Student loan documentary

[clydosaurus]

Bad, unexpected, unforeseeable crap happens to people -- disability, catastrophic illness, children with special needs - there is no way to prepare for such things. You cannot compare that carnage to signing the dotted line on a loan you had no hopes of paying back or racking up CC debt to maintain an unrealistic lifestyle (as opposed to "abusing" CCs to pay for medication, keep the lights on, food, etc) under the guise of "American Dream". Totally different scenario. People who bought homes they could not afford with an ARM that would triple the payment in 3 or 5 years (while income had no hopes of changing) is plain nonsense. Do you realize how many people kept running up credit cards and refinancing their homes and debt just because they could?

I do feel sorry for people because now they cannot unload their homes, which was probably the plan, that part was unexpected, the ARM, no, that was no surprise. At some point you have to wise up and realize someone is trying to sell you something and YOU have to look out for your best interest, because no one else is going to -- after the commission is paid, your sales guy is gone. Immediate need is usually IMMEDIATE WANT. You don't have to go to a top private school and major in underwater basket weaving. Face it, those dreams are for people who can pay for it NOW. Thats what these people wanted to do, not what they needed to do. You don't need to buy a home or car with all the bells and whistles, you don't need to keep having children when you can't afford them. Not all dreams will be a reality, folks. Maybe thats the problem, the ridiculous idea that everyone with mediocre ability will be at the top of the world. That was never the case. Bill Gates is not the typical person. If you could barely squeak through undergrad pre-med program and fail medical school -- that' the risk you take. No one put a gun to these people's heads.

I do blame predatory lending, but people still have to be responsible for themselves. If you drain your retirement to send your kid, who has questionable grades and level of maturity to college, you take that risk. I hope it works out. It doesn't matter what I think, or anyone else, all these folks have to face the sad, unfortunate, consequences themselves.

I've put off marriage, children, everything because I knew I couldn't afford it, and am very much aware that jobs are not secure. People tell me, "oh, well, people don't think like that.." maybe they should. Believe me, I fell into a consumer debt trap that took a ton of sacrifice, time,shame and money to get over. Now I can differentiate between needs and wants and know what level of financial risk I'm willing to take. It was my fault, just mine, and I paid for it dearly. I resent that people blame everyone else for their bad decisions.

The student loan pit inflates interest, something needs to be done about that. If students had a lower rate or just had to pay back the principal, it would be manageable. I don't look at people who fall into stuff as lesser stupid folks -- just very naive. I hope they are able to learn and recover.