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Skipping out on student loans

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posted on Dec, 9 2011 @ 05:21 AM
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reply to post by AnIntellectualRedneck
 


Youre absolutely right about that. I didnt have a job either for a very long time. They waited. And hit me...are your ready? 20 years later after I fought em off. They waited all that time.

ie: School was back in 1985...and they garnished me in 2008.

BASTARDS! But, at least its paid.




posted on Dec, 9 2011 @ 05:39 AM
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I may be wrong, but I think too if you have student loan debt you are automatically turned down for any loan.
I know our credit is stellar- except for my student loan really we don't have any! And, like I said, it is small- heck for most people it would be a weeks salary or less.

Well, it got to where we couldn't pay it- and then we tried to get our mortgage refinanced as we owe a few thousand on the house- a FEW thousand. They turned us down because of the student loan but if they'd refinanced us, we could have paid it off in a few months!

We think they really saw it and were like "we've almost got these folks' house that they've done paid us 3 times it's worth"

I really do. I hate em too- I can't help it, I just absolutely hate the banks.
I remember when we got the place, I sat down and figured it out. We pay 70k for a house but pay them something like 180k with interest and all. At ANY point they can just take the house.

If this was a board game, I'd say I'm not playing that game. it's not fair.



posted on Dec, 10 2011 @ 07:59 PM
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I would start my computer business, not just the main muscle kinds in IT, but find those unusual ones. Some people make lots reformatting,and setting up linux servers, cleaning out virus's and photoshop/gimp workshops, some specializing. My father's friend is one of them. Also repairs, but its alot of virus and recovery work he does.

Try to work for yourself. Find out the minimum payments, ie. interest, and only make them when you're above water. But do make them if you can. You don't want to be lax intentionally. I don't agree with education costing anything by the way. But this is a big problem for many people.
edit on 10-12-2011 by Unity_99 because: (no reason given)



posted on Dec, 10 2011 @ 09:30 PM
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I had student loans... I worked hard and paid them off early.

I got a degree in Art and Commercial Design...then computers took off and everything I learned and could in an afternoon, a computer could do in about 5 minutes...

So I went into retail...started at the bottom bringing in shopping carts, bagging groceries, and cleaning the toilets when we closed at night. Imagne that... a BS college degree cleaning johns in a grocery store...

But I did a really good job, was positive, always on time... and I got a promotion, then another promotion, then another... and every time I considered leaving... I got a promotion and a raise. After 4 years of hard work and living with my folks, I had paid the loan off... I had also learned the value of hard work and saving my money.

I also went to night school and learned about investing and real estate.. reinvented myself, and started making money for me. My favorite story is krispy kreme... I was interested, knew it was a good product and very popular.. I told an experienced investment banker...seeking advice and assurance...he laughed me out of his office.

I was hurt, disenchanted... but still determined and thought my hunch right. On the day of the IPO on the stock market...it opened at 35 dollars a share, I bought in at 37 dollars a share...by months end it was at 100 dollars a share...and I sold.

My point is... do not default on the loan. Do not run from responsibility. If you do this time, everytime life gets hard, you will run... and life will get harder than a student loan. if you can't handle that...how are you gonna handle a mortage, or a loss on the market, or making a tough choice about savings and retirement, or choosing an investment, or dealing with an argument with your husband or wife? How will you deal with a divorce?... or a premature baby and all the responsibilities that go with a family? If you accidentally hit something or someone with your car...you gonna run?

Challenges build character, ethics, courage, and intestinal fortitude. How you face them determines what kind of person you are and will be. Are you a fighter or a quiter?

I know it's hard... life's hard... but you need to decide to beat it, take it on and win. If you can't get a great job, take a good job, if you can't get that... take on a couple or even 3 part time jobs and pay the loan. Yes it can be done... I've done it, my wife did it and raised 3 kids by herself before I met her. In 1998-99-2000, I worked a full time job, had 3 part time jobs, and started buying properties and investing.

Some will say that "that was back then... it was easier." I say horsestuff. My daughter is graduating next year...she went to a community college for the basic classes...saving money.. then transfered to a major NC university...she worked, maintained her grades and got scolarships, took the time and applied for all kinds of grants, and worked some more...ironically in a grocery store... and next year she graduates with very little student debt... with a major and 3 minors under her belt... and a good future in sports training/ medicine and physical therapy with minors in business and sports business management and design.

Pay the student loans...



posted on Dec, 13 2011 @ 08:29 AM
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reply to post by AlreadyGone
 


Dude, there are people with Master's degrees going for jobs as secretaries these days. If I can get a job, I'll do my best. It's simply that I have no hope that I can.

As for "running from responsibility", my attempt at taking responsibility (i.e. finding a job) is failing miserably. If I am left with the inability to take responsibility, then all that's going to happen is a punishment that is harsh, overwhelming, and extremely unjust.

Defaulting on a student loan is a bit like going to prison...your life is pretty much over. This is one area where if I try and fail, there is no point in carrying on.



posted on Dec, 13 2011 @ 08:44 AM
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I think it's necessary to go to Uni because nowadays it's one of the major requirements needed to get a job. Here in the UK for example, they've increased loans to £9,000 to deter students and make going to uni 'more elitist.' It also helps to increase demand for more prestigious goods.

Thing is, going to Uni these days are more about getting a job rather than reading a subject one wants to find out more for genuine interest.



posted on Dec, 13 2011 @ 09:42 AM
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reply to post by AnIntellectualRedneck
 


Hey Red I know what your talking about.

My wife owes like 10k in student loans and will Never pay them off with her current payment program.

I agree that in todays world having Kids go from high school to Collage is a bad idea...unless of course you have a grant of some kind.

Let them get into the market place and find out what Working is all about. Maybe even save some cash for future education. Good time to find out What Gov't grants they can get.

Bottom line is this Redneck ..

You may not have good credit while having a student loan. You dont need a new car..you dont need a house payment... etc. ..

You Do NOT need any more Credit/Debt right now.

Pay whatever you can whenever you can ( try to be constant is the main thing .. 20 bucks a month ? ).

Rent.

Do not worry about the Debt. You will NOT have the SWAT team bust down your door as another poster suggested !

At some time you will have an opportunity to grab hold of something that will propel you ( If your looking for it ).

They will not come and take your POS 92' caravan.

As long as you communicate with them and give them the truth about your situation I really doubt they will take further action ( although they may try ).

You also have have options of getting a debt relief thing ( I dont know what paper work you have to file I will have to check with my wife ) but basically its a period of a year or something where the debt is still there but you do not have interest on the debt during that time period. Im sure you can Google it as well.

Dont give up because your in federal debt.

Yes I would love to have a nice house and 2 cars and big back yard with a swing set for my kids too .. but sometimes that is not realistic and has NO bearing on being a good Mom/Dad.or Human being.

Put this Crap on the shelf for now if you have to do it for your own happiness or health IMHO. ( remember to still be in contact with your case worker though ).

Ladders are fun to climb if you just take it one rung at a time.. cant just jump 3 rungs at a once. Dont look at the top of the ladder. You should be aiming for the stars. You still need one foot at a time.

Hope I have been some positive here ..

JG.



posted on Dec, 14 2011 @ 10:08 PM
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There is absolutely no reason to skip out on your loans.
It is SO EASY to delay payment on student loans (although your interest will still accrue!!!). Read up online about each of the points I mention below:

1) After you graduate you should be given a grace period of around 6 months to find a job.
2) If you don't find a job in that time, you will apply for a deferment due to economic hardship, this gets you another year.
3) You will repeat step two every year for up to 7 years, if you want to, but after that they will want some money.
4) After a year of deferment, and a renewal for a second year of deferment (unless you got a job by now) I would apply for the Income Based Repayment program (IBR plan).
5) You really should get into the Income based repayment program within a year or two, or perhaps right after graduation if you so desire. Even if you find a job but it is low paying, you can qualify for reduced student loan payments. The payment can be from ZERO dollars up to what ever you can afford based on the calculations and your income.
6) Reapply for IBR plan each year, the application is 1 or 2 pages, and you will also send a signed and dated copy of your tax return for that previous year.
7) Keep applying for the IBR every year no matter what your job status is, because after 25 years your loan balance will be forgiven if its not already paid off.
8) I think the law is about to change regarding loans on/after? 2008. The balance will be forgiven after 20 years.

Just fill out the paperwork once per year and that's it, you will be able to stay legit and eventually satisfy your obligation with little to no pain or suffering.
I've been doing this since 2008, it works if you follow the instructions.
Meanwhile, don't give up job hunting, believe in yourself.
Best regards!
edit on 14-12-2011 by AutomaticSlim because: added information



posted on Dec, 14 2011 @ 10:49 PM
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Just had a thought,
I wonder if the US government is thinking about total loan forgiveness for joining the military, or some other approved government organization.
It could be an interesting avenue for boosting the ranks.



posted on Dec, 14 2011 @ 11:05 PM
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or just stay enrolled as a part time student it will just get worse but you dont have to pay.



posted on Dec, 14 2011 @ 11:52 PM
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If you have a degree i would think about joining the navy and trying for OCS or the french foreign legion as they give you a new identity after you get out.
www.ocs.navy.mil...

edit on 14-12-2011 by ANNED because: (no reason given)



posted on Dec, 15 2011 @ 11:04 PM
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Can't pay a debt with a debt. And thats under the conditions that the first debt was lawful.



posted on Dec, 15 2011 @ 11:32 PM
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IT is a very useful thing to have a degree in. IT professionals are in high demand, so I'm surprised you're having a hard time finding work.

My boyfriend works in the IT field and he doesn't even have a degree, but he's making good money doing what he's doing. He says that in that field, it's a matter of experience, not education. The technology you work with changes so quickly that by the time you leave school with a degree, the tech you've worked with is practically obsolete. At least, that's what my friends in the field say.
But then again, I have another friend who got a bachelors in computer science and then ended up working at the university he attended so he could get his masters in computer science for free. And now he's making six figures and has no student debt.

It all depends on the experience you have and the opportunities you're exposed to, I guess.




But when it comes to saying that no one should attend college I have to seriously disagree with that. I just graduated, and everything I learned turned me into a better person. I wouldn't trade it for anything.
In fact, now I'm in the process of applying to graduate school to continue my education. I studied philosophy and theology... and my goals involve staying in academia as long as possible and eventually teaching. You speak of the big problem of debt, and I agree... there is a problem of debt for those who have had to take out loans to attend school. But loans aren't necessary if you're successful enough in academia. I mean, scholarships are available for those who work very very hard. So yes, it is possible to get a $150,000+ degree for free. I'm not saying it's easy, but it does happen.

Obviously not everyone is cut out for college, so not everyone should waste their money (or rather, get themselves neck deep in debt) for a degree that they feel wont help them make a living. But others WANT to spend their lives in academia, and for those people, colleges and universities are the best way to do that.

Saying that college is a waste of time and that we should encourage others not to attend is rather worrisome to me. It just means there will be more uneducated people walking around in the world. Not to say if you don't attend college you're uneducated, I know plenty of people with just a high school education who are extremely intelligent. But the main problem is the expense of college, so if anything, colleges should lower their tuition fees.



Anyway, I think you'll be sure to find a good job in the IT field. Just because you can't find anything right now doesn't mean that you wont find anything, ever. Most business', hospitals, governmental departments and even charities have an IT guy (or even an IT team) employed for them... so you could basically work ANYWHERE. Just keep persevering and you'll find something eventually.
I mean, at least you have a degree in a trade. I just have a degree in philosophy and theology (or as I like to call it, a degree in competence)... so I have no chance of finding work in my field until I at least acquire a masters.



posted on Dec, 15 2011 @ 11:34 PM
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Originally posted by AutomaticSlim
There is absolutely no reason to skip out on your loans.
It is SO EASY to delay payment on student loans (although your interest will still accrue!!!). Read up online about each of the points I mention below:



Yeah? Try to get deferrment when you don't have a telephone.
Just try, then come back and tell me how easy it is.



posted on Dec, 23 2011 @ 12:47 AM
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reply to post by hadriana
 


I never had to call a soul to get my deferrments. It's all been done though the U.S. mail. Go to the library, print out the forms, fill them out, and mail them in.

Btw, how did you get student loans if you don't have a phone?



posted on Dec, 23 2011 @ 06:25 PM
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I've gone to college and been supporting myself through online jobs. I pay tuition around 4000 bucks, but to tell you honestly, I earn that much on my online jobs. Good thing with online jobs is that you just at home and work (And it pays really well.)

I'm not against trade school, but for me, college is way too better compared to trade school. Work hard man. On the other hand, studying in a college or trade school doesn't guarantee you success, you have to work hard for it.



posted on Dec, 23 2011 @ 07:38 PM
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I got a loan for $1500 in 1987. I was a kid and was tricked into going to some fake trade school. I was in no condition to go and had to quit after 2 semesters. Today I get bills for $10,000 and won't pay it. I called up the bank I borrowed money from and offered them their principal in payments. They could find no record of my loan. To me that means I don't owe them anything. The bill collectors that call get a "I did not contract with you so I do not owe you" and nothing else.

But then, I have been self employed for 20 years and can't have my pay garnished.



posted on Dec, 23 2011 @ 07:40 PM
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reply to post by markisa
 


How do you do that? I have looked and looked and everything I have found were scams. Seems to me there is no way to make money online unless you're a con artist.



posted on Dec, 23 2011 @ 07:44 PM
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Originally posted by biggmoneyme

Originally posted by Gradius Maximus
Anyone I know with good grades gets a job, head hunted out of school.

Try harder young man, You are the future,

-GM


but i know guys that went to medical school and have specializations that can't find a job. my dad just recently got one of them a job sandblasting.


Really? Medical doctors with specializations, trained in the U.S, I assume? And they can't find work? Send them up here. Canada needs them.



posted on Dec, 23 2011 @ 07:57 PM
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reply to post by AnIntellectualRedneck
 


I see you have that "Win" attitude.
Go get 'em.




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