Leaving the US to Flee Student Loans

[Munger]

How any creditor thought it was a good idea to loan a student $160,000 for a music degree is beyond me.

"If it means I have to live in exile from friends and family...well, that's the breaks. So be it. But I won't put my family in a situation where they are afraid," he says.


While most Americans are burdened with debt of some kind, student loan repayment can be a particularly scary prospect for young people struggling to start a career. Payments are often higher than expected, and the loans can't easily be discharged. Added pressure from debt collectors causes some grads to flee their loans by fleeing the country.


"These are people new to borrowing and they didn't understand what they were getting into," says Mark Kantrowitz of Finaid.org, an online student loan information Web site. "It's a very sorry situation that it comes to students feeling they have no option than to leave the country," he says. "It's a sign the system is broken."

http://money.cnn.com/2008/10/23/pf/c...ex.htm?cnn=yes

[phirang]

Re: Leaving the US to Flee Student Loans

I see some serious tuition deflation in the future...

[Mega]

Re: Leaving the US to Flee Student Loans

*SCHIFF* was talking about this on his radio show awhile back, some Kid rang in and asked what should he do about paying it back. Peter fell off his chair laughing......then explained "Hyperinflation".............and how his total loan would be covered by pocket change!
Mike

[nathanhulick]

Re: Leaving the US to Flee Student Loans

I dont think it matters what your degree is. They will loan you the same amount whether you are getting an engineering degree or fine arts in basketweaving.

I wonder how many people are taking advantage of those giant credit card cash advance offers and paying off their student loans, then filing bankruptcy on the credit cards. Probably a lot easier than fleeing the country like a fugitive.

[Starving Steve]

Re: Leaving the US to Flee Student Loans

*Schiff* was talking about this on his radio show awhile back, some Kid rang in and asked what should he do about paying it back. Peter fell off his chair laughing......then explained "Hyperinflation".............and how his total loan would be covered by pocket change!
Mike

I read in The Road to Wiggin Pier ( by, George Orwell) that during the Depression in Britain, a half crown, about the equivalent of 30p in to-day's money, was one week's work in a coal mine. The story is about how a family survived the Depression on that wage: one half crown coin in a pay envelope for the survival of an entire family for one week.

My mother tells me of tramps selling a dozen eggs during the Depression for 7cents in Duluth, Minnesota, and my grandparents did not have 7cents to buy the eggs.

Over a lifetime, modest inflation "kept in check" by central bank policy slowly erodes the purchasing power of money away to nothing, and modest inflation slowly erodes enormous debts away to nothing...... So be patient.:rolleyes:

[phirang]

Re: Leaving the US to Flee Student Loans

Schiff is a retard.

Let's get several things straight here:
1) Calling the market downturn and collapse in financials isn't an accomplishment: anyone with a brain knew it would happen.
2) Saying you are credible because you called 1) AND called the dot-bomb bust is also not an accomplishment: that's akin to saying, "Wow, I'm so smart because I don't routinely saw off my own fingers!!!"
3) Because of 1&2, a lot of morons think they know more than they do. Right now, they're getting carried out of the market in litters.
4) Jim Rogers is economically illiterate or is a Judas: how could he possibly confuse the carry trade with the apprecaition in high-yield currencies?! What an IDIOT or LIAR! Of course, Soros made him a fortune, so who cares, right? Also, Jimmy has an interest in pimping China and flagrantly talks his book.
5) schif is also a retard: I should've gone with my gut and loaded up on more yen, but I didn't. I'm done with taking "advice". That said, the time to sell the yen is coming.
6) If ANYONE talks again about the Fed printing dollars, you are OFFICIALLY A DUMBASS. I better not hear about it until it actually happens.

[Master Shake]

Re: Leaving the US to Flee Student Loans

Schiff is a retard.

Let's get several things straight here:
1) Calling the market downturn and collapse in financials isn't an accomplishment: anyone with a brain knew it would happen.
2) Saying you are credible because you called 1) AND called the dot-bomb bust is also not an accomplishment: that's akin to saying, "Wow, I'm so smart because I don't routinely saw off my own fingers!!!"
3) Because of 1&2, a lot of morons think they know more than they do. Right now, they're getting carried out of the market in litters.
4) Jim Rogers is economically illiterate or is a Judas: how could he possibly confuse the carry trade with the apprecaition in high-yield currencies?! What an IDIOT or LIAR! Of course, Soros made him a fortune, so who cares, right? Also, Jimmy has an interest in pimping China and flagrantly talks his book.
5) schif is also a retard: I should've gone with my gut and loaded up on more yen, but I didn't. I'm done with taking "advice". That said, the time to sell the yen is coming.
6) If ANYONE talks again about the Fed printing dollars, you are OFFICIALLY A DUMBASS. I better not hear about it until it actually happens.

So, Phirang, what are you invested in?

[xtronics]

Re: Leaving the US to Flee Student Loans

Insults are usually a sign of a lack of substance ("retard"(twice), "morons", "illiterate", "Judas","IDIOT","LIAR", "pimping","DUMBASS").

Why should we listen to you? You might have excellent points, but why not make them in some serious way?

So Rogers is selling China - why - what is in it for him? Is your point out of bigotry towards China or do you know something?

I think deflationary pressures short term is quite real, but long term depends on how much funny book keeping wall-street was up to (the nasty resets seem to go out to 2012 and I don't think the light of day has illuminated all that was hidden). No one knows what shoe will drop next so anyone that claims he 'knows' what depth and timing should be suspect. And yes, even a broken clock is right twice a day - is Schiff like a broken clock? What is he saying that is wrong and why? ).

But once the funny paper finishes unwinding don't you think our huge move to socialism will be inflationary? I don't hear anyone in DC that has any power saying we need to get spending under control or that government policy has lead to malinvestment. I'm hearing the government needs to spend ever more money. (Why not send out that same stimulus check every month? or week?).

Won't the money spent on sulfurous housing reduce our standard of living? (as in all malinvestments) And won't the reaction be for ever more government?

I think we will see inflation - I sure don't think it will be big this year, but 6 mo - 4 years down the road?

Didn't they vote to increase the debt? You think Bernanke knows what he is doing? (His body language scares me - he looked like he was going to wet his pants the other day).

[phirang]

Re: Leaving the US to Flee Student Loans

Insults are usually a sign of a lack of substance ("retard"(twice), "morons", "illiterate", "Judas","IDIOT","LIAR", "pimping","DUMBASS").

Why should we listen to you? You might have excellent points, but why not make them in some serious way?

So Rogers is selling China - why - what is in it for him? Is your point out of bigotry towards China or do you know something?

I think deflationary pressures short term is quite real, but long term depends on how much funny book keeping wall-street was up to (the nasty resets seem to go out to 2012 and I don't think the light of day has illuminated all that was hidden). No one knows what shoe will drop next so anyone that claims he 'knows' what depth and timing should be suspect. And yes, even a broken clock is right twice a day - is Schiff like a broken clock? What is he saying that is wrong and why? ).

But once the funny paper finishes unwinding don't you think our huge move to socialism will be inflationary? I don't hear anyone in DC that has any power saying we need to get spending under control or that government policy has lead to malinvestment. I'm hearing the government needs to spend ever more money. (Why not send out that same stimulus check every month? or week?).

Won't the money spent on sulfurous housing reduce our standard of living? (as in all malinvestments) And won't the reaction be for ever more government?

I think we will see inflation - I sure don't think it will be big this year, but 6 mo - 4 years down the road?

Didn't they vote to increase the debt? You think Bernanke knows what he is doing? (His body language scares me - he looked like he was going to wet his pants the other day).

Why would Bernanke wet his pants? I would envy his position.

I insult these people because they DESERVE it: they mislead people, and it has real consequences. They can go to hell as far as i'm concerned.

[dbarberic]

Re: Leaving the US to Flee Student Loans

I wonder how many people are taking advantage of those giant credit card cash advance offers and paying off their student loans, then filing bankruptcy on the credit cards. Probably a lot easier than fleeing the country like a fugitive.

I am not a big fan of Suze Orman, but that is the approach she often recommends to callers when the loan debt has become so overwhelming.

[bobola]

Re: Leaving the US to Flee Student Loans

Forward-looking Statement - A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. Discussions of these statements typically include words such as estimate, anticipate, project, and believe.