Default: The Student Loan Documentary is a feature-length documentary chronicling the stories of borrowers from different backgrounds affected by the private student lending industry and their struggles to change the system. In 2005 private student loans were exempted of ALL consumer protections. No matter when their loans were taken, many borrowers now find themselves in a paralyzing predicament of repaying two, three or multiple times the original amount borrowed, with no bankruptcy protection, no cap on fees and penalties and no recourse to the law. The consequences are dire, with stories of borrowers in financial and emotional ruin. www.defaultmovie.com A film by Serge Bakalian and Aurora Meneghello
Popularity: 21% [?]
We're just going to get dumber? You were all idiots to start with. Why not personal responsibility? Get a trade, work some honest days and save your money. Everyone interviewed there was a weakling. This is what they deserve. I have my degree and I don't owe a dime. And tons of my fellow students were out drinking and smoking their loans while I was working 25-30 hours a week. I am not a genius, yet I have two trade tickets and a degree and money in the bank. You are all fools.
Hey, I suggest you get a night job as a security guard and do your homework on site. You won't get rich doing it but you will pay your tuition and books and you can get paid to study, whereas other part time jobs will take away your study time. With security, I was able to do full time hours and go to school full time because my homework was all I did on my site. I graudated with 10,000 in the bank
im about a take out a loan for my tution, about $3,000.
i just got my bachelors in engineering with $0 in student loans i did have to work full time and be a full time student though
I owe about $18,000 and this documentary really scares me because I feel as if my generation has had to mortgage our future. What if the economy takes years to get back to pre crisis levels and none of us can find a job to pay these loans off? Thank god I paid my credit cards!
I find that most pp who slam others for getting an education are those who have parents who had to pay for them or whom they lived off of while they went to school.
regardless of whether you can afford it or not, without it we would all be minimum wage earners…which is not enough to survive on. but with it…we cannot afford to pay back the huge amount it costs.
as it is we are importing scientists, doctors, nurses and mathematicians from third world countries. WE NEED AN EDUCATED POPULACE
I refused any loans because of the interest rates, thank you Wikipedia. My parents fortunately have enough money to pay for my tuition combined with my scholarships.
Graduated from BC in May '09. Sitting on $50K of debt. Hooray!
Nice video. I guess the US is the only western developed country that gets its students in debt. Students are the future of the country! WTF is going on here….?!?!
That man said corportate irresponsibility is far more to blame than individual repsonsibility? Really? Did the banks or federal government take anybody by the hand down to the loan office? Look, corporate swindlers had a big part to play, but it takes two to tango. How idiotic is it to take out a loan without knowing the interest rate? These people think they're smart enough to get through a real college? How did they get through high school, with such manifest gullibility?
I am in school right now and will be 25,000 in debt when I am done. My advice would be to go to school for a job you know you will have when you come out. I will have a career right out of school making a very nice wage.. I will be able to pay everything off in the first year…
Loan is Capitalist system. Bad capitalism. WE Want Communism. The true government by the people, from the people and for the people. Communism = benefit for the whole community, not just one individual. Every individual!!!
Another thing that would help is instead of giving a trillion dollars to the banking oligarchs who rule or at least partly rule, this planet, give at 300 billion to the American people. That averages out to about a million per person. And that is still too low. lol
Revolution is coming folks. Something old is dying. We have to be prepared physically, mentally/philosophically/argumentatively to not only fight if it has to come to that, but also make the case for our rights.
Yes & no. The reality is that the inverse is occurring with these "too big to fails," ex: corporations/banks receiving bailouts. The illegal FED/government is printing fiat currency. Added to this is the ~2 quadrillion in global financial derivatives+15 trillion in consumer debt+debt from 3 illegal wars. And now the commercial real estate bubble etc. The game is finished.
Student debt bailout would seem to hurt in the short term. But, the it would be a proactive measure in repairing the U.S.
It would make sense but, then the value of the dollar would sink even lower. If more people are able to spend more and buy up more products, then things would get more expensive.
Gee, I wonder why tuition is so high? Is it because of the massively bloated number of education bureaucrats. No different than all levels of gov'ts. Combine that with these B.S. majors and students not learning anything.. it's all going to come crashing down.
So what if Jesus turned water into wine…I turned a whole student loan into Vodka once. Your move Jesus…
1:17 little fucking ferry boy.
This is how you can get out of your student loan debt. Write the Financial Institution the following Letter:
To whom this may concern,
did i receive an actual loan or did my signature release MY credit from my treasury account? I suspect that the contract between Bank X and me is fraudulent, i will immediately stop payment untill I receive a truthful statement made under the penalties of perjury.
Sincerely,
Jane-Sally: Doe, Authorized Agent
No just 5 years ago…. jk. Yes but guess what? These mofos put Obama in the White House…..
biped19, I agree with you. Debt is a THE source of their wealth & power. I believe, our government will never…..ever bailout student loans. Their making way too much money off of us. When I finished college 6 years ago…my debt was $40 grand. Today…because of interest rates, my debt is now double that amount. There is no light at the end of this financial tunnel.
What people need to keep in mind is that bailing out the average person/student would be a proactive measure to allow a young workforce to create wealth for the nation.
But, the fascist federal government in not in the business of doing what is good for America. And the politicians/corporation's are subservient to their banking masters. Debt for them is the source of their wealth and power.
The Government needs to bailout ALL student loans going back 15 years or so.
Thank you for making this video. I subscribed to your channel. The average loan at my school is $19,000 a year. I just wish they could keep the interest rates to never go above 6%. Anything more than that is usury.
See. The BRIGHT ones don't need school. School needs non-goal reaching kids to prey on nowadays. Doing the math TRULY will SAVE you.
The government should help bail out our student loans and then we could spend that money on a house, car, the economy. But instead they rather bail out huge companies that got us into this mess, giving that money to CEOs and their huge bloated paychecks, so they can buy yet another yacht. Then they expect us to work for nickels and dimes to try to pay back our student loans. What a crooked country we live in, as students can't even file for bankruptcy anymore, unlike these companies.