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If the loans are federal, one's Social Security would be garnished to pay them. If the OP's friend goes on SSDI for medical conditions, I think the same applies (as would leaving the country but trying to collect Social Security. After all, the friend is 40, not 22. Retirement is looming.
I racked up 80K because I went to a private institution for undergrad, and this was after 10,000 a year in scholarships. I also made the financial mistake of working as a teacher in NC (paying only 29,000/year, with no raises in the 3 years I taught due to the waning economy). I do not think it is right to call one stupid for going for teaching... that is our future and I think that it makes sense for us to want only the most well educated, which would justify that debt, to be teaching, training, and producing that future.
Nobody is calling anybody stupid for becoming a teacher, but the amount of debt you went in ($80k) for a $29k salary is just silly. And you've painted it like there were no other options. Nothing justifies that debt. Weren't there any more reasonable institutions to get your degree from? Was $80k in debt really your only option?
Quote:
Originally Posted by bakeranm
Also, people do need to use loan money for living costs. The school I attended was 45 minutes from home and I attended class 5 days a week. I had to live in that town, and after doing the math it was more cost effective to not pay for campus housing. I was not able to work a full time job because our classes were split up so much (usually MWF 1 hour a day and/or T/TH 1.5 hours a day). Also, just to finish the program and the multitude of general education classes, I had to take 15-18 credit hours.
You couldn't work part time? Did you leave out some hours, 1-1.5 hours a day doesn't really preclude working? Many of my engineering labs in college were 3 credits but 9 hours in class plus the outside work and I was still able to work part time.
Nobody put a gun to your head and forced you to take out those loans just to become a teacher. Stop rationalizing with all your weak excuses and man up to your responsibility.
My brother-in-law racked up some debt for his teaching certificate (how much, I don't know) and he teaches in a low-income area. After five years his student loans will be completely forgiven, and he has one year left. Do you know if this is an option for you? In your case, even having just part of your debt forgiven, I would think would be a blessing.
My buddy is 40, he just completed college, and is now a teacher making around 36K a year. He has 100K in student loan debt and its completely buried. I know you cannot file BK on student or other government loans, what what can he possibly do?
How is he just finishing college at age 40? It sounds to me like he probably worked (or not) for several years without a formal education and then decided he needed a degree. Then, I suspect, he stopped working to go to college --- and took out student loans to pay for college AND living expenses ... (How else could he amass $100K in debt for a basic, 4-year education degree). Now, I suspect, he is trying to figure-out any possible angle that might let him avoid paying back what he borrowed.
An amazing number of people (credit cards, huge mortgage loans, student loans .... AND our own government) seem to live under the false notion that they should have whatever their heart desires today ... and let "tomorrow take care of itself!" Perhaps these people (and government) live in a cave somewhere in an alternate universe where they spend their time glued to TV ads that tell them they are entitled to have everything they want, without paying for it now, ... and that somehow the future cost will magically disappear in the future.
What some people don't understand about student loan debt, is that some people are born "lucky", they have parents that will help them, or even have a place to live while going to college, that is lucky, whether you realize it or not. Some people wanted to get in the military, but were turned away, for what ever reason, so that was not an option, I know in my case, I had to get a loan, to pay for living expenses, after my divorce, I went to school, the tuition was paid for by my employer, but I needed that extra student loan money to live on, even with my salary, I was not making it with four kids..and it became a treadmill, I needed to keep going to school, to keep that loan payment in deferral. Now, it is spiraling, out of control...so, I can finally start paying it...
hmmm... I never borrowed a penny for college. I wasn't born lucky, my folks didn't pay for any of it. I worked full time virtually the whole time I went to college at night, and sometimes 'full time' meant 2-4 part time jobs instead of one full time job. I paid for it as I went, skipping semesters when I didn't have the extra to pay for it. Yeah, it took 13 years, but I finished it debt-free.
He'll simply have to pay it off, no matter how long it takes. Only 129 received hardship w/o(s) nationally last year. As should be the case, with few execeptions, loans require payments until debt obligation is fulfilled.
You could have been better off using a credit card for this. Atleast, you can file bankruptcy lol
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Age 40, just finished degree with $100K debt
