Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
Honestly, I don't know that I can blame the OP. He's just working the system. Technically, he's not doing anything illegal, or else he would easily be thrown in jail.
All I'm seeing here is the good 'ol American double standard. When CEOs and businesses work the system, it's alright; they are just doing what's in their best interest and so be it. After all, they aren't doing anything illegal. When private citizens do it, they are deadbeats. Period.
This is 'Merica dammit! We do things here the 'Merican way! Woot woot!
If you've somehow figured out a loophole, good for you, OP. Thanks for sharing.
You don't blame the OP for blatantly breaking their word and not being the least bit remorseful?
(And yes, I don't like that from anyone, no matter their position or standing.)
JMHO: Cheap price to pay to get someone like that out of this country forever, but just like a shoplifter... they rest of us pay the price.
And IF it were a crime, he could not 'easily be thrown in jail' he FLED THE COUNTRY!
You don't blame the OP for blatantly breaking their word and not being the least bit remorseful?
(And yes, I don't like that from anyone, no matter their position or standing.)
JMHO: Cheap price to pay to get someone like that out of this country forever, but just like a shoplifter... they rest of us pay the price.
And IF it were a crime, he could not 'easily be thrown in jail' he FLED THE COUNTRY!
I felt like he was remorseful when I read his post. He didn't WANT to graduate from school into a recession that he DID NOT cause himself and not be able to land a job. It sounded like he wanted to pay the loan at its original amount of $28k, he thought he put it in deferment, but through some error, it did not get done and the loan ended up in default.
As far as him signing off on something, heck, many people have done that at some point. But at least they could declare bankruptcy. Our friend here cannot. So, again, I don't blame him. He found a loophole. Good for him. If you don't have the money, you don't have the money. It's not his fault he can't find a job in the US to pay for this loan that was supposed to help him get a job in the first place.
The student loan industry needs to be flipped on its arse about five years ago and completely restructured. It's not right that people who can't get jobs after completing school can't at least file for some form of bankruptcy to start their lives over. Everybody else who made "poor" choices or choices that did not work in their favor is allowed to. What else are they supposed to do? Be slaves to a bank for the remainder of their life? Eff that noise. And if you think otherwise, well, I simply don't care what you think. It's not your problem.
Once you sign them, you are responsible for re-payment. When you finish your education, don't come whining about the terms of the contract you signed.
In theory. But in practice, the money didn't end up in the hands of the students. The student was a conduit to get the "money" from the lender to the university or college or trade school. The "real" money (to the extent that student loan "money" is real) was delivered first and foremost to university bank accounts and investment funds, followed by university administrators.
If taxpayers really want that money back, I'd advise them to start looking there. Because a whole lot of borrowers are simply too broke to ever repay the combined principle, interest, fees, and penalties on what they supposedly owe.
Also, it's arguably immoral to tender repayment to a third-party debt collector which skims a large sum of money off of the repayment. If the debt is to be repaid at all, it should be directly to the feds. But as noted, they've already recovered their chunk of change by selling the collection rights to a third-party. Unless the feds choose to change the system to permit direct payments in which third-party vampires are cut out of the loop, you could make a strong moral case for withholding payments on defaulted debt.
I felt like he was remorseful when I read his post. He didn't WANT to graduate from school into a recession that he DID NOT cause himself and not be able to land a job. It sounded like he wanted to pay the loan at its original amount of $28k, he thought he put it in deferment, but through some error, it did not get done and the loan ended up in default.
As far as him signing off on something, heck, many people have done that at some point. But at least they could declare bankruptcy. Our friend here cannot. So, again, I don't blame him. He found a loophole. Good for him. If you don't have the money, you don't have the money. It's not his fault he can't find a job in the US to pay for this loan that was supposed to help him get a job in the first place.
The student loan industry needs to be flipped on its arse about five years ago and completely restructured. It's not right that people who can't get jobs after completing school can't at least file for some form of bankruptcy to start their lives over. Everybody else who made "poor" choices or choices that did not work in their favor is allowed to. What else are they supposed to do? Be slaves to a bank for the remainder of their life? Eff that noise. And if you think otherwise, well, I simply don't care what you think. It's not your problem.
And you sir get it completely. Many people are in the same boat as I was in the USA. I came to Oz by accident, but made sure I did not have to come back when i learned my deferment did not go through. Never in a million years did I take this loan with the intention of never paying it back. Never. They kept taking on penalties and interest as it went from debt collector to debt collector, and like you say even if I came back and was able to find a job or 3, I still would not be able to ever pay this thing off at the rate it's going now. My credit is shot and I can have no life in the USA.
This issue goes way way deeper than students thinking they can sign up for a loan and never have to pay it back. It's more profitable for these companies when students do default. There was a point where I felt bad about it, but that is long gone now. Is what it is I guess. And to the poster who said small rice to pay to get me out of the country...Pffft. Enjoy the USA, bro. Don't worry about me here in Oz. Remember to not hate the player, hate the game, because the game is so rigged it isn't even funny. When you can get out of the clutches of the empire do it. The only thing that will break this corrupt system at this point is actions like the one I have taken. I'm simply not going to co-operate with them anymore or play their game. Now it is my rules that call the shots with these bozo's. It's that simple.
In theory. But in practice, the money didn't end up in the hands of the students. The student was a conduit to get the "money" from the lender to the university or college or trade school. The "real" money (to the extent that student loan "money" is real) was delivered first and foremost to university bank accounts and investment funds, followed by university administrators.
If taxpayers really want that money back, I'd advise them to start looking there. Because a whole lot of borrowers are simply too broke to ever repay the combined principle, interest, fees, and penalties on what they supposedly owe.
Also, it's arguably immoral to tender repayment to a third-party debt collector which skims a large sum of money off of the repayment. If the debt is to be repaid at all, it should be directly to the feds. But as noted, they've already recovered their chunk of change by selling the collection rights to a third-party. Unless the feds choose to change the system to permit direct payments in which third-party vampires are cut out of the loop, you could make a strong moral case for withholding payments on defaulted debt.
EXACTLY! More and more people are seeing the rigged game for what it is now. I didn't get it until I defaulted, but the government and the loan company have not lost a dime. The the collection agencies, who are likely owned by the same loan company, were able to collect on me they would not only have collected on the entire balance of my loan, which they already have from the government, but they get the balance again from me. That's crazy, and immoral. So a few on here want to come at me as if I am immoral? Get real, and get off your high horse and get over yourself. Seriously. I've done what I did because it's the only option I had to have a normal life. Not proud of it, but not really ashamed either. So many others are in the same boat I am as there is over 1 trillion in student loan debt, and a 10% default rate and none of it is dischargeable in bankruptcy. What is that recipe for, America? Think about what has been done here. It's another mega bubble that is going to put the housing market to shame. At least they could go repo houses, I guess. That was a rigged game too. Who has won? Who has lost?
Yes, exactly. Except I went to an overpriced and overrated school in UCSD, majored in an overrated degree, Economics, and didn't make the 3.75 GPA mark, right in there at 3.50.
Well, my previous post covers the banks and government and what they should do to make financial aid function the way it should. However, it does not excuse you from your responsibility and duties that are associated with the decisions that you made. To run away from your student loans is a selfish and irresponsible act.
Remember, you chose to go to an overpriced, overrated school. You chose an overrated degree. You chose to perform poorly in HS and then in college. These are not the banks, governments, or the schools fault.
Well, my previous post covers the banks and government and what they should do to make financial aid function the way it should. However, it does not excuse you from your responsibility and duties that are associated with the decisions that you made. To run away from your student loans is a selfish and irresponsible act.
Remember, you chose to go to an overpriced, overrated school. You chose an overrated degree. You chose to perform poorly in HS and then in college. These are not the banks, governments, or the schools fault.
I can't rep you again, otherwise I would.
And if the thief who tries to excuse his lack of honor by pointing out other wrongdoings was not proud of it, he would not be bragging about it to the internet!
And if the thief who tries to excuse his lack of honor by pointing out other wrongdoings was not proud of it, he would not be bragging about it to the internet!
I don't think he is bragging. I read this from top to bottom
He came here about a year ago to ask a question, then someone asked him for an update a year later. That is all
I don't think he is bragging. I read this from top to bottom
He came here about a year ago to ask a question, then someone asked him for an update a year later. That is all
I think rejoicing a loophole to NOT pay a debt he voluntarily created and used is bragging. Pathetic to not pay a debt but that is my opinion because I was taught to always repay a debt I created.
OP you can come back to the US once you reach retirement age(if you have enough credits). Why would you leave them your retirement money? They will only take 15% on any amount over $750
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
