Student Loans Are Scary

[Evan92]

So far I have been fortunate enough not to require student loans. Last week I was chatting with a fellow intern and I learned some frightening facts about student loans, mind you these laws apply to where I reside.

1. If you invest any student loan money (stocks,bonds ex-cetera) you can be indicted on fraud charges.

2. Casino winnings are considered earnings even though they are not taxed here.

3. The government at any time, random or not, can pull your bank records up to seven years in the past.

4. Inheritance and gifts are considered income as well even though it is not income under the tax code.

5. You may only earn up to 300 per month from part time income.

6. If you are audited and the government deems that you have falsified any information, they can make you pay the loan back in its entirety within 90 days or risk prosecution which includes the possibility of federal prison time.

7. The banks have monitoring software which tracks unusual withdrawals and will communicate to the government in the event they deem anything to be suspicious.

[no]

#5

wut

Oh, I see, to prevent you from making enough to repay the loan early without paying mountains of interest. Greedy bastards.

[MrAnonymous]

This post reminds me a lot about Honest College Commercial by nigahiga.
http://m.youtube.com/watch?v=T24DPU-hkJM&feature=kp

[brainiac3397]

What?

I invested my loan money. And I get paid more than 300 a month.

Ain't no corporatist scumbag banker gonna tell me how to use the money they hope to squeeze out of me in excess(Look at the damn interest rates!).

What sucks too is that you can't remove with bankruptcy. You can try to eliminate loan completely, but that requires some severe restriction to your ability to pay back(like becoming deathly ill and unable to work, or becoming a quadriplegic)

I also hate the loan providers website. All this hippy shit about "helping dreams come true" and how they and the government are in bed and look out for us. Who they think they trying to fool? I know what those pigs are up to!

[Evan92]

These are government loans, not loans from a bank or a private lender. But yet the bank can report to the government on anything deemed out of the ordinary. Single mothers do not pay for a dime of school here. They receive full grants plus a cost of living stipend, not a c of l loan. Immigrants that aren't even here legally get full grants as well. This is a two tiered system, one for citizens who contribute and pay up another for those who are on every fucking benefit available.

In fact the more benefits you are on the easier it is for you to acquire grants. You have translators at universities for non english speakers. Our tax money pays for these people to have a person sit with them and converse in their own language. I've seen it twice personally annoying as fuck trying to listen to the prof and hearing punjabi in the other ear. I support welfare for legal citizens who need it, we shouldn't be rewarding people who pop out a new baby every year.

Fucking healthcare my 79 year old grandfather is waiting for a pet scan for 3 weeks at the local cancer centre. I miss what Canada used to be, not the sick country its morphed into. I swear to god I'm never voting in another election again. All the mainline parties are all the same. Conservatives have gutted our middle class liberals are hell bent on destroying the social fabric of this country and the NDP is so out of touch with the average citizen. I would love nothing better than to move to the United States to get away from this shithole. The way things are going here Canadians aren't welcome in Canada anymore.

[Sharpie]

The united states isn't much better..

[brainiac3397]

(06-04-2014 11:11 AM)Sharpie Wrote:  The united states isn't much better..

But at least we have our guns...

[KFC Nyan Cat]

What? It's like they want you to be in debt forever.

[brainiac3397]

It's the same in the US. With the aid of the government, these bastards pretty much establish a long-term high-interest scheme that can't be avoided without death or serious disability. They are practically guaranteed profit for a long time as long as you don't die or lose your limbs or get paralyzed.