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New Jersey’s loans, which currently total $1.9 billion, are unlike those of any other government lending program for students in the country. They come with extraordinarily stringent rules that can easily lead to financial ruin. Repayments cannot be adjusted based on income, and borrowers who are unemployed or facing other financial hardships are given few breaks.
So the New Jersey Student Loan program insists on being paid back? Good. If they did allow discharge of co-signers on death of the student, the NYT would be running articles on how horrible NJHESAA was driving students to suicide.
So the New Jersey Student Loan program insists on being paid back? Good. If they did allow discharge of co-signers on death of the student, the NYT would be running articles on how horrible NJHESAA was driving students to suicide.
I think that you missed the point of the article . . .
I got the point. The point is NJHESAA loans money and is really aggressive about being paid back. Well, yeah; you borrow money, you're supposed to pay it back, according to the terms you agreed on.
I didn't think this situation was anything new worth profiling, but student loans should come with a giant disclaimer "IF YOU DON'T MAKE PAYMENTS FOR ANY REASON AT ALL WE WILL RUIN YOUR LIFE!!!!"
I agree, they are sharks. Since my 18th birthday until now I have exactly one deficiency On my credit report and it's from NJHESAA. Back when I had to write actual checks they were too incompetent to process them so instesd of asking and waiting for a another payment they reported me to collection reporting agencies. Also, their interest rates were the worst in the student loan market. It's paid off now but I should have never borrowed from them.
I got the point. The point is NJHESAA loans money and is really aggressive about being paid back. Well, yeah; you borrow money, you're supposed to pay it back, according to the terms you agreed on.
Bravo to NJ.
NY Times buried late in article, the cover photo mom is having no problem paying it back, and it is just $180 per month.
I am ashamed we have people like her who wish to welch on their obligations.
Loans are supposed to be paid back in full, with interest.
Sxrew NJ HESAA. They cant get blood from a stone.
I have written a letter directing them to go **** themselves.
In the short-term, that is just fine and dandy.
However, on a long-range basis, when you need to obtain a mortgage or any other type of loan, your bad credit rating will disqualify you or--at the very least--cause you to pay a higher interest rate. You may even be denied certain rentals when you carry the stigma of a bad credit rating.
When you apply for a credit card, the same problems will occur. Even when applying for certain types of insurance and for many jobs, a credit check will be done, and you can find yourself being denied insurance or employment.
The bottom line is that there is no such thing as a free lunch, and this situation WILL haunt you for the rest of your existence.
At some point, you will need to make good on your loan commitment--or suffer the consequences in many different areas of your life.
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