Student Loans and Inability to Repay

So I'm currently looking at a 50k student loan balance. I don't have a job, and most of the jobs that are looking possible are making poverty level wages. I probably won't be able to pay the debt without being homeless, and if it goes into default, then I see no point in trying anymore. There are people that have been hounded to the point of suicide over this sort of thing, and I see no other option than to either expatriate or become a hobo.

I know that there are a lot of people in the same boat. So tell me, if you've had student loans that you couldn't repay, what did you do?

You (and most of the other students) are doomed.. FED

So far I have ignored them. I have no assets to even consider making payments, let alone the ability to pay off the debt. I am lucky enough to not be homeless right now, but I seriously do not see any way to make any meaningful payments on it. With outstanding student loan balances in this country exceeding 1 trillion dollars (and how does this figure into our national debt? Anyone?), I wonder why the idea that balance sheets of the student loans and other societal debts aren't cleared to zero by that magic marker wave. Are the consequences of doing so that much worse than the current situation nationally and globally?

Deferment or forbearance can help also I think there is a program with most loans where you can send in your expenses that they will lower your monthly payment.

Just keep in mind I think it was last year or the year before the DOE bought a lot of nice new Remington shotguns. And people have been raided before by the DOE for not paying on their student loans.

They are garnishing my wages. It sucks, but at least I don't have anyone bothering me everyday with harassing phone calls. I would rather that they didn't take any money from my already small check, but that is the nature of the un-law-full laws that are being passed. All in the name of greed.

*bow down before the one you serve, you'll get what you deserve*

I'm waiting for the day when those who bow down to the golden cow are cut down for their greed and in-human treatment of others.

Originally posted by AnIntellectualRedneck
So I'm currently looking at a 50k student loan balance. I don't have a job, and most of the jobs that are looking possible are making poverty level wages. I probably won't be able to pay the debt without being homeless, and if it goes into default, then I see no point in trying anymore. There are people that have been hounded to the point of suicide over this sort of thing, and I see no other option than to either expatriate or become a hobo.

I know that there are a lot of people in the same boat. So tell me, if you've had student loans that you couldn't repay, what did you do?

edit on 28-3-2012 by AnIntellectualRedneck because: (no reason given)

I really don't have an answer for you, but I would like to give this advice to all young people reading this thread:

NEVER, EVER, EVER, get a student loan!!!!!!!! Under NO circumstances is it a good idea! If you want to get a college degree, get a full time job and go to night school, or take online classes. Go to community college - it's much cheaper. It may take you twice as long to get a degree, but once you do, you will not have a student loan on your back. These loans take a lifetime to pay back.

My husband was stupid enough to get a student loan when he got his PhD. He was broke for a while and stopped paying on it. Once he got a decent job, his student loan payments were automatically taken from his paycheck. He finally finished paying off those loans about 5 years ago - at the age of 44!

You are not alone. There are lots of students who have 300K in debt from going to professional schools and still no jobs. That is the state of the economy. They have a great degree but there are no open positions. The cannot get entry into the big boys club.

reply to post by Overstuffed


Tell them you want a refund, the education you received in exchange does not amount to a hill of beans. Tell them when you get 50k worth of education you would be more than happy to start paying.

Originally posted by kaylaluv

NEVER, EVER, EVER, get a student loan!!!!!!!! Under NO circumstances is it a good idea! If you want to get a college degree, get a full time job and go to night school, or take online classes. Go to community college - it's much cheaper. It may take you twice as long to get a degree, but once you do, you will not have a student loan on your back. These loans take a lifetime to pay back.

Good advice right there. Take Kaylaluv's advice, she is totally correct.

reply to post by AnIntellectualRedneck


I graduated in May of 2011. After being diagnosed with breast cancer in June of 2011 I was able to defer my loans until June of this year. June is right around the corner and I still do not have a job, I have $90,000 worth of student loans. At this point, I think all I can do is pray.

It is so scary. I know people who have had their wages garnished by the "Student Loan People" and subsequently lost their homes because they could no longer afford their mortgage. It is so discouraging to think that people are ending up broke and homeless, because they tried to better themselves and their lives with an education.
All we can do is keep looking for employment and maintain our hope for a better future....we will get there.

reply to post by kaylaluv


You hit the nail on the head. No matter what you do, never, ever take out a student loan. Go to a community college. These days, you're likely going to be working in a low-wage job, anyway, so you can at least work in one of them without the debt.

We need to bring better production jobs back to this country. A consumer based economy sucks. The government lies about things in their reports of GNP. I read a report that stated we buy little overall from China. They threw rent, housing sales, food, and everything else together and compared imports from China to that. Do they think all Americans are fools? The government is twisting everything to cover their mistakes. Bring jobs back and you will get a job.

You don't need a college education to get a job. Why would our biggest employers, ones without College educations, think that a college degree is essential. It's easier to train an individual to do a job than to work with someone who has learned things different than what you need. The lie that degrees are necessary was created by the colleges to insure their continued funding. People are so gullible that they believe this crap. We are intelligent beings. Specialized training is essential. Employers can train you at a reduced initial salary and must recover their costs. You make less at first but you don't have student loans and are getting some money all along. The learning of a job is taxable to an employer and even college educated people need to adjust for a few years into a job. People who go to college sometimes think their educational costs make them more valuable, and because of their costs they can work less hard. This is wrong, we are paid to produce when we work for someone.

I just sucked it up and called sallie mae yesterday about my student loans. Exhausted my forebearance options so wasn't sure what I had left to offer. Just started on foodstamps so they said to send in a copy of that and I could get a deferment. We'll see.... beyond the point of caring anymore; if they want to bring back debtors prison more power to 'em. Not a great way to run a country or it's citizenry though. The person I talked to was very understanding and helpful though I was expecting a much harsher tone. Huge problem that someone that we voted for better address pretty soon. Disability prevents me from landing and holding a job for any duration. Seeking treatment but till then getting sucked deeper into a black hole of impoverishment. I won't give up hope that I can still turn this around though.

reply to post by AnIntellectualRedneck


What did you major in?

Did you graduate?

reply to post by OutKast Searcher


I'm graduating in August with a degree in the IT field. I know tons of people that have graduated with an IT degree that are currently working for 8.50 or 9 an hour in jobs that they could've gotten straight out of high school. I don't have much hope.

mscis - master of science in computer information systems

university of phoenix online campus

graduated

was able to get into the program from a managerial perspective of IT without going into the nuts and bolts of what makes IT work

Originally posted by AnIntellectualRedneck
reply to post by OutKast Searcher

 

I'm graduating in August with a degree in the IT field. I know tons of people that have graduated with an IT degree that are currently working for 8.50 or 9 an hour in jobs that they could've gotten straight out of high school. I don't have much hope.

Which degree in the IT field?

I'm in the IT field...if people are working for $9 an hour...then they are kind of dumb.

The thing about having a degree and looking for a job...you may have to move far away from your home or desired location to find a good job...I had to when I was just out of college.

And if you are just going to be graduating in August...you won't have to start paying that loan back right away.

reply to post by OutKast Searcher


IT Management for me. Other people graduated with degrees in Computer Science for the most part. And the thing about moving is that it takes money. Money that, if I had, I wouldn't be worried about paying my student loans in the first place.

Part of taking a course in University is researching the available jobs in your chosen field. If the job market is soft now, it's very likely it was soft in 2008/2009 when you started your course, assuming it was a normal 3-4 year University program.

Also, YOU voluntarily took out a large loan while a recession was in full swing, when job prospects are at an all time low for college grads. Not the smartest move to begin with.

50K in student loans? What did you take?

I worked my way through University with both a full time job and full time schooling at the same time and didn't rely on student loans for anything. The same students who laughed at me when they saw me in my workplace when they were out partying are in the same situation as you are.

In the meantime, I gained valuable workplace references and was able to land a job in my chosen field, in my chosen city, in my first interview less than a month after graduation. This was within the last year. One of the reasons they gave for choosing me as a candidate when I asked why they would pick me (I like to interview my employers, too) was the "work ethic demonstrated during University years, not demonstrated by other applicants".

Originally posted by AnIntellectualRedneck
reply to post by OutKast Searcher

 

I'm graduating in August with a degree in the IT field. I know tons of people that have graduated with an IT degree that are currently working for 8.50 or 9 an hour in jobs that they could've gotten straight out of high school. I don't have much hope.

The IT field has been oversaturated in most cities for at least 10 years.

Do your research before doing your degree. This field has been paying very low wages for a very long time now due to the overabundance of available graduates.

The areas where you can get instant employment, not surprisingly, are those areas with the hardest programs. Physics, Mathematics, Engineering, etc.

People don't want to put in the extra studying required for the harder programs, but want to graduate with a 75K job waiting for them with their degree in common fields.