Student Loan Hell.

Originally Posted by kobe4threebang

Originally Posted by Jking0821

Originally Posted by kobe4threebang
I hear you The Encore

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)
It is different if you have a support system to educate you on these things.

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.
 
Originally Posted by kobe4threebang

Originally Posted by Jking0821

Originally Posted by kobe4threebang
I hear you The Encore

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'm pretty sure this was directed at me so I'll play ur game.  I have no problem paying my loans off if I can.  That's the key point u forget. Many students, including myself take out these loans to finish school and get that degree so that they can get a better job. Meanwhile, those in charge of others finances are gambling away w/ it being greedy for higher returns and messing up the economy which puts those who don't have millions in a tight bind. Are you indirectly suggesting that I go ahead a pay Sallie Mae $200+/mo. for some students while I live on the street with my daughter and wife and starve? Because that's what'll happen if I do pay them back right now. 
Noone can really afford to pay back their student loans because of how much they make. I make $25,000/yr before taxes. That's not enough to pay back the loans. I know all about the default and I also know about the programs to get me out of default, which u don't know about since you used that as your staple argument to "scare" me. I know what I got myself into to get an education but I had no choice. If I was makin more to where I could pay them off, I would no hesitation. But until that day comes they better not call me askin if I have $9k sittin around to pay them like +%$% is all gravy in the world.
 
Originally Posted by Dathbgboy

Originally Posted by kobe4threebang

Originally Posted by Jking0821

I hear you The Encore

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'm pretty sure this was directed at me so I'll play ur game.  I have no problem paying my loans off if I can.  That's the key point u forget. Many students, including myself take out these loans to finish school and get that degree so that they can get a better job. Meanwhile, those in charge of others finances are gambling away w/ it being greedy for higher returns and messing up the economy which puts those who don't have millions in a tight bind. Are you indirectly suggesting that I go ahead a pay Sallie Mae $200+/mo. for some students while I live on the street with my daughter and wife and starve? Because that's what'll happen if I do pay them back right now. 
Noone can really afford to pay back their student loans because of how much they make. I make $25,000/yr before taxes. That's not enough to pay back the loans. I know all about the default and I also know about the programs to get me out of default, which u don't know about since you used that as your staple argument to "scare" me. I know what I got myself into to get an education but I had no choice. If I was makin more to where I could pay them off, I would no hesitation. But until that day comes they better not call me askin if I have $9k sittin around to pay them like +%$% is all gravy in the world.
please educate me on these "programs" to get u "out of default"

and im not trying to scare u i could care less if u pay its just your so wrong in so many areas and then act like the bank isnt going to ever get there money back which is completely wrong they will get it voluntarily know or involuntarily years from know stl never go away there not even discharged thru bankruptcy

basically it seems like people in debt just like to blame the lender and take no responsibility, its not the banks fault u dont have a good paying job and the bank didnt decide to have kids

and Jking0821 and what if the bank would have denied u for that 40k i assume would be singing a different tune saying the bank is crappy b/c they wont lend to me so i can go to school, and "i dont have any credit b/c people wont give me a chance" (just an assumption i dont know u personally but its what has happened for my past experiences when people get denied for loans) so the bank is in a lose/lose situation in the eyes of the debtor 
 
 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.

I agree 1000%. I owe 20 to that stupid broad Sallie Mae. Im lucky. My payments are only 140 a month.
 
Originally Posted by Jdubb1914

 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.
I agree 1000%. I owe 20 to that stupid broad Sallie Mae. Im lucky. My payments are only 140 a month.

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How are you missing your own point though?
 
I know the feeling many of you are going thru, I just finished paying mine off just under a year ago.  My advice is to only borrow what you need.  When I went to the financial aid office they use to offer me more for books etc., but I just signed up for EXACTLY what I needed.  Here is what I did for books:  At my school you have two weeks to return your books for a full refund.  So I would get the syllabus and go buy the books.  Found a free copy machine and copied exactly what it asked for. Hole punched the pages and then put it in a 3 inch binder.  Then return the books within the 2 week frame for a full refund.  After my 1st semester of college, that is how it went for me.  It only took me one time to buy a $200 book and get back $50, NEVER AGAIN....
 
Originally Posted by kobe4threebang

Originally Posted by Dathbgboy

Originally Posted by kobe4threebang


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'm pretty sure this was directed at me so I'll play ur game.  I have no problem paying my loans off if I can.  That's the key point u forget. Many students, including myself take out these loans to finish school and get that degree so that they can get a better job. Meanwhile, those in charge of others finances are gambling away w/ it being greedy for higher returns and messing up the economy which puts those who don't have millions in a tight bind. Are you indirectly suggesting that I go ahead a pay Sallie Mae $200+/mo. for some students while I live on the street with my daughter and wife and starve? Because that's what'll happen if I do pay them back right now. 
Noone can really afford to pay back their student loans because of how much they make. I make $25,000/yr before taxes. That's not enough to pay back the loans. I know all about the default and I also know about the programs to get me out of default, which u don't know about since you used that as your staple argument to "scare" me. I know what I got myself into to get an education but I had no choice. If I was makin more to where I could pay them off, I would no hesitation. But until that day comes they better not call me askin if I have $9k sittin around to pay them like +%$% is all gravy in the world.
please educate me on these "programs" to get u "out of default"

and im not trying to scare u i could care less if u pay its just your so wrong in so many areas and then act like the bank isnt going to ever get there money back which is completely wrong they will get it voluntarily know or involuntarily years from know stl never go away there not even discharged thru bankruptcy

basically it seems like people in debt just like to blame the lender and take no responsibility, its not the banks fault u dont have a good paying job and the bank didnt decide to have kids

and Jking0821 and what if the bank would have denied u for that 40k i assume would be singing a different tune saying the bank is crappy b/c they wont lend to me so i can go to school, and "i dont have any credit b/c people wont give me a chance" (just an assumption i dont know u personally but its what has happened for my past experiences when people get denied for loans) so the bank is in a lose/lose situation in the eyes of the debtor 
Since when should banks "care" how some one feels.  O i didn't give you a loan so now you are mad at me.....o no....really?  Thats not their job to "care".  Their job is to make loans so the bank can make money....and they do that with 0 recourse.  It's the same problem as the sub-prime mortgage issue.  To Big To Fail so we will lend all we want and just get bailed out by the government if it goes poorly.

Again I know i am at fault.  And i will be paying back that regret the rest of my life.  But the banks do share responsibility in this and partially deserve some of these people to not pay them back because of their err in judgement.  The gamble they take is (in banking theory) "I will give you this loan and really hope you can pay it back because i think you can in the future"  but if the person can't then the bank should some how lose.....but they aren't.  Yes that is a generalization but the problem with college loans is that there is no assets to take if the loan is defaulted.  They can't take your education back like they can a house.  So the debtor in the end HAS to pay it back.

Spoiler [+]
The sad part is personally i have done everything right.  Went to a solid school (drexel university) graduated in 4 years.  Degree in Finance and Accounting.  Landed a great job (Financial Analyst for NASA) making a decent salary 45k. and stillllll can't manage my loans.  I thought if i did everything right it would be possible.  I have yet to miss a payment on my $1300 a month loan in 1.5 years.  So do the math i have already paid back $23,400 and most of that was just interest anyway i still have a long way to go.  This is how the system is set up and I have called them trying to get them to lower my payments so i can actually live once a month.  But because i have never missed a payment they won't allow me to lower them.  It's only a matter of time before i just say eff it don't pay them and see what they do.  I can pay them back but ruining your life is not worth it for a student loan, and even when you call and nicely try to explain to them you are spending $100 a month on food and can't live, they don't care.

End rant lol
 
 
I received a scholarship from my dads union but the check was made out to me..Do I have to bring the check to the financial aid office and let them know about it or can I jus put it in the bank and use it for books,food,etc?
 
This thread just motivated me to go to community college and get certified in something for $800.


Thanks NT
 
Originally Posted by Luciano Jones

This thread just motivated me to go to community college and get certified in something for $800.


Thanks NT
Its actually a good idea if you wanna go on to a university. I saved like 20-30k by going to a CC and I got my work to pay for my tuition. Now I will use less than 10k in loans by the time I graduate from WSU.

  
 
I came out of undergrad with $0... Part time law schools is $16k/semester for four years though. Hoping to make my way to a decent paying job after.
 
Originally Posted by RealRubirosa

I came out of undergrad with $0... Part time law schools is $16k/semester for four years though. Hoping to make my way to a decent paying job after.

16K a SEMESTER?????

Typo?


...
 
Originally Posted by Jking0821

Originally Posted by kobe4threebang

Originally Posted by Dathbgboy


I'm pretty sure this was directed at me so I'll play ur game.  I have no problem paying my loans off if I can.  That's the key point u forget. Many students, including myself take out these loans to finish school and get that degree so that they can get a better job. Meanwhile, those in charge of others finances are gambling away w/ it being greedy for higher returns and messing up the economy which puts those who don't have millions in a tight bind. Are you indirectly suggesting that I go ahead a pay Sallie Mae $200+/mo. for some students while I live on the street with my daughter and wife and starve? Because that's what'll happen if I do pay them back right now. 
Noone can really afford to pay back their student loans because of how much they make. I make $25,000/yr before taxes. That's not enough to pay back the loans. I know all about the default and I also know about the programs to get me out of default, which u don't know about since you used that as your staple argument to "scare" me. I know what I got myself into to get an education but I had no choice. If I was makin more to where I could pay them off, I would no hesitation. But until that day comes they better not call me askin if I have $9k sittin around to pay them like +%$% is all gravy in the world.
please educate me on these "programs" to get u "out of default"

and im not trying to scare u i could care less if u pay its just your so wrong in so many areas and then act like the bank isnt going to ever get there money back which is completely wrong they will get it voluntarily know or involuntarily years from know stl never go away there not even discharged thru bankruptcy

basically it seems like people in debt just like to blame the lender and take no responsibility, its not the banks fault u dont have a good paying job and the bank didnt decide to have kids

and Jking0821 and what if the bank would have denied u for that 40k i assume would be singing a different tune saying the bank is crappy b/c they wont lend to me so i can go to school, and "i dont have any credit b/c people wont give me a chance" (just an assumption i dont know u personally but its what has happened for my past experiences when people get denied for loans) so the bank is in a lose/lose situation in the eyes of the debtor 
Since when should banks "care" how some one feels.  O i didn't give you a loan so now you are mad at me.....o no....really?  Thats not their job to "care".  Their job is to make loans so the bank can make money....and they do that with 0 recourse.  It's the same problem as the sub-prime mortgage issue.  To Big To Fail so we will lend all we want and just get bailed out by the government if it goes poorly.

Again I know i am at fault.  And i will be paying back that regret the rest of my life.  But the banks do share responsibility in this and partially deserve some of these people to not pay them back because of their err in judgement.  The gamble they take is (in banking theory) "I will give you this loan and really hope you can pay it back because i think you can in the future"  but if the person can't then the bank should some how lose.....but they aren't.  Yes that is a generalization but the problem with college loans is that there is no assets to take if the loan is defaulted.  They can't take your education back like they can a house.  So the debtor in the end HAS to pay it back.

Spoiler [+]
The sad part is personally i have done everything right.  Went to a solid school (drexel university) graduated in 4 years.  Degree in Finance and Accounting.  Landed a great job (Financial Analyst for NASA) making a decent salary 45k. and stillllll can't manage my loans.  I thought if i did everything right it would be possible.  I have yet to miss a payment on my $1300 a month loan in 1.5 years.  So do the math i have already paid back $23,400 and most of that was just interest anyway i still have a long way to go.  This is how the system is set up and I have called them trying to get them to lower my payments so i can actually live once a month.  But because i have never missed a payment they won't allow me to lower them.  It's only a matter of time before i just say eff it don't pay them and see what they do.  I can pay them back but ruining your life is not worth it for a student loan, and even when you call and nicely try to explain to them you are spending $100 a month on food and can't live, they don't care.

End rant lol
 
The dude who is talking above about the bank taking loans voluntarily or involuntarily is speaking the truth.

Right now my father-in-law, who did not pay his loans back and have been out of school for 10 yrs, is having his wages garnished as a  result.

The whole notion of credit as a whole and loans are poppycock.

Pay of your loans early to get out of debt as a result since you now are debt free you are taxed greatly if your earning potential is high.

And pay just the monthly payments so that you can use the interest earned as a deductible and now you are paying an extra 7 g's (accrued interest) throughout the life of the loan.

You can't win.
 
Originally Posted by LUKEwarm Skywalker

Originally Posted by RealRubirosa

I came out of undergrad with $0... Part time law schools is $16k/semester for four years though. Hoping to make my way to a decent paying job after.

16K a SEMESTER?????

Typo?


...
Oops. Yeah, I meant $16k/year. I am just setting it up to pay the interest as I go since I'm also working full-time. With the changing of the laws, I can see even more people getting in over there head if they don't manage to land a good job after graduation... I mean, 90% of the class won't be in the top 10%.
 


just finished watching this video and man im glad i never went to college straight out of high school and chose to go the student loan route first.

I owe nothing to sally mae and make over 100k a year and dont even have a degree.

Sad to see our current administration working against our education and the orange turd put Betsy Devos in charge :smh:

I gotta make sure my kids dont fall for this trap hopefully when they are ready to go to college this mess will be fixed.
 
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