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There are lots of jobs that you cannot work if you have a felony on your record.
Most 10+ Cons, Go back to crime, or spend rest of there life's doing Cash jobs, Near Minimum wage jobs.
Then their student loan debt will just disappear when they die with no assets. If they repay anything, based on a minimum wage job during their lifetime it will be minimal.
Student loans will haunt you until you die. They can't be discharged, except under special circumstances, which usually related to public service (google it). They don't just give up if you don't pay.
I had a friend who thought he would just ignore the bills, the collection attempts. He just ignored it all. One day, his paycheque was half what it should have been. They had started garnishing.
It doesn't matter if you spent 10 years behind prison. They will be looking for you when you get out. You will want to make arrangements as soon as you can before they make arrangements for you.
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
Quote:
Originally Posted by Europeanflava
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?
If they are federal loans, you'd presumably put them on IBR to stay out of default. If they are private loans, it depends on whether they filed a lawsuit in time to avoid the statute of limitations.
Student loans will haunt you until you die. They can't be discharged, except under special circumstances, which usually related to public service (google it). They don't just give up if you don't pay.
I had a friend who thought he would just ignore the bills, the collection attempts. He just ignored it all. One day, his paycheque was half what it should have been. They had started garnishing.
It doesn't matter if you spent 10 years behind prison. They will be looking for you when you get out. You will want to make arrangements as soon as you can before they make arrangements for you.
It is just plain wrong that student debt is not forgiven in bankruptcy proceedings. College finance arms should be held to higher underwriting standards with a threat of default. There currently is not much risk to the underwriters in this current environment. Heck of a business where the risk is removed
It is just plain wrong that student debt is not forgiven in bankruptcy proceedings. College finance arms should be held to higher underwriting standards with a threat of default. There currently is not much risk to the underwriters in this current environment. Heck of a business where the risk is removed
WRONG? Seriously? So you get to keep a diploma or get a free education while others have to pay?
If you default on a house, they take the house...if you decide you don't feel like paying the education loan YOU PROMISED TO REPAY what then? Ugh.
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?
Don't deal drugs and you won't have this problem. And the state governor doesn't put people behind bars.
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