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Recently, two of one of my kids friends, discovered that student loans taken out in their kids name, were used for a car and another parent got plastic surgery from money taken out in their childs name.
This came to surface when the kids who are now in mid twenties with good jobs, were trying to get qualified for a mortgage and saw their credit history show student loans, unknown to them.
So the left wants everyone of us to eat the bill for student loans which means we have to pay for cars, plastic surgery, studies that never finished, etc.
In another recent case we received an application for a rental and proof of funds was included as for income which showed USF student loan for which the student wanted to rent a house with a pool, for the family while the rest of family received disability and the house was at least an hour drive when no traffic jams are going on.
Do lefties, serious wants all of us to pay for BS items for which many student loans have been “abused” and now have to be forgiven and paid by “good people” who pay taxes, are serious in savings and/or investments for later in life!
My daughters first job out of college was as a recruiter for a on-line college. Part of her sales to get them enrolled was to remind prospective students the money was given to them, not the college and they could use it for whatever they wanted ... rent, car payments, vacations, etc.,etc... They even helped them fill out the loan paperwork ...up to $22,000 a year.
Now they can't pay it back and it's my responsibility? Try and sell that to working Americans in 2020....
Federal student loan proceeds are paid to the school. When proceeds are in excess of qualified expenses, the school issues a refund to the borrower. Some squander the refund.
Time was student loan money went straight from the lender to the school.
Give it to some kids and they go on a vacation or use it for anything they please.
If I remember right, it seemed to depend on what type of loan one took out. Most did go to the school, but every once in while you'd see others that did not. I do remember someone in the dorm putting a down payment on a car, really stupid.
If I remember right, it seemed to depend on what type of loan one took out. Most did go to the school, but every once in while you'd see others that did not. I do remember someone in the dorm putting a down payment on a car, really stupid.
When the proceeds of a Federal loan exceed qualified expenses, the school issues a refund to the borrower.
Some borrowers use their refund for non- qualified expenses.
If I remember right, it seemed to depend on what type of loan one took out. Most did go to the school, but every once in while you'd see others that did not. I do remember someone in the dorm putting a down payment on a car, really stupid.
"Every once in awhile" isn't how we should base policy. I'm not saying that is your argument, but for many it is.
This is extremely common. Students use student loan money to live it up and then demand that someone else foot the bill and bail them out. Cars, fancy apartments, trips, going out all the time, weddings, tattoos, you name it. I even know of students who were buying Bitcoin on the run-up to 20K with student loan money.
I've had to cover this over and over. The government claims is made a profit off of Tarp but that is lying by omission. Much of Tarp was paid back with programs like the HHF (Hardest Hit Fund) and HARP.
The government gave banks billions with HARP. The money was suppose to go to homeowners to stay in their houses. It was not used for that. They used that to pretend they were paying back TARP.
It was all a scam.
So we gave the banks billions. We then gave them more billions which they paid off the first billions with claiming a profit. We are billions in the hole.
I never took out student loans and I was shocked to find out it doesn't automatically go to the school.
They go directly to the school. The story is BS.
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