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Ivy League schools sue recent graduates over loan repayments

Home - by - February 6, 2013 - 16:00 America/New_York - 15 Comments

Daily Caller

Graduates of Yale University, University of Pennsylvania and George Washington University are being sued by their alma maters for their inability to pay back student loans, Bloomberg reports.

The need-based loans, known as Perkins loans, come from a government grant system that is aimed at providing financial resources to students with poor and working-class backgrounds.

The report comes at a time when the national narrative sees student loans as the next disastrous “bubble.” Unemployment remains high, and the cost of college tuition continues to outpace inflation. A recent Gallup study found that 74 percent of Americans do not feel secondary education is affordable.

Read more: http://dailycaller.com/2013/02/05/ivy-league-schools-sue-recent-graduates-over-loan-repayments/#ixzz2K5TLN5JP

» 15 Comments

  1. grayscape

    February 6th, 2013

    Planet Progtard starting to implode?

    Thumb up +7

     
  2. papadoc

    February 6th, 2013

    Nope. Not implode. The schools charge exorbitant rates, which their graduates cannot afford to pay back. The schools sue. A new crisis occurs. What are crises for? You got it–another “problem” which needs a federal/statist solution.

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  3. Clyde

    February 6th, 2013

    Here’s that exorbitant program that needs a federal solution……..

    Perkins Loans:

    Federal program – taxpayer funded.
    5% interest for the duration of the ten-year repayment period.
    Nine month post graduation grace period before payments start.
    Nine month grace if student attends half-time or less or leaves school.
    Interest does not accrue until repayment starts.
    Eligible for loan cancellation if student becomes teacher or joins Peace Corps.

    Yep, someone else’s fault – not the defaulters’ fault.

    Thumb up +4

     
  4. grayscape

    February 6th, 2013

    That’s what i mean.

    Prog creates problem: high tuition by subsidizing

    Prog student can’t pay because prog can’t find job because progs tax and regulate business out of business.

    Prog school sues prog students too poor to pay debt progs created to educate prog.

    Progworld self-destructing due to prog policy.

    I LOVE IT!!

    Thumb up +7

     
  5. Tim

    February 6th, 2013

    College is mostly a waste of time and money.

    What chance has the college of recovering money from worthless unemployed socialist airheads?

    This is more “Lawyers Full Employment” bullshit.

    They’ll get a settlement when the worthless unemployed socialist airhead starts getting welfare.

    Thumb up +4

     
  6. Stranded in Sonoma

    February 6th, 2013

    The need-based loans, known as Perkins loans, come from a government grant system that is aimed at providing financial resources to students with poor and working-class backgrounds.

    From each according to his ability, to each according to his need.

    A little sideline on that quote from Marx. A survey showed that many Americans don’t know who said it. I love the last phrase (from Wikipedia):

    According to a survey conducted by The American Revolution Center, “more than 50 percent of Americans wrongly attributed the quote “From each according to his ability, to each according to his needs” to either George Washington, Thomas Paine, or President Barack Obama,” while noting that “those from the West Coast were slightly more likely to answer the question correctly.”

    So the unpersons in The People’s Socialist Quagmire of California know exactly who their patron saint (so to speak) is.

    Thumb up +4

     
  7. Mary Jane Anklestraps

    February 6th, 2013

    But But But… 0bama fixeded it! Why they hatin’ on the skoolz?!

    Thumb up +2

     
  8. thirdtwin

    February 6th, 2013

    Nothing like a little Affirmative Legal Action. I hope this results in beaucoup craigslist rants.

    Thumb up +2

     
  9. sig94

    February 6th, 2013

    My youngest took out a Perkins loan for her first year at bible school. Took the next year off, worked her butt off and paid it in full. New round of loans now and she’ll do the same since her managers are dying to get her back to work.

    There’s ways to do it smart and ways to do it dumb. But when you’re getting a degree in Feminine Hygiene Studies from the Harvard School of Menopause there’s only one way out of it. Bitch and scream for the taxpayers to pick up the tab.

    Thumb up +2

     
  10. Lance o Lot

    February 6th, 2013

    Efff ‘Em!

    I have an Associates of Science degree in Business Administration from Turnpike Tech, (NVCC) and I’ll bet I a) make more per year, and b) have more assets than most of these progtard Ivy-Leaguers ever will.

    Anyone stupid enough to borrow money for an Ivy-league degree in Minority Grievance, Wyrmen’s Studies, or Conflict Resolution should be fleeced of their money: They’d have only blown it on Social(ist) Justice causes anyway.

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  11. serfer62

    February 6th, 2013

    I got my graduates degree from the Marine Corp San Diego campus. Traveled to foreign countries to learn new cultures, then kill ‘em. Majored in Marksmenship with a degree as a Rifleman, required studies in bayonet combat, ABC warfare, hand to hand. Qualified with BAR, M1, M14, Trench gun, Colt 45acp. Made millions in life

    4 years of college wasted as useless

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  12. Clyde

    February 6th, 2013

    @sig

    When I meet or hear of a young person like your daughter I always think to myself “that person was raised right.”

    Thumb up +3

     
  13. scr_north

    February 6th, 2013

    A perkins loan doesn’t sound bad but you have to wonder whether there’s any counselling that goes along with it especially regarding the value of various degrees and the financial danger of picking the wrong one.

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  14. MNHawk

    February 7th, 2013

    One if these days the schools are going to be in the cross hairs for pushing worthless majors on unsuspecting children.

    Sooner rather than later I would think. I’ve already read of suits against law schools for over promising the prospects of employment.

    Thumb up +1

     
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