US Colleges are creating a slave class for the banks

Unfortunately that might be a reality for many kids graduating from college.

It could be just the message that needs to be sent to lawmakers in charge of watching for these kinds of scams. Its worse than recruiting for the military; a few in my division had a choice between jail time or military service when they were arrested on drug charges, but that's another story.

I don't think you can't file bankruptcy if it's a federal student loan.

Ill have to look that up, wish me luck.

http://www.debthelp.com/kc/203-federal-and-private-student-loan-bankruptcy-and-d...

Chapter 13 is covered under federal student loans. Although they warrant using this option as a last resort, Im sure there will be plenty of cases if our economy doesn't turn around soon.

Bad advice. College loans are not cleared by bankruptcy since it's a federal loan.

If no one pays their loans, whatever will all the lenders do? Good advice to your Daughter!

I don't know how to say this other than bluntly, but your daughter really has no option but to pay on that debt for as long as she is breathing air. There is a way but it's nearly impossible filing bankruptcy to clear the debt. This problem has gotten out of hand for many and it will only get harder to do so in the future. Imagine a loan holder making an agreement with an employer to hire you so you can work to make payments until the loan is satisfied. One becomes an indentured servant for life. And they may find a way to recoup the loan even after one's demise! Ever watch the movie, "Repo Men"?

Remy: "My job is simple. Can't pay for your car, the bank takes it back. Can't pay for your house, the bank takes it back. Can't pay for your liver, well, that's where I come in."

I would add, "Can't pay for your education, the holder of that student loan comes after anything they can sell for repayment. So long as they get there while one is still warm."

I'm joking, but I wouldn't put it past them. The greedy bloodsuckers!

Clearing the debt in a reasonable method of payments utilizing chapter 13 bankruptcy procedures is a far cry from denying the student and her future family from paying for food, clothes, transportation and medical care as well as a decent roof over their heads. At least the payments wont break anyone's back, even if they pay $10.00 a month until the money really starts rolling in to knock down the principle. I'm no advocate of a free ride, just a fair one.

Employers do credit checks on prospective employees now .... bad advice.

I watched that last month. It was really good.
College kids are basically saddled with debt that they'll struggle to pay off......decades of debt for most of them.

I watched with amazement as this concept was being created in the 1980s. Private colleges, and I'm using the term obtusely, were and are raking in federally backed student loans while delivering the worst "product" for the money. Public institutions of higher learning realized this and jumped on that 'bandwagon' as quickly as they could, too, when they saw the wealth that was being distributed by a complicit government. The problem society is facing with rising costs for Medicare and Social Security pale in comparison to what's being siphoned off to pay for these bogus student loans! I believe this is the greatest scam to ever be pulled on Mankind. And if your video doesn't open eyes to the realities we face today, nothing will.

Its funny you mention that. My late Father-in-law was awarded a four year education for serving in WWII. He told me every one who served was given the same opportunity. The U.S got very greedy.

Go duck bullets for four years without coming home and I'll pay for your college.

Demeaning those who are willing to sacrifice their lives for a better one later, and as a token of their willingness to serve their country is a bit insulting don't you think?

WWII veterans deserve everything they've been given. They ducked bullets for four years without a break. Many are embarassed by what a bunch of weinies the following generations have become.

It's not a matter of excuses.

In my state, it's supposed to be FREE to go to a state-run college, it's in our god-damn constitution.

This is the most important tool we have for maintaining a competitive edge in the world, so why the hell are we destroying by making it a right exclusive to the upper-middle class unless you want to be saddled with tons of debt?

Wow that's about what it cost to go to, in state, Va Tech in 1988. I got good grades too. My sister in law left Colgate with a $60,000 debt, after scholarships, before going to law school. I am glad in your experience everything was A OK.for your kids.

I agree with Saladin. In my home country University eduction is also FREE. That allows us to have an educational system which doesn't have to follow market rules and can concentrate on education. Teachers don't have to keep class sizes constant to bring in enough money. They can make sure that only the best graduate. Also students are able to chose professions which are not necessarily in the 25% income braket. You know professions like natural science, humanities etc.

Watch the video above. It's good.

Many employers said a college degree doesn't have any relevance when it comes to jobs skills.
They'd rather hire bright people to learn on the job or start at apprenticeship level.
In a few years they have the experience and the income MINUS the massive college debt/expense.

Higher education has become a big money scam like so much else in our country.

Your grossly missing any point being made here Captain obstinate. No one is crying in there milk here, they are angry that a scam between the Universities and Banks is paying off for everyone but the student left to compete in a FAILING ECONOMY.

"Many employers said a college degree doesn't have any relevance when it comes to jobs skills."

I don't disagree with this. My daughter's undergrad major and minor along with some awards got her a good job. My son chose a major that will provide him a job out of college. Many degrees are Latin for "I have to go to grad school now so I can get a real job."

As long as they are legit and not some of the scam ones that are popping up.

For sure.

I would argue that many student athletes, especially that get "free" educations at big time colleges are exploited heavily.

Only football and basketball players receive large scholarships in the large universities. College football and baseball are big business. They are revenue generators. Other athletes are fortunate to get 25-50%. Some college athletes get nothing. College sports regardless of how much is given in scholarship is a thirty to forty hour a week job.

My point is, even at small schools, students are pressured to go into bullshit degree paths, to free up time for their sports. I live with a fellow engineering student who plays baseball for a div III school. He is pretty much the only person on his team getting a marketable degree...and pretty much his coaches give him shit for missing practices all the time.

And all the other students get to pay for the coaches bloated salaries.

I played a D1 sport. I was pushed for two years to change my major from econ. I refused. My daughter played a D1 sport. She was pushed to change and refused. My son will be the same. It's about coming out of college with value. Engineering is a difficult degree for athletes. There are labs which are often held in the afternoon. Most athletes are supposed to go to class in the morning and have their afternoon's clear. My daughter had to take her lab classes in summer school. At the D3 level it depends on the school whether the player gets grief. I know kids at D3 colleges who have to miss games due to classes.