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- Apr 15, 2007
It is different if you have a support system to educate you on these things.Originally Posted by kobe4threebang
Originally Posted by Jking0821
I hear you The EncoreOriginally Posted by kobe4threebang
Its funny when you call them and they take your financial information down. I make this much.....i pay this much....they then say ok looks like you have $300 disposable income a month......we can get your loans down to.....$950 a month.....and i just laugh. You realize that isn't possible for me to pay right?
Then they ask how you are going to manage to pay it... UM Sell drugs??? idk i can't pay it you idiot thats why i am calling you
The problem is they never give you a realistic idea of what your in for. Partially to blame are the students and partially the banks (sallie Mae) I know when i went to school my mom had never dealt with any of this. So i was on my own. Sallie Mae said you just take out school loans and you can pay them back over time. Everyone does it can't be too difficult right. Oh i got cleared to take out enough for four years of school at a private university....cool that must mean i can do this.
Then you graduate and you are paying over $1k a month....where is that possible for a 21 year old kid unless you have 0 bills.
so its the banks fault u didnt think of this all before u signed on the line to agree to pay it back?? nt the banks fault u assumed u would be able to pay it off b/c u assumed everybody else is doing it?
so much ignorance in almost all of these post
to the guy that says they are calling u abt 9k u owe them and are laughing at them check your credit im sure there is a charged off stl on there and if your nt familiar w/ default, charge off stl and charge off checking/savings accts are the absolute worse things that u can have on your credit, and they are giving u one last chance to pay it back before they summon u to court or when/if u get a job just take 25% out of your check till its paid off, and u cant in no scenario what so ever cross consolidate priv and fed loans so no nd for a disclaimer its not possible
and in some fields (very few but is possible i hear abt it with attorneys/nurses) can actually take your degree back if u have a charged off stl
and what do u guys think is going to happen by ignoring the phone calls/letters, stl will eventually have to be paid back no matter what (unless you die but then if u have a co signer it just gets put on them and by the way if u have a co signer its effecting there credit and they will go after him/her as well)
I had 0 finance courses in high school. I had no education on what the process would be like. I was a dumb 18 year old kid. I obviously know better now. But the system is set up to take advantage of you. This is it's purpose. Let kids take out a huge loan....then have them pay it back for the rest of their life.
To say the banks don't know this is stupid. I had ZERO credit history. I didn't even have a credit card until half way through college. And i got approved for 40k WITH NO CO SIGNER. So to say a bank legit thought i could pay that back with no proven knowledge of what i am capable of financially is stupid.