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Let's say you spent 10+ years in prison for something stupid like drug dealing. Let's say you had a $100k student loan debt before your state governor put you behind bars for that period of time.
What happens to your student debt during that time. Does it go to collections? What happens?
Let's say you spent 10+ years in prison for something stupid like drug dealing. Let's say you had a $100k student loan debt before your state governor put you behind bars for that period of time.
What happens to your student debt during that time. Does it go to collections? What happens?
Drug dealing us a crime, and last I checked the governor does not put people in prison.
I think there would be a lot more problems than student loan debt if state governors could just stick anyone in prison, as last I looked the only thing they can do is issue executive orders and either sign or veto bills from the legislature.
A student loan is, for the most part, like any other debt. It will go into default if you don't pay it. Unlike most other types of consumer debt, it is not dischargeable in bankruptcy.
I think there would be a lot more problems than student loan debt if state governors could just stick anyone in prison, as last I looked the only thing they can do is issue executive orders and either sign or veto bills from the legislature.
A student loan is, for the most part, like any other debt. It will go into default if you don't pay it. Unlike most other types of consumer debt, it is not dischargeable in bankruptcy.
A student loan is NOT like other debt, until you pay off it just sticks with you like a bad alcohol abuse problem. The less you do with your life the worse it gets over time.
A student loan is NOT like other debt, until you pay off it just sticks with you like a bad alcohol abuse problem. The less you do with your life the worse it gets over time.
Sounds like you answered your own question.
BTW the government will keep any tax refunds you would otherwise be entitled to, if you are behind on student loan payments.
For debts not related to student loans, if is my understanding that sometimes they are expunged from your credit history after 7-10 years. For instance, if you owed a credit card money and did not contact them for 10 years, you would still owe the debt, but it would not longer have meaning in your credit history. This is just something I heard through the grapevine, but I've never put any stock in it. As for student loans, I don't believe there is any circumstance where they are forgiven. Even in death the loan carries on to the beneficiary, no?
Death will carry on to the Estate of the loan holder.
If there are any assets after Estate fees, Taxes, secured loans, Student loans, Unsecured loans(Credit cards), then to the beneficiaries get whats left .
What kind of degree did you get that is not allowing you to work? Everyone that I know that took a loan to go to school is working and is able to pay their loans. I don't see the problem. I also don't know anyone that deals drugs and happens to have taken on loans to go to school. I would be thinking that they don't need a loan to go to high school. Besides that the drug dealer would have dropped out before they made it to their Senior year so no loans. LOL
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