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DEFAULT...Student Loans
- Thread in 'General' Thread starter Started by obeahmyal7,
- Start date
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it's almost impossible to keep up the game, at some point you are going to need your SS# to get you something and that's went it's over
you can change names and it doesn't link up to loans always but the SS# doesn't change and they will find it
you can change names and it doesn't link up to loans always but the SS# doesn't change and they will find it
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I know bro
not trying to turn this thread sour but ive had cancer 4 times already i dont think ill make it to 40 ive accepted it its messed up but thats life.
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I know bro
For real? Damn man
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^ sorry to hear that dude.
What if property/assets are owned by an llc or corporation and he only has "access" to them?
I imagine there are ways to get around it. Just seems a lot harder than paying your debts.
What if property/assets are owned by an llc or corporation and he only has "access" to them?
I imagine there are ways to get around it. Just seems a lot harder than paying your debts.
mr marcus
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I know bro
Damn....you're a hell of a fighter and may you be blessed to live past 40.
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I can't quote all you guys but I'll try to answer all the questions. No the government is not garnishing my wages I found a loop hole I'm not going to post here. I own my house paid off last year and I don't use my credit. If I can't pay cash for it I don't need it. I honestly don't know or care for my credit score. No my I don't feel I need to pay it back because I didn't like the job I don't think I need to pay it back because my school lied about job placement after college they said 100 percent. After I graduated I struggled to find find my own job and then I had to start from the bottom as if I didn't have a degree in the first place. Then the student loan people would work with me on my payments so I said screw it. Like I said 10 years and I heard nothing from them.
if he doesnt have any kids and doesnt plan on passing anything on to anyone when he passes, then he's right. he is probably going to get away with beating the system until he dies. If he has any intention of passing on any of his assets past death, then his heirs are gonna have to deal with his financial issues before they see a dime.
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Yeah not trying to derail the thread just wanted to explain why i made that choice and why i live so reckless. Not saying its right or wrong but i made that choice and ill live with it. There was a thread on NT a few years ago about my cancer but cant find it now. I turn 30 in August tho
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Man, if you have cancer and going to leave us early i agree....live it up. I wish you could take out credit cards and max em out. Every day must feel both so amazing and so terrifying (or do you just forget about it)? Actually nvm, enjoy and flourish.
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Yeah not trying to derail the thread just wanted to explain why i made that choice and why i live so reckless. Not saying its right or wrong but i made that choice and ill live with it. There was a thread on NT a few years ago about my cancer but cant find it now. I turn 30 in August tho
yeah man didn't know the situation
go live that life and hope you live til 90
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Right, instead of understanding the pitfalls of borrowing let's be mad at the debtors.
Gee, shucks, they're not looking out for us. What a shock.
But I get it, we can't expect young adults or even ADULTS to fully appreciate the gravity of incurring debt.
It's far too much to ask of college bound individuals to do their research. Nope.
People can take exploratory classes, they can visit campuses, they can research what phone they want, what laptop they want, what clothes they buy, what they eat & the career they're going into BUT they cannot be asked to research student loans.
You can't repudiate something by buying into it and back pedaling after the fact. You're only furthering the problem. I guess if maybe EVERYbody defaulted on their student loans it'd make a difference, but as it stands you're likely only going to make matters worse FOR YOUR SELVES.
I'm totally with you on the "wealth and income inequality" thing, but handicapping yourselves isn't a viable approach. IMO more people need to look at other ways of financing their college educations. Maybe people need to start working right out of college, maybe they need to go to community college for a couple years instead of going to a major university for four straight years, maybe more people should consider staying in state.
There are ways to offset the cost, but it seems like while people put SO MUCH attention on what college they're going into and what they'll be studying that they just haphazardly take on loans without really considering all the potential long-term implications.
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agreedRight, instead of understanding the pitfalls of borrowing let's be mad at the debtors.
Gee, shucks, they're not looking out for us. What a shock.
But I get it, we can't expect young adults or even ADULTS to fully appreciate the gravity of incurring debt.
It's far too much to ask of college bound individuals to do their research. Nope.
People can take exploratory classes, they can visit campuses, they can research what phone they want, what laptop they want, what clothes they buy, what they eat & the career they're going into BUT they cannot be asked to research student loans.
You can't repudiate something by buying into it and back pedaling after the fact. You're only furthering the problem. I guess if maybe EVERYbody defaulted on their student loans it'd make a difference, but as it stands you're likely only going to make matters worse FOR YOUR SELVES.
I'm totally with you on the "wealth and income inequality" thing, but handicapping yourselves isn't a viable approach. IMO more people need to look at other ways of financing their college educations. Maybe people need to start working right out of college, maybe they need to go to community college for a couple years instead of going to a major university for four straight years, maybe more people should consider staying in state.
There are ways to offset the cost, but it seems like while people put SO MUCH attention on what college they're going into and what they'll be studying that they just haphazardly take on loans without really considering all the potential long-term implications.
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Another way to look at it is this, a lot of people want to sum up a college education as a social investment, but in reality it is a commodity.
Because there simply aren't enough resources to accommodate everybody who wants an affordable college education.
Why that is can be attributed to a litany of factors, I'm not going to get into everything that limits resources, just look at where our tax dollars go and you all should be able to figure that out for yourselves.
What is being proposed isn't a viable long-term solution. What would be a long-term solution is getting the correct people into office and getting our tax dollars spent in a socially responsible manner.
As of right now, there is no quick and easy fix.
Because there simply aren't enough resources to accommodate everybody who wants an affordable college education.
Why that is can be attributed to a litany of factors, I'm not going to get into everything that limits resources, just look at where our tax dollars go and you all should be able to figure that out for yourselves.
What is being proposed isn't a viable long-term solution. What would be a long-term solution is getting the correct people into office and getting our tax dollars spent in a socially responsible manner.
As of right now, there is no quick and easy fix.
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Right, instead of understanding the pitfalls of borrowing let's be mad at the debtors.
Gee, shucks, they're not looking out for us. What a shock.
But I get it, we can't expect young adults or even ADULTS to fully appreciate the gravity of incurring debt.
It's far too much to ask of college bound individuals to do their research. Nope.
People can take exploratory classes, they can visit campuses, they can research what phone they want, what laptop they want, what clothes they buy, what they eat & the career they're going into BUT they cannot be asked to research student loans.
You can't repudiate something by buying into it and back pedaling after the fact. You're only furthering the problem. I guess if maybe EVERYbody defaulted on their student loans it'd make a difference, but as it stands you're likely only going to make matters worse FOR YOUR SELVES.
I'm totally with you on the "wealth and income inequality" thing, but handicapping yourselves isn't a viable approach. IMO more people need to look at other ways of financing their college educations. Maybe people need to start working right out of college, maybe they need to go to community college for a couple years instead of going to a major university for four straight years, maybe more people should consider staying in state.
There are ways to offset the cost, but it seems like while people put SO MUCH attention on what college they're going into and what they'll be studying that they just haphazardly take on loans without really considering all the potential long-term implications.
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This is why I made my statement earlier that if I were President, my policy would be to severely cut federal loan programs for college and reform the whole system. The reason the cost has become so astronomical over the past 30 years is because colleges are getting their funding from the U.S. government and leaving their future alumni holding the bag. It was only about 40 years ago that the top 50% of students in many states would be virtually guaranteed to go to school for free because they were considered an investment.agreedRight, instead of understanding the pitfalls of borrowing let's be mad at the debtors.
Gee, shucks, they're not looking out for us. What a shock.
But I get it, we can't expect young adults or even ADULTS to fully appreciate the gravity of incurring debt.
It's far too much to ask of college bound individuals to do their research. Nope.
People can take exploratory classes, they can visit campuses, they can research what phone they want, what laptop they want, what clothes they buy, what they eat & the career they're going into BUT they cannot be asked to research student loans.
You can't repudiate something by buying into it and back pedaling after the fact. You're only furthering the problem. I guess if maybe EVERYbody defaulted on their student loans it'd make a difference, but as it stands you're likely only going to make matters worse FOR YOUR SELVES.
I'm totally with you on the "wealth and income inequality" thing, but handicapping yourselves isn't a viable approach. IMO more people need to look at other ways of financing their college educations. Maybe people need to start working right out of college, maybe they need to go to community college for a couple years instead of going to a major university for four straight years, maybe more people should consider staying in state.
There are ways to offset the cost, but it seems like while people put SO MUCH attention on what college they're going into and what they'll be studying that they just haphazardly take on loans without really considering all the potential long-term implications.
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- 3,871
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Right, instead of understanding the pitfalls of borrowing let's be mad at the debtors.
Gee, shucks, they're not looking out for us. What a shock.
But I get it, we can't expect young adults or even ADULTS to fully appreciate the gravity of incurring debt.
It's far too much to ask of college bound individuals to do their research. Nope.
People can take exploratory classes, they can visit campuses, they can research what phone they want, what laptop they want, what clothes they buy, what they eat & the career they're going into BUT they cannot be asked to research student loans.
You can't repudiate something by buying into it and back pedaling after the fact. You're only furthering the problem. I guess if maybe EVERYbody defaulted on their student loans it'd make a difference, but as it stands you're likely only going to make matters worse FOR YOUR SELVES.
I'm totally with you on the "wealth and income inequality" thing, but handicapping yourselves isn't a viable approach. IMO more people need to look at other ways of financing their college educations. Maybe people need to start working right out of college, maybe they need to go to community college for a couple years instead of going to a major university for four straight years, maybe more people should consider staying in state.
There are ways to offset the cost, but it seems like while people put SO MUCH attention on what college they're going into and what they'll be studying that they just haphazardly take on loans without really considering all the potential long-term implications.
SneakenHeathen is completely right.
As to your point about, "It is neither the program of everlasting indebtedness nor the usurious interest rates on private student loans that is the problem, but graduates who dare decide to buy an iphone to communicate, a car to travel, a laptop to network, and live in a one-bedroom apartment. How dare these people pursue such "luxuries" instead of tightening their belts? "
They charge under 8% interest. That's not "usurious" interest rates for federal loans (e.g., Direct Loans). There really is no need to take private loans unless you are unwilling to live within your means or to have a part-time job.
That is the problem - you do not understand that these are luxuries. As American college students we have a very unrealistic level of living during college. Which is fine, it's the best time of your life to have fun. Everyone is doing it so it'd be ridiculous for me to say that you an individual should overcome that sort of peer pressure. However, AFTER graduating real life should hit you and you should understand and grow up.
An iphone + plan is a luxury when you could easily spend 1/3rd of the cost and have the exact same thing (a smart phone).
A car is a luxury when it beyond your means to have that particular car. If you have to choose between a $75/month payment car and a $200/month payment car and you choose the latter you are doing it because you feel entitled to some asinine standard of life that society and your peers have drilled into your head during college.
Same with a laptop - it is a commodity item and can be had for less than $200. Getting the latest Macbook is a luxury.
And all of those combined have nothing on the biggest expense of rent. It is very easy to find 2 or 3 other people to share an apartment with and get your monthly rental cost below $600 in almost any part of the US. A 1 bedroom apartment is a luxury. Your 1 bedroom apartment in America is a better residence than 90% of what the world has. Sharing an apartment (and still having your own bedroom) for 6 - 12 months to get ahead of self incurred debt is not only responsible it is common sense.
To you this may seem unreasonable. To anyone that has traveled the world or isn't spoiled knows that asking someone just starting off in the work force to have this minor level of self responsibility is the bare minimum.
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moderndarwin
iPhone plans and smart phone plans cost the same exact price, because they are the same exact plans (smart phones). Not sure why you keep bringing up iPhones like they cost an arm and a leg. Most college kids are also on their parents plans. In regards to the laptop most parents buy this for their kids in college. Even if the parents didn't 1K won't break your pockets and cause you to go in debt nobody is out here buying new MBPs every year in college. Most buy it their freshman year and keep it until after graduation.I agree with the car payment luxury, and your numbers are on the conservative side. I believe the average Americans car payment is $400/mo which is ridiculous. Also agree with the 1 bd apartment argument those are luxuries.
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I'm there too. best I could do was get Sallie Mae/navient to lower my interest to 3% from the 8-9.25% my loans have been for the past 4 years I've been out of school....
before negotiating my interest down (temporarily they say) I've paid back about $20K in interest and my $70K balance hasn't moved.
The only reason I've continued to pay and not default is for fear of not being able to own a home one day because my credit is shot.
However, for an entire generation to not be able to afford a down payment on a home or a decent car...
Something has to give eventually....
I don't gamble irresponsibly or have an addiction to crack... I went to college at a state university. No reason I should have to spend the rest of my life paying for it...
before negotiating my interest down (temporarily they say) I've paid back about $20K in interest and my $70K balance hasn't moved.
The only reason I've continued to pay and not default is for fear of not being able to own a home one day because my credit is shot.
However, for an entire generation to not be able to afford a down payment on a home or a decent car...
Something has to give eventually....
I don't gamble irresponsibly or have an addiction to crack... I went to college at a state university. No reason I should have to spend the rest of my life paying for it...
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fontaine
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are your loans consolidated?
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no. Private and federal.
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Thinking about consolidating my outrageous loans through either Sofi or DRB and knock a few percentage points off the interest rates. Anyone used either of those companies?
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My expenses aren't crazy high right now. But I just moved to LA and work freelance and part time, so my monthly income fluctuates from a lot to a little.
Had to blow my savings to cover expenses last month cuz work was slow.
EXPENSES:
Rent: $600
Carnote: $285
Electric: $20
Gas: $20
Internet: $20
Hulu: $8
Spotify: $5
Sling: $20 (cancel after nba finals)
Gas: $75
Groceries: $75
Loans: Deferment, setting up IBP.
Total: $1,137
Checking: $128.00
Savings: $48.00
Pending income (currently for June): $ 2,775
Had to blow my savings to cover expenses last month cuz work was slow.
EXPENSES:
Rent: $600
Carnote: $285
Electric: $20
Gas: $20
Internet: $20
Hulu: $8
Spotify: $5
Sling: $20 (cancel after nba finals)
Gas: $75
Groceries: $75
Loans: Deferment, setting up IBP.
Total: $1,137
Checking: $128.00
Savings: $48.00
Pending income (currently for June): $ 2,775
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Let me clarify.
If the fixed interest rate on a Stafford loan is 4.66%, for private lenders to charge 8%--especially when I deposit my funds in the bank from which I receive the loan--is usurious. But it doesn't end there. As a number of folks in this thread have mentioned, student debtors have watched the interest on their loans accumulate by 25K in a single year! Others have paid 20K towards the interest while the principal stood still.
Your characterization of laptops, iphones, cars, and 1-bedroom apartments as luxury goods says less about the so-called "asinine" living standards of borrowers than it does about the inculcation of elitist ideology. Either you are a member of the 1% or you function as the working-middle class mouth-piece for those elites who have profited from the very arguments you hold deal. In your posts there is no mention of the irresponsible consumption patterns of elites. No mention of how the ability to legally get around paying taxes produces a regressive system of taxation that falls heavily on debtors. Your posts amount to a narrative of "spoiled" borrowers, who, had they traveled (how could they when in perpetual indebtedness?), would learn to be happy with non-luxury goods.
Where you and I differ is in how we understand debt. For you, debt is primarily a moral story. Had students displayed the grit and work ethic common in other countries and in earlier times, there would be no need to secure private loans at higher interest rates. Had graduates moved back in with their parents, put off luxury purchases, and displayed "self responsibility," debt would be extinguished. Of course, as a recent NY Federal Reserve report notes, college graduates are giving up dreams of 1-bedrooms and moving back in with their parents (http://www.newyorkfed.org/research/staff_reports/sr700.html).
By contrast, I understand indebtedness as a power relationship. From the deliberate practices by financial institutions to grant credit to subprime borrowers to loans made to Greece by the Troika, from the dicing up and obfuscation of student loans to the the stream of income debt provides to creditors, debt--mortgage, government, student, consumer--enables control. No matter how moral your compass, there is no end to indebtedness. It is infinite.
If debt is about power, it is essential for the growing number of debtors to think strategically about how to contest the chains of bondage.
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$75 on food in a 30 day month?
Jesus Christ I need to get like you.
I'm spending about $600-700 a month on food
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I've got a roommate, all my like house bills bills are split in half. shoulda mentioned that.
But I'm eating low cuz i'm trying to build. I only do restaurants maybe 2 times a month when I feel like I've earned it.
Ex. rent is really $1,200. Groceries are around $150.
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