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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...
I was crippled at the age of 23...
My parents say I live under a black cloud/ if it weren't for bad luck I'd have no luck at all etc.
(And I could keep going... quite a bit)
"I had no choice" when it comes to debt... 98.7% of the time means that they didn't LIKE the options.
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?
You went into the deal knowing you would take their money, and the payback would be a degree that would assure you a good future. Now that you got the degree, you don't want to live up to your half of the bargain. Not a person of character..
You made the deal, no matter if it takes years, man up and pay it off. It will happen quicker than you think if you work at it.. Time to prove your manhood..!
Too late now, but had said friend worked while attending school, the loan would be for far less... Wanted it easy then, wants it easy now....?
The good news for the rest of us who have to pay, there is no way to escape a student loan debt. They will chase you to the grave..
You danced, now pay the piper what you agreed to pay him... He has 25 years to make his future...
I think the problem here - and one that has become very common - is that the expected payback (assurance of "a good future") didn't happen. Higher education is like an overhyped casino where only the house is guaranteed to win.
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.
He was taking 15-18 credit hours, which works out to a lot of class time, it sounds like the class scheduling interfered with work shifts. In that situation you need a job with flexible hours, but those aren't always available.
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.
OP's friend should just fake his death and leave the country.
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