NTers paying back loans: How do you afford the finer things in life?

[dathbgboy]

Paying very little. Worked out a deal with Sallie Mae for a 1%interest rate for abouta year since I was way under employed. Loans screwed my credit up but I didn't know any better. I'll die with this debt unless I hit the lottery

 

[kaygee6]

Thank God I am in public service in 10 years I will be DEBT free

 

[miniojw]

Thank God I am in public service in 10 years I will be DEBT free

Being debt free in 10 years
Nah man. More like 10 days. Ten days.....

 

[isnx2]

Being debt free in 10 years
Nah man. More like 10 days. Ten days.....

This is more my style.
Why ask for a loan when you can be debt free in 10 days?
Think outside the box, take risks

 

[hennessy]

This is more my style.
Why ask for a loan when you can be debt free in 10 days?
Think outside the box, take risks

We are talking about repaying loans that have already been taken out in this thread. I don't think many are asking for loans in here, they already have them from college.

With the economy/job market how it is, and a bachelor's degree being the new high school diploma, I'd say taking out a certain amount of student loans and going to college is quite the risk.

 

[htownshoefiend]

This is more my style.
Why ask for a loan when you can be debt free in 10 days?
Think outside the box, take risks

"Tryna get some money, gotta take risks"

 

[slighted]

Glad I graduated college without any loans/debt.

Good luck, my brethren. Pay off those loans ASAP and get rid of those shackles.

 

[superb]

Explain please?

Because they are private. They are just like any other loan or collection agency. Fed loans is regualted by the gov so they are hard

Statue of limitations is 7 years on private loans from the date of last payment

If you havent made a payment in years your better off not even doing so because it can reset the age of limitations and those 7 years start over

 

[superb]

When you file your taxes, don't they see that you're not paying back your loans? Something ain't adding up here....

If you have defaulted on a federal student loan, up to 100% of your tax refunds can be seized. However, you may be able to avoid having your tax refund seized if you set up a satisfactory repayment arrangement and begin making payments. In @Superb's case, his loans are in forbearance which is preventing him from defaulting so he is avoiding having his tax return seized, I believe. Dude seems to know what he's doing honestly. Hope it works out for him in the future though if anything changes with his life.

Owing 70k isnt a joke. My wife owes 30k

Dang right..... Like 5k of those loans is in rehab and I pay $25 a month then i will consolidate with the rest.. Man you need to learn the loopholes and rules with these loans. Its kind of screwed up how much i owe.. 70k. I dont even know how it got that high or WTF happen. I think the private school was signing my name on loans

I mean really nothing I can do unless i hit the lottery. Loan will probably never get paid off. I just continue to use the options they offer and loopholes. Really creditors dont look at student loans as much. I never had a problem getting some credit such as cars and other stuff. I focus on other things on my credit besides the students loans. Try to do the best i can.

I dont keep my money in my private account, well not much,most of my money is under my business. I really dont trust banks anyways

I might claim bankrupt if i can get a good lawyer to include those loans. I know sometimes some of the loans can be forgiving. If they would wipe all my intreset and forgive half of the loan which is probably like 10 years old to get me down to 30k i would have no problem repaying

 

[krazy88s]

How did you find loopholes and such?

 

[superb]

How did you find loopholes and such?

if you take 6 credit your loan go into forberance.. teaching job 10 years loans are forgivin , you could teach anywhere part time. Lots of other stuff read up on it

 

[ys172818]

All you brahs with federal student loan debt need to look into income based repayment.

This is the best way to go as far as getting reasonable payments. No grants in Graduate school just straight loans/scholarships. I probably go public service route myself and get those wiped away.

 

[dathbgboy]

Explain please?

Because they are private. They are just like any other loan or collection agency. Fed loans is regualted by the gov so they are hard

Statue of limitations is 7 years on private loans from the date of last payment

If you havent made a payment in years your better off not even doing so because it can reset the age of limitations and those 7 years start over

Not quite. If they sell your debt to another company they can report for 7 years from the date of acquisition and so on and so forth. That debt can keep being sold and refreshed.

But never believe the private companies when they say they can garnish your wages because that's a lie. They have to take u to court first.

 

[SneakerProSr.]

Explain please?

Because they are private. They are just like any other loan or collection agency. Fed loans is regualted by the gov so they are hard

Statue of limitations is 7 years on private loans from the date of last payment

If you havent made a payment in years your better off not even doing so because it can reset the age of limitations and those 7 years start over

Not quite. If they sell your debt to another company they can report for 7 years from the date of acquisition and so on and so forth. That debt can keep being sold and refreshed.

But never believe the private companies when they say they can garnish your wages because that's a lie. They have to take u to court first.

If they reage your loan selling it you can have it removed immediately

 

[dathbgboy]

Explain please?

Because they are private. They are just like any other loan or collection agency. Fed loans is regualted by the gov so they are hard

Statue of limitations is 7 years on private loans from the date of last payment

If you havent made a payment in years your better off not even doing so because it can reset the age of limitations and those 7 years start over

Not quite. If they sell your debt to another company they can report for 7 years from the date of acquisition and so on and so forth. That debt can keep being sold and refreshed.

But never believe the private companies when they say they can garnish your wages because that's a lie. They have to take u to court first.

If they reage your loan selling it you can have it removed immediately

Just read up on it and the info I had earlier was wrong. It is illegal for them to do it. Also, you should look into the statute of limitations for loans for your state

 

[DCAllAfrican]

Op you stay making threads about finances it seem. How fly are you really though?

But yea OP, stop desiring the finer things in life is the best solution.

 

[superb]

Not quite. If they sell your debt to another company they can report for 7 years from the date of acquisition and so on and so forth. That debt can keep being sold and refreshed.

But never believe the private companies when they say they can garnish your wages because that's a lie. They have to take u to court first.

YOUR WRONG

If they sell the debt the original 7 year limit DOES STILL apply.

Some crediters do illegal practing called reaging when they manipulate the last payment date to  which is illegal...

But it doesnt matter if they sell the debt, the original 7 year date still apply

It dont tell me im wrong because you will get proved wrong real quick especially because I repair credit and took courses on the law and if you were thinking, you would had done a quick google search that tells you how wrong you are

And I never said they could not garnish your wages.  Your right about that but once again your wrong

They DO NOT have to take you to court if it is a student loan...

But they and the employer are suppose to send you a notice within 30 days of garnishment and by law they have to work with you on affordable payments or you can claim hardship and garnishment will not continue

Also if they happen to take your taxes, depending on your finances you can get it right back by filing a appeal with IRS and loan company. If your in hardship they will return the money.. I did this before yeaaars ago. They took 4k. I filed a appeal and they returned all my 4k back to me

EDIT: i just saw you corrected yourself about the 7 year limit.

 

[wr]

It's cool getting advice from nt brethren, but you honestly need to speak with someone personally and make an arrangement.

Everybody's location and situation is different.

If I could do college over again, I would go to CC first, get certs that would allow me to work somewhere that will pay for my 4 year degree.

This is a business.

Education is the product.

You are the customer.

 

[you go boy]

This is why ppl resell sneakers.

this is how i got half of my bank account... but dont get it twisted im not a reseller where i bought a FSR and resold for rape... instead i resold some of the dupes in my collection or the pairs i dont wear anymore...

 

[dathbgboy]

Not quite. If they sell your debt to another company they can report for 7 years from the date of acquisition and so on and so forth. That debt can keep being sold and refreshed.


But never believe the private companies when they say they can garnish your wages because that's a lie. They have to take u to court first.

YOUR WRONG

If they sell the debt the original 7 year limit DOES STILL apply.

Some crediters do illegal practing called reaging when they manipulate the last payment date to  which is illegal...

But it doesnt matter if they sell the debt, the original 7 year date still apply


It dont tell me im wrong because you will get proved wrong real quick especially because I repair credit and took courses on the law and if you were thinking, you would had done a quick google search that tells you how wrong you are

And I never said they could not garnish your wages.  Your right about that but once again your wrong

They DO NOT have to take you to court if it is a student loan...
But they and the employer are suppose to send you a notice within 30 days of garnishment and by law they have to work with you on affordable payments or you can claim hardship and garnishment will not continue

Also if they happen to take your taxes, depending on your finances you can get it right back by filing a appeal with IRS and loan company. If your in hardship they will return the money.. I did this before yeaaars ago. They took 4k. I filed a appeal and they returned all my 4k back to me



EDIT: i just saw you corrected yourself about the 7 year limit.

Sheesh. Gon go in on me then slide in an edit

But yea you're right but there are also state laws that protect you. Each state has statute of limitations on your debt as well to protect you if the collectors tried to take you to court. There are also the last active dates that people need to be aware of on those old accounts. Not to mention debtors trying to hoodwink people into paying on 7+ year old debts or even get them to make the agreement.

 

[calikev34]

It's illegal now to file for bankruptcy bc of student loan debt
**** aint like it used to be- man in the 70's you could get a ****** Ph.D and with alllll that debt, file bankruptcy, get it wiped out-- bang bang


if you do AmeriCorps for a year you get a 5,600$ education award to pay past or future student loans-- also puts current loans in forbearance
and your college will wipe out either 30% or 70% of your Perkins Loans (I forget which it is)



EDIT: statue of limitations on loans in cALI IS FOUR YEARS BROS WERE ALL GUNNA MAKE IT

... SOT in Ohio, you ask? ....... 15 years, b. 15 ******* years

 

[sundoobie]

Sucks that some folks have to defer their student loans to the future by taking college courses you don't need, going through the hassles of appealing tax refunds, and being dependent on family/friends to CO-SIGN because your credit sucks.

If the Feds allowed all these homeowners to get out of their massive home loans by cancelling their debt because of insolvency, they should at least do the same for some of these student loans.

 

[tay1]

1k a month for 8 years? Damn man that sucks. That's why I'm glad I went to a community college first. When I was accepted into a Cal State, they wanted a couple grand immediately. Considering that was in 2010, and I'm still a few semesters away from getting my AA, I'd be in stupid dept if I went there.

Thank Based God for Community College 

 

 

[youngdoc]

I got friends with 300K debt bc of med school.

Interest accrues for minimum 3 years, some 6+in residency.

Then finally finish and can make as low as 150K

 

[wj4]

I got friends with 300K debt bc of med school.

Interest accrues for minimum 3 years, some 6+in residency.

Then finally finish and can make as low as 150K

Yessir. Folks don't realize that being doctors is truly a profession of love. They just see the high salary. If you are paying eveything yourself, it's going to be a good while because that loan is paid off and the bread goes entirely into your basket.