Anothr casualty o/t law schl scam: Your parents' retirement

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MTal
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Anothr casualty o/t law schl scam: Your parents' retirement

Postby MTal » Thu Feb 16, 2012 12:42 pm

Student Loan Crisis Busts Retirement Accounts

http://www.cnbc.com/id/46386779

Summary: Lenders have figured out that they will never be able to collect from unemployed grads with no skills (soon to be many on this site) and have therefore gone after the co-signers. Little did the cosigners realize that even their retirement/pensions were at stake when they agreed to sign on the dotted line. Welcome to the new economy.

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ggibelli
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Re: Anothr casualty o/t law schl scam: Your parents' retirement

Postby ggibelli » Thu Feb 16, 2012 12:46 pm

is it really new news to you that lenders will go after a co-signer on a loan? :roll:

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MTal
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Re: Anothr casualty o/t law schl scam: Your parents' retirement

Postby MTal » Thu Feb 16, 2012 12:47 pm

ggibelli wrote:is it really new news to you that lenders will go after a co-signer on a loan? :roll:


No. The news is the frequency and the amount of the depletions.

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T00L
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Re: Anothr casualty o/t law schl scam: Your parents' retirement

Postby T00L » Thu Feb 16, 2012 12:51 pm

MTal,

You are probably single-handedly responsible for the 16.7% drop in test takers this year. I think you have it in you to break 20%...

Keep up the good work!

T

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ben4847
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Re: Anothr casualty o/t law schl scam: Your parents' retirement

Postby ben4847 » Thu Feb 16, 2012 12:54 pm

Did someone cosign my student loans? I don't remember that.

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sunynp
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Re: Anothr casualty o/t law schl scam: Your parents' retirement

Postby sunynp » Thu Feb 16, 2012 1:10 pm

It isn't just co-signing, it includes parents having to take out parent plus loans to cover costs for their kids. Parents don't have access to funds they were relying on to pay for school tuition. They have lost home equity and their stock portfolios have been hit hard.

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Tiago Splitter
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Re: Anothr casualty o/t law schl scam: Your parents' retirement

Postby Tiago Splitter » Thu Feb 16, 2012 1:59 pm

Using a retirement account as collateral for a loan is a prohibited transaction. The article doesn't say that lenders are actually going after retirement accounts, because they can't. Some parents are using retirement funds to keep the loans current, and others are simply not saving as much for retirement in order to service the debt.

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Jaeger
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Re: Anothr casualty o/t law schl scam: Your parents' retirement

Postby Jaeger » Thu Feb 16, 2012 2:14 pm

Tiago Splitter wrote:Using a retirement account as collateral for a loan is a prohibited transaction. The article doesn't say that lenders are actually going after retirement accounts, because they can't. Some parents are using retirement funds to keep the loans current, and others are simply not saving as much for retirement in order to service the debt.



This.

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NomNom
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Re: Anothr casualty o/t law schl scam: Your parents' retirement

Postby NomNom » Thu Feb 16, 2012 3:58 pm

Tiago Splitter wrote:Using a retirement account as collateral for a loan is a prohibited transaction. The article doesn't say that lenders are actually going after retirement accounts, because they can't. Some parents are using retirement funds to keep the loans current, and others are simply not saving as much for retirement in order to service the debt.

d.schoenfeld16
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Re: Anothr casualty o/t law schl scam: Your parents' retirement

Postby d.schoenfeld16 » Thu Feb 16, 2012 4:40 pm

My theory is that MTal does not have the requisite people skills required to land a job, so he is trying to blame society for his glaring deficiencies.

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fatduck
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Re: Anothr casualty o/t law schl scam: Your parents' retirement

Postby fatduck » Thu Feb 16, 2012 5:00 pm

Tiago Splitter wrote:Using a retirement account as collateral for a loan is a prohibited transaction. The article doesn't say that lenders are actually going after retirement accounts, because they can't. Some parents are using retirement funds to keep the loans current, and others are simply not saving as much for retirement in order to service the debt.

this article is also about Parent PLUS loans, which you can't get for grad school. MTal isn't even trying any more.

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NomNom
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Re: Anothr casualty o/t law schl scam: Your parents' retirement

Postby NomNom » Thu Feb 16, 2012 5:15 pm

fatduck wrote:this article is also about Parent PLUS loans, which you can't get for grad school. MTal isn't even trying any more.

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SilverE2
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Re: Anothr casualty o/t law schl scam: Your parents' retirement

Postby SilverE2 » Thu Feb 16, 2012 5:48 pm

Unless you go private, law school loans aren't cosigned...

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MTal
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Re: Anothr casualty o/t law schl scam: Your parents' retirement

Postby MTal » Thu Feb 16, 2012 6:06 pm

d.schoenfeld16 wrote:My theory is that MTal does not have the requisite people skills required to land a job, so he is trying to blame society for his glaring deficiencies.


I work in the financial services industry, series 7/63 licensed broker. I have a very nice salary on top of huge commissions which typically form anywhere from 33-50 % of my total salary.

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spleenworship
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Re: Anothr casualty o/t law schl scam: Your parents' retirement

Postby spleenworship » Thu Feb 16, 2012 6:11 pm

MTal wrote:
d.schoenfeld16 wrote:My theory is that MTal does not have the requisite people skills required to land a job, so he is trying to blame society for his glaring deficiencies.


I work in the financial services industry, series 7/63 licensed broker. I have a very nice salary on top of huge commissions which typically form anywhere from 33-50 % of my total salary.


And yet, despite having shitloads of cash and being able to afford vacations, video games, hookers, blow, etc... You continue to post in here, where you don't really have an interest, for funsies... :roll:

in2win
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Re: Anothr casualty o/t law schl scam: Your parents' retirement

Postby in2win » Thu Feb 16, 2012 6:12 pm

MTal wrote:
d.schoenfeld16 wrote:My theory is that MTal does not have the requisite people skills required to land a job, so he is trying to blame society for his glaring deficiencies.


I work in the financial services industry, series 7/63 licensed broker. I have a very nice salary on top of huge commissions which typically form anywhere from 33-50 % of my total salary.



how do you have time to post on TLS on a weekday in the afternoon then?

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MTal
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Re: Anothr casualty o/t law schl scam: Your parents' retirement

Postby MTal » Thu Feb 16, 2012 6:14 pm

spleenworship wrote:
MTal wrote:
d.schoenfeld16 wrote:My theory is that MTal does not have the requisite people skills required to land a job, so he is trying to blame society for his glaring deficiencies.


I work in the financial services industry, series 7/63 licensed broker. I have a very nice salary on top of huge commissions which typically form anywhere from 33-50 % of my total salary.


And yet, despite having shitloads of cash and being able to afford vacations, video games, hookers, blow, etc... You continue to post in here, where you don't really have an interest, for funsies... :roll:


I do post here occasionally when I have some free time at work, or otherwise. As my 1.62 posts per day here, I definitely keep it to a minimum.

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spleenworship
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Re: Anothr casualty o/t law schl scam: Your parents' retirement

Postby spleenworship » Thu Feb 16, 2012 6:19 pm

MTal wrote:
spleenworship wrote:
MTal wrote:
d.schoenfeld16 wrote:My theory is that MTal does not have the requisite people skills required to land a job, so he is trying to blame society for his glaring deficiencies.


I work in the financial services industry, series 7/63 licensed broker. I have a very nice salary on top of huge commissions which typically form anywhere from 33-50 % of my total salary.


And yet, despite having shitloads of cash and being able to afford vacations, video games, hookers, blow, etc... You continue to post in here, where you don't really have an interest, for funsies... :roll:


I do post here occasionally when I have some free time at work, or otherwise. As my 1.62 posts per day here, I definitely keep it to a minimum.


Arguendo let us say you have the job... Still doesn't explain why you bother to post here...

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T00L
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Re: Anothr casualty o/t law schl scam: Your parents' retirement

Postby T00L » Thu Feb 16, 2012 6:19 pm

As long as you keep on discouraging future applicants I'm good.




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