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Really? So this post in response to you dated on the 8th of September does not count as the first time I EXPLAINED it to you LUCIDLY?
"My point is high school has nothing to do with how or why I went to college. I'm not saying i deserve to not pay the loan back because I am a veteran, I am saying that I would not have gotten in to college right out of high school, and because I took the military path I deserved the loan, just like all veterans do even if they screwed their high school "opportunity" away."
So that is twice it has been explained. So it's possible you gave up your memory with the ESP? Then of course there is the whole reading comprehension issue as nobody elso took my initial statement out of context REPEATEDLY. Just saying. G'day, mate.
Wow. You're right. I absolutely missed that.
Let's assume it's unfair for you to pay back all the 'extra' fees.
Have you paid back the original amount, with 'reasonable' interest, since it's an obligation you took on freely? Or are you just perhaps looking for sympathy on why you're not even attempting to pay back that obligation-NOTE: NOT all the extra, just the original plus the interest you would have paid if you HAD gotten the forbearance? Just saying. Later, dude.
The below pretty much sums it up. And people on this thread ask me how i sleep at night? LOL, What the student loan company lost in my loan they more than doubled in this poor girls loan.
Julie, Texas:
I took a $12,000 loan out in 1994 to go to The University of Texas. I had a slight deferment and forbearance for 2 years-- which I take complete responsibility for. This means that that I stupidly
agreed to accrue interest of the greatest proportions. I expected to pay some interest, but since I
have been paying $400 a month for 16 years ($76,800) I expected to have an end in sight shortly. I
logged onto my account yesterday to see where I stood (it is always taken directly from my account)
and was horrified to learn my loan actually increased $15,000 (capitalized interest) since I last
checked. I have been paying on time every month and still owe $46,713. I almost **** myself. I
called and talked to an agent and asked them if this could be true. I told her I wanted to pay this off,
even if it cost me $1000 a month. She told me I would have to pay $1000 a month for 10 years to
pay this off! ($120,000 more dollars) I went directly to the bank and tried to get a fixed rate loan
and was quoted 14% interest for 4 years or $72,872.28. I called around several credit unions and
banks and NONE of them do student loans. I just don't understand how this is legal. I heard Sallie
Mae also owns their own collection agency and has the right to garnish my wages later in life when
my loans my spiral even more out of control. I'm so upset...."
I agree that student loans are the modern form of ROBBERY. Too much interest charges, late fees, plus other fees to keep you paying forever, and most often paying more than twice your principal. That's why I will never take on student debt. If I can't afford that $5000 Six Sigma course or FEA Grad course then I'll try to learn the stuff sell teaching myself.
I can blame Koochi for copping out and moving to Australia, student loans would have trapped him. But it sure is expensive to live in AUstralia and maybe living in America would have been worth the student loan debt.
They should revise student loans to be forgiven one the principal plus 10% has been paid off, if the debtor is having hardship to pay it.
All right - I have a few more options: I have two passports from two distinct and separate countries. I don't believe one even knows about the other. Plan is to get the education while stuck here, take a job in the country of other passport, and throw US passport in the trash. Problem solved.
No, problem not solved. To enter the USA again you must enter on your US passport. If you take out a loan with the intention of never paying them back that constitutes fraud. Do not commit fraud. It's one thing to take out a loan for the purpose of taking the money and running (fraud), and it's another to take the loan out, fall on hard times, get caught in the web they want you caught in to make you in debt to them for the rest of your life, ie a constant stream of revenue, and then find a way out of the web that is not to their benefit. One is criminal, the other is smart and playing by the rules of the game.
And believe me, this is a game. If you take out a loan, make sure it is a reasonable amount and directly through the government and not Sallie Mae. Make sure the interest makes sense, and make sure it's only the amount you need. When the loan comes due pay it back. In my case the interest just slammed out of control after I realised it wasn't put in forebearance and all the penalties were added I'd be an indentured servant the rest of my life. I'm never going abck to the USA, and I renounced my citizenship due to an out of control government, FATCA and other tax issues that are unrelated to my private student loans and the scam created by the banks in bed with the government. Basically I no longer believe that US representatives believe in the constitution. Again, don't commit fraud, even though fraud has been perpetuated on us. They will go after you. So if you wanted to throw away your US passport after school the only way to properly do that is renounce. Then you could enter the USA on your other passport as a vistor and not a citizen. Make an effort to pay back the loan. THen your are not a fraud, and could never be proven as such.
I agree that student loans are the modern form of ROBBERY. Too much interest charges, late fees, plus other fees to keep you paying forever, and most often paying more than twice your principal. That's why I will never take on student debt. If I can't afford that $5000 Six Sigma course or FEA Grad course then I'll try to learn the stuff sell teaching myself.
I can blame Koochi for copping out and moving to Australia, student loans would have trapped him. But it sure is expensive to live in AUstralia and maybe living in America would have been worth the student loan debt.
They should revise student loans to be forgiven one the principal plus 10% has been paid off, if the debtor is having hardship to pay it.
Cost of living isn't really an issue because wages here are currently good. Quality of life is much better and is worth the cost of living. It's a give and take relationship. Good healthcare system that is free and logical. Good education system with a logical student loan system (HEX). I could list plenty other benefits, but yes, your point about the price of things is correct. Clothes are more expensive than in the USA, as is food, utilities and entertainment. But wages for the most part compensate and an equal or better quality of life can be acheived. America's economy is not worth living in when one can operate in Australia's economy. Even if Australia gets smashed in the up and coing recession of 2013 it will still be better off than what is coming for the USA.
As for the solution you have offered, you pretty much nailed step one. Return Bankruptcy protections to student loans. It's how the scam got started, by removing the most basic right to any borrower.
Let's assume it's unfair for you to pay back all the 'extra' fees.
Have you paid back the original amount, with 'reasonable' interest, since it's an obligation you took on freely? Or are you just perhaps looking for sympathy on why you're not even attempting to pay back that obligation-NOTE: NOT all the extra, just the original plus the interest you would have paid if you HAD gotten the forbearance? Just saying. Later, dude.
No, but I tried to negotiate that option with the debt collectors. They were not having any of it. There came a point when it wasn't worth my time, and the path I chose was the best option for me, and me alone. It's the road I have taken, I am very happy I took it, and I am never looking back. I do not feel sorry for the big bankers who I hurt so bad. I also know better than to fall for the old "it's the tax payer paying it" line, when the government is making 8 cents on every defaulted doller in collection. That point has been made several times in this thread as well.
Morals would come into this if I loaned money from my Grandmother and decided to not pay her back. Then I would feel morally obliged to pay her back. I feel no moral obligation to pay back a student loan company who's stock is doing just fine, has already been paid back the full amount i borrowed from the US government, and the government has already been paid back by the debt collection companies who purchased the bad debt. THe only difference with my debt, which has been recovered by the entity that loaned it already, is that it can never be discharged in bankruptcy and renders me an indentured servant in the US. That is what is morally corrupt. You think I feel bad about moving out? Get real.
LOL, you're a dead beat. I wish you could take the rest of them with you to your new home land. But then you'd tuck your tail in and run to Europe. It's obvious by your posts you were never going to pay it back. You can tell everyone you did but your posts say otherwise. I'm glad you found a new country that is so much better than the US. Hopefully no one loans you money there, unless of course, granny does.
Quote:
Originally Posted by Koochi24
when the government is making 8 cents on every defaulted doller in collection.
UCSD. Trust me, my new homeland and I are doing just fine and are well positioned to continue to do just fine, relative to the USA anyway. And Australia is not in Europe you average american nit-wit.
Quote:
Originally Posted by piyf
LOL, you're a dead beat. I wish you could take the rest of them with you to your new home land. But then you'd tuck your tail in and run to Europe. It's obvious by your posts you were never going to pay it back. You can tell everyone you did but your posts say otherwise. I'm glad you found a new country that is so much better than the US. Hopefully no one loans you money there, unless of course, granny does.
UCSD. Trust me, my new homeland and I are doing just fine and are well positioned to continue to do just fine, relative to the USA anyway. And Australia is not in Europe you average american nit-wit.
If you are doing "just fine" then why not pay off the loan? I am not talking about the interest but the actual money that was loaned to you.
It is one thing to not pay off the interest but when you are doing just fine and not paying off the principal then it just looks like you are a deadbeat. What makes it worse is you keep on saying how you will never go to the US again which makes you look more like a deadbeat.
Maybe you have nothing in the US to go to but if I left I would want to be able to go back to the US to see visit family, what happens if they get sick, what happens when they die? I can just see a law being written up on how if you leave the US because of debt you can never be allowed back in, even to visit. What happens when a parent gets sick and you are denied entrance to the US, then that parent dies and you miss the funeral? I myself couldnt live with myself if that happened, especially for only 42k? The best the government can hope for is when your parents die any assets they have be used to pay off the loan(regardless of what any will says).
Also to sign off on not getting the GI bill who the heck does that? I went to college and never had to take out a student loan, GI bill and tuition assistance paid for it.
After all of this time in Australia you havent paid off any of the loan? What do you keep doing with your money, or are you not employed? One would think after all this time you would of started to pay off the principal of the loan off.
OP, congrats, if the pasture is really greener down there (which I am sure it is) then do whatever you need to do - I think you are actually being smart. Perhaps if higher education isn't so obscenely expensive in the USA then you wouldn't need to do this at first place (and I am surprised how many Yanks are blissfully ignorant of the comparative costs). I don't really blame you as the whole student loan thing does look like one giant ponzi scheme anyway (I personally have no loans so I cannot really judge that).
And no, I don't think a 3.5 at UCSD is poor performance - it's clearly above average. Isn't a 3.5 GPA the minimum requirement for an honors program at a UC anyway (if UCSD has one)? And did you pay for out of state tuition?
I moved to Australia from the U.S in 2007 and gained permanent residency here this year. I never plan on returning to the U.S again. Unfortunatley I lost my job during the GFC and could no longer could make payments on my student loan. I called the loan company and tried to put it into deferment, and actually thought I did until I got an email from my mother saying that she got a strange phone from a lady who works for D.C.S claiming I listed her as a business reference and she needs to know where I am. Where putting it into deferment went wrong I do not know. But somebody at the loan company either lied or did not do their job. My mom didn't give her any info about me or my where abouts.
Since the GFC I've gained employment again and decided that I'd give this lady a call after my mom emailed me. I called her and was very surprised to hear that she was a collection agent acting on behalf of the department of education. Actually, I have to say that I freaked out. She told me that my loan had defaulted and I owe $28,000 dollars. I told her that there is no way I can pay that. She said that she will need an $8,000 dollar down payment and $300 dollars a month. That really freaked me out and I said that can't happen. She asked me where I work and I lied and said I am unemployed. She called me out on it and said I was calling from work. Not sure how she new, but she
read out the number of my work phone. Impressive that it showed up on her caller ID. She started asking me personal questions like why I wad in Australia and I told her I was married to an Aussie. She said she needs to know her name. That ticked me off and I told her to get stuffed. She said since I lied about being employed and wouldn't tell her my wifes name that it was obvious I was unwilling to let her help me. I said I guess you are right.
At this point she told me there are going to be srious consequences. She said that my wages are going to be garnished, my tax returns will be withheld, and the department of education could even sue me. She said that my review date was in one week, when they will turn my case back over to the department of education, and I better think about it.
Well this Friday she called me again at work and I hung up an her. She then called a collegue and said I need to call her back and I know who she is. Well I did some research on DCS and found out her address in Oregon as well as DCS corporate headquarters in California. I put two cease and decist letters in the mail and gave her a call back. I said there is no way I can come up with that kind of cash and there is nothing I can do. She said although they can't garnish my wages there will be other consequences. I told her to not ever call me again and that I had sent the letters. She was shocked I got her address. She said that she has no reason to call me anymore as my case passed it's review date, whatever that means?
Here is what I know:
I know that they can't garnish my wages because I am in Australia. I know that if the Department of Education wants to sue me for the 28k then I have to be physically served a summons. She never got an address off me, but does have my work phone number now. She may possibly know my place of employment, but I doubt it. I know it is expensive to pursue a debt overseas, and for 28k it likely isn't worth it, but maybe they will try to serve me? I know that Australia never entered into the Hague Service Convention so it makes serving me here very tough and pricey.
I'm wondering what the Department of Education will do? Do you think they will try to sue me knowing I have no assets in the U.S and they have no rights to any assets I may aquire here in Australia. I don't think the can sell the debt to any collectors here. My gut feel is that the Department of Education will try and hire a different debt collector to get me to pay. Or the could sue me, but as long as Im in Oz, which is forever, it won't accomplish much. Do you think they will sue, or even try to get Aussie debt collectors on me?
I don't need lectures on paying debts. I know what Im doing is a little shady. But I did try to put it in deferment and they told me it was taken care of. I can't pay anything right now, especially what she was asking, so I'm really just after the requested info.
Thanks in advance.
Hey Koochie,
If you were to marry an American would you be allowed entrance to the US with a clean slate?
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