Home > The Main Room > The Okie Corral > Sallie Mae Execs Wine and Dine in Hawaii as students drown in loans

Sallie Mae Execs Wine and Dine in Hawaii as students drown in loans

  1. https://www.nbcnews.com/news/us-new...ui-retreat-while-student-debt-crisis-n1063826
  2. You take out a loan for some lame career choice and then complain?????
    Make better choices.
  3. Their conclusion will be to vote democrat and have it erased.

    Are you trying to insinuate that studying the reproductive habits of caterpillars is a bad choice?
  4. My underwater basket weaving degree is just as valuable as your chemical engineering degree!
  5. So? The students made those choices.
  6. You mean they loaned students money without their consent and they're trying to make them pay it back?

    'Cause if somebody is crying about students having to pay the loans they asked for, so they could get their useless degrees, I have -0- sympathy.
  7. not seeing an issue here, really
  8. They didn’t put guns to these students’ heads and made the punks took out the loans.
  9. There is a sucker born every minute.
  10. I guess nobody should ever visit one of our states, eat food, or drink wine.

    They should make a law against eating. It will solve all the climate change worries.
  11. I've read that it works out to an average of about $23,000 per person, and that's consistent with the approximate math I could do with these figures. While they're "drowning" in this debt, they're buying cars that cost this much, and having $20,000 weddings.

    Just another fabricated crisis in an attempt to pile on the evil white male.
  12. They coulda joined the military for free college.
  13. There are a lot of things to pick on when it comes to bankers, but this ain’t one. I’m 50 and am still paying on my student loans, but I’m not a whiny ***** about it. I made my choices and am dealing with it. I didn’t have to go to a small private school, but I did and that cost $$$. But I do have a good job because of that degree so I can thankfully afford the payments.

    Nobody forces kids to take out loans for school. Yes it’s almost a necessity, but almost. There are ways to do it without going into ungodly debt. Military, work, coop, intern... are all still viable paths.

    Sorry, but unless there is some evidence that they illegally issued out loans to these kids, my level of sympathy is pretty low.
  14. The one thing I missed about corporate America was all the junkets I went on. Never got out of the continental 48, but there were plenty of nice places in the lower 48.

    Plenty of good food and drink and a lot of fun extra-curricular activities.

    The only down side was having to sit in the boring meetings every day.

  15. The real criminals here are not the lenders, but university boards who have raised the cost of tuition far in excess of the inflation rate for decades. But there is plenty of blame to go around. Parents who do not save for 18 years to pay for college. Students who don't try to excel in HS to get scholarships, and who get loans up to their eyeballs rather than be frugal and work before and during college. Kids who chose a stupid major rather than learning an in-demand and well-paying trade instead of college: HVAC, electrician, plumbing, etc.

    A parent who opens a Vanguard account with $1,000 at the child's birth, and who deposits $100 per month at a return of 7% will have $45,000 at HS graduation. This is a little over half the cost of 4 years (including room and board) at an in-state public university. Little Missy can work off the rest at Chic-Fil-A. My pleasure! Saving $200 per month from birth will fully pay for college at age 18.

    Thank goodness I'm a know-it-all.
  16. I’m going to toot my own horn here for a second. I went to a “liberal arts” college up in NH. Going in I had no idea what I wanted to do. I ended up with a finance degree. Everyone else I went with had degrees in useless areas (women’s studies, art history, art etc). I’m the only one I can think of with a job within my field of study... and the only one who works for what I have. Lots of lazy 20 somethings out there

    Sent from my iPhone using Tapatalk Pro
  17. So? If slim-jean clowns want to borrow $60K to major in "Global Change," are they not expected to pay back these loans? Pull your pants up, kids.
  18. The main issue really is the cost of college which is far more than it needs to be. If colleges limited their expenses to simply providing an education, rather than an "experience" the cost would be reduced dramatically.
  19. That's what I can't understand when I see these stories, someone is saying they can never pay back the 30k they borrowed for their college degree. If you can't pay back a 30k loan, after you get a college degree, you have some serious issues. That is far cheaper than a car loan or a mortgage.
  20. it’s just mean to expect them to SACRIFICE fancy weddings and nice cars just so they can pay some mean, heartless person money they owe them!!!!! Mean mean mean
  22. Their disdain for America and its ideals preclude them for actually serving someone or something other than themselves.
  23. Maybe it's stuff like this that has a smidgen of an impact on the cost of college??

  24. My ex wife went to grad school late and in 1983 paid off her $60,000 in school loans working 4 different jobs at a time. some FT and some PT...what a Jerk was I!
  25. It's just another way for the dims to pay off the schools for doing the work of indoctrination. Raise your tuition, and the dims will funnel it to the schools through school loans. Very tidy.
  26. Another problem is that too many people are going to college. College is right for some people, but not all. Many people are better served by taking other well-established routes to future financial and career success, such as vocational, technical, military, Job Corps, apprenticing in a trade, or just being a self-starter.
  27. I wonder what the actual % is of people that work within their field of study...
    Then, out of that group, how many are “drowning in debt”.

    Not throwing rocks... I just think people who have a plan and follow through with that plan get to the point in their lives where they make better financial decisions much faster.

    As far as how the Sallie Mae people behave while traveling... Whatever.

    I live like a King when traveling on a per diem!
  28. When did it become the responsibility of the parent to provide advanced education for their adult child? And what is irresponsible in making them provide it on their own? They have ample time in their High School years to work and save a good sum towards college expenses. If they want to.
  29. Nobody forced them to take loans out. Nobody forced them to sign the payment agreement. Nobody forced them to go to college.

    Blame whitey
  30. It is frustrating to see govt affiliated organizations attending conferences at luxury resorts because they should be more frugal with those funds. But the people who took out loans knew what they were doing. How they have any bearing on the situation is beyond me.
  31. Probably not a high %. I phrased my idea wrong. Was referring to financial stability

    Sent from my iPhone using Tapatalk Pro
  32. Probably not a high %. I phrased my idea wrong. Was referring to financial stability

    Sent from my iPhone using Tapatalk Pro
  33. There was a time when a kid could save in HS, Then work summer jobs and pay there college tuition along with a part time job during the school year. I suppose some could carry a full load and work an almost full time job. But with the cost of college these days I think those days are pretty much over.

    I think it should be a group effort of the parents and child. I hate that the fed loan amount is based on the parents income. The poor and the rich kids have it the easiest. Poor kids have a lot of benefits they can tap. Wealthy parents can send their kids to school without it affecting their lifestyle or financial future. The middle class suffers the most, like usual.
  34. I know some people that have a wedding business or venue. 20k is average. just crazy.

  35. I think financial stability and staying the course within your field of study probably intersect fairly quickly.
  36. You are right that too many colleges are too expensive, but...

    There are a lot of colleges, universities, community colleges that are not all that expensive. And.... a lot of big name universities have extensive tuition grants and scholarships available - most do, and many times make a big deal out of helping kids who can't afford full tuition.

    My daughter, honor student in high school, went to an expensive college and the college "paid" for 3/4 of her tuition (we got basically a 75% discount). She studied hard in high school and it paid off big time for her.

    My son goes to a local university - he lives at home and commutes. Along with the 50% reduction in cost due to not staying on campus, he also has a couple grants due to his high grades and hard work.

    One killer with all this is "financial assistance".... when related to college, almost always that just means LOANS!!!!! Parents and students many times need someone to slap them upside the head to realize that all that "financial assistance" they are "eligible for" are just more and more loans.

    It is just weird to me that people "receive" all this "financial assistance" and then are shocked at how much they owe after graduating. Does ANYONE actually LOOK at the paperwork they are signing to get that money???
  37. I know many here say “nobody put a gun to their head!”

    While technically true there is enormous pressure for kids to go to college, even if they are not ready or have no chance of succeeding. The “you must go to college to have any sort of successful life” is drummed into kids starting in elementary school.

    Who benefits from this? The universities who can charge ridiculous
    Amounts for tuition and lenders who get to make risk free loans guaranteed by the government.

    Want to see tuition costs fall dramatically? Stop guaranteeing the loans for the lenders and make students loans dischargeable in bankruptcy after 10 years.

    If lenders were forced to lend money on credit worthiness and ability to pay, most students would not get loans, demand for college would drop dramatically, and universities would be forced to lower tuition to attract students. Many of the ridiculous diploma mill “universities” would go out of business
  38. IMO, every student needs to have a part time job AWAY FROM THE UNIVERSITY. That means work with people in the real world. And summers should be spent working a job as well. Weekends instead of getting drunk and playing beer pong students need to be immersed in how the rest of the world lives, and how they will live once they graduate.
    College has become a rite of passage for too many. Its owed to the young, even though their parents have done little or nothing to prepare them financially or mentally for what's to come.
  39. I once worked for a Student Loan (SL) company - two division, guarantee and service. We were a non-profit company. We made a fortune - so much that the US Government decided we sould be taken over and given to Sallie Mae (SM).

    The company offered 6% matching in our 401Ks. My first two years I got an 11% and 14% raise and a promotion. Profit sharing averaged 11%/year in the time I was there. We got 3 weeks vacation each year - to start. I began work exactly 6 months into the fiscal year and 'earnedn' 1.5 weeks of vacation the day I started. We each got $2500/year for training purposes - to be spend anywhere we liked - just so it was somewhat related to the business or the software we were using. Great company to say the least.

    One day a clerical worker found a problem with some loans that we had guaranteed. As a loan went bad we were required to perform due diligence on it (contact the borrower with a series of phone calls and letters to try to get the loan back into compliance. When all failed, we would be reimbursed by the government. It's been many, many, years now so my memory is a little sketchy. But there was Japanese money involved - 200 million IIRC. They must have bought a packet of loans and would receive a portion of the interest from our servicing side. A major bank out of NC decided they would perform the diligence on the packet (loans they initiated) - not needing our assistance. They faked the phone calls and letters. When some of the loans went sour they wanted us to stand behind them. This was the reason our

    We sent out lawyers to DC and the big bank sent their lawyers to DC and the first Bush administration said our company was broke and handed it over to SM - staffed by a load of political appointees. All the fine benefits went to DC via SM to be split, I assume, by Swamp Creatures.

    DC wanted to put some Hunter Biden types into key appointments. But the major attraction was our $140 million reserve account. That was a plum just ripe for the picking. I'm sure it was also split up and any losses going forward were covered by Treasury accounts.

    It was a shame - I loved working there. But I left - the SM people were just unbearable to work with. It was a lesson in government vs. private sector power.

    Here's a story about the company and one man's opinion on why it failed. It is true that we guaranteed loans to truck driving schools, etc. But we were forced to if we wanted to do business in the state. For example: We guaranteed loans in TX - UT. But then we had to guarantee loans in a TX truck driving school. The story makes no mention of the SC bank that faked the due diligence and the fact that we found and reported the problem. This is just how things get swept under the rug and the money disappears.

  40. The amount you spend on your education has to have some relation to what it will do for you. My wife's education cost us well over 600k, but it was worth every penny. Spending 150k for a degree that leads to a 30k job is not a good idea. The concept of following your passion in life into the job market is nuts.
  41. These student loans are pretty much a blank check for these pimply faced 18 year olds. As I understand it, they can not only pay tuition and books, they can buy just about anything they want with it. Maybe it’s time to stop whining and get some adult supervision into the mix.

    not sure what Sallie Mae is, but what does it have to do with immature kids and their college loans?
  42. Asinine idea. I won't subsidize their money mismanagement woes. They borrowed from the taxpayers, and they shall pay the taxpayers (or financial institutions) back.
  43. Absolutely not!...it is right up there in importance with the Shrimp on the treadmill video
  44. If they were done like real loans by real financial institutions, there wouldn't be a problem.
  45. The Universities should be held responsible for the delinquencies.

    With billions in endowments a local medical school begs for $50 donations so they can buy another incubator. What they don't admit is that they make $250 a minute on the endowment investment at 5%.
  46. Preach it brother! We need to go back to Junior Colleges where you stay at home for the first two years - and save half of the money for a college degree!
  47. I think you might have missed his point.
  48. Higher education is a racket outside of hard science.
  49. Massive debt for a worthless degree, to boot!