US Gov says "glitch" is the reason it miscalculated Student loan debt - GoFuckYourself.com

onwebcam · 01-19-2017, 04:19 PM

Ever since 2012 we have warned that one of the biggest threats arising from the US student loan bubble - which is no longer disputed by anyone except perhaps members of the outgoing administration - is not that it is soaring at an unprecedented pace, that's obvious for anyone with the latest loan total number over $1.4 trillion, rising at a pace of nearly $100 billion per year, but that the government - either on purpose or due to honest miscalculation - was not correctly accounting for the true extent of delinquencies and defaults. Today, we finally got confirmation that, as speculated, the US government was indeed fabricating student loan default data, making it appear far lower than it was in reality.

An the WSJ reported overnight "many more students have defaulted on or failed to pay back their college loans than the U.S. government previously believed."

The admission came last Friday, when the Education Department released a memo saying that it had overstated student loan repayment rates at most colleges and trade schools and provided updated numbers. This also means that the number of loan defaults in various cohorts is far greater than previously revealed.

A spokeswoman for the Education Department said that the problem resulted from a "technical programming error."

And so, the infamous "glitch" strikes again.

How bad was the data fabrication? When The Wall Street Journal analyzed the new numbers, the data revealed that the Department previously had inflated the repayment rates for 99.8% of all colleges and trade schools in the country. In other words, virtually every single number was made to appear better than it actually was. And people mock China for its own "fake data."

According to an analysis of the revised data, at more than 1,000 colleges and trade schools, or about a quarter of the total, at least half the students had defaulted or failed to pay down at least $1 on their debt within seven years.

US Government Caught Massively Fabricating Student Loan Default Data | Zero Hedge

Bladewire · 01-19-2017, 04:27 PM

ZEROHEDGE.COM - Hoaxes and news with a spin

"An the WSJ reported overnight "many more students have defaulted on or failed to pay back their college loans than the U.S. government previously believed.""

That means the problem is WORSE than previously thought.

Also, defaulting on a student loan usually means that pay the interest for YEARS, never getting to the actual debt, an emergency comes up and they can't pay anymore.

The bank wins, the cond

JohnnyClips - BANNED FOR LIFE · 01-19-2017, 04:29 PM

lol there's bladewire right on que to defend the government!

onwebcam · 01-19-2017, 04:31 PM

Quote:

Originally Posted by JohnnyClips

lol there's bladewire right on que to defend the government!

Not only that he suppose to have me blocked.

Also ignoring the original source as being WSJ.

Hi Bladewire

01-19-2017, 04:19 PM	#1
onwebcam Fake Nick 1.0 Industry Role: Join Date: Oct 2005 Location: Rent free, your head Posts: 27,652	US Gov says "glitch" is the reason it miscalculated Student loan debt Ever since 2012 we have warned that one of the biggest threats arising from the US student loan bubble - which is no longer disputed by anyone except perhaps members of the outgoing administration - is not that it is soaring at an unprecedented pace, that's obvious for anyone with the latest loan total number over $1.4 trillion, rising at a pace of nearly $100 billion per year, but that the government - either on purpose or due to honest miscalculation - was not correctly accounting for the true extent of delinquencies and defaults. Today, we finally got confirmation that, as speculated, the US government was indeed fabricating student loan default data, making it appear far lower than it was in reality. An the WSJ reported overnight "many more students have defaulted on or failed to pay back their college loans than the U.S. government previously believed." The admission came last Friday, when the Education Department released a memo saying that it had overstated student loan repayment rates at most colleges and trade schools and provided updated numbers. This also means that the number of loan defaults in various cohorts is far greater than previously revealed. A spokeswoman for the Education Department said that the problem resulted from a "technical programming error." And so, the infamous "glitch" strikes again. How bad was the data fabrication? When The Wall Street Journal analyzed the new numbers, the data revealed that the Department previously had inflated the repayment rates for 99.8% of all colleges and trade schools in the country. In other words, virtually every single number was made to appear better than it actually was. And people mock China for its own "fake data." According to an analysis of the revised data, at more than 1,000 colleges and trade schools, or about a quarter of the total, at least half the students had defaulted or failed to pay down at least $1 on their debt within seven years. US Government Caught Massively Fabricating Student Loan Default Data \| Zero Hedge __________________ PLEASE WAIT WHILE BIDEN ADMIN UNINSTALLS ITSELF..... ██████████████████▒ 99.5% complete.

01-19-2017, 04:27 PM	#2
Bladewire StraightBro Industry Role: Join Date: Aug 2003 Location: Monarch Beach, CA USA Posts: 56,232	ZEROHEDGE.COM - Hoaxes and news with a spin "An the WSJ reported overnight "many more students have defaulted on or failed to pay back their college loans than the U.S. government previously believed."" That means the problem is WORSE than previously thought. Also, defaulting on a student loan usually means that pay the interest for YEARS, never getting to the actual debt, an emergency comes up and they can't pay anymore. The bank wins, the cond __________________ Skype: CallTomNow

01-19-2017, 04:29 PM	#3
JohnnyClips - BANNED FOR LIFE Trump! Industry Role: Join Date: Feb 2011 Location: Rent free in Bladewire's head Posts: 6,442	lol there's bladewire right on que to defend the government!