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Peegee

Got Student Debt?

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by
Peegee
, 11-17-2012 at 07:40 AM (1076 Views)
:D

Sallie Mae (SLM Corp) was responsible for issuing and collecting student loans. By being perceived as a government backed organisation, loans were granted to students majoring in unprofitable adventures to the point of nonsense. Furthermore due to ease of loans and ability of consumers to pay, universities and colleges inflated the cost of education and malinvested the money.

Follow me so far? Great. Did you know that Sallie Mae got a bailout of about 100 billion dollars? It's true.

So great - the company that you owe money to got a 100 billion dollar bailout. This means your debt is wiped out, right?

...Right?

Well, no. That didn't happen. IT SHOULD HAVE HAPPENED. Instead what happened was the government bought all of the student loan debt and continued to demand payment for it. Government backed student loans are supposed to be easier to pay off, with a lower interest rate and longer repayment period - not the best, but better than what the terms were originally.

Except....and this is the best part since this is your loving government...

The government sold your debt. To debt collectors. People who will now chase you for the money and if you can't repay them, they will crush your credit and make being an independent and functional member of society impossible.

Let's wind this back. What did PG say today?

He told you that your student loans did get a bailout.

THEN the government continued to collect on your debt.

THEN the government sold your debt to private debt collectors.

So not only did the government essentially wipe your debt free, by continuing to collect on that debt, it paid Sallie Mae money to do absolutely nothing.

Your collective student debt just made a bunch of CEOs super rich.

We give thanks to the government for the food it stole for us today. Amen.
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Comments

  1. Goldenboko's Avatar
    PG, do you ever have anything else to do? I don't care that the government took every loophole to keep Sallie Mae alive, because Sallie Mae is how I am going to college currently. If they went under during the time of the bailout I would've had to drop out of school. So of course the Government did not want to just assume the debt of Sallie Mae, it would've been filling a sinking ship with more water. But they didn't want to send a bunch of kids packing home either.

    Maybe for once in your god damn life, you should realize life isn't fair, people get smurfed, but sometimes there are two sides to a god damned story.
    Updated 11-17-2012 at 02:09 PM by Goldenboko
  2. Peegee's Avatar
    :D

    that's not an argument and this isn't facebook. why don't you go to the government and get pg banned?

    What I'm doing here is reminding our dear citizens that the government they elected bailed out the upper ups in exhange for eternal indebtedness of society's children. You are mistaken and simply not reading if you think double dipping the debt is okay.

    Iceland threw the bankers on the street and wiped out the debt of most of the country. That's a good thing