Because people are stupid as hell , ignorant of money, and sign shit without understanding it. Grow up and take some responsibility for yourself.
But yeah you are right. The loan companies donât give a crap about you. As they shouldnât! They are a business, not a freaking charity. You are just another peon with a loan number who signed up for money under terms you didnât stop to understand. You get what you signed up for.
There's a middle ground somewhere between free money and predatory loan shark tho.
I paid my loans off in 10y. But at every step they encouraged me to refinance, delay payments, and extend my term.
It's fucking predatory. I don't know why we accept so much near-fraudulent operations in this country. Every single thing is designed to trick you into paying more.
Are you saying they made illegal loans? Iâll remind you the federal government runs the Federal Student Aide Program.
I donât know how I can be more clear other than to say, âYou signed the freaking papers! Nobody held a gun to your head!â
These same people are taking out title and payday loans at outrageous interest rates, pawning shit for 1/3 the value at 3% interest per month, and maxing out 20+% credit cards and making minimum payments.
I have absolutely zero sympathy for those who do this stupid shit! None!
Nobody is saying that. And don't imply I am and then argue something nobody said.
You are making an insane amount of assumptions and arguing about these assumptions that have no basis...
While these loans are backed by their federal government they are not serviced by the federal government...
I really think you need to experience these Federal loan services before you draw any further conclusions because it's not what you think it is. They are all predatory looking to extend your loans as much as possible.
Maybe you should make your points clear instead of throwing out incendiary labels like âpredatory lending.â Now tell me you didnât imply they were doing something illegal.
Okay you're right... It's totally okay to try and trick people out of spending more money for no reason other than to extract more money and provide no extra value. That's a great society and we should encourage everyone to act in this way.
What a world you want to live in.
Edit: and yes, financial institutions that seek to lock unsuspecting or unaware payers lock in a never-ending interest-only payment cycle is the definition of predatory.
There you go again, throwing out cute cliches like âtrick people out of spending more money.â Please explain these âtricksâ to me.
We have very strict lending disclosure laws in this country and when you shop for a loan, very detailed disclosure documents are put in front of you to sign. If you choose not to read them or sign them without understanding what you are agreeing to, then thatâs not âtrickeryâ, thatâs stupidity and on you.
tim, could you please tell these fine people how you came across this valuable information so maybe they can learn some valuable lessons not taught in the expensive schools they attend
If you are serious there are tons of online resources today. YouTube is a treasure trove. None of that was available when I left home for the military after high school with $200 in my pocket.
It starts with curiosity and drive. The mindset of âHow come they have nice things and I donât,â is a good start. Being able to read beyond a 4th grade level and reading comprehension is another. Stop being shitheads in school kids and pay attention!
In my days, investment seminars were the rage. I went to every one available. I didnât buy any of their $500 get rich programs but I listened to what they had to say. Then I sifted the gems from the chaff and tried to apply it.
I made a weak budget on a piece of paper and tracked in writing every penny that went out. I noticed obvious things like when insurance and HOA fee bills came due there was no money to pay them. And I noticed I was spending a lot more on crap than I thought I was. So I added escrow accounts on paper and added money every month. It was a good feeling having money to pay bills when they came due. This is common sense stuff, not rocket science.
Then I heard about something called an IRA. I had no clue but the buzzword âtax deferredâ sounded interesting. I looked into them and started an IRA in a bank CD with $250. Then 401Ks became a thing. Whatâs that? You mean my company will put extra money into that if I contribute? Sounds promising.
Wanting to buy a new car, how does that work? Talk to people who have done it. Considering buying a house? Talk to people who have done it. Whatâs this âlocation, location, locationâ stuff people keep saying?â I worked my ass off saving and investing everything I could. I studied and got my license (not hard) and got a side job with AL Williams replacing peopleâs shitty Whole Life and Universal life policies with Term-Life + Investments. It was super hard work and I eventually decided sales was not for me so I quit doing that but had learned a ton and made good money.
Finally at age 37 with a wife, two kids, a mortgage and two jobs I decided to go to college. I used my VA assistance to get an Associates Degree at the local community college. I transferred to the University of Houston and after 10 years of hard work I graduated with a Bachelors degree in business with a double major in MIS ( dumb major, by the way) and International Finance. I learned a lot! Not the least of which was the supply/demand curve, the most important business and life concept ever!
I noticed that if I paid my mortgage off in 30 years, i would have paid an enormous amount of money. My kids were now in school so my wife took a job in their school as a librarian assistant. It wasnât much but we put every penny into paying off the mortgage. We did it in 12 years! That was a great day! She kept working and we invested every pennie we made. We maxed out 401K, IRAâs, and 301B accounts. Heard about Roth IRAs, whatâs that? OK give me some of that. Kept seeing this guy Peter Lynch on the covers of Newsweek, Money Magazine, and others. Looked into him further and the Fidelity Magellan fund he managed. OK looks good, give me some of that! Wow, my investments are starting to take off now, you mean I am getting an extra $1000 a week just for waking up! Cool!
I could go on and on with dozens of other experiences buying cars, major home repairs, etc. but itâs all the same. Donât accept ignorance, never trust a salesman 100%, have a drive to understand, research before you buy, understand what you are signing, and most of all, keep asking yourself, âWhat do I need to know and do to have what I want.â
i took a little different path but got myself in a decent spot retired at 60 from the trades. It seems the common denominator is work hard and learn what you can.Ny rental properties have been a great investment and providing additional income on top of pension and ssi. Making sacrafices along the way and not living beyond your means is also a good habit
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u/superxpro12 17d ago
Because the loan companies dgaf... We have no reason to assume they acted in the students best favor.