Former students of the recently shuttered, for-profit ITT Technical Institutes announced Wednesday they have no choice other than to not make payments on their federal student loans, as they denounced the "immoral system that profits from our aspirations."
Bernie Sanders was spot on in his indictment of our for-profit college system. The few who are able to educate themselves in this system can flourish, or at least just get by, and the rest are merely "human resources". Once hard currency is eliminated, it'll be really easy to control that population. Question authority or step out of line and you'll be starved out. The debt strike is an excellent maneuver. May all afflicted be fairly compensated!
As they say, "Caveat emptor"!
Good Luck. If it involves Money and the Federal Government or any other creditor, good F-Luck!
What else will pay for the black budgets and military weaponry and the many overseas bases.
The only way that your debts will be forgiven will be when this US Government is no more.
Yep...on our way to a cash-less society...I have been hearing several stories related to this. They are laying the ground by posting stories, making it sound like a great benefit. Cash-Less is another loss of freedom and loss of security for each of us. Another trend towards loss of freedom and loss of real security is the movement towards driver-less cars. Sound great, right?-...think about it... Driver-less cars mean less freedom for you!
Uncontrollable technology is like uncontrollable capitalism..... As Technology proliferates, freedom decreases...and as technology proliferates, jobs go away....no need for that pesky human labor element.
What's needed is the wise use and implementation of technology, not the ultra proliferation of it....just as a cancer grows, out of control.... The next time you hear someone blame the loss of jobs on our southern neighbors or off-shoring, think of your techie devices.
Just a word of caution to students with federal student loan debt. As a parent together with my spouse who put four sons through college I assure you that any effort to avoid repaying federal student loan monies will only cause you great problems. Do not--repeat--do not fail to work with our Government to repay the debt. The Feds are quite flexible in securing repayment but will not take no for an answer when the time comes to pony up. The longer things drag on the more expensive repayment becomes, but anyone who refuses to pay will ultimately discover that's the wrong approach. Private student loan debt (now a thing of the past, I believe--aren't all student loans currently issued by the department of education?) can sometimes be negotiated with the lender with a one time balloon payment that is considerably less than the balance owed. As for our own situation, as parents we borrowed about $45,000 in PLUS loans. So far we have repaid about $15,000. With accumulated interest we currently owe about $43,000 (the first started college in 1995, the fourth graduated in 2005). But we make our monthly $274 payment and the government leaves us alone. Like my WWII neighbor vet told us kids: he'll put up with just about anything, but you don't thumb your nose at your Uncle Sam.
That makes them complicit in the larceny! WTF?!!
Folks! What happened?!! I thought The United States of America stood for something noble. What it has become under this non-term limited, money-take-all political system is nothing less than embarrassing in too many ways to list! Hillary Clinton or Donald Trump? Oh Hell No!
I reject your reality and replace it with my own!
JILL STEIN GREEN 2016
As for these for-profit schools like ITT - the government should have never been in the business of subsidizing them in the first place. The students who have debt compiled based on their studies at ITT should be first creditor in line at bankruptcy hearings and all monies from ITT assets should be used to forgive this debt.
To me, Jill Stein's idea on student debt is the least thought out proposal in her platform. Just paying off everyone's debt seems like one giant gift to the banks that own a big share of that debt (no - it isn't all debt owed to the Federal government). There are some very wealthy people with sizable student debt that keep it because they have the money invested elsewhere. There are also tons of middle income families who scraped together everything they had to pay off student debt because they didn't have those high yield investments to counter them. I don't see how an across the board pay off everything idea is appropriate. Means testing recipients, and public service-based debt forgiveness programs and the like are much better ideas in my mind.
Going forward, tuition free public higher education advocated by Stein is the way to go.
The Real Issue which is not discussed but glossed over during these discussions is the high cost of education and why it is where it is and increasing year to year.
Let us look at the real cost of education and all the extras added onto it....We should work to eliminate all of the extras that cause the price of education to be extremely high. Let us look at the college sports teams and their cost; the high cost of research born by these students.... and all of the other extras that seem to be essentials....So it is not only student debt but also the parent debt incurred.....
Once upon a time, 30 years ago, student debt 'was' dischargeable in bankruptcy.
So they changed the law to fix them damn hippie deadbeats declaring bankruptcy.
That was the beginning of the voluntary servitude that many who have since graduated from college have spent a lifetime trying to escape.
Now their sons, daughters and grandchildren are in bondage.
What a great country. If you're a bankster.
The QE type plan removes all risk on the part of the Banks as it hands them about $300 billion (if you're going to pay it back it to private entities it should be on a zero profit basis). It also doesn't distinguish between rich and poor - doesn't deal with parent's loans - and sends lots more money into the private economy rather than directing it toward public service. In dealing with the $1.1 trillion held by the government.
Currently we have a program that does forgive student loan debt when the person goes into government service (such as teaching at a public college). I would drastically expand that program. Allow youth to do a variety of public service work needed by the nation - even on a part time basis - and forgive their student debt at a $25/hr rate. Allow parents with student PLUS loans to take part in the same program if they want. Freeze the principle on the loans for anyone taking part.
My idea - use the money to both relieve the student debt burden and benefit the public good. Don't hand funds to private banks, rich individuals, and send more money into private markets without guaranteeing substantial public benefit.
It seems to me that the very least the gov. could do would to eliminate all interest on student debt. Too bad if the banks and/or the gov. lose out. They've been sticking it to students long enough.
I see no possible route to the QE-type program through executive action (it would be different if progressives controlled the Fed). Having the executive modify the regulations on the public service forgiveness programs would be more flexible in this regard as far as I can see (though admittedly that part of my plan would not cover all of student debt). The executive extension of the authorizations in the law would mainly involve allowing part-time, rather than full-time work to count.
Regarding private banks - currently 40% of borrowers are not making payments and probably about 25% never will so I would estimate the gift to private banks here would be to the tune of about $75 billion.
You are correct that the Constitution allows the banks to refuse to take part in any repayment plan that changes their contract - so the deal has to make it worse for them if they don't take part than if they do.
Unfortunately students don't have the rights those poor, financialized banks do to be eligible for interest free loans from the gov't.
debt strike for everyone. that'll make wall st soil it's britches.
I know I refuse to pay a nickel for my graduate debt. When I started, it was possible to do your work and get a tenured position somewhere, or at least a decent instructorship. By the time I was done, almost everything was adjunct; perilously close to min wage when all hours are counted.
I didn't absorb 45k of debt to get a minimum wage job, no matter how socially respectable that job is.
Right on. I learned the same lesson. It's not easy but the statutes of limitations can be your friend.
I AGREE... we should all do some type of strike or boycott... ..
REVOLT... SUCH A THOROUGH WORD....I think it is descriptive enough.
Do think that it matters to anyone else that the primary shareholder of ITT Tech is Blum Capital Partners, as in UC Regent Richard Blum, as in the husband of Senator Diane Feinstein? Because you never see this little piece of 'trivia' mentioned in any article about the ITT swindle. Any thoughts on why that is?
Hopefully all of the debt strikers will be working toward getting Jill Stein elected on November 8 so Murkin students will be able to emerge from college without being in debt to the Wall Street deplorables who own the Democaric Party and GOP.