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Anothr casualty o/t law schl scam: Your parents' retirement
Posted: Thu Feb 16, 2012 12:42 pm
by MTal
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.
Re: Anothr casualty o/t law schl scam: Your parents' retirement
Posted: Thu Feb 16, 2012 12:46 pm
by ggibelli
is it really new news to you that lenders will go after a co-signer on a loan?
Re: Anothr casualty o/t law schl scam: Your parents' retirement
Posted: Thu Feb 16, 2012 12:47 pm
by MTal
ggibelli wrote:is it really new news to you that lenders will go after a co-signer on a loan?
No. The news is the frequency and the amount of the depletions.
Re: Anothr casualty o/t law schl scam: Your parents' retirement
Posted: Thu Feb 16, 2012 12:51 pm
by T00L
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
Re: Anothr casualty o/t law schl scam: Your parents' retirement
Posted: Thu Feb 16, 2012 12:54 pm
by ben4847
Did someone cosign my student loans? I don't remember that.
Re: Anothr casualty o/t law schl scam: Your parents' retirement
Posted: Thu Feb 16, 2012 1:10 pm
by sunynp
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.
Re: Anothr casualty o/t law schl scam: Your parents' retirement
Posted: Thu Feb 16, 2012 1:59 pm
by Tiago Splitter
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.
Re: Anothr casualty o/t law schl scam: Your parents' retirement
Posted: Thu Feb 16, 2012 2:14 pm
by Jaeger
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.
Re: Anothr casualty o/t law schl scam: Your parents' retirement
Posted: Thu Feb 16, 2012 3:58 pm
by NomNom
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.
Re: Anothr casualty o/t law schl scam: Your parents' retirement
Posted: Thu Feb 16, 2012 4:40 pm
by d.schoenfeld16
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.
Re: Anothr casualty o/t law schl scam: Your parents' retirement
Posted: Thu Feb 16, 2012 5:00 pm
by fatduck
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.
Re: Anothr casualty o/t law schl scam: Your parents' retirement
Posted: Thu Feb 16, 2012 5:15 pm
by NomNom
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.
Re: Anothr casualty o/t law schl scam: Your parents' retirement
Posted: Thu Feb 16, 2012 5:48 pm
by SilverE2
Unless you go private, law school loans aren't cosigned...
Re: Anothr casualty o/t law schl scam: Your parents' retirement
Posted: Thu Feb 16, 2012 6:06 pm
by MTal
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.
Re: Anothr casualty o/t law schl scam: Your parents' retirement
Posted: Thu Feb 16, 2012 6:11 pm
by spleenworship
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...
Re: Anothr casualty o/t law schl scam: Your parents' retirement
Posted: Thu Feb 16, 2012 6:12 pm
by in2win
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?
Re: Anothr casualty o/t law schl scam: Your parents' retirement
Posted: Thu Feb 16, 2012 6:14 pm
by MTal
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...
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.
Re: Anothr casualty o/t law schl scam: Your parents' retirement
Posted: Thu Feb 16, 2012 6:19 pm
by spleenworship
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...
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...
Re: Anothr casualty o/t law schl scam: Your parents' retirement
Posted: Thu Feb 16, 2012 6:19 pm
by T00L
As long as you keep on discouraging future applicants I'm good.