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Author Topic: dead sons loans should be forgiven  (Read 3132 times)
Archer77
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« Reply #25 on: November 30, 2012, 07:52:45 AM »

This is not the best option she had.  The best option would've been to advise her son that taking out loans on a "music production" degree would be a fucking disaster.  You're a good troll.   Cheesy

Should have bought him a used turn table for a hundred bucks and called it a day. 
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Lungrenisback
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« Reply #26 on: November 30, 2012, 07:53:12 AM »

This is not the best option she had.  The best option would've been to advise her son that taking out loans on a "music production" degree would be a fucking disaster.  You're a good troll.   Cheesy
That's his fucking choice, and if he were the one complaining about his loans I wouldn't give two shits.

But this was his decision, it shouldn't be put on the mother in this situation, it's just sociopathic.
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Lungrenisback
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« Reply #27 on: November 30, 2012, 07:55:55 AM »

Should have bought him a used turn table for a hundred bucks and called it a day. 
You can actually make quite a descent career as a musician. Your not gonna be making millions of dollars but you can teach, do lessons, and gig.

Irregardless someone's mother shouldn't be the one making the decisions on what the kid is studying.
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Marty Champions
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« Reply #28 on: November 30, 2012, 07:58:41 AM »

music production degree

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lulu
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« Reply #29 on: November 30, 2012, 07:59:50 AM »

That's a shitty story, but by cosigning on his loans, she took full responsibilty if he stopped paying. 

Co-signers are responsible

Life insurance can pay debts if they have it on loans

It's the way LIFE is

DEAL with it
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Marty Champions
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« Reply #30 on: November 30, 2012, 08:01:16 AM »

Should have bought him a used turn table for a hundred bucks and called it a day. 

exactly he didnt need school couldve got a computer program, turn table, keyboard, drum set, some buckets and pans a tamborine for 400 dollars
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« Reply #31 on: November 30, 2012, 08:05:08 AM »

Co-signers are responsible

Life insurance can pay debts if they have it on loans

It's the way LIFE is

DEAL with it
Obviously that is what is, I'm saying we as the public shouldn't be okay with that, if one is being responsible citizen.

There's no logical reason why she should be on the hook.
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Archer77
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« Reply #32 on: November 30, 2012, 08:07:02 AM »


There's no logical reason why she should be on the hook.

There is a logical reason.  She assumed responsibility for the loan as a cosigner. 


exactly he didnt need school couldve got a computer program, turn table, keyboard, drum set, some buckets and pans a tamborine for 400 dollars

Beck did alright with two turntables and a microphone.
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« Reply #33 on: November 30, 2012, 08:09:35 AM »

There is a logical reason.  She assumed responsibility for the loan as a cosigner. 


THIS
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Twaddle
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« Reply #34 on: November 30, 2012, 08:10:41 AM »

Obviously that is what is, I'm saying we as the public shouldn't be okay with that, if one is being responsible citizen.

There's no logical reason why she should be on the hook.

So you think the lender should just say, "Meh, you can keep the $10,000, we don't really need it."?  

In the world of business, the lender is the victim in this case.  They gave out $10,000, and nobody will pay it back.  That's $10,000 out of their pockets.  That's food off their table.  Maybe the lender's kids won't have the opportunity to go to school now, because he is out of pocket $10,000.  Maybe the lender should be petitioning DC to hold this woman responsible for the debt.
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Lungrenisback
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« Reply #35 on: November 30, 2012, 08:12:13 AM »

There is a logical reason.  She assumed responsibility for the loan as a cosigner. 


Beck did alright with two turntables and a microphone.
I see two problems with this.

1) that the banks see this as just a loan, and not for student financing. If this were the case the banks are incompetent and should be put in their place.

2) that the laws shouldn't be different, you should not be taking on a loan for someone's education when they die.

This obviously shouldn't be the way things work. This should be an automatically nullification of liability.

If you were in her situation, you would act exactly the same, do you honestly believe you would feel any differently.

This refusal to acknowledge that you wouldn't believe the same is sociopathic, and illogical.
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Irongrip400
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« Reply #36 on: November 30, 2012, 08:13:44 AM »

The article says he had three loans for his 'music production' degree. The two federal government loans were forgiven but the private 10 grand loan has not been and they want the money back. I think she has done well to get the government loans wiped our. Usually they are the first fuckers to take a big bite out of someone's estate when they die.

Exactly. it's a tragedy her son died, but the government loans were forgiven, and she is now only on the hook for the private loan.  It's the same if the kid dropped out of school, you still have to pay the loan back.  Maybe her church can help her?  These companies are out to make money, not give it away.
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Lungrenisback
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« Reply #37 on: November 30, 2012, 08:14:36 AM »

So you think the lender should just say, "Meh, you can keep the $10,000, we don't really need it."?  

In the world of business, the lender is the victim in this case.  They gave out $10,000, and nobody will pay it back.  That's $10,000 out of their pockets.  That's food off their table.  Maybe the lender's kids won't have the opportunity to go to school now, because he is out of pocket $10,000.  Maybe the lender should be petitioning DC to hold this woman responsible for the debt.
But this is the risk the lender should be taking.
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Irongrip400
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« Reply #38 on: November 30, 2012, 08:16:10 AM »

But this is the risk the lender should be taking.

Or the risk she took by co-signing the loan?
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Lungrenisback
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« Reply #39 on: November 30, 2012, 08:16:41 AM »

Exactly. it's a tragedy her son died, but the government loans were forgiven, and she is now only on the hook for the private loan.  It's the same if the kid dropped out of school, you still have to pay the loan back.  Maybe her church can help her?  These companies are out to make money, not give it away.
These banks are out to follow the fucking rules government sets.


We the public should be dictating the laws of government.


This shouldn't be allowable, it's morally wrong.

Stop acting as if this is a regular loan it is not.


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Twaddle
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« Reply #40 on: November 30, 2012, 08:17:55 AM »

I see two problems with this.

1) that the banks see this as just a loan, and not for student financing. If this were the case the banks are incompetent and should be put in their place.


You're delusional.  A loan is loan.  Period.  There is no difference if it is for education, car, house, etc.  Again, i'll try to make it simple for you.  You ask the bank for money.  The bank gives you the money, with the agreement that you WILL pay the money back with interest.  This process is called lending.  If the process is not complete, the lender will go out of business.  If the lenders go out of business, then nobody can get a loan.  

It's really simple once you understand the concept.   Cheesy
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Lungrenisback
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« Reply #41 on: November 30, 2012, 08:19:59 AM »

Or the risk she took by co-signing the loan?
No it shouldn't in this situation.

There is no benefit to society.

It's bordering on slavery.

You fella are like sheep. If you were in her situation there is no way you would be saying what your saying.

This inability to empathize is sociopathic.

Your circular argument is that it is the way it is so this is they way it should be.

And are unable to recognize the benefit, of it being different.

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Lungrenisback
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« Reply #42 on: November 30, 2012, 08:21:56 AM »

You're delusional.  A loan is loan.  Period.  There is no difference if it is for education, car, house, etc.  Again, i'll try to make it simple for you.  You ask the bank for money.  The bank gives you the money, with the agreement that you WILL pay the money back with interest.  This process is called lending.  If the process is not complete, the lender will go out of business.  If the lenders go out of business, then nobody can get a loan.  

It's really simple once you understand the concept.   Cheesy

So answer this my high IQ'd friend how do they set the rate of interest?, why do they require this person to have a cosigner?

If you had a coherent lending system in your country, lending would be dictated by need, or apparent ability to pay it back.

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Archer77
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« Reply #43 on: November 30, 2012, 08:22:28 AM »

No it shouldn't in this situation.

There is no benefit to society.

It's bordering on slavery.

You fella are like sheep. If you were in her situation there is no way you would be saying what your saying.

This inability to empathize is sociopathic.

Your circular argument is that it is the way it is so this is they way it should be.

And are unable to recognize the benefit, of it being different.



No one is saying the situation isn't tragic. Banks aren't people.  Banks don't give a shit about her dead son. In the end, she made a deal with a bank and a bank exists to issue loans and make money off the interest.   You assume the risk when you sign the loan papers.  Sad but true.
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« Reply #44 on: November 30, 2012, 08:24:51 AM »

No one is saying the situation isn't tragic. Banks aren't people.  Banks don't give a shit about her dead son. In the end, she made a deal with a bank and a bank exists to issue loans and make money off the interest.   You assume the risk when you sign the loan papers.  Sad but true.
So logically we the people who should step in.

We should condemn this on a not only a emotional level which is irrelevant but a logical level.

There is no valid reason why this should be the way it is.

This isn't a sign of some tragedy, but how predatory banks are, they should do their due diligence when making loan contracts.   and there should be laws on this type of shit.  
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Twaddle
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« Reply #45 on: November 30, 2012, 08:26:43 AM »

So answer this my high IQ'd friend how do they set the rate of interest?, why do they require this person to have a cosigner?

If you had a coherent lending system in your country, lending would be dictated by need, or apparent ability to pay it back.



Interest rates are set by a number of variables: credit rating, length of loan, risk factor, current market, etc.  They required this person to have a cosigner, because he is a high risk factor.  He was 19 when he took out the loan, and he was getting a degree in "music production".  IE, he probably had no, or low credit rating.
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Lungrenisback
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« Reply #46 on: November 30, 2012, 08:28:47 AM »

Interest rates are set by a number of variables: credit rating, length of loan, risk factor, current market, etc.  They required this person to have a cosigner, because he is a high risk factor.  He was 19 when he took out the loan, and he was getting a degree in "music production".  IE, he probably had no, or low credit rating.
So you totally admit that the banks were well aware of this being for schooling?


How is it that much of a logical extension to say she should not be liable for this, if her son is a victim of accidental death.
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Twaddle
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« Reply #47 on: November 30, 2012, 08:29:39 AM »

So logically we the people who should step in.

We should condemn this on a not only a emotional level which is irrelevant but a logical level.

There is no valid reason why this should be the way it is.

This isn't a sign of some tragedy, but how predatory banks are, they should do their due diligence when making loan contracts.   and there should be laws on this type of shit.  

It's not predatory at all.  Did the bank force them to take the loan?  I'd be willing to bet that her and her boy were the ones who went to the bank and asked if they could borrow the money.  Hell, I got a house and a few cars i'd put on that bet.  

The bank was doing them a favor by providing them the loan.   Kiss
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SF1900
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« Reply #48 on: November 30, 2012, 08:31:06 AM »

I see what Ratard is saying. While the mom did cosign for the loan and it is her responsibility to pay it back, you would think in certain situations banks would allow for a little grey area. Things are not always so black-and-white in life. Sometimes ones moral compass could lead one to do what they would normally not do (in this case, the bank forgiving the loan). The problem is that banks have little to no morals regarding the livelihood of others. When dealing with banks its a lose-lose situation.

By law should she be required to pay it back because she cosigned and took responsibility? Yes.

However, should there be a little humanity left that allows ones moral compass make their decision? Yes.

The problem is that, to a great extent, morals are subjective. Some do not see anything moral about forgiving her loans, since she is responsible for them.



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Twaddle
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« Reply #49 on: November 30, 2012, 08:32:47 AM »

So you totally admit that the banks were well aware of this being for schooling?


How is it that much of a logical extension to say she should not be liable for this, if her son is a victim of accidental death.

Absolutely they knew.  When you go to a bank and ask for a loan, they ask you what the money is for.  That is how a bank determines the interest rate.  Also, like I tried to explain before, there is no forgiveness of a loan depending on what kind it is.  A loan is a loan.  The bank loans you the money with the expectation that you'll pay it back in full with interest.  If the cycle is not complete, the lender will go out of business.  
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