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I didn't just get a job. Over the past 5 years, I was going to school on and off while working, especially after my 1st layoff, working several jobs, sometimes multiple jobs consecutively, moving to the work, everything in my power to keep busy. I am no better or no worse than anyone else, which is why I am no stranger to crappy jobs that many don't want to do. I went from a decent $18/hr union job in 2006 to $11/hr nearly overnight, so yes, I found some extra gigs to keep me busy. I would gladly give you recommendations on where to look for work, but you don't want to listen. If you are content by simply venting, you can never truly be helped.
I told you what I would do. Stop paying your loans, save up for a crap car (1K and some minimum state coverage), learn how to service the car when the inevitable problems occur, and plan to move for work, even if it's not well paying and very entry level. Get another job after you've settled. Live with roommates. Around here, you can find roommates with your share of rent as cheap at $300/month. When I moved, I was paying $358/month in a pretty decent and fun area.
And spend 8 hours a day applying for any job you may be the least bit qualified for. If you don't have a job, your #1 job should be finding a job. Don't be afraid to put in some OT.
I didn't read any of it because it seems like all your posts are all the same arrogant, rude, and nothing but put downs. People like you love to spit on others much rather than give solutions to the problem or compare your situation to theirs.
Unless you have a stable job and you're Bill Gates, you need to step off your high horse.
I didn't just get a job. Over the past 5 years, I was going to school on and off while working, especially after my 1st layoff, working several jobs, sometimes multiple jobs consecutively, moving to the work, everything in my power to keep busy. I am no better or no worse than anyone else, which is why I am no stranger to crappy jobs that many don't want to do. I went from a decent $18/hr union job in 2006 to $11/hr nearly overnight, so yes, I found some extra gigs to keep me busy. I would gladly give you recommendations on where to look for work, but you don't want to listen. If you are content by simply venting, you can never truly be helped.
I told you what I would do. Stop paying your loans, save up for a crap car (1K and some minimum state coverage), learn how to service the car when the inevitable problems occur, and plan to move for work, even if it's not well paying and very entry level. Get another job after you've settled. Live with roommates. Around here, you can find roommates with your share of rent as cheap at $300/month. When I moved, I was paying $358/month in a pretty decent and fun area.
And spend 8 hours a day applying for any job you may be the least bit qualified for. If you don't have a job, your #1 job should be finding a job. Don't be afraid to put in some OT.
Andy, a person can't stop paying their student loans, well they can but they would be in big trouble.
For one if they're working their wages will be garnished.
Declare bankruptcy? Not with student loans.
You can walk away from a house, default on credit cards, but there is no way around student loans.
Awhile back Suzie Orman was on PBS and one of the topics that came up was student loans.
One audience member had lost his job and wanted to declare bankruptcy, Orman was very specific about student loans. They don't count when you declare bankruptcy. He was pretty shook up to find that out.
They have to be paid back.
So telling someone to not pay your student loans is really bad advice.
So telling someone to not pay your student loans is really bad advice.
The idea of giving 18 YO's a blank check for any purpose, educational or not, is equally irrational. Think of the stupid things young people did 30 years ago. Today's youth will be paying for their irrational decisions for the rest of their lives. In a way, I would love nothing more than to see all these frustrated young people organize and shake the shackles of their student loans. Not allowing a deferred payment structure for the masses of over educated Starbucks baristas, who had to settle for private loans, is doing nothing more than punishing the young people who took the advice to better themselves. I firmly believe these private loan institution (pimps of false hopes and dreams), who are preying on wide eyed, naive young people aught share in some of the burden they enabled. Right now, the burden is placed square on the shoulders of today's young people, and many are being crushed by such a burden. Expect to see class mobility continue to plummet, and white collar thugs continue to profit off this.
Andy, a person can't stop paying their student loans, well they can but they would be in big trouble.
For one if they're working their wages will be garnished.
Declare bankruptcy? Not with student loans.
You can walk away from a house, default on credit cards, but there is no way around student loans.
Awhile back Suzie Orman was on PBS and one of the topics that came up was student loans.
One audience member had lost his job and wanted to declare bankruptcy, Orman was very specific about student loans. They don't count when you declare bankruptcy. He was pretty shook up to find that out.
They have to be paid back.
So telling someone to not pay your student loans is really bad advice.
Correct with extremely rare excepions. Just 129 in Bankruptcy last year had loans modified or forgiven. Better shot at geting hit by lightning twice.
I didn't just get a job. Over the past 5 years, I was going to school on and off while working, especially after my 1st layoff, working several jobs, sometimes multiple jobs consecutively, moving to the work, everything in my power to keep busy. I am no better or no worse than anyone else, which is why I am no stranger to crappy jobs that many don't want to do. I went from a decent $18/hr union job in 2006 to $11/hr nearly overnight, so yes, I found some extra gigs to keep me busy. I would gladly give you recommendations on where to look for work, but you don't want to listen. If you are content by simply venting, you can never truly be helped.
I told you what I would do. Stop paying your loans, save up for a crap car (1K and some minimum state coverage), learn how to service the car when the inevitable problems occur, and plan to move for work, even if it's not well paying and very entry level. Get another job after you've settled. Live with roommates. Around here, you can find roommates with your share of rent as cheap at $300/month. When I moved, I was paying $358/month in a pretty decent and fun area.
And spend 8 hours a day applying for any job you may be the least bit qualified for. If you don't have a job, your #1 job should be finding a job. Don't be afraid to put in some OT.
Andy, a person can't stop paying their student loans, well they can but they would be in big trouble.
For one if they're working their wages will be garnished.
Declare bankruptcy? Not with student loans.
You can walk away from a house, default on credit cards, but there is no way around student loans.
Awhile back Suzie Orman was on PBS and one of the topics that came up was student loans.
One audience member had lost his job and wanted to declare bankruptcy, Orman was very specific about student loans. They don't count when you declare bankruptcy. He was pretty shook up to find that out.
They have to be paid back.
So telling someone to not pay your student loans is really bad advice.
Not directly pointed to you seain dublin--- but I get frustrated with all of the student loan bashing.
I think the ONLY student loans that should be able to be discharged in bankruptcy is private student loans.
Why?
Federal loans basically bend over backwards for you based on many factors.
You work for a nonprofit and make IBR based payments for 10 years-- the remaining balance of your student loans are discharged.
If your student loan debt (federal) is so much more than what you can afford the feds offer many different programs to help in repayment: graduated, extended, income contingent, income based. PLUS-- they have various programs for while you are in school, unemployed, etc.
IF you become 100% disabled, then the loans are discharged.
If you default on the loans-- the feds will work with you to rehab the loans and to remove negative credit reporting.
IF you get your wages garnished (and let's be real this is when you have neglected to work with the feds at all and have around 270-365 days of not making a payment without being under forbearance or deferment--), the max allowable percentage of 15% of disposable income.
Under IBR-- student loan payments are based on your AGI and are geared towards being less than 15% of your take home OR 10% if you fall under Obama's new plan. Forgiveness of all interest and principal happens after 25 years or 20 years.
There is also consolidation and I could go on.
I don't have a vested interest in arguing against or for student loans. I have student loan debt that will make most pale and pass out. I don't view it as a burden. I am actually pretty grateful since without it I would not have had the opportunities I currently have--- or it would have taken me MUCH longer to get to the same place/income/level.
Now, if folks went after private loans without federal protections-- then... I feel for them. They can be heinous-- I have a friend who has one that is basically a variable interest rate and it has risen ridiculously high and can't be consolidated nor be put under IBR.
Not directly pointed to you seain dublin--- but I get frustrated with all of the student loan bashing.
I think the ONLY student loans that should be able to be discharged in bankruptcy is private student loans.
Why?
Federal loans basically bend over backwards for you based on many factors.
You work for a nonprofit and make IBR based payments for 10 years-- the remaining balance of your student loans are discharged.
If your student loan debt (federal) is so much more than what you can afford the feds offer many different programs to help in repayment: graduated, extended, income contingent, income based. PLUS-- they have various programs for while you are in school, unemployed, etc.
IF you become 100% disabled, then the loans are discharged.
If you default on the loans-- the feds will work with you to rehab the loans and to remove negative credit reporting.
IF you get your wages garnished (and let's be real this is when you have neglected to work with the feds at all and have around 270-365 days of not making a payment without being under forbearance or deferment--), the max allowable percentage of 15% of disposable income.
Under IBR-- student loan payments are based on your AGI and are geared towards being less than 15% of your take home OR 10% if you fall under Obama's new plan. Forgiveness of all interest and principal happens after 25 years or 20 years.
There is also consolidation and I could go on.
I don't have a vested interest in arguing against or for student loans. I have student loan debt that will make most pale and pass out. I don't view it as a burden. I am actually pretty grateful since without it I would not have had the opportunities I currently have--- or it would have taken me MUCH longer to get to the same place/income/level.
Now, if folks went after private loans without federal protections-- then... I feel for them. They can be heinous-- I have a friend who has one that is basically a variable interest rate and it has risen ridiculously high and can't be consolidated nor be put under IBR.
I don't have private loans. Thank God!!! I would work at McDonalds before taking private loans. Anyhow, I think the OP mentioned she has some private loans which could be the source of her financial troubles. What is a young person to do if he/she can't make the payments on his/her loans? I would advise the OP to see if she can get some sort of legal help with these loans.
I don't have private loans. Thank God!!! I would work at McDonalds before taking private loans. Anyhow, I think the OP mentioned she has some private loans which could be the source of her financial troubles. What is a young person to do if he/she can't make the payments on his/her loans? I would advise the OP to see if she can get some sort of legal help with these loans.
I was responding to other critics about student loans in general as I think most of the criticisms about federal student loans are misplaced.
Private student loans.... You are screwed for the most part. To participate in similar programs, private student loan vendors basically can do so on a voluntary basis and per what I have read, not many do.
I had a friend who is headed to law school and looked at a private loan since the interest rate was so low (although variable). I told her to think differently and don't try to put a price on the protections you get from the Feds.
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