Questions on Legality of student loans/borrower's rights.

[NewDance]

I am a 26 year old male and I make about 8,000 dollars a year--

I owe about 13,000 on my student loans (stafford, etc...) after 5 years of college and recieved no degree. I have plenty of credits but dropped out my last semester with 12 credits to go because I decided I would be ashamed to have that piece of paper just because of my family's social status. I also just feel like, unless you go into a hard science like physics or chemistry, college is just a day care for people too old for high school and not ready for a job. I didnt post this for a lecture so please don't respond with "GO BACK AND FINISH-- YOU'RE SO CLOSE!"

Most people go to college after high school because they see no other option in todays economy. My questions are these:

-As a borrower do I have the right to see precisely where the money I was loaned came from?
--Is the money loaned a legitimate form of consideration, with real assets or capital backing it, or is it akin to the money printed out of thin air like many personal loans from commercial banks, where the money is created on the books alone simply because there is a demand for a such a loan. I'm hoping/guessing this is the case because this would mean that the loan is an illegitimate form of consideration and would thusly void the contract to repay.

I do not feel I owe anything unless someone can prove that this money I was loaned was not just created out of thin air by a bank or creditor. Please Help-- I'm drowning in debt I dont feel I owe. Any legal publications that are relevant and I could download on the internet would also be helpful. I have very little money so its unlikely I'll be able to utilize an attorney-- I need as much relevant info as possible. Thanks.

--In A Mad World

[vfielder]

The simple language of a loan...you borrow it...pay it back. Just because your own life choices and didn't receive a degree after 5 years is not the lenders burden.
I have to admit that this excuse is original and bizzare.

[NewDance]

I said no lectures, please.

What I'm asking is if anyone actually did put up anything for me to go to college. When the banks give out most personal loans, they are simply creating money out of thin air and putting up nothing of their own. A man named Jarome Daily cited this once while challenging the foreclosure of his home and won the case-- yet, this case is always ignored when people try to cite it as precedence. If someone honestly did put some asset/capital of theirs on the line in order for some anonymous student to be able to go to school then I surely feel like I should repay that person... but my guess is that its another banking scam where money was created out of nothing in order to rack up debt on an anonymous student.

And anyway, I learned alot in school-- I had a 4.0 and a double major in Psychology and Chem and was a member of Phi Kappa Phi honor society, a tutor for chem, mandarin chinese, bio, and experimental psych, community outreach officer for the psych club, collected donations for ronald mcdonald house-- I was planning on going to grad school... until I decided I'd rather work a minimum wage job the rest of my life so as not to become detached from people. I'm not some kid who partied 5 years and is now making up excuses-- I just refuse to be scammed and pay money to a lender who doesnt exist (like I assume you have). If this money came out of nowhere and was created by the bank like alot of the money loaned out for personal loans is, I do not feel I owe it to anyone. The school got their money.

These ers get away with because most people do think of it as being just as black and white as you just put it. You are whats wrong with America.

This guys got the right idea: UNGRIP (From the creators of Esoteric Agenda and KYMATICA) - YouTube

[NewDance]

Here is the Jarome Daly case's wikipedia page btw:

First National Bank of Montgomery vs Jerome Daly - Wikipedia, the free encyclopedia

[vfielder]

Well if you think my comment was a lecture then my I suggest copy and past your post to this site.
http:///forums/search.php?searchid=282363