of the scam are our young people.

Back in 1952, a full year of tuition at Harvard was only $600.

Today, it is over $35,000.

Why does college have to cost so much?

At every turn our young people are being ripped off.

For example, the cost of college textbooks has tripled over the past decade.

Has it suddenly become a lot more expensive to print books?

Of course not.

The truth is that an entire industry saw an opportunity to gouge students and they went for it.

The amount of money being spent on higher education in this country is absolutely outrageous.  One father down in Texas says that he will end up spending about 1.5 million dollars on college expenses for his five daughters before it is all said and done.

Unfortunately, most young adults in America don’t have wealthy fathers so they have to take out large student loans to pay for their educations.

Average student loan debt at graduation is estimated to be about $28,720 right now.

That is a crazy figure and it has absolutely soared in recent years.  In fact, student loan debt in America has grown by 511 percent since 1999.

And student loan debt will follow you wherever you go.

If you do not pay your loans when you graduate, you could end up having your wages, your tax refunds and even your Social Security benefits garnished.

In addition, your account could be turned over to the debt collectors and they can be absolutely brutal.

The student loan debt bubble is the best thing to happen to debt collectors in ages.  The following is what one professional who works in the industry said in a recent article that he wrote for a debt collection industry publication….

As I wandered around the crowd of NYU students at their rally protesting student debt at the end of February, I couldn’t believe the accumulated wealth they represented – for our industry.

It was lip-smacking.

At my right, to graphically display how she was debt-burdened, was a girl wearing a t-shirt emblazoned with the fine sum of $90,000, another with $65,000, a third with $20,000 and over there a really attractive $120,000 was printed on another shirt.  Guys were shouldering their share, with t-shirts of $20,000, $15,000, $27,000, $33,000 and $75,000.

There is no way that our young people can afford to take on those kinds of debt loads, and that is one reason why student loan delinquency rates continue to surge.

In fact, the student loan default rate in the United States has nearly doubled since 2005.

Today, one out of every six Americans that owes money on a student loan is in default.

One out of every six.

And it is going to get a whole lot worse.

At this point there are about 5.9 million Americans that are at least 12 months behind on their student loan payments.

So could the bursting of the student loan bubble do tremendous damage to our financial system?

Don’t worry – Federal Reserve Chairman Ben Bernanke is promising that the student loan debt bubble won’t cause a crisis.

And you can trust him, right?

For those living with the burden of unpaid student loan debt, life can be really tough.  Some try to avoid the debt collectors, but it is easier said than done.  The following is from a recent article in the New York Times….

Hiding from the government is not easy.

“I keep changing my phone number,” said Amanda Cordeiro, 29, from Clermont, Fla., who dropped out of college in 2010 and has fielded as many as seven calls a day from debt collectors trying to recover her $55,000 in overdue loans. “In a year, this is probably my fourth phone number.”

Unlike private lenders, the federal government has extraordinary tools for collection that it has extended to the collection firms. Ms. Cordeiro has already had two tax refunds seized, and other debtors have had their paychecks or Social Security payments garnisheed.

The biggest problem, of course, is that there are not nearly enough jobs for the hordes of college graduates that our system produces each year.

During 2011, 53 percent of all Americans with a bachelor’s degree under the age of 25 were either unemployed or underemployed.

So without a good job, how are those young people supposed to service their student loans?

Once upon a time, a college degree was a guaranteed ticket to the middle class.

Sadly, those days are long gone.  Today, millions upon millions of college graduates have taken jobs that do not even require a college education.  The following is from a recent CNBC article….

In the last year, they were more likely to be employed as waiters, waitresses, bartenders and food-service helpers than as engineers, physicists, chemists and mathematicians combined (100,000 versus 90,000). There were more working in office-related jobs such as receptionist or payroll clerk than in all computer professional jobs (163,000 versus 100,000). More also were employed as cashiers, retail clerks and customer representatives than engineers (125,000 versus 80,000).

You probably know young people who have experienced the “wake up call” that comes as a result of entering the “real world” in this horrible economic environment.

It is not easy out there.

And this can be extremely disappointing for parents as well.  How would you feel if your daughter got very high grades all of the way through college and ended up working as a waitress because she couldn’t find anything else?

Even those that pursue advanced degrees are having an extremely challenging time finding work in this economy.

For example, a Business Insider article from a while back profiled a law school graduate named Erin that is actually on food stamps….

She remains on food stamps so her social life suffers. She can’t afford a car, so she has to rely on the bus to get around Austin, Texas, where she lives. And currently unable to pay back her growing pile of law school debt, Gilmer says she wonders if she will ever be able to pay it back.

“That has been really hard for me,” she says. “I have absolutely no credit anymore. I haven’t been able to pay loans. It’s scary, and it’s a hard thing to think you’re a lawyer but you’re impoverished. People don’t understand that most lawyers actually aren’t making the big money.”

And the really sad thing is that the quality of the education that our young people are receiving is very poor.  I spent eight years attending U.S. universities, and most parents would be absolutely shocked at how little our college students are actually learning.

Going to college really has become a ticket to party for four or five or six years with a little bit of “education” thrown in.

But our society has put a very high value on those little pieces of paper called “diplomas” so we all continue to play along with the charade.

Some college students are finding other “creative” ways to pay for their educations other than going into tremendous amounts of debt.  For example, an increasing number of young women are seeking out “sugar daddies” who will “sponsor” their educations.  The following is from a Huffington Post article about this disturbing trend….

On a Sunday morning in late May, Taylor left her Harlem apartment and boarded a train for Greenwich, Conn. She planned on spending the day with a man she had met online, but not in person.

Taylor, a 22-year-old student at Hunter College, had confided in her roommate about the trip and they agreed to swap text messages during the day to make sure she was safe.

Once in Greenwich, a man who appeared significantly older than his advertised age of 42 greeted Taylor at the train station and then drove her to the largest house she had ever seen. He changed into his swimming trunks, she put on a skimpy bathing suit, and then, by the side of his pool, she rubbed sunscreen into the folds of his sagging back — bracing herself to endure an afternoon of sex with someone she suspected was actually about 30 years her senior.

Of course that young woman will probably deeply regret doing that later on in her life.

Once graduation comes, millions upon millions of our young people are discovering that it is really hard to be financially independent if you are drowning in student loan debt and you can’t find a good job.

So what are they doing?

They are moving back in with Mom and Dad.

One poll discovered that 29 percent of all Americans in the 25 to 34 year old age bracket are still living with their parents.

Ouch.

So what do you think about all of this?  Please feel free to post a comment with your thoughts below….

  • Islandgirl

    Sadly I am one of those that fell for this scam. Luckily I have a job, but it will never be enough to pay for the cost of the education. I wish I would have known then what I know now. I would rather make minimum wage than have student loan debt. I hope every student out there learns about this rather than getting caught in the scam like I did. I tell those going to school right now that are going to get loans not to do it…they don’t understand. I wish I had someone telling me back then.

  • Bart

    I figured out that the keynesian economics classes I attended in college were completely wrong but they are not refunding me!

  • md

    And what are the degrees in?? Bowling alley management. There are courses of study for everything. These poor young people think they should be able to come out of college and go right into management.

  • http://www.assheadnation.com Mr. Head

    Very Sad…my son has $50K …..BUT he was smart..majored in software/code…minored in hardware. He’s making a ton.

    The fools who get a degree in Art History, or other stupid platforms I feel sorry for.

    AND THEN look at the Chicago strike…they want more money, BUT according to the US DEPT OF EDUCATION (Oxymoron there);

    U.S. Department of Education:
    79% of Chicago 8th Graders Not Proficient in Reading
    80 percent are not grade-level proficient in math.

    • Jim

      “The fools who get a degree in Art History, or other stupid platforms I feel sorry for.”

      How sorry will you feel for them when their loans are wiped off their backs and put on the taxpayers backs? Who deserves the sympathy and the breathing room?

      Besides, with the idiotic degrees most of them have wiping out their debt will do nothing much for them, they are basically unemployable with the “skills” they “learned” in college.

      Basically, their time in college was one long Spring Break and the hangover for their foolishness is now upon them.

      No one is more disgusted by the situation we are in here in America right now but some of the disgust has to fall on idiots who pursued degrees that are worthless to them and to our society.

      This should be a real good lesson for all the college freshman to choose their course very carefully; like your son apparently did. Good for him and good for you for raising a kid who grew up with a good head on his shoulders who is now a contributing member of society.

      Perhaps you should ask him how he feels about the potential of him being stuck with the tab for the loafs in college who didn’t take it seriously.

  • markthetruth

    One mistake in article

    If you do not pay your loans when you graduate, you could send up having your wages, your tax refunds and even your Social Security benefits garnished.

    send instead of end.

    the end.

    • Michael

      Good catch.

      I do proof these articles, but that does not mean that I always catch all the mistakes. :(

      Michael

      • CatNap

        With the thousands upon thousands of words you serve to us, we understand…right, everyone?

        Maybe you’re ready to hire a proofreader soon? …take some of the work off your hands so you can really crank out the articles! :)

        Keep up the great work!

        • DownWithLibs

          Go to any large web site articles like Yahoo! where you would think a TEAM of proofreaders would be on the payroll. Read any given article and you practically give up because of SO MANY TYPOS!!! Very irritating and very uncalled for. Compared to them, Michael is a total typing whiz…few (if any!!!) typing errors. Much nicer to read.

          Thanks Michael.

          • Michael

            I try, but sometimes I don’t catch my own mistakes. :(

            Michael

  • Rodster

    I’ve said it many times and i’ll say it again. Telling kids you must go to college to get a good job is one of the biggest ponzi schemes perpetrated on Americans. It’s right up their with the Federal Reserve and the fiat system.

    First off as you have said in your articles many times good jobs are not aplenty. And getting into debt only to find yourself settling for a job at Taco Bell or McDonald’s just so you can pay off your loan is criminal.

    Luckily I graduated in the 70’s from a technical vocational high school and learned a trade for free. Today a specialized trade school cost you money.

    IMO, it’s better for a kid to save up money and learn how to be a bartender or some other trade than to pay thousands upon thousands of dollars to the fraudulent educational system.

  • http://www.scotrstone.com Scot

    Great article. As good as the recent one about medical costs being outrageous. I recently went to the hospital in Florida due to a bad case of flu that kept forcing my family of four to change plane tickets, costing our vacation an extra $3000. By the way, fly only Southwest because they change your tickets for free. They have my loyalty forever. My little trip to the emergency room cost about $12000 for three hours of work. Cray stuff. Good thing I had insurance to cover most of it.

    Back to this article. I feel fortunate for my wife and I to both have degrees and also have them paid off. It’s not easy at all and I feel very sorry for those kids getting saddled with a ridiculous bill because they want to live the American dream by working for it. I’m actually reevaluating what to do for my girls when they get old enough to go to college. I knew a young woman at my daughter’s school who was just finishing her education degree and it had cost her about $80,000.00. I almost fell over.

  • Government Guy

    I got behind on my student loans twenty years ago when my first wife had cancer. I called to work out an extension, but the Great Lakes Higher Education Corp told me pay now or we will garnish you so I said OK, have it your way.

    The federal government eventually bought the loan from them at full price and sent me a collection letter. I have written them a few times over the years, but they are not interested in taking responsibility for their part so have refused to make another payment until they waive the penalties.

    Ironically, after seven years with no activity on them, they dropped off my credit report so I have been able to pass background checks and even get a government job. They do keep my tax refund so my wife and I file separately and I under-withhold so they get very little if anything. They can take 15% of my social security if that even exists twenty years from now when I start collecting.

    There are some loans I cannot get like FHA loans which are government guaranteed, but my wife qualified on her own so we have one and also an off-grid retreat that I paid cash for and built myself. I’ve not applied for a car loan as I drive the old cars and my wife finances her new ones. I do have a credit card as they do not care about student loan delinquency.

    Eventually enough people will be behind on their student loans that we will see law changes when those graduating college today (think Occupy) are running the country. Either they will be forgiven altogether as part of an economic restart or will once again be discharged through bankruptcy.

  • Jim

    These morons are barely capable of bagging fries despite their advanced graduate degrees in 15th Century Homosexual Erotic Tibetan Pottery, Gender Studies, Community Organizing, Ebonics, Ethnic Studies, etc, etc, etc, ad nauseum

    I have no sympathy for them and I have no sympathy for them being kept out of the job market due to their own stupidity and foolishness and especially their support for the immigration policies that keeps them displaced and scraping the bottom.

    The best thing we as a society can do for them is to allow them to stay as poor as possible so as to discourage them breeding future morons like themselves.

    They all have earned the Darwin Awards they so justly deserve.

    No debt forgiveness, ever for these simpletons, never!

    • paul

      You forgot MBA in your list.

  • George R. Kadlec

    Hillaire Belloc stated “It is a nice question whether ignorance or stupidity play the greater part in human affairs.”

  • Klean

    in canada 51% of all people in their 20s are living with parents due to economic insanity that will never change for the better. deeply horrified. ********************

  • http://www.cardioholicsanonymous.blogspot.com Phil Settle

    I’m a frequent reader and first time commentor. I enjoy this site and the non main stream, non biased perspective that characterizes the articles. On the subject of education though I do want to add that while agree with your message, I believe the value of education should be less focused on earnings potential and more focused on simply gaining knowledge. Understanding the things that interest you is far more valuable than a good paying job.

  • Tatiana Covington

    Creating serfs? That’s the idea.

  • College Kid

    i want to drop out now.

  • Trialboy

    i paid my tuition, my wife’s and I am currently paying tuitions for 4 of my 7 kids. I have one still in High School and two others graduated in the 90’s. When all of the dust has settled I will have worked my entire adult life to pay tuition bills. The costs are literally insane. The easy availability of loans has skewed the marketplace for those who are paying tuition bills for their children. 10 years from now when the last one is through grad school, I will have paid nearly $3,000,000 for tuitions and related expenses. These are after tax dollars. The fellow complaining about 1.5 Million gets little sympathy from me

    • William

      I met ‘The fellow complaining about 1.5 Million’. He was in the Guinness book for selling business.com URL for $1.5m

    • frances

      $3 million? Incredible – but yes, I can believe it.
      I work with student loans in Canada, where this government program has been in effect for almost 3 years now to help students who are struggling to repay their loans:
      http://www.canlearn.ca/eng/after/repaymentassistance/index.shtml
      With the aid of this program, we’re seeing loans paid off much quicker than they would be otherwise, and students past and present relieved of the worry, and the harassment of collection calls. I hope you’ll soon have a program like this in the U.S. – you certainly need it!

  • Alan

    One of my sons just graduated and is here at home with his wife and daughter, no job. He was lucky that between me and grants he didn’t need a loan.
    If a young person had a huge student loan I wonder if its possible just to move to another country and start over?

  • Sofia

    In the 90’s I decided I needed a higher degree so I attended an adult evening university and three years later I had that magical three letter abbreviation degree that sounds so pretentious now if I ever have to admit to having one.

    I deferred the pmts for a while because I was stupid or scared and I also took some poor advice and had all my loans consolidated. All this I assumed Sallie Mae was a govt organization, unaware that my loans were owned by a billionaire, a private investor who bought my loan.

    I was locked in at 9.5% interest. I made payments until my job ended due to the company closing my local office (the internet was beginning to spell the of distributors as more companies bought directly from producers offshore).

    I took a lower paying job and deferred, made payments but was never able to even make a dent in the $28,000 principal. Several years later I reveived a noyice telling me I was now in default. They were giving me 90 days to come up with the sum total principal plus interest and fees of $58,000 or I would go into collection, my wages would be garnished, my tax refunds confiscated, a lien would go onto any property I owned or would own…and I would now owe them $127,000 to be paid over the next 20 years.

    I considered suicide since they told me that my death would erase the debt. They told me anyone who didn’t pay was a criminal. They shamed me good. A kind relative loaned me $50,000 to be paid back over ten years plus $10,000 for their trouble. One of parents gave the other $8,000 as a gift.

    I have one year left to pay and no money saved. I will probably never own anything but in one year I will be debt free. Somebody saved my life but I have had to make that payment every month. I have not taken a vacation, bought a car ir done anything except pay back that loan.

  • http://JeffreyAlan5@aol.com JEFFREY

    … I THINK THE AVERAGE JOE AND JANE SHOULD HOLD OUT AND JOIN THE MILITARY ! COAST GUARD AND NAVY ARE ASKING THESE DAYS . I HEAR THEY HELP IF NOT ALL OF COLLEGE ! LEARN UPRIGHT AND FIT TO SERVE THE REPUBLIC ! STUDIES WILL BE SECOND NATURE THEREAFTER ; A GENUINE CITIZEN …

    • Gay Veteran

      yeah, become a cop in the imperial war machine and come back in a box

      • Gay Veteran

        whoops, make that “cog” not “cop”: become a cog in the imperial war machine and come back in a box

  • cannuck21

    Young people are entering into college (& work life) full of hopes and dreams. They quite naturally ‘trust’ the system to help them begin their journey on life’s road without being robbed and cheated before their adult life begins. Robbed and cheated by the very people and organizations who should be supporting them.

    Shame on the society which damages its most precious resource in such a cynical and cruel way. That society has sold its future and deserves its fate.

  • BeenThere

    “But our society has put a very high value on those little pieces of paper called “diplomas” so we all continue to play along with the charade.” Charade is the best word to describe it.

  • CatNap

    I’ve wondered if this hasn’t been by design in order to create a hoard of young, desperate kids.

    WWIII will need plenty of willing recruits, and so the government will ride to the rescue of those drowning in debt and unable to find a job.

    How about a great deal? Enlist today and the gov will pay off your student loan debt!

    Imagine the freedom from debt-all in exchange for a bit of your time in service for your country.

    Never mind that you would never consider such a life-changing decision if not for the crushing debt.

    These kids are ripe for the picking and Uncle Sam is licking HIS lips…

    Serfs? Slaves to TPTB is more like it!

  • James

    America needs to sit down and evaluate the jobs out there and really think about what is needed to do those jobs. Yes, it requires post high school training for a lot of the jobs out there, but not a 4 year, university degree. Most jobs only need training at the 2 year community college level or an apprenticeship. The only real need for a 4 year degree or higher is in the fields of medicine, law, or education. Employers need to figure out what is really needed to do a job in their business, and seek people with those required skills rather than just any Bachelors degree, which is what a lot of employers do. Many people with Bachelors degrees do not have the skills that these employers need. Community Colleges and Apprenticeships teach people how to actually do the jobs they train for, and after a few years of experience, they can work their way up into the jobs that University grads just seem to step into right off the streets with no idea of how the company works, or how the individual jobs are to be performed. Apprenticeships in particular, offer hands on and classroom training, and at the same time they get paid while on the job receiving the training, all paid for by the employer. No tuition needed. No loans to pay back, and most of these jobs can’t be exported while at the same time, pay a good living wage, often more than what most university grads make.

  • K

    Great article. The simplest truth, is you have to change with your environment. It used to be true, that piece of paper got you a better job. Now not so much. To go into debt now, is just insane. But since most people can not understand anything has changed, it will continue.

  • shogun_01

    Horrible just horrible.. I’m canadian but our student debt laws are similar, I took out a federal loan to an american college, and halfway through my semester the college shut down, telling us our diplomas and credits meant nothing in this country. needless to say, my tax returns are being garnished every year to pay back the $15,000 that i still owe

  • Chris

    I recruit candidates for my firm and I do my part by not caring about college degrees at all, I prefer candidates who are home-schooled, they tend to be more respectful and happy, than students who go to college….who are always tensed, insecure and impatient.You can sense it after you have done so many interviews.

    If you are into alternative media and conspiracy, do us all a favor and prefer candidates who are home schooled, mention that in your ads clearly so set the tone.

    In todays changing dynamics of employment, people don’t even need a degree, if they are masters of any one SKILL like content writing….I will hire them immediately …I don’t care if he/she is from Harvard or community college.

  • nowwthen

    Here’s a list of 25 universities with endowments of at least $2 billion, most even higher. As you can see, Harvard leads the pack with over $31 billion and yet four years there will cost a student over $140,000. But the poor indebted kids rail against their debt and the lenders instead of the institutions who actually benefitted from that debt.

    http://blogs.marketwatch.com/thetell/2012/02/02/the-25-largest-college-endowments/

    Your cool professors probably won’t talk about this this though. After all, if your job involved spending 12 hrs./week for 8 months each year impressing classrooms full of adoring youth (with an occasional sabbatical thrown in to work on your book) you wouldn’t badmouth your employer either.

  • Rusty

    Never a borrower not a Leander be. Wise words from a wise man.

  • OCDan

    Long time reader, first time commenter.

    The future of this country isn’t so bright, is it?

    (Pun fully intended!)

  • TJ

    Hey Michael,
    I am a recent high school graduate. My family constantly push college on me despite how many times I show them your articles. I want to go to school but I do not want to get into debt doing it. I know how bad student loan debt can cripple a person financially. My guardian is in student loan debt even though she found a good job (90’s college graduates). A 62 year old relative of mine who worked her way up the ladder (without a college degree), constantly tells me about how her life would have been better if she had went to college.

    I received the chance to get the “real college” experience while I was in high school during my summers. I one hundred percent agree with the “party for six years” statement.

    At one university, we had counselors (college students) that had little control of us high school students. The students were wild. Students had got caught stealing things from local malls & playing pranks on counselors. Luckily, those students got sent home. Meanwhile, students were participating in orgies right below the counselors noses & the counselors knew about it & often encouraged students to have sex as long as they don’t get caught. On top of that, we had parties almost every week up there. At one point all of the us were on lockdown because of the trouble people was getting into. When any of the males got in trouble, we all was FORCED to do physical punishment or get sent home. One of the counselors told me “I never knew any kid that could not do any physical exercises”, when it was on record that I had a physical disability & that it was damn near impossible for a person with my disability (Cerebral Palsy) to do without being in major pain. These were professional athlete/military type exercises. When I later told him about my disablility a year later (I went back up there again for the same summer progran) & he did not know what it was. The awkward part about it was that he was studying sports psychology & kinesiology. My experience at this university influenced me do a lot of research on attending college.

    If they let this type of stuff go on with high schools students visiting for 24 days up there, just imagine what goes on during the school year with college students.

    How do I deal with people that constantly push college on me but dare not look at the facts about college ?

    Which college majors are the best to study in this sluggish economy ?

    Thanks for posting this article, Michael! Keep up with the good work ! :)

  • SmallerGovNow

    Michael, I have a 21 year old in college. Scary stuff for sure. My Ex and I have been able to pay for it so far. Had a 529 purchased when he was 2 years old and we are making up the difference. Hope to see him graduate without debt. We will see. He is working 24 hours a week while attending full time. Good story, keep up the good work…

  • http://www.prepper-resources.com PJ Prepper

    My sister wanted to go to a big school with a big name so she could have a fancy degree. She is over 50k in debt, but she still has a fancy degree. Good for her. We are pushing “more education” and “life long learning” on kids like never before. We tell them that they should get that degree by any means necessary, including going into debt (massive amounts).

    This is a great article Michael which really points the spotlight on a flawed system.

    I have two degrees, and really am not so sure I need either one of them. Sure I have some initials after my name and an extra line on my resume, but when I struggle with my daughter’s elementary math problems I think that paper I have hanging on the wall might be worth a bit less than the thousands upon thousands I invested in it.

    What we really need to be teaching people is how to provide for themselves, be it trade work or farming. I had a guest contribute a great article tonight which lays out some of the fundamental differences in our society from the Great Depression until now. His last line really echoes what you have highlighted in your article.

    Check it out if you want, and thanks for your article too. As always I’ll be linking to it.

    http://www.prepper-resources.com/agriculture-in-america-or-the-lack-thereof/

    PJ
    Prepper-Resources.com

  • Ken Nohe

    From house loans to education loan, a younger generation but the concept is the same: using future income now. This should only be undertaken with extreme care. I remember when I took my first loan: I was young but the burden was relatively light, 25% of my growing income and the loan was fully insured against “loss of Job”. 10 years later it was all paid and the flat was mine. This was a bet but a careful one and in the end it succeeded.

    What I would never have done is take a loan without a clue about where the money would be coming from. It sounds just unbelievable. If you go to one of the very top universities, you most certainly can take the risk, but for all the others, it is reckless. Taking a loan in 2012 to study history? If it wasn’t so deadly serious, it would sound like a joke.

  • Mondobeyondo

    If you are in college or a university right now, or are considering going to one in the future, you better do your research.

    What careers are in demand right now? (very important)
    What careers pay the best? (It’s not the money, it’s the drive and desire)
    How can you use your skills and talents to the best of your ability?

    In case you aren’t aware, a Bachelor’s of Science in Turtle Copulation and Reproduction will not get you very far. I’m sorry. Just telling you the truth.

    So what’s hot right now? Let’s see. Seriously.
    Okay. NOT so seriously. YOU’VE BEEN WARNED!!

    1) Female Television Reality Show Star. Now that Snooki’s had a baby, this position is wide open! You need a hook up to Kim Kardashian’s Internet page?

    Sorry, I don’t have it. I typed in that link this guy gave me, and it turned out to be a hotel in Disneyland. You pervert! I’m calling the authorities!

    2) Whore. A constant, all-time classic. $80,000/year. Beaucoup bucks!! Take a look at your resume!!

    Okay, so I’m your HR hiring director, and I’m looking at your app.

    Name: Bambi
    Previous Occupation: Whore
    Career Ambitions: [censored!!]
    In the next 5 years, I’d like to be:
    a) Call girl
    b) Marilyn Monroe
    c) Anywhere but in this *bleep* city!
    d) Whore to the Stars
    e) Nightclub dancer. See #3 above. Yes, that’s a trick answer. See #2 instead.
    f) Strip club pole dancer.
    g) Politician. Let’s say you’ve got 40K to throw down on some water works project, or some kindergarten education project for our darling schoolchildren. Get some pals to back you up. Raise some funds. You’re on the way up! Principal! School district administrator! Community organizer! President of the USA!! Who knows, it’s possible. Maybe even likely!!

    Aw, what the hell? YOU’RE HIRED!

  • Timothy

    It’s sad that in America youth are taught that to get any kind of respect from society that they must go to college, acquire a ton of debt and get a degree. Don’t get me wrong I think higher education is a wonderful thing for someone if they can find something the love to do and actually apply it in the job market, but for the most part I always thought of it as a rip off and definitely an excuse to party for a few years. My dad owns a business so I was fortunate to have a job out of High School, but in my early twenty’s I struggled with a few relationships where a girlfriend’s parents would ask me where I went to college, I told them I didn’t go to college and her parents would actually encourage them to leave me, telling them I had no future blah blah blah but it’s definitely an insult to say the least.
    I have been more of a hands on type of person which has allowed me to learn on the job skills with no need to sit in a class for hours on end from a teacher who, from what I’ve seen, teach some of the course from the textbook (textbooks are a scam) and they usually seem to want to teach some of their own beliefs as well (religion, political, etc).
    My parents did have a college fund set up for me and told me this, you can use the money for schooling if you are going to use the degree, but don’t waste it. I tried college and it wasn’t for me for reasons I stated earlier so it sat in a mutual fund(bad idea) fall of 08 I took a hit, and recently I pulled the rest from the market as I have lost all faith in the stock market and the economy in general.
    Anyway to sum it all up I used some of the money as a down payment on a house and a little bit of land, still have some savings, still have a job, not married, 29 yrs old and pretty much set up well to endure the hardships that are inevitible. Enjoyed the latest article and keep up the good work!!

  • Rancher

    I guess I do not get it. If you borrow money and sign up to pay it back then you just need to do it.. I paid off my two student loans and it did suck but I manned up and did it.

    I have some pity for them but no compassion as I save that for people who deserve it. Either way they all need to pay the piper now or us tax payers will get the shaft again. Any more of that crap and we will take our millions and leave the country.

    We sure ain’t handing it over to pay of these college party animals. Animal house fools… I thought they went to school to become smarter…sadly they became dumber ;-(

  • DefaultGuy

    I defaulted on my student loans years ago. Don’t care. I have no job and became a stay at home dad. I will not pay back the loan and I am willing to spend the rest of my life in prison. Maybe most students are scared but I am not; I am down right angry that we have become such a sick society that people would even think about profiting off a student who is just trying to improve the country. At this point you better hire a lawyer to read what your signing when attending a college, thats how sick this country has become.

    So now I pay no taxes, consume nothing, pay none of my debt, and do as I please. Pretty soon I will be taken off the lease and will disappear into the abyss making it even harder to get me to pay anything.

    Lost consumption.
    Lost taxes.
    Lost respect.

    My credit is bad but then again do you honestly think I wish to do business with any of these banks? They can keep their credit cards, mortgages, and fees to hold MY money. No thanks. However, I still receive pre approved credit card offers… What a joke.

    • GW in TN

      Default Guy – in the short run you will be ok – but you must plan to never lose your sugar momma, get sick, need insurance, drive a car, get disabled, or have a life.

      It is morally wrong that the purveyors of loans sucked you in to this morass and just as wrong that you are unwilling to own your share of the responsibility.

    • DefaultGuy

      In the short run? Its been years, literally. Its only gotten easier to be perfectly honest. I have insurance, a paid for car, and I have more of a life than the vast majority of people who work. Last I checked fishing, hiking, camping, picnics, beaches, and the list goes on cost absolutely nothing or so little that I surely can afford it.

      There is no morals with fake imaginary money.

      Why would I give up everyday with my daughter to work at this point? There is absolutely no reason. So put me in jail, thats your choice. And youll have to keep me there for life because this system relies upon cooperation. Im no longer cooperating. You mad bro?

  • http://theeconomiccollapseblog Chris

    Now if one were to learn a trade instead of trying to seek a career solely revolving around financial gain, then not only will the college loan be avoided, but one can use a trade to have a more rewarding life. After all, how many masons, plumbers, electricians, carpenters, hvac men or mechanics that are good at their profession are out of work? Just a thought for those of you headed off to college or have children that haven’t made up their minds yet.

  • Gary2

    Tax the wealthy to make college education free. No one needs to be a billionaire while others are suffering.

    ******************

    • doug

      That’s ridiculous. Tax 100% of the wealth of the wealthy and it would fund the gubment for about half a year and they will leave, and that’s not the first penny to student loans. We have well over $100 trillion in national debt and only about $60 trillion in total wealth of the US population. We’ve SPENT way too much!

      All the easy, cheap money allowed colleges to jack up tuition. Within a handful of years, tuition charges should plummet as credit is tightened and colleges realize they can’t get students unless they lower prices.

  • JR

    But look at the positive side, folks!
    a.) All those socialist professors now get to retire at 52 instead of 54, after all those difficult years of teaching 10 hours a week with summers off. And they can be satisfied that their socialism paid for their cushy life. Think faux Indians Ward Churchill or that fake Indian Elizabeth Warren

    b.) I’m sure if all those deluded students just chant “Yes we can” even louder, they’ll be ok. Right?

  • JR

    To that guy spending $1.5 mm on his daughters. The only thing I’m amazed about is that someone so DUMB could have made that much money! Ever hear of “community college” buddy?

  • Jessica

    Those that have student financial aide debt and have debt collectors threatening them with things like you will have a bad credit score if you dont start paying and wont be able to get a job and have all these federal penalties, I am working with a Lawyer and Ive won 2 cases for this and got 1-$1000 for the harrassment from these debt collectors.
    His name is Larry Smith from Larry P. Smith & Associates, Ltd
    http://www.bbb.org/chicago/business-reviews/attorneys-and-lawyers/larry-p-smith-and-associates-ltd-in-chicago-il-88376800
    God Bless

  • Nickelthrower

    I am of the opinion that unemployment is so high with recent graduates because they are not taught to be self reliant. They finish school and think that their dream job will pull up in a limousine and take them away.

    Anecdotal true story:

    In the late ’90’s I took a trip to Poland with a friend of mine as his family had fled Poland when it was still communist and this was going to be his first trip back.

    After a visit with his grandparents in a very rural village on the Ukrainian border, we went to one of the industrial cities to visit with his cousins.

    His cousins were still living in the old school communist concrete high rise “apartments”. Housing was still in short supply and these guys were living with entire families in one room – it was crazy.

    Now, every single person in that apartment that was old enough to be able to work was running his or her own business. They were into everything from running a kiosk to selling flowers to copying American pop music.

    I was shocked by how hard these people worked even though they lived in such depressing surroundings.

  • Dr. David G.

    Before the era of modern finance, central banking, paper financial instruments gone wild, and fiat currencies, wasn’t it a lot more common for multi-generational families to live in the same dwelling? All of this funny-money finance has created the illusion of single-generation housing. The rule for most of the five or six thousand year history of civilzation doesn’t bode well for owning your own home anytime soon. We’re living in the abberation, not the norm. And we have fiat currency, and debt stolen from future generations to thank for it. The times they are a changin’

  • Gandolf

    I can never work out why we spend as mUch educating someone who will serve us fries as we de on someone who may perform our heart transplant
    Why can’t we sort this out when they are young and direct them in the right direction
    We could save a fortune on education and everyone is happy

  • k

    Well sadly the modern US economy itself has been founded on debt. So every thing the economy he does, or the people in the economy do…..it will end up creating debt.

    To get a college education…have to take a loan.

    To start a business…have to take a loan.

    To buy a car…have to take a loan.

    To buy a house…have to take a loan.

    To get married and raise kids…have to take a loan.

    To provide good schooling for them…have to take a loan.

    Rinse….lather….repeat!!

    This is what happens when bankers run the economy.

    • Michael

      Very good comment.

      Michael

    • Rodster

      I started a business and took NO loan. I bought a company vehicle and took NO loan.

  • Golden Child

    Yes, kids today have few options towards making a decent living. Everyone wants to take money from you but very few try to help you make money.

    Why are all the kids White in the first picture?! I know America is an overwhelmingly White country, but what the hell?! It is even easier to forget that most big cities are minority-majority if don’t live in a major city or metro area. Ironically, the employment picture for young minorities, regardless of education, is much worse than that of White kids.

  • http://endzone2.weebly.com Craig

    You’re right about the women seeking sugar daddies. I’ve seen this happening here at the extended stay hotel where I live. About a week ago, some of us adults were in the hot tub. I real cute 20-something young lady came to join us, and she started chatting with us. One guy was from Las Vegas, and there were discussions about Las Vegas. This girl included the F-word in every sentence, and at one point she said, “I don’t know how I woke up in my F-ing bed F-ing naked.” This girl was VERY cute, and that sure arrounsed the attention of the young man she was directing her attention towards. She didn’t know how she was going to pay her next rent. She had two cute small kids, and she didn’t get along well with mom & dad. She was fishing for the sugar daddy to pay the next months rent. I have seen this more and more now. It is sad. Really, it is sad, and it is a sign of the times we live in.

  • A.S.

    Lets all pop this College Debt Bubble. If every college student in the U.S. were stop paying for three months straight, this would crush the companies that gave the money. Let them fry because they were knowingly preying on innocent youth by telling them college is a good investment, when in fact, you could have spent just a few dollars in overdue fees by reading books from your public library and learned a lot more than any brain-dead professor could have taught…hey, I just realized this comes straight out of the movie Good Will Hunting. How ironic that Hollywood would produce at least one movie that shows how the whole university/academic system is corrupt!

  • http://www.facebook.com/StudentLoanResistanceOfAmerica FrankyFreedom

    The bottom line is that for a long time now college/university has been a 4-5 year holding-pen for young adults. The problem is that (for different reasons) these young people are not properly informed that if they do not maximize the productive use of their time in school there will by very real (and often irreversible) consequences to their finances in the future.

    JOIN THE RESISTANCE!
    http://www.facebook.com/StudentLoanResistanceOfAmerica

  • Michael

    We make our own bad decisions. Stop blaming others for your bad decisions. It’s not the banks fault they trusted you to live up to yor contractional obligations.

    • GW in TN

      AMEN!

      • Gay Veteran

        yeah, it’s not the fault of the banksters! it’s not they’re the ones working with big corporations to ship American jobs overseas!

        oh…wait…they are

  • Steve

    It isn’t just the young people. With the fallout from the Dot Com Bubble and the Financial markets I ended up at age 56 with student loan debt caused by having to “re-tool” my skills to find jobs and switch careers. Fortunately I can in fact pay my monthly payment.

    What I have painfully learned EVEN AFTER doing my “homework” is the blatant age discrimination in the American Work force that frankly makes it a waste of time to go back to school like I did to get “re-tooled.” One Senior Tax Partner at one of the Big 4 Accounting Firms looked me straight in the face and told me I was in fact too old. Going to a community college and learning a Blue Collar Trade would have been better and cheaper.

    So how do we fix it. We get the government OUT OF the school loan business. Have you ever noticed how tuition rates increase every single time there is an increase in the limits of Federal Student Loans? I will give you a worse case: Art Institute of American BA in Culinary Arts (be a chef) is over $80,000. Anybody check what a chef makes !! So why is the school (and all the others to boot) hammered for not doing “a truth in job reality” much like the truth in lending laws we have? If they did it would drive students away. Also has anybody noticed the INCREASE in the number of FOR PROFIT educational institutes?

    And the reason you cannot declare Bankruptcy is because back in the 1970’s Doctors and Lawyers, yes those guys, were the ones declaring bankruptcy to shed their student loan debt. They would establish their practice and then write off ALL debts in bankruptcy. I know this is factual for I had to daily review the cases being filed to see if our company was having any clients lie to us about their financial solvency. So those Doctors and Lawyers walked away with no debt and the ability to earn Big Bucks while screwing over everybody else.

    So to fix it here are some suggestions:

    1. Bail out Student Loan Debt. If we can do it for General Motors, et. al. we can do it for Student Loan Debt. All those loan payments will now go back into the economy and not into the pockets of To Big Too Fail companies. Yes I know that will upset a lot that demand you pay our debts but if YOU THE TAXPAYER can bail out banks and major companies who gave you noting back then you can bail out generations of your fellow Americans who will now spend that money in the local economy.

    2. Immediately get the Gov’t OUT OF the student loan business. College isn’t always the answer. Trades pay very well also. Ever have to call a plumber or electrician late at night? We know what that costs.

    3. Force ALL schools to show what your earnings are likely to be after you graduate and compare your total debt and living expenses to your estimated income so you can see you won’t be able to afford school. Just like a mortgage company does when you buy a home. Frankly it is time for a lot of schools to go out of business. They GROSSLY overcharge, lie about your prospects, will tell you what you want too hear, avoid the truth at all costs, and laugh at you all the way to their bank. Enough is enough.

    • Gregory T.L. Malcomworth

      Frankly it is time for a lot of schools to go out of business. They GROSSLY overcharge, lie about your prospects, will tell you what you want too hear, avoid the truth at all costs, and laugh at you all the way to their bank. Enough is enough.

      Really well said. Plus, you aren’t really learning anything you can’t learn at a public library for free if you tried to, and it’s just branding mechanism that makes you seem better than you actually are. Time will tell and it will be hell.

    • Islandgirl

      Steve,

      Very well said. I know a lot of people criticize those who had to take loans. I had to get student loans too and I wasn’t just out of high school when I started. I wasn’t partying either. I was working hard full-time and going to college to try to get into better and higher paying jobs. All I was doing was trying to better myself and my family. I knew some people that were working too and had to get loans. I just wish that I would have known back then that the higher paying jobs wouldn’t be worth it because they are few and far between now. It isn’t just the young people getting the loans. There are many older people who are just trying to get ahead. I know someone that got loans in their forties to try to get a better paying job and now they are unemployed. I know it’s possible to get good jobs without college, but the truth is that many fields have required college. There was and more now than ever so much competition. If I had not gone to college I would not have had the jobs that I have had because degrees were required. On the other hand I would rather not have the debt, so if I had to sacrifice better jobs looking back I would rather have done that. There are many jobs/fields out there that still require a degree, so this contributes to everyone needing to get student loans. I don’t know very many teaching jobs that don’t require one. I know some police departments that will not even higher without one. Unfortanately, many jobs require a degree. Hopefully that will change once everyone realizes it’s not what it seems.

      I agree that the government should not be involved. It seems that they wanted us to be in debt to them just like with welfare and it is contributing to create this bubble. I found your solutions interesting. We never hear solutions. All of the corporations and banks were bailed out and those that purchased homes during the peak were offered help. I sacrificed and didn’t buy a home that I could not afford, but they don’t care about those that were trying to better themselves and contribute to the economy. I think the student loan debt is far greater a crisis than the housing because it doesn’t go away no matter what. Many go into college blind not knowing what will happen when it’s finished and sometimes even finishing can take a long time for those working through college. I think it’s hard to accept that trying to better one’s self and devote all of the time and effort to college turns out to be a waste of time for many and committment to life long debt.

  • Richard

    Michael,
    The quality of your writing has improved unrecognizably and it makes your prose much more powerful. All the emotive tear-jerkers have gone, the repetitious adverbs and the rhetorical questions… to name just a few things.
    All I can say is, ‘Well Done’! It makes your essays a joy to read. You have so much to say and you say it with blinding clarity and precision. Keep up the good work…

  • Big Dave

    As an educator, I can tell you that you must know exactly why you will go to a four year institution. Study math and science and stay away from bogus “soft science” or liberal arts degrees. Live at home and go to a community college the first two years. Parents, know your kids. Maybe trade schools are better suited for your child. Those guys make more than I do. Whatever you do, have a realistic plan. A Harvard degree in history will do less for you than auto mechanics or electrician’s lisence from your local community school. Above all, avoid debt. If you have to work while going to college so be it. I did, and I have four advanced degrees which I actually use.

  • Big Dave

    I almost forgot, I incurred no debt!

  • Lowest on totem pole at the IRS

    Yup, was unemployed just shy of two years after college. I applied throughout the US…private industry, state, county, city, federal, low level jobs, entry level jobs, “beneath me” jobs…nothing. I was getting lots of interviews for low level jobs with the feds so I just focused my job search on them and got an internship with the VA during the summer. I saved as much as I could during those three months and finally got a job offer in Iowa being a Nursing Assistant. Of course, I accepted because I needed health insurance. But, I got called for a “better” job with the IRS as a Secretary so I turned down the VA job and took that one. I moved over 3,000 miles away from home for this job and in one of the most expensive cities in America. I did move with my boyfriend and he eventually found a permanent job after taking temporary work for 6 months. The only way we made it was by borrowing money from my Uncle and the little bit I saved from that VA internship. All we came with was a laptop, four bags of clothes, and I bought a few things from Walmart using site to store so when we got here we could just pick it up and be comfortable (blow up bed, dishes, sheets, pillows, etc.). I found a tiny apartment before we left (broker’s fee, first, last, deposit due to my credit) that was on the bus line and really close to my job. Together we have been here exactly two years. I have no complaints about my job, I just wish I had a better job that aligns with my skills. I apply only for federal jobs because I don’t want to lose all the time I have put in already, but no calls due to all the competition. I miss my family and hometown everyday of the week, but I try not to complain because I am one of the lucky ones and this job lets me afford what I want and I have health insurance. I pray everyday things change for the US, but I know they will not. I just take it day by day and thank the Lord for my blessings.

  • Jack

    Michael,

    Yet another good article. Thank you. I think you hit the nail on the head when you described the higher educational system as a “charade”. No one wants to admit that the old model of ‘go to college so you can get a good job’ is broken and no longer works.

    I’ve read a couple article that state there is going to be a huge shortage of mechanics, machinists, and skilled trade workers. The old guys are retiring and the young kids think of those careers as “dirty”. The young kids today think they will somehow get paid $100K a year to surf facebook.

    If I had college age children now, I would strongly encourage them to learn a trade with the ultimate goal of opening their own business.

  • SMASH THE CONTROL MACHINE
  • Bill

    One of the causes of the high cost of education is textbooks. Not only has the cost of textbooks tripled over the past decade, but textbook companies are adding technological “add-ons” that students are forced to pay beyond the cost of the original text.

    I teach an online accounting course at my local community college as an adjunct professor (we won’t even begin to discuss my student loan debt load from THAT choice I made!). The required textbook is $170. But wait! There’s more! All students are now required to sign up for McGraw Hill Connect, the publisher’s online classroom teaching tool. That’ll cost you an additional $33. If it was up to me, I wouldn’t use the Connect tool because as a teacher, I don’t believe it’s worth the additional money. The Excel tools are too simplistic and the tests and quizzes do little to actually prepare a student for work in the world of Accounting where they’ll most likely be doing data entry and pivot table analysis. Unfortunately, I am required to use the online tool, and students are told that they need to spend the extra money for it even though most of my students are either unemployed, underemployed, or dependent on a struggling parent to get a college education.

    One more thing about the broken promises of a “college education”. I received my MBA in Accounting in 2007 at a for-profit university. At the time, they said that MBA’s in my field could expect to earn $80-120K per year. Less than two years after getting my degree, I lost my house and had to declare Chapter 7 bankruptcy despite the fact that I was still employed due to my debt load. My student loans were completely unaffected by the bankruptcy. Not one cent! I’m still in the same dead-end job I was in before, except now my MBA allows me to earn $650 a credit teaching as a part-time adjunct professor. I consider myself fortunate when compared to others in my field who don’t even have one job, but that doesn’t really make me feel any better.

    • paul

      dont you have libraries in the US?

  • Karol

    The system is rigged. Colleges, banks, loan providers and the government worked together to inflate the cost of going to college, (made up fees and super expensive text books are just 2 examples of this) and by reducing financial aid it forced more borrowing. The government made sure jobs were outsourced so the graduates wouldn’t be able to pay it back. Debt collectors encourage students to ask relatives to help them pay their student loans by tapping into their savings, home equity, 401k’s, or even using credit cards to shift the debt. I read about a program called Income-Based Repayment, under the program borrowers pay 15% of their discretionary income for up to 25 years, after that the unpaid balance is forgiven. This helps prevent default, ruined credit, and increased amounts owed due to interest and penalties that accumulate. A less ethical way would be to transfer as much student loan debt as you can to credit cards and then claim bankruptcy. And then do it again in 7 years. The banks and our government have screwed us for decades and decades, so I wouldn’t be to worried about moral hazzard.

    • Tommy

      Propped up. Fake. Rigged. The entire stock market is a facade, a rigged game.

      It is being inflated every single day by the Federal Reserve to the tune of $4 billion (per day). They print money out of thin air and then put it directly into the hands of the traders on Wall Street. That’s why the Dow at 15,000. They know if they stop that money flow stocks will collapse very quickly.

  • http://voices.yahoo.com/government-credentialing-gone-wild-unnecessary-degree-11486786.html?cat=9 Guy Gold

    Government puts degree requirements on occupations where they don’t belong and then creates the abusive cycle that if you want to participate in that occupation you have to make a terrible higher education investment:

    ttp://voices.yahoo.com/government-credentialing-gone-wild-unnecessary-degree-11486786.html?cat=9

    • paul

      Same in Germany. If you want to cut hair as an employee you need to have finished a 3 year apprenticeship. If you want to open a barber shop you need to have the apprenticeship plus an additional qualification equivalent to supervisor/foreman in the industry. And you need to join the local chamber of commerce.

      In China, if you want to cut hair, you put your chair out into the street and fix a mirror on the next tree or lamp post.

      • paul

        Now tell Chinese about freedom.

        LOL

  • http://back2theland.com Old Timer

    The Student Loan Forgiveness Act of 2012(H.R.4170),,,”would forgive outstanding student loan debt for Americans who have made payments equal to 10% oftheir discretionary income for 10 years. …would also provide loan forgiveness at 5 years instead of 10 years for those entering public service professions. …the bill would cap interest rates on federal loans at 3.4 percent.”

    “H.R.4170 has been refered to the House Committees on Education and the Workforce, Foreign Affairs, and Armed Services where it is currently under review.”

    Since all of this TRILLION DOLLAR debt is owned by the banks, do not hold your breath and expect and real relief. The problem is that at 18, a student who knows nothing about the world is enticed into debt through credit cards for students and of course in most cases the parents are coerced into co-signing by law.

    It is understated that the parents wind up paying the debt with loss of thgeir housae equity, loss of their 401K aND OTHER ASSETS.

    My policy has been tough love. At 18 and you want an education you go earn it. I am not going to move under a bridge for your party time.

    OT

    • OLdFART

      Parents cannot be coerced into cosigning anything for their 18 year old offspring. These students are paying for the “five year party” they had financed earlier. Who signed the note without asking “what am I getting for $125,000″?

      • Jim

        Damn right

  • John

    Going to college would be a bad idea even if it was free. It’s just a total waste of time and energy. I’d only be willing to go to college if they paid me good money for it.

    • paul

      I got paid for my apprenticeship and for university. And so did everybody else. But that was socialism.
      Very bad.
      Everybody had a job, everybody had healthcare, everybody got pensions. You could tell your boss that he is an asshole, but not your president.
      Now we have the opposite system.
      And everything is good.

      LOL

      • Patrick Henry

        Anyone ever thought about this, that salves are fully employed.

        I would rather be poor, homeless but free any day over slavery.

        • Really?

          Debt slaves thar is…….I’m jealous!, not really just would like to see my endless hours of effort payoff.
          It’s a struggle without a degree, even being educated in a trade that I have been in for over 12 years not the greatest money…..but I’m working. And oh by the way not one cent of education debt. College would be an option IF! Their were jobs and affordability were more reasonable.
          I personally would not put myself in that situation……not in this
          unstable climate.

  • Excalibur

    The most insidious debt on the planet.

  • prestodo

    The U.S. is the most litigious society on earth: for every 1000 people in the U.S. there are 32 lawyers. Lawyers do not produce anything, but consume and contrive. Lawyers and Doctors do not make as much as those classes used to 40 years ago. They’re a dime a dozen now. College has been overrated for a long time, and kids are starting to wake up to the fact that it isn’t worth it. You’re better off not accumulating that much bad debt that early in life. Most entrepreneurs never attended or finished college anyway.

    • DownWithLibs

      I have noticed too, that people without a college degree seem to do the best career wise. I do agree with you that you would be better off going into a trade school or an apprenticeship over the 4+ University “indoctrination”.

    • Mr. Obvious

      I’m fascinated by the “lawyers don’t produce anything” argument.

      Who does, exactly? Nurses? Pizza shops (domestic consumption only, obviously)? Who, on an individual level, produces anything? The only productive entities in this country are mega businesses that run farms and automated factories.

    • MarkieMark

      My Dad used to tell me, “Who do you think it is hiring all those college graduates? It’s the guy who skipped college, risked it all, and worked 90 hours a week to build a business.”

  • erheault

    Everybody is responsible for their own decisions, CHECK INTO WHAT YOU WANT TO ENTER IF IT IS A SMALL OVER FILLED FIELD CHOOSE SOME OTHER FIELD before entering a four year comitment.

    • DownWithLibs

      And before signing on the dotted line!!!!

  • Alvin

    Check out link below. Education my ass. How much of this money went into Democrap campaign coffers.

    http://globaleconomicanalysis.blogspot.com/2012/09/university-of-phoenix-top-of-heap-in.html

  • Washington

    Hold your elected officials accountable. FreedomWorks tracks the votes of Members of Congress on key issues of economic freedom to make it easier for you to know how your representative is voting.

    If you or anybody you know is involved at the grass roots you will need to share this tool with them. This is way to compare words with their actions!

    http://congress.freedomworks.org/

  • Pauly

    Don’t forget about the Co-Signers of the loans. Grandparents are having their SS Checks raided to pay for their worthless grandchildren.

    • William

      the college recruiters prefer young adults to visit them without parents or grandparents so they are more easily persuaded to sign papers for $10-$20k in loans.

    • DownWithLibs

      My personal code: Never co-sign for anyone for any reason no matter what! If you absolutely insist on helping someone out, loan them the money your self (with a pay-back contract of some sort). But no co-signing…very bad idea. Tears families and friends apart, among other things.

      • LOLa

        Translation: Be a scrooge.

        Not me, thanks.

      • Nuanda

        This liberal agrees with you, DownWithLibs. I used to work in student loan collections, and calling co-signers was our worst nightmare. Oftentimes, the students had forged their grandparents’ signatures, and these angry octogenarians only learned about it when the kids stopped paying on their loans.
        In one heart-wrenching case, the student had died of an illness, but the debt still stood, and there was no way to wipe the slate clean for the parent who co-signed for them. Can you imagine being called every night on a student loan debt for your dead child? *shudder.*
        I’ve also seen girlfriends/boyfriends co-sign on loans… and holy hell, is that a terrible idea. In short, co-signers reap all the calamities and none of the benefits for signing on a student loan. Avoid co-signing like the plague (if you can help it).

        • DownWithLibs

          Those are some helpful example stories. Thanks! I don’t think people really stop to think (especially if it is their child) about how sour this can go.

  • Robert (qslv)

    Model for success? 12 years of “teaching to the test” prepares these young people for a life of government servitude and poverty. They never learned critical thinking or problem solving. They never learned basic finance, or they would never have taken out these loans. In k-12 they never were taught the skills vital to learning anything useful in college.

    If I try to discuss science, mathematics, finance or history with a young person, they have little to say, because they were never been taught these things. I can’t imagine how a job interview could go well for them.

    The only possible solution I can see is to eliminate college level education and take the money into private businesses who would be responsible for the last 4 years of their new employee’s education. Kind of an apprentice program. The 18-21 year old would do work-study with a small stipend and live at home until he became a full-time employee at the firm that trains him.

  • GoneWithTheWind

    The percentage of students that get loans ONLY to pay for tuition and choose to work a part time job to pay living expenses is very small. Most students go for the max loan and live in nice apartments, finance a car and take summers off. After 4 years of living like this they suddenly discover they are deep in debt and resent it. But who’s fault is it?

    • http://frugallivingonthewatkinsranch.blogspot.com Ranchers wife

      That is what my stepdaughter did she has had all this money and not worked much. Has one semester left and there are no jobs here so she wants to work at the library I don’t know the amount of her debt but I know it is large (4 and a half years worth) pretty sure a librarian salary will not pay back her debt. I tried to tell her a few years back not to use student loans but to work her way through but I guess loans were way easier. Plus her Mom helped her get the loans and they think I am kind of crazy thinking all is going to come down soon. Well I tried. I do think she will have a hard road ahead of her because of the loans.

    • http://www.prepper-resources.com PJ Prepper

      Agree 100%, they take the money because they can. It’s a fake life for 4-5 years and then they see that they have to pay the piper 6 months after graduation. So what do they do? Enroll in graduate school, defer the loans for an even longer period and take on MORE debt! Keep the train running as long as possible…sounds almost like our economy.

      What is even more mind boggling are parents who take on loads of debt so their kids can go to college (or even K-12 private schools). Insanity I tell you!

      PJ
      Prepper-Resources.com

  • mooeing

    I warn my family, teenagers, college kids every chance i get to stay out of debt if you wish to go to college. If education is important then youd take ten years to graduate without debt than in 5 years with 15+ years of debt. College is a purchase not investment.

  • Selaretus

    It is not only young students buried under student debt. When I was laid off at the age of 48, I decided to put my 2 year AAS chemistry degree to work by transfering into a 4 year environmental program. I was suddenly a ‘non trad’ student. I was single with no other income or extensive savings to fund my education so I went along with the university finance department who hooked me up with student loans. After graduation I could not get a job in my field, as even entry level positions required experience. I eventually got work, but now I owe about $19,000 in Fed insured loans. I am often late, even though I can afford to pay the thing off if I choose to; it just pisses me off so I punish them by costing me more interest. I fantasize about the day we all refuse to pay, default and the Salli Mae’s of the world tank.

    • Orange Jean

      The problem may not be that you got a degree, more likely it’s the “boom or bust” nature of the environmental field.

      I got a job as an environmental planner (in CA) during a “boom” in 1989 with no experience and an MS in geography; by 1992 the field was in a “bust” mode and I got laid off, as did almost everyone else I knew in the field. Well, it was a fun job while it lasted, but very hard to find a new job during that recession also (it took me over 6 months and I ran out of unemployment before I found a new one).

      IF we ever get a boom period again, I would suggest you try again… most of those jobs are found in consulting firms BTW – either firms that do environmental work themselves or sometimes as subcontractors. Before the recession my company worked a lot with an engineering firm (we did most of their environmental work, they did most of our engineering work).

      • Orange Jean

        oh… and I never worked in the environmental field again. I switched to public health (which I sometimes regret), as I couldn’t take the bust boom cycles.

  • Selaretus

    BTW This is one of my ‘go to’ sites for information and truth. Thank you for your hard work!!! It is appreciated!!!!

    Onward to the collapse

  • Seth

    What do I think? I think 80% of them are going to run out and vote for Obama. Because he’s cool. And they are stupid.

    Unfortunately this age group doesn’t do much thinking for themselves and they don’t have the world experience to really understand how debt can hurt them. They just think that being in debt is normal and a way of life.

    So they will continue to sign up for those college loans to those expensive colleges that won’t do a thing to help them get a job that will pay them enough to enable them to pay off their loans. And in 10 to 20 years they will say “oops” and many will have to declare bankruptcy.

    But they will still have that PRICELESS college degree!

  • paul

    Can’t you declare bancruptcy in the US? Then live three years (after completing university) without incurring further debts and then be debt free?

    Or since everything is based on debts and loans, just don’t care. Those who have the highest debts get bailed out by the tax payer.

    • DownWithLibs

      Student loan debts can not be discharged in bankruptcy in this country…yet.

    • Chemgal

      Student loans were made non-dischargeable, even in bankruptcy, years ago. Many
      kids, not to mention their parents/grandparents, are unaware of this little fact. While it is legally disclosed in the fine print of reams of paper they have to sign, very few actually read the reams of paper (this constitutes their first non-university lesson, and a very valuable one).

      • TX4Life

        My daughter’s freshman roommate failed out her first year because she could not get herself up and to 8 am classes. Loans immediately became due and her dad had co-signed. They were stunned and seemed not to know that the loan would become due immediately upon her being kicked out.

        My daugher, on the other hand, had been told from day one that we would help pay for college as long as she did well in school, WORKED, and pursued a degree in something she could actually get a job in. She has kept up her end and has gone through the summers taking full-time hours. Even adding a minor that will broaden her employment possibilities. She will never get rich in her chosen field but she should be able to maintain a steady income in a field she enjoys and owe NO STUDENT LOANS.

    • Nuanda

      You can declare bankruptcy, but all that will do is stop collection calls. From my understanding, after you 7 years is up, boom! Your student loans suddenly resurrect with interest.

  • CharlesB

    The 11th Anniversary of 9/11 ~ Paul Craig Roberts
    http://www.paulcraigroberts.org/2012/09/11/the-11th-anniversary-911-paul-craig-roberts/

    http://www.davidicke.com/images/stories/Sept20123/293000_371523336249492_1252541108_n.jpg

    I believe that Dr. Paul Craig Roberts’ piece about 9/11 is relevant to some of the comments posted here, and to the student loan slavery issue. This whole idea of left vs. right, democrat vs. republican is a farce. It’s not real. It’s meant to fool us and deceive us.

    As for bankruptcy in the US, student loans cannot be discharged in bankruptcy. So what some people are doing, is leaving the US. Some are going to China and S. Korea to teach english, some are just taking out loans for programs like nursing, and then moving to Canada or Australia.

  • CharlesB

    JJ Luna’s book:
    http://jjluna.com/Books/Flat-Broke

    http://blog.invisible-privacy.com/search?q=college

    50 Ways to Leave Your Banker
    He’s been called a “credit terrorist,” but Steven Katz says you
    shouldn’t feel guilty about walking away from your debts.
    http://www.motherjones.com/politics/2011/01/steven-katz-credit-card-debt

  • Mark

    Canadians with U.S. debt, check out this book: The Wolf at the Door: What to Do When Collection Agencies Come Calling.

    http://www.amazon.ca/Wolf-Door-Collection-Agencies-Calling/dp/0771080360/

  • Erik Bergum

    For many years, tuition rates have increased by hundreds to thousands of dollars per semester. As that occurs, many students often find it a lot harder to pay off the student loans.

    • James

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  • CharlesB
  • Washington

    On November 6, 2012, there are more than 16 trillion reasons we must vote for a new direction. If you are concerned that a fiscal catastophe looms for America, please share this video with your friends and family!
    http://www.youtube.com/watch?v=mLO9K5uTsng&feature=player_embedded

  • CharlesB

    “Poverty is the parent of revolution and crime.”–Aristotle

    “Necessity is above all law.”–Thomas Jefferson

    College Students Are Going Homeless and Hungry — And Corporate America Is Trying to Exploit Them
    http://www.alternet.org/college-students-are-going-homeless-and-hungry-and-corporate-america-trying-exploit-them

    Grieving Father Struggles to Repay Dead Son’s Massive Student Loans
    http://www.alternet.org/story/155887/grieving_father_struggles_to_repay_dead_son%27s_massive_student_loans

    Student loan fugitives
    When faced with unaffordable monthly payments and relentless
    creditors, some see leaving the country as their only way out.

    http://money.cnn.com/2008/10/23/pf/college/student_loan_fugitives/index.htm

    Fleeing the Country: From the Horse’s Mouth
    http://butidideverythingrightorsoithought.blogspot.com/2011/03/fleeing-country-from-horses-mouth.html

    Does Everyone Need to Go to College?
    http://butidideverythingrightorsoithought.blogspot.com/2009/12/does-everyone-need-to-go-to-college.html

    News We Already Know: College Degrees Fail to Lift Low Income Youth
    Out of Poverty
    http://butidideverythingrightorsoithought.blogspot.com/2010/06/news-we-already-know-college-degrees.html

    Fleeing the Country, Part II
    http://butidideverythingrightorsoithought.blogspot.com/2010/05/fleeing-country-part-ii.html

    Should You Flee the Country?
    http://butidideverythingrightorsoithought.blogspot.com/2010/05/should-you-flee-country.html

    Learning How to Fight the Collector
    http://www.nytimes.com/2010/04/24/business/24collection.html?_r=3&src=me&ref=business

    Reflections on a Medical Career by Robert S. Dotson, M.D.
    http://www.paulcraigroberts.org/2012/08/02/reflections-medical-career-robert-s-dotson-m-d/

    Niche and Grow Rich
    http://www.amazon.com/Niche-Grow-Jennifer-Basye-Sander/dp/1891984764

  • http://brigittepicart.com Brigitte

    I had to deal with a young female lawyer who worked in the law department at the Transit Authority of a big North East city. I was the plaintiff, injured by a bus, representing myself after firing my ambulance chasers. The TA, represented by this young woman who looked fresh out of law school, was very dishonest in the way it litigated the lawsuit. It made me wonder about her situation Surely she had law school debt and couldn’t afford to take the high road and refuse to do unethical and illegal things for her employer.

  • none

    GOOD NEWS Micheal:

    Last night I watched Moyer & Company on PBS CH-39.
    Name of show: (Changing Power, Changing Politics).
    He interviewed the Vermont Senator Bermie Sanders who stood up in the senate and spoke for 8 hours. Someone had written a book about this called “The Speech”.
    It was about some of the same things you have written about here!

    As an added bonus, the next guest was a woman who represented a group to stop all the foreclosures! Again, they quoted the numbers you have used on this web site!

    You can actually learn something from watching T.V. !

  • William

    My four kids agree to go to university overseas and live an hour from their European relatives. Tuition is under $5k until they’re residents then it’s $1k. I already budget for annual airline tickets for each, so no extra cost there.

    Off-shore university education should be the next trend, like medical tourism, or off-shore retirement.

    • comnenus

      I think the “European” country probably speaks some kind of Slavic language and whose degree won’t be honored by American employers.

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  • Piglet

    Following the BS degree in business management I earned 30 years ago the big joke among fellow grads was how the fields in which we were employed had nothing to do with our degrees, which also contributed nothing to getting ahead in life. Ten years later I earned an MBA through night classes and as I was in my last semester I came across an article in US News & World Report stating that, unless one’s MBA comes from one of the big-name schools like Wharton, it’s essentially worthless. This was confirmed by professors and deans interviewed for the article. (Those thinking of getting an MBA, take note.) As is the case with my BS degree, I have never used anything I learned from my MBA classes. At the time I was in the active duty military so 75% of the tuition was covered, but not the very expensive books. I took some community college computer classes on my own time and at my own expense (no reimbursement for non-degree courses) but I was able to put this knowledge to use and it also enabled me to find employment after getting out of the military. I would have been far better off if I had not bothered with the graduate degree and simply took much cheaper, but far more useful, community college classes in various computer applications.

    I am fortunate not to have any children. One of my brothers has two young sons and, although he has a top-paying GS job with the feds, he really doesn’t know how he’s going to afford their college educations. As suggested by others in this forum, I discussed sending them to the local community college for the first two years and, if they’re serious about school, they can transfer to the same big-name state university my brother attended. Unfortunately I know this will never work for him. I’m sure he would be unable to bear the “shame” of admitting to anyone that he had sent his sons to a community college instead of the state university, so he will knuckle under, take out massive loans, and put himself in debt for the rest of his life. He will need to work until he drops dead on the job.

    He is now in his early 50s but has no money saved up for retirement, much less college for his kids. Among his many expenses are weekly visits to shrinks by his wife and both sons, which are certainly not cheap and have been going on for years. (That’s another story entirely. Sounds like a nice racket for the shrinks.)

    Did I mention I’m fortunate not to have kids? Speaking of which, here’s what some kids do…

    When I was in college over 30 years ago, I had already served one tour in the military and was determined to finish my degree. I studied and did homework late into the night, sometimes all night if necessary. So many others were simply partying on Daddy’s dime, getting stoned, scrogging their girlfriends, skipping classes, etc. I knew a guy and his girlfriend down the hall in the dorms who were selling cocaine to finance their educations. (Note: This was a “nice” university in the vanilla suburbs.) Another effeminate guy was selling himself to congressmen, senators, and other well-heeled people, although this seemed to be by choice, not out of desperation. Later I became aware of students at a nearby women’s university were working part-time as high-class call girls. They knew they had something that was in great demand and they made the most of it. (Dads, in case you’ve forgotten what college was really like, or you didn’t notice what was really going when you were there, take note.)

    Thanks to the internet, today’s young students have discovered a new way to earn $10,000 for college expenses or anything else on which they choose to spend it. Google “College Rules” and you’ll see what I mean.

    By the way, did I mention I’m fortunate not to have kids?

    • OLdFART

      BS–We all know what that stands for

      MS–More of the Same

      PHD–Piled High and Deep

  • Phillip Sherwood

    Remember the housing bubble? Remember how you HAD to buy a house since the USA was running out of land, the nation was being flooded with immigrants who were buying all the houses? How no more land could be developed because of enviromental concerns? Remember how since home prices were rising this was your LAST CHANCE EVER to buy a house? Remember how since the Lincoln administration home prices never dropped anywhere,anytime? Remember how this was your safest investment, the bedrock of the American dream? Remember all the great tax deductions? Remember how you never got anything back by renting and that only people who “hate” America” rent?

    And now you tell our children to forget about college?

    OF COURSE our young people are going to get fleeced. You just can’t buck the American Dream.

    What advice would anybody give them anyway?

  • http://frugallivingonthewatkinsranch.blogspot.com Ranchers wife

    I have two teenagers, have already told both of them that loans for school are not an option they had better have the grades to get scholarships or work there way through.They do not need to be burdened down with that kind of debt. They both are already saving for school but are looking at trade schools instead of college.

  • Minnie

    Haven’t seen any comments about on-line universities. On-line university enrollment has shot up the past few years as many thought it more economical with gas, parking fees, more convenient, etc. The on-line universities sales people have been taught by the best…wall street. Before my 2nd semester I began to research my classes & my testbooks for my next semester classes & discovered several classes were extremely similiar as were the textbooks. When I questioned my advisor he referred me to someone else who gave me a tongue in cheek answer. One semester cost me $6000 in student loans. Lesson was priceless. I withdrew.

  • http://www.palmettoprotectionproducts.com prepguy

    Best advice for a young person today is go to a technical school, learn a trade, get a job and then finish your college degree while you work. Sad state of affairs.

  • Dr. Penurious

    I think people are making a huge mistake in attacking the value of an education that doesn’t directly teach job skills. There is entirely too much emphasis on future job earnings from higher education in the first place. It’s enough if, as an educated person, you can just manage to still make a living and, maybe, even do a little better than you would without the degree. But this isn’t happening.

    I just spent 15 years teaching at a large junior college (20+ thousand students), where my last and highest earnings were $16,800/year. It was run by an uneducated president, and Ed.D. (Extra-dumb Dumbass) whose education seemed to amount to having attended “leadership seminars,” which my fantasy tells me must have been like Amway meetings.

    These sorts of people have no inkling of academic values. They’re just running a business, or “an organization,” or whatever they think it is. They look at every angle for “growing,” for increasing the number of students, for marketing the college, for “finding the money,” etc. They run the campus “bookstore” as a captive concession, trying to maximize what they can charge bookstore operators for the location, and they view everything similarly.

    They recruit students by telling them “Of course, you can do it.” I think they tell them they only have to swing by the college a couple of nights a week and it’s easy. They should be telling them college is difficult (because it’s supposed to be). It’s like the George Carlin I saw on Youtube where he says, “Pretty soon to get into college all you’ll need is a pencil. ‘Got a pencil? Get in there! It’s physics.” So they show up not able to write a single coherent sentence, and I need them to write essays. I’ve been told by others that they show up without even knowing their multiplication tables. What should we expect after today’s K-12? There simply aren’t as many qualified to go to college as there used to be. But the administrators want bodies, and they’re sure we can fix it. Duh!

    They also don’t care about the teacher’s qualifications very much, beyond whether they have the minimum required by various external agencies for accreditation of the college. I.e., they themselves hold honest education in contempt; they just want to show numbers; that’s what they think they need to build their own administrative resumes. It’s okay with them to turn the educational part into junk, since they themselves hold education in contempt in the first place. Faculty hiring is dominated by cronyism, and the administrators themselves look and act more and more like glad-handing politicians. 2/3rd’s of the faculty was comprised of “part-timers.” They’ve found a way, while finding the money, to pay Ph.D.’s like graduate assistants, because they see that as helping the numbers. Say they don’t have the money, but then like to put up new buildings (in what are almost assuredly corrupt contracts). While tuition has spiraled out of control, the vast majority of Ph.D.’s in the most academic areas have found their prospects of fair pay have gone down and down, virtually ruining a generation of serious scholars. As in most things today, it’s become taken over by psychopathic crooks, who care not one wit about “education.”

    So, let’s not attack the serious scholars and academics, particularly in the humanities and traditional, non-applied sciences (I mean chemistry, physics, math; not dental assistance, programming, etc., but the more “academic” sciences). I actually thin majors like “Art History” deliver good educational values, even if not job training. You can actually tell the difference when you talk to seriously educated people. And companies used to want to hire these people, for all kinds of reasons. It just used to be possible to attain such degrees without any serious debt, and it should be now. In any case, the money isn’t going to working faculty, and they aren’t the one’s driving up prices or bringing in the unteachable hordes filling college class-rooms today. The crisis comes about more from CONTEMPT of education, viewing the degrees as merely currency for attaining more pay, “just a piece of paper,” something which doesn’t encourage otherwise intelligent students to study.

  • Roger

    I am a college professor at a public university. In my opinion, the biggest reasons for the exploding college costs are (1) cuts in state funding for higher education and (2) massively inflated administrations at universities. Every new administrator requires a high salary (typically much higher than a faculty member), support staff and a very nice suite of offices for him/her and his/her staff. This administrator and his/her staff may not even interface with faculty or students; for example “Dean of Outreach.” However, if they do interface with faculty or students, most likely they just create more work for them or more hurdles for them to jump through. Students are viewed as cash cows for the university and faculty are viewed as necessary evils or as serfs to bring in research funding (i.e. federal dollars) so that the university can collect overhead on their research grants. Visit a major university in the summer and observe that although most students and many faculty are gone (i.e. unpaid) for the summer, the entire administrative staff still hums along doing something and getting paid for it. A third reason for increased higher education costs is extra security costs in recent years, whether necessary or not. Not much can be done about (1) and (3), but the problem with (2) could be fixed.

  • Brian

    here is the real deal I wanted to go college since I didn’t have a real job after high school but it was way expensive
    even in 1986 so i joined the navy and went on the gi bill which latter it change over to post 911 I found out that I have a year remaing but the good news is that the school will cover the difference in debt load so there is no debt load
    but what am getting at that most middle class parents insits there kids to go college 99 precent have dreams of there kids of going to collge and not having dreams of there kids haveing sucesful jobs of any kind the colleges make it seem promising and dream like if you to there school you will be automatic employeed bull shit and any school that says you will have a job that is bull shit as well college is just an extension of highschool and 99 precent of kids don’t know nothing about debt mangement and just about everyone else in america dose not know anything about debt management well anyway am glad I neve fell into anytraps but there is a program that is called the 529 program in which is a investment program that helps with college ps there is no need to buy books 99 precent of everything is online if not the libary has something in place or amazon dot com but another problem is that the young kids live in fantasy world period

  • Joe

    Just like the insurance deal. Do away with loans and grants- prices will be controlled by consumer demand and purchasing power and prices will plummet.

  • http://www.marijuanaparty.ca Blair T. Longley

    The younger you are, the more you are being lied to, cheated and robbed by the political system you were born into.

    Consider the travesty of student “loans.”

    That money is created out of nothing, as debt, which enslaves the students for the rest of their lives.

    Meanwhile, as the economy of the USA is DELIBERATELY imploded, youth are still desperate to go to school, as the only thing they could reasonably expect to actually be able to still do …

    The USA became the victim of a hostile takeover by the international banksters. There has been a runaway destruction of the American economy for the last 100 years. Especially since 1971 total debts have gone UP at an exponential rate, since everyone is TRAPPED within the fundamentally fraudulent money-as-debt system, ruled by the FRAUD KINGS at the Federal Reserve Board.

    People work according the schedule of reinforcement during their lives. When the system gets sufficiently screwed up, people appear to become “lazy.” However,
    it is the system that the driving force here, throughout all of its aspects, like the profit from disease system, and the profit from junk food system, and so on and so forth, all of which are automatically getting worse and worse, faster and faster, and adversely affecting the youngest the most!

  • NatX

    Even my engineering degree from the U.S. Naval Academy is worthless. If I had it to do over, I’d have done something else, like law enforcement.

  • Ed

    If the worthless parents would have put money aside for their kids this would not be an issue. At least some are finally paying the price with their kids forced to move back in with them. However, it’s still a damned shame that the kids have to live this way.

  • D

    Is it any coincidence that the logical alternative is to sign up for the military!

    The dumbing down of our youth in this country has led to an endless source for the brain washing military to continue their incursions around the world as the great satan and bully of the world.

    The choice is: College and life long bondage to debt or the Military where they become biological drones and for those who see combat return with a 50% chance to commit suicide.

    Great choices, hey…

    • Piglet

      The military isn’t an option for most. News articles in the last year or two have highlighted that only about a quarter of the target age group is even eligible to enlist. The other 75% consists of those with criminal records, health problems, birth defects, drug users, alcohol abusers, those who can’t pass the relatively simply entrance exam, too overweight (have you looked around lately?), etc. Considering what I encountered for so many years in the military, it’s sobering to think those folks were representative of the top 25% of the country’s manpower.

  • wisefool

    We are being bombarded every single day via multiple methods (social engineering via television/electronic gadgets, secular “education”, chemicals, etc.) to not be capable of real critical thinking. Part of me wants to say it’s not the publics fault since there is a real and deliberate deceptive attack on humanity that forces them into slavery. Part of me wants to say it is. We can vote with our wallets.

  • http://TheRichDontPayTax.com/ John Gaver

    Kids today don’t realize what college is supposed to teach them. They mistakenly think that it’s supposed to teach them to do a particular job. WRONG! It’s to teach them to LEARN! My mother, who held a masters in education, told me that. A couple of high school teachers did, too. That fact served me well. But make no mistake. A college degree DOES help.

    When I graduated, my student loan debt was $6200, in 1975. Although my degree was in EE and I had made the Dean’s List, I couldn’t get a job in electronics, since Texas Instruments had just laid off about a thousand skilled engineers. Even so, in 2 years, my student loan debt was zero. I didn’t let the fact that there were no electronics jobs around get me down. In fact, I have never used the EE degree for anything except to be able to say that I have a degree of some sort. I skimped and saved and lived like a pauper for two years, while shagging service calls for a computer company (not electronics, but card swapping) and paid off the debt. The degree only came into play, a few years later, when I applied for a management job. Now pay attention. This is important. That job would not have been available to a non-degreed person. Also important is the fact that it was IT management – NOT electronics.

    The most basic equation in electricity is E=I*R and I have NEVER used even that simple equation in any job. I ended up running several large national IT departments and owned a few of my own businesses, including an IT consulting business, a printing and graphic design business and an import-export business. I retired at 50, though I still do some occasional copywriting (writing ad copy that sells). NONE of those jobs related to EE. But I would not have been able to get the start in IT management, that gave me the income to do the rest, without a degree in SOMETHING. End result: The degree paid off.

    They talk about kids who graduate college and end up being a waiter. So what’s wrong with that? If that had been my first job, then I would probably have ended up managing restaurants for a large chain and likely have ended up owning my own restaurant – probably several. The point is that the kids today, seem to think that they will get that big job in their chosen field, the day after they graduate and they implode, when that doesn’t happen. They don’t realize that all that college does is teach you to LEARN.

    It seems that one of the things that kids will learn from their college experience today, is how to balance a budget and pay off debts. Just a little research reveals that there is no reason for anyone to have more than about $20-25K in student loan debt. Not everyone has to go to Harvard or UT. So anything beyond that is just foolishness on the student’s part.

    But if student loan debt bothers kids today, I have a better suggestion. Join the US military. When you get out, you will have both a marketable skill AND the GI Bill, pay for your college. Or stay in the military and let them send you to school. A friend of mine earned two masters degrees, while in the USMC.

    There’s no excuse for these kids being in this predicament. It’s just a matter of overly high expectations and laziness. You’ll probably have to live like a pauper for a few years, to pay off that debt and you may not end up in your degreed field. But it is possible to pay off your student loan and make your degree pay off. It just takes a little common sense and sacrifice, early on. I have no pity for those kids. They made their choices and there is a way out. They just don’t want to make the sacrifice of living on the cheap and possibly working an extra job for a few years.

  • David Ferguson

    First the education is being over charged, the jobs aren’t there, so no demand, they are not getting the education they are paying for and the biggest crime of all, is the Progressive movement that is causing the problem, is going unchecked.

    • http://TheRichDontPayTax.com/ John Gaver

      I agree with a lot of what you say, David. But I disagree with your assertion that the jobs aren’t there. Last year, when all the Ocutards were claiming that there were no jobs, I was pretty sure that it was just that the jobs they “thought there degree entitled them to”, weren’t there. But I realized that I could be wrong about that, since I had been wrong once before. (That was when I thought I was wrong, when I wasn’t.) 8^)

      But all kidding aside, I decided to find out for myself if there were no jobs. I’m one of the most unemployable people in the USA. I’m a white male, over 60, who hasn’t held a real job in almost 15 years. I sent out one resume and had a 6-figure job working for a major engineering company within two weeks. As it turned out, the contract was canceled about two months later and my job went away. So I decided this would be a good way to prove that it wan’t a fluke. But since it was almost Thanksgiving, I decided to wait till after the first of the year to go for another job. I was involved in writing a book around the first of the year, so I didn’t submit a resume till March. Two weeks later, I was working again. Although I don’t need the work, I’m glad to be doing something productive, since I effectively retired almost 15 years ago.

      But the point is that if a white male, over 60, who hasn’t held a real job in almost 15 years can find, not one, but TWO jobs so easily, then there’s no %@#! excuse for some twenty or thirty something Ocutard not to have a job. Well, there is one thing that may be stopping them. They would have to do something totally foreign to most of them. They would have to actually bathe.

  • http://peaceinpower.org thefinancedude

    Look at a bar card of any member, what does bar stand for? Ask em for a license too!!!!

    Why do you also CROSS THE BAR in their courts? Has it ever dawned on anyone you are in a private system already, just that inside this private system everything is PUBLIC? Go into court and before you even establish status, ask the BAR status of the judge and prosecutor and ask how you could get a fair trial with the clear conflicts of interest, the court is stacked against you…

    That US isn’t a CORP – the organic de jure Congress walked out of session sine die, without quorum to close it. The de jure republic died March 27, 1861 – after martial law was invoked and the de jure government was no longer in charge, and after Lincoln couldnt UNDO what he did, the privateers and pirates came.

    It took a few more years of martial law after the war to get the new judicial district set up incorporated in the district of Columbia (y columbia btw?) and through all kinds of private contracts with that corp, they have captured every single state into the private federal system today.

    If the US isn’t a corp, how can it actually use legal tender laws when the founding document flat states the only medium of exchange is substance?

    Why do traffic courts routinely tell anyone walkign into that court of equity, GET THAT CONSTITUTION CRAP out of my court! (cuz it doesnt exist in THAT court fool! – WHICH court is THAT? – the rabbit hole is deep my friends)

    And why does your bank account have a FAKE SOLID LINE where you sign, with a small MP off to the right hand side, and when you get a magnifying glass out it says the words “authorized Representative” or “authorized signature” or something to that affect? I mean isn’t that YOUR name on the bank account, so why would they HIDE the authorized signature line when a BUSINESS check clearly displays its acting as an authorized party, not the original party?

    The business can’t sign checks only living people but “authorized rep” puts a legal barrier in place that YOU the living man aren’t the one acting, the business is through you – so why does your own bank account have this and its HIDDEN in front of you?

    Here is the bottom line with this corporate fraud.

    When you “borrow” money that doesnt exist (debt based, no substance) how does the accounting work? You borrow 100K for home, you get 100K cash which goes to the seller and then you owe bank 100K for borrowing the money right? One problem, you never borrowed the money… nope, sorry. wait till this sinks in and you realize you’ve never been paid in substance in your whole life.

    so that 100K, where does it come from? Promissory notes… which require a signature… your signature it he most valuable property you posses… well thumb prints are probably worth more, id say :)

    This promissory note is a security instrument governed under UCC/USC. Security instruments for the slow, are ASSETS. The bank gave me 100K in assets called cash and I created a 100K asset to cover it. Here is the con, the bank is the only one ALLOWED this privilege so you owe them the whole 100K you just created with your pen, and interest. I haven’t even touched the broken titles and possession laws and why foreclosure is totally illegal (they lack standing without the original note, of which you created, you are notemaker and holder in due course but through a switcheroo, you either surrender the promissory note to them in exchange for nothing or they capture it under the admiralty laws of abandonment). I can’t prove either but I can shut down any bank president in 2 minutes flat pointing this out try me.

    I’m getting long; look I just got out of the US this past weekend and no I didnt ask the masters permission, I took captured title to my estate/trust created upon birth and am in the process of collapsing the ces que vie trusts. I attended the foundational meeting for the Divine Province. On my way driving home from the conference I was stopped in Indiana by the most belligerent, unprofessional jackboot imposter officer I’ve ever met, he began the stop by opening my passenger side door and letting himself in… it didnt go well for him after that. It required two more officers, one of which was his boss and he had the pleasure of telling me when it was all over with, “finance dude” you are free to leave. Uh huh, His probable cause was as thin as the tint on my windows he wanted to whine about.

    I know what’s going on…

    Let me leave you with a powerful set of questions and perhaps you’ll wake a little more…

    When you are pulled over by police (80% for speeding, so lets tackle this) and you’ve messed up and are talking :) stop and ask him a question… mr/s police, under whose authority are you operating? s/he’ll say either the government or the Constitution or the State… it doesn’t matter which, cuz then you point out, where where does their power come from… and here is our payoff… the People. This is where you go… well, I AM the People and I am not about to allow you to use my own power against my will!

    OR

    Are you a sworn peace officer? Yes – what did you swear your oath to? The constitution of the United States, the State Constitution probably and maybe even municipal depending on location. Then you say, excellent, I ACCEPT your oath of office, I BIND you to it and I extend my sovereign immunity to carry out my lawful orders! do you understand? errr… .i dont… well where is speeding in the constitution which you swore an oath to uphold? WHere is the harmed or injured party? the State s/he will say, well that’s really me you just said remember, so if I’ve harmed my self I don’t need your help going after my self and harming my self again…

    I can do this for days… I know many who have been doing it for decades! It is pure fraud… philosophy isn’t needed here. Practice… practice this stuff and open up your heart to learn a new way, the way of peace.

    Wake up! YOU are the Kings and Queens of this land, you just dont know how to change your current position in this (chess) game because of all your contracts with this beast. I do, I did… go to peace with the ultimate war machine US INC.

    one peace

    • LaLa

      You are speaking way over some heads. Many people are still too entangled in the systems sticky web of lies and greed…and many do not want to be cut out of that web because at least they are apart of something. For those who may want out, what he said actually works.

    • RobertB

      A person would have a very difficult life attempting to function within society in the manner described. It sounds exhausting. Actually, if they still had insane asylums there would be a good chance the practitioner of ideas like this might qualify for permanent residence, and could argue to their heart’s content with others of their persuasion.

    • Thom Cat

      Hey, how can one get in touch with you? There are many of us versed in some of these matters, could always use an extra source for help and info. We pass on what we know, so as the futrue generations can educated themselves to the truth of the system and what they can do to counter these injustices.

  • http://www.chuckingcollege.com Melanie Ellison

    It’s time to achieve success without corruption. Colleges have attacked enough young people’s finances, faith, and fidelity. The soon-to-be-released book: Chucking College: Achieving Success Without Corruption will be a groundbreaking guidebook for young ladies. Visit http://www.chuckingcollege.com so sign up for the email notification of the release in a few weeks.

  • Me

    Oh by all means, GARNISH MY SOCIAL SECURITY to pay for it! Please!

    LOL!

    At least the money I pay into that… festering… thing… will buy me something if you do it that way…

  • Me

    Of course that young woman will probably deeply regret doing that later on in her life.

    No she won’t.

    Get serious.

    She’ll regret not being BETTER at it…

  • http://montanatruthseekers.wordpress.com/ Montana Jim

    Had I not received a full scholarship to college I would not have gone. I warned people against taking those loans. They all laughed in my face and told me I would think differently if I was in their position. I told them they did not have a clue what they were talking about. I would have been happing getting a job on a road crew or as a garbage man or a post office employe, and skipping college. My family pushed me into college and I was given a full scholarship so I could not complain. Now 10 years later I am still not in debt, I live on a tight budget but I am happy knowing that I can pay all of my bills. Everyone else I knew who laughed at me is now struggling to pay off student loans and rent. They would have been better off if they had listened to me. If I could afford to go to my high school reunion I would do that just to show them where I am at, but I don’t see that it is worth it considering being on facebook and other social networking sites are like the never ending class reunions.

  • PJ

    It’s possible to have some sympathy with kids caught in this scam years ago, but lately, no. It’s not like the warning signs have not been out there for a long time. It’s almost criminal negligence to ignore them.

    Look at the bright side. A very large number of people are learning a very important (and expensive) lesson: You have to look out for yourself. Having faith in government institutions to do that for you is madness. Government is not here for you; it is for those in government, and their cronies.

  • http://none Austin Jones

    Work for a few years after graduating from high school. A hitch in the military can get you college money (some of it), teach you a marketable skill, teach you some badly needed self discipline,be able to save some money, and basically turn you into a responsible adult.

    When you get out find a job and go to school part time. By that time you will know what you want to do with your life. Chances are, after doing all of the above you probably will not need nor be interested in wasting your time in what have become American idiot factories. The only time you might need to go to college is to learn something something specific to your profession in order to advance. College is downright overrated unless you want to become a doctor, lawyer, or something that specifically requires college. Other than that college is just a waste of time and (mostly taxpayers’) money

  • King

    Patrick Henry
    September 12th, 2012 at 10:20 am · Reply

    Anyone ever thought about this, that salves are fully employed.

    I would rather be poor, homeless but free any day over slavery.

    ****

    Patrick…..in reality and in fact, slaves are not employed…they are being bought…used….and exploited….

    They are also poor….homeless….

    Just a thought.

  • Oliver

    The responses from readers are interesting. I would like to stress that university education is not just a matter of more or less money, it is first of all educating yourself. Educating yourself with the help of professors. I have worked many years for the universities and I say the USA has very high level world class university professors. Monetarily the universities are racket; not only students are ripped off, but also taxpayers as the universities get a substantial public funding as well. This is a common trend with other areas of service (like health care for example).
    How to fight it? We need to fight for the opportunity to create competition. The current system is designed to fight and close down with regulations and accreditation systems any competition.

  • Greg

    We all may choices. There are numerous opportunities for good paying jobs and opportunities with or without a college degree. I have 20 employees with various degrees of education and what I value are skills. Some have degrees and some don’t. The ones with degrees aren’t necessarily the ones making the most.

    The issue is that many of our youth have the ridiculous expectation that they should pursue their hearts desire as a career choice. They need a dose of reality. Work should be hard. If not they’d call it play. Only a tiny fraction of people are born with those talents that make it easy for them to get paid for what they really like to do.

    I’ve told my kids to find a tough job that pays well. You can entertain yourself on the weekend. But then they will graduate with no debt. Had to make some sacrifices. Study hard and win some scholarships, live within their means. College is not 4 years of party for them.

    Winners make hard choices today so they’ll have options tomorrow.

    Losers lose and that is as it should be. There will always be serfs, because it’s about choices not opportunity. Waa, Waa, Waa.

  • Hey You

    Yes, I did learn a lot in my field of endeavor by taking 5 years to complete my engineering degree. Also, I was employable right then.

    However, with some of the stuff that now passes for “education”, it seems that being a gardener or janitor for four years rather than wasting those years in school is a significantly better career path.

  • Phillip

    Universities train people. It by no means educates them.
    those poor souls who are beholden to their debt? you’ve been royaly had by a scam that has been furnished by your own government.

    • Disenchanted, Esq.

      I think that’s a generous description. Universities, from my experience, don’t even train. In fact, if the focus of higher education would shift from this nebulous notion of “well-rounded academic education” to practical vocational training, the system might…MIGHT be less susceptible to the raping and pillaging we’re seeing now. If you don’t learn how to actually, you know, DO something, you don’t graduate.

      As it is, a student can float through 4, 5, 6+ years as “undecided,” imbibing the low-standard tripe that is “core curriculum” and racking up five and six figures worth of debt with nothing to show for it. Those years of indecision would have been better spent earning money while gaining marketable experience and developing a network of contacts in the “real world.” But it’s not socially proper to forgo entering college immediately after high school. So kids enroll with no clue and little/no practical life experience, and submit themselves to a live of indebtedness all for the sake of “experiencing” college life with their peers.

  • jamraqui

    As i looked at the pic at the end of the article of all those graduates, one word came to mind… “lemmings”… :-p

  • eve

    I work for a (fairly prestigious) university, and I see many, many students who should not be attending. They struggle with the coursework, they cheat and plagiarize, they don’t want to work hard, and they don’t really care about what they are studying. They are here because of the social pressure to have a degree from a good school, and the illusion that they will make good money someday. Not only are those lies, as we all know, but really, if they did get a shot at the big money jobs, they probably wouldn’t want to live the life it requires (long hours, always available, high stakes, corporate insecurity). A few generations ago, these students could have ended up working boring, unglamorous jobs in the trades or in factories, had a 40-hour set schedule, a nice middle-class life with vacations and hobbies to buoy them through the weekdays… but those jobs are gone. Chinese slaves are doing them 18 hours a day in hellish dormitory cities. My heart breaks for everyone, everywhere.

  • Lawdog

    The amount that is available for student loans is the basic problem with the system. When they increased the loan amounts from 11,500 to 18,500 per year back around 1992 – the first thing that happened was school’s increased their tuition – more money from the government for students meant they had more more to provide to the school for tuition. Try graduating from graduate school with over 75,000 in debt and only being able to find, if you’re lucky, a 35,000 a year job. What then occurs is the student loan debtor pays only a part of the interest each year and after several years of paying over 700 a month realizes that the debt has actually increased.

  • Natasha

    To be honest I have such a tremendous debt that it’s scary. At such point I’ve considered suicide to get rid of it and help my parents. I actually encourage suicide as a method to help the problem. Maybe with enough blood on these people hands they’ll understand that this system is broken. If enough people give up their lives maybe just maybe our deaths can mean something.

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  • Jess M.

    This article describes exactly what I’ve been through…..and where I am now. My name Jessica Marie Mallette and the Federal Goverment & (Sallie mae) have ruined my life. I’m 24 years old and theres no way I have a bright future ahead of me sooooo….thanks.

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  • Tommy

    America is not being run by the Congress or the President. It is being run by military spy agencies, private interest groups, Wall Street, and the US Military Industrial Complex. The Congress and the President are puppets. Our “leaders” operate a lawless state and obey no national or international law. They do not obey the Geneva Convention since they admittedly torture and murder hundreds if not thousands of innocent people. They don’t obey the Constitution since they are spying on all its citizens unilaterally without probable cause and against the Patriot Act. They don’t obey anything. They do what they want without fear or judgment.

    Just last week former President Jimmy Carter said: “The U.S. has no functioning democracy at this moment.”

    .

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    you that we are giving out a cheap loan at 3% interest rate available for

    local and international borrowers. We are well certified, trustworthy,

    reliable, efficient, Fast and dynamic and a co-operate financier for real

    Estate and any kinds of business finances, we give out long term loan for

    1 to 20 years maximum. If you are interested to lend the loan kindly

    contact us now via fasterloanservice@gmail.com

  • Mrs Ralph Lauren

    Hello Every One,

    My Name is Mrs Ralph Lauren i live in USA and life is worth living comfortably for me and my family now and i really have never seen goodness shown to me this much in my life as i am a struggling mum with two kids and i have been going through a serious problem as my husband encountered a terrible accident last two weeks, and the doctors states that he needs to undergo a delicate surgery for him to be able to walk again and i could not afford the bills for his surgery then i went to the bank for a loan and they turn me down stating that i have no credit card, from there i run to my father and he was not able to help, then when i was browsing through yahoo answers and i came across a loan lender MR MICHAEL DAVID,who provides loans at an affordable interest rate and i have been hearing about so many scams on the internet but at this my desperate situation, i had no choice than to give it an attempt and surprisingly it was all like a dream, i received a loan of $70,000 USD and i payed for my husband surgery and thank GOD today he is okay and can walk and is working and the burden is longer so much on me any more and we can feed well and my family is happy today and i said to my self that i will shout aloud to the world of the wonders of GOD to me through this GOD fearing lender MR MICHAEL DAVID and i will advise anyone in genuine and serious need of loan to contact this GOD fearing man via..michaeldavid364@gmail.com,and i want you all to pray for this man for me

    THANKS

    Mrs Ralph Lauren

  • Mega Capital Loan

    Do you Need Personal Loan?
    Do you Need Business Loan?
    Are you in need of a loan?
    Do you want to pay off your bills?
    Do you want to be financially stable?
    email:(majidvijahlending@gmail.com)

    Our Loan Services Include:

    1)Personal Loan
    2)Business Loan
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    email:(majidvijahlending@gmail.com)

  • marian

    My name is Daniela i am not suppose to be saying this but due to the
    ultimate role that nogemaspelltemple@gmail.com has played in my
    relationship with Philip my husband, me and Philip had been married for
    five year now, we were very happy together as husband and wife, but
    until he meant a lady called mercy, things automatically turn from good
    to bad, he no longer eat at home, he always come home late, he don’t
    even listen to me and does not even take me out as it was some time ago.
    i was so confuse and frustrated until i meant this lady called Kessiah
    that once had similar problem, i was force to tell her every of my
    problem, out of pity she told me about this dr nogema that helped her
    out, at first i thought it was one of those fraudsters until i met him
    and he solved my problem without stress, so my husband came back to me
    and things was as it was before. so i decided to testify to this for the
    sake of those people that has similar problem, so you can contact him
    (nogemaspelltemple@gmail.com) or call; (+2348164917868).

  • marian

    My name is Marian i am not suppose to be saying this but due to the ultimate role that nogemaspelltemple@gmail.com has played in my relationship with Philip my husband, me and Philip had been married for five year now, we were very happy together as husband and wife, but until he meant a lady called mercy, things automatically turn from good to bad, he no longer eat at home, he always come home late, he don’t even listen to me and does not even take me out as it was some time ago. i was so confuse and frustrated until i meant this lady called Kessiah that once had similar problem, i was force to tell her every of my problem, out of pity she told me about this dr nogema that helped her out, at first i thought it was one of those fraudsters until i met him and he solved my problem without stress, so my husband came back to me and things was as it was before. so i decided to testify to this for the sake of those people that has similar problem, so you can contact him (nogemaspelltemple@gmail.com) or call; (+2348164917868).

  • Johnny Elvis

    A MUST READ:

    Good day everyone, I am Mr Johnny Elvis by name, i am a citizen of new york USA, i have been looking forward for a genuine loan company for the past 2 months and all i got was group of scams who made me to trust them and at the end of the day, they duped me of $7000 without giving anything in return, all my hope was lost, i got confused and frustrated,i find it very difficult to feed my family, i never wanted to have anything to do with loan companies on net again, because i never trusted any loan company again since i was scammed, so i went to borrow some money from a friend, i told him all that happened and he said he can help me, that he knows a loan company that can help me, that he just got a loan from them, he directed me on how to apply for the loan, i did as he told me, i applied, though i never believed but i tried and to my greatest surprise my loan was granted to me within 24 hours, i could not believe, i am happy and rich again and i am thanking God that upon this scams all over the places a genuine company like this still exist, please i advise everyone out there who are in need of loan and can be reliable, trusted and capable of paying back at the due time of funds to contact (eladioloancompany@yahoo.com ) and be free from scams on the internet. they will never disappoint you.

  • mrs jane

    Good day ladies and gentle men am Mrs Lily Brown a God fearing and honest loan lender who can change your life from bad to Good i want you to understand the fact that i give my loans out in a low interest rate of 2%. Bad credit acceptable,The Terms and Conditions are very simple and considerate.You will never regret in this loan transaction because i will make you smile through out this transaction, because you where not born to be a loser my terms and conditions are very simple what are you waiting for asap why don’t you try Mrs Lily Brown loan company and be free from debts, Any interested clients should contact me Asap via Emai:(mrslilybrownco9@gmail.com) for further proceeds.

    Please fill the below application form and get back if interested and
    you will be glad of knowing a loan lender like Mrs Mrs Lily Brown

    BORROWER’S DATA

    1)Full Names:
    2)Country:
    3)address:
    4)State:
    5)Gender:
    6)Marital Status:
    7)Occupation:
    8)Phone Number:
    9)Monthly income:
    10)Loan Amount Needed:
    11)Loan Duration:
    12)Purpose of Loan:

    I will be looking forward to hear from you so as to proceed.

    Kind Regards
    Mrs Lily Brown

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