WW III and Gov't-Owned Student Loans

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magis00
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WW III and Gov't-Owned Student Loans

Not that I've run across any articles (and not that "publishing" makes an idea any more worthwhile) ... though I'd be interested to read them if anyone has . . . 

but it dawned on me the other day that:

  • my student loans are held by SallieMae aka BigGov, and that
  • in conjunction with that shitshow (College Bubble, etc.) youth unemployment is at unbelievably high levels, and that
  • the Gov't could just "call the loan due", and
    • put the co-signors (parents) in FEMA camps, and
    • "draft" the debtors into military service.

Et voila.  Batshit crazy?  Likelihood of this happening?  I put it at 20%; the same likelihood of there being no 2012 election due to martial law and confiscation of PMs, firearms, and food supplies for "the general Welfare".

Edited by admin on 11/08/2014 - 06:24
kenklave
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0%

The likelihood of that happening is 0%.  If that happens it will not be because of a contract.  Besides if you are current there is nothing the creditor can do.  But you are on to something.  

The purpose of the govt assuming student loans is to control the populace.  They will dictate where people work and how much they are paid.  The carrot is loan forgiveness.  No stick is necessary.  Keep in mind as we move through these changing times, that violence will be used by the govt only as a last result when society is on the edge.  It will be their last gasp.  It is far better to keep order and maintain the status quo.  Only they will create the conditions to make you "choose" what they wish you to do.

HappyNow
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kenklave wrote:The

kenklave wrote:

The likelihood of that happening is 0%.  If that happens it will not be because of a contract.  Besides if you are current there is nothing the creditor can do.  

....

Actually there are some kinds of loans that can be called even if the payments are current.   It depends what was in the contract.   Admittedly it doesn't happen often however every now and then loans do get called.

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kenklave
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Yes that is true, some loans

Yes that is true, some loans are payable on demand. Student loans are not of that variety.

HappyNow
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Thanks kenklave. 

Thanks kenklave. 

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ferretflat
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loans

If you read a standard loan document you will find that loans are recallable at any given time, usually with only 30 days notice.  there is a reason that Obama made student loans issuable only by the government (and some bank in N.D.)  student loans are the only loans that cannot be discharged through bankruptcy.  And yes, people are in jail for not paying them even though the constitution forbids debt imprisonment.  A court will order you to resolve the debt or be jailed indefinately for contempt. 

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kenklave
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I disagree

I would like to see such a "standard" loan document.  There is nothing "standard" about such a payable on demand note.  It is general practice to use an acceleration clause in a note.   This is not the same thing.   The lender is not allowed to accelerate the balance unless there is a default.  Further, it is "standard" to allow borrowers a period to cure the default.  Finally, if the loan is payable in installment, the lender MUST accelerate the balance in order to collect what is outstanding.  Otherwise, all that is owed, is the monthly installment.

ferretflat
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respectfully

Your loan can be recalled to be paid in full at any time.  You do not have to be in default.  Lenders grant borrowers virtually no rights whatsoever in a loan document. 

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kenklave
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I still disagree

That is false.

Red Pill
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magis00 wrote: Not that I've

magis00 wrote:

Not that I've run across any articles (and not that "publishing" makes an idea any more worthwhile) ... though I'd be interested to read them if anyone has . . . 

but it dawned on me the other day that:

  • my student loans are held by SallieMae aka BigGov, and that
  • in conjunction with that shitshow (College Bubble, etc.) youth unemployment is at unbelievably high levels, and that
  • the Gov't could just "call the loan due", and
    • put the co-signors (parents) in FEMA camps, and
    • "draft" the debtors into military service.

Et voila.  Batshit crazy?  Likelihood of this happening?  I put it at 20%; the same likelihood of there being no 2012 election due to martial law and confiscation of PMs, firearms, and food supplies for "the general Welfare"

articles http://red-pill.org/theres-no-time-get-to-another-exit/

http://red-pill.org/usa-circles-drain-door-about-to-shut-americans/

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Red Pill
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"in case of emergency.."

http://www.economicpolicyjournal.com/2011/07/military-conscription-around-globe.html

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Rear Flank Downdraft
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New Student Loan Revisions Proposed

I suppose it's a hot topic again, given that new rules are being instituted for student loans, announced just yesterday.

If i understand it correctly (and I've only given a cursory read so far), so with a trillion dollars of outstanding loans existing, a very, very small percentage will even benefit from this, because no one who either: 1) took out a loan before 2007 and, 2) graduation in 2011.  So I suppose this is only for new loans from here on out?  And probably affecting less than 10%?

This seems to be a surefire way of siphoning away from private lenders and moving the student into the more direct 1:1 relationship with the government as the holder of their loan.  Not a bad move in wresting even more resources away from the individual, as any such monolithic entity is wont to do in an economic war.  Especially when you see nearly 44% of adults 18-29 are unemployed.  No wonder there's a "Quarter Life Crisis."

I am an academic advisor to adult professional bachelor and master's students and advise them on their academic programs and try to infuse a working knowledge as their advocate in understanding how they can best utilize their loans during school and what the larger implications will be when they get done.  Most people just simple do not/cannot understand the complexity of this system to begin with.  Why are people being told to not take out a loan bigger that what they'd make in their first years in that field of work to begin with?  There are so many questions........

But whether this actually goes beyond just potentially putting a few more bucks in the pocket per month for a period of time, no long term answers to the broken education system are hiding in this political season gesture, I'm afraid.

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