Quote from Carley77
This all just baffles me in the sense that there are jobs maybe menial but a ton of jobs nonetheless and there are still people who feel they can just default? My generation namely. If only these people knew the damage at such a young age they are doing to their credit and essentially lives. As for the rest of us who pay our bills and work our butts off to do so, no need to worry about a thing.
It sounds so simple....just get a job..any job....while default maybe some people's way out....the others desperately trying to save their homes, buy food and attempt to avoid homelessness it is just not that simple.
For many who default on their nursing loans they cannot use their nursing license....without their nursing license they can't work. With their nursing license they can't find work. There is an entire section of the population that was sold a bill of goods about the road to the hospital being paved with gold and $100,000.00 worth of debt for a degree isn't that bad when the potential for making money is so great....I mean really why not??? "There is a nursing Shortage!!!" GIVE ME A BREAK
nursing shortage my behind.
These for profit schools that promised the moon. The accelerated BSN programs for the laid off college grad....in some cases can cost as much as $140,000.00 (this school specifically in CA). There are jobs a plenty!!! No there is not....the unemployment rate of new grads is 47% in CA. These laid off workers who went back to school and borrowed school loans to help with living expenses now find themselves jobless, penniless, with empty bank accounts from using their rainy day funds struggling to try to keep their homes.
These are not irresponsible kids...these are adults that were trying to reinvent themselves find themselves in dire circumstances and Mickey D's really doesn't cut it ....it doesn't even pay for gas....at least jobless they can get food stamps.
By the time you are defaulting...your credit is LONG GONE!!!!!!
You are so far in the hole that even if you get an interview .....they run a credit check (in the states that allow this) and see that you, on paper, are the LAST PERSON th
ey are going to hire as a good risk for their company.
Case in point. I know of a successful RN. Long distinguished career. Invested well. Had a substantial savings account and a 401K........ Who became suddenly unemployable due to a diagnosis of a chronic debilitating disease....... LONG before she became physically disabled...she was dumped by every facility that caught wind of her disability....for various reasons of course none had anything to do with her disease......so she stayed in the shadows...until discovered again and moved on until she could move on no more.
Her 401K was hit hard in 2008 when the market crashed lost a substantial amount of her retirement/college funds. She was once again laid off/downsized yet again but no severance was offered. She filled out application after application after application...she was no longer offered positions....her reputation of being ill preceded her..... she was of the "age" that hospitals no longer hire in a bad market. AGEISM IS ALIVE AND WELL IN NURSING!!!
She ran out of unemployment.....but knew that she really couldn't take it anymore for it was clear she was becoming disable enough to need accommodations. Even Phone triage didn't want this sick talented smart RN of over 30 years.....they were "perusing a better candidate".....better candidate??? she was devastated.
It became clear that she needed to seek disability. With her multiple jobs in the last few years she never got up to and vested benefit at the facility that offered them and was promptly let go from those that offered them if you were employed. She got a lawyer with her extensive MD list blessings and was finally given SSDI 4 years later (even though she had contributed to it for almost 40 years) while her savings/401K/college funds were used to live on as her income (with substantial personalities/taxes) was gone, in what is seemed, over night. Thank GOD
she had such a substantial rainy day fund......but it is now GONE
She tried to get help...she tried to get her loans modified. Important bills like her house payment had to be paid....albeit late. Her husband drives 100 miles round trip to work.....she is 5 years short of paying off her home, but because there is no choice.....she is in danger of defaulting on her loan and trying to imagine how to live disabled and homeless with her children.
Do you think this nurse defaulted by choice? Do you think she is lazy and just not working hard enough while she lets others hard working Americans pay her way? I know her and nothing can be further from the truth.
I am sure there are many of these college students who had NO INTENTION
on defaulting on their loans who have graduated from college......thousands of dollars of debt....with at least HALF of them being unable to find work in an economy that in the midst of a depression and a government TRILLIONS OF DOLLARS IN DEBT.
My friend's story is not unique.
..there are many in her shoes.
Do I think the defaulted as the easy way out? NO
.....but it will cause another financial crisis like that the housing market and those shady home loans caused. JPMorgan Chase ....who by the way got their ass bailed out by the American people for shady stock market dealings and speculative housing loans....is pulling out of the student loan business
The largest bank in the United States will stop making student loans in a few weeks. JPMorgan Chase
has sent a memorandum to colleges notifying them that the bank will stop making new student loans in October, according to Reuters.
The official reason is quite bland.
"We just don't see this as a market that we can significantly grow," Thasunda Duckett tells Reuters. Duckett is the chief executive for auto and student loans at Chase, which means she's basically delivering the news that a large part of her business is getting closed down.
The move is eerily reminiscent of the subprime shutdown that happened in 2007. Each time a bank shuttered its subprime unit, the news was presented in much the same way that JPMorgan is spinning the end of its student lending.
.......the crack in the dam has widened......get your money into a IRA/T-Bills just out of the market. We are heading down the path of 2007 just before the market crashed in 2008.
We are pretty much at the bottom it scares me where we will go from here.