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Is this the type of loan that can be wage garnished up to 10%? I'm guessing not since no one has mentioned that possibility. Years ago, my wages were garnished until a small student loan (about $6000) was paid off. Also my tax refunds were withheld until the debt was satisfied.
I cannot imagine the stress of knowing I had so much debt! I'm not sure running away is the answer, but I can't advise what is the best course of action.
Perhaps getting a second or third job and just working as many hours as possible could help. I don't think "blaming the system" solves anything. The OP willingly signed the loan papers, after all.
A long time friend and I were discussing her student loan debt a year ago and I was really shocked by what she said. I had no idea she was in this predicament. So sad and unreal at the same time. She went to University of Phoenix to finish her BA while working. Honestly I can't recall if it's been 20 or 30 yrs now, but it wasn't real recent.
Anyways she told me the original debt was around $13K and she had offered them $20K but they wouldn't take it. I was confused, so I pushed her for what the current debt is. Well we've known each other a long time and she was very embarrassed, but she ended up telling me $188K !!!
I was completely unaware that this kind of debt could snowball like that . I asked her why she hadn't paid the debt back a long time ago, but she said her family had financial problems and so they pushed this debt aside. She hasn't left the country and I have no idea how it actually affects her life on a daily basis, but to have that kind of debt hanging over your head is overwhelming . I don't understand why they won't negotiate with her for a lower amount? I mean $20K is better than nothing.
I can't judge anyone. I couldn't afford college out of high school besides JC or even now. I believe people should pay their debt, but I realize that sometimes they can't. I don't have any answers and I hate that the jobs aren't there for many folks with or without college degrees, young or old, black, white or Asian.
Don't forget, you can't get blood out of a turnip.
Very true, but how many turnips do you know want to give up life in The US and live in a hut in the desert to avoid a debt they made the decision to incur? Someday the person will age and hopefully mature and realize they ruined their live by making bad decisions.
It's called being a scofflaw, and proves they have no character. They have to live with that fact for the rest of their lives..
Remember, the debt they owe and refuse to pay is going to be paid by us..!!
No, the pay just allows him to live modestly by that countries standards. He'd be unable to even come up with 1/3 of the minimum payment required by Sallie Mae.
If nobody is answering the questions, why bother? Not looking for morality responses here.
Afaik federally funded student loans will never go away. You can't list them in a bankruptcy and they don't just go away with time. Eventually he will want to come home buy a house extend credit in some form buy house etc. This will come back to haunt him.
Very true, but how many turnips do you know want to give up life in The US and live in a hut in the desert to avoid a debt they made the decision to incur? Someday the person will age and hopefully mature and realize they ruined their live by making bad decisions.
It's called being a scofflaw, and proves they have no character. They have to live with that fact for the rest of their lives..
Remember, the debt they owe and refuse to pay is going to be paid by us..!!
What hasn't been said, though, is whether this person is from the US originally or from SE Asia. For all we know he is going home. For all we know he racked up all this debt on a student VISA and has been hiding since he finished school.
What hasn't been said, though, is whether this person is from the US originally or from SE Asia. For all we know he is going home. For all we know he racked up all this debt on a student VISA and has been hiding since he finished school.
Come on, we all know Asians don't take on debts And since the OP mentioned he hopes to get some "local honey" when he moves to SEA, it's pretty clear he is a self-entitled white dude.
In a more serious note, I have zero empathy for the OP (and I suspect most of the people in this thread share my sentiment). Life can be tough, a grown-up needs to be responsible for their own actions.
Last edited by Chengdu Nanhai; 05-25-2014 at 09:23 AM..
Reason: typo
Come on, we all know Asians don't take on debts And since the OP mentioned he hopes to get some "local honey" when he moves to SEA, it's pretty clear he is a self-entitled white dude.
In a more serious note, I have zero empathy for the OP (and I suspect most of the people in this thread share my sentiment). Life can be tough, a grown-up needs to be responsible for their own actions.
Sounds like he is broke and like I said above, in Asia it's "no money, no honey."
Sounds like he is broke and like I said above, in Asia it's "no money, no honey."
Being broke in one's native country stinks, but I can't imagine being broke on the other side of the planet.
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Hmmmm?? Very interesting thread!
!!!
. I asked her why she hadn't paid the debt back a long time ago, but she said her family had financial problems and so they pushed this debt aside. She hasn't left the country and I have no idea how it actually affects her life on a daily basis, but to have that kind of debt hanging over your head is overwhelming 
. I don't understand why they won't negotiate with her for a lower amount? I mean $20K is better than nothing. 
And since the OP mentioned he hopes to get some "local honey" when he moves to SEA, it's pretty clear he is a self-entitled white dude.
