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Um, she can have the court garnish the father of her child's check and she could also have police pick him up everytime he fails to make a payment. Oh and why did the government take her 4100 check?
As with all such stories, there's a lot we don't know, yet many are making assumptions and using her example as an indicator of 20somethings in general.
I agree that lots of people are making very foolish choices. I'm hearing about them all the time and I think "Didn't their parents teach them anything about responsibility?" No, they did not because their parents are often in horrible debt also.
A close friend of mine has an adult child getting ready to "walk away" from his home.
He and his spouse bought a house at the top of the housing bubble. It wasn't really the "grand" house they eventually wanted so they thought they'd buy this house and flip it. They had to get two mortgages to get the house, one being a balloon mortgage. Well, the market drop, the house is only worth half of what they paid for it and the BIG balloon payment is due in a few months. Their own parents are willing to lend them the money, but they are walking away because they don't want to stay in the house (not big enough at 1700 square feet) and they don't want to deal with it. These are two college grads who work as county employees. They will never make a lot of money but they have everything you could want. I'm astounded at the mentality to just walk away from it all.
It is a BUSINESS DECISION. Sometimes it makes better financial sense to walk away from a bad deal. There is nothing wrong with that. Their credit score will reflect that in the end.
Um, she can have the court garnish the father of her child's check and she could also have police pick him up everytime he fails to make a payment. Oh and why did the government take her 4100 check?
Students who are in default on federally backed student loans can have wages garnished and tax refunds intercepted by the IRS. There's literally no running away from a federal student loan.
Location: Just transplanted to FL from the N GA mountains
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Quote:
Originally Posted by DewDropInn
Do the Boomers get a refund on the student loans they PAID BACK?
This isn't about a generation... this is about bad decisions, and that covers all generations...
Okay... she said she had an okay job previously and that she lived with mom and dad. A 400 dollar student loan payment. That should equate to about 35,000 in student loan debt (I'm assuming). So another question you have to ask... What did she study to get that 35,000 in debt? Engineering or Philosophy? It sometimes astounds me how some people can borrow tens of thousands of dollars for a degree that while there may be exceptions to the rule, historically are low-paying. Another bad-decision??
It is a BUSINESS DECISION. Sometimes it makes better financial sense to walk away from a bad deal. There is nothing wrong with that. Their credit score will reflect that in the end.
Businesses do it all the time. When an individual does it all of a sudden faux rage ensues.
It is a BUSINESS DECISION. Sometimes it makes better financial sense to walk away from a bad deal. There is nothing wrong with that. Their credit score will reflect that in the end.
I have to disagree. There's a fine line between making a logical, rational, legally supportable business decision and that of an opportunist who sought to make money off real-estate who had no business engaging in a transaction that he/she apparently didn't have any working knowledge.
Walking away from a house like this is abominable in my view. The path of least resistance doesn't mean it's the right path.
I have to disagree. There's a fine line between making a logical, rational, legally supportable business decision and that of an opportunist who sought to make money off real-estate who had no business engaging in a transaction that he/she apparently had any working knowledge.
Walking away from a house like this is abominable in my view. The path of least resistance doesn't mean it's the right path.
Whether you like it or not, for many people, walking away from your house meets all those criteria.
This isn't about a generation... this is about bad decisions, and that covers all generations...
Okay... she said she had an okay job previously and that she lived with mom and dad. A 400 dollar student loan payment. That should equate to about 35,000 in student loan debt (I'm assuming). So another question you have to ask... What did she study to get that 35,000 in debt? Engineering or Philosophy? It sometimes astounds me how some people can borrow tens of thousands of dollars for a degree that while there may be exceptions to the rule, historically are low-paying. Another bad-decision??
Exactly right. It amazes me how few people do their due diligance before and during college. Ok, so at 18 you have no clue what you want to do with your life. So you pick a major, any major. By the time you're 21, you should have some notion of what interests you career-wise. Changing a major is not a crime. If you made a bad choice as a freshman, then fix it! If not, then stop going to college and go find yourself. There are PLENTY of options available to those with out direction.
I don't buy into the "oh she's a 20-something, i'll give her a free pass for her bad decisions" mentality that many people seem to extend.
I refuse to get ourgaged over the unreasonable desire of people, even if they are slackers. I'm more concerned with actions than thoughts. The women could want a rolls royce and a mansion, she aint gonna get it. Meanwhile corporatons have received trillions in bailouts, but let's not talk about that, let's talk about hypothetical situations that will never happen. But go ahead, get yourself riled up and angry over something that hasn't and probably will never occur, after all, life is very very long.
Thank You! This is exactly what I was thinking. Who cares about what she or any college graduate wants? They ain't gonna get it.
How about we focus on the Trillions in Corporate Welfare that actually WAS given?
How about we focus on the banks already deemed "Too Big to Fail" that consolidated power and became more profitable than ever before due to American tax dollars?
Students who are in default on federally backed student loans can have wages garnished and tax refunds intercepted by the IRS. There's literally no running away from a federal student loan.
Good. I paid my student loans. So should they. I don't care if it causes pain and gnashing of teeth. No one told her to get a degree that has no potential without a graduate one attached to it. Even now it is becoming less lucrative to become a lawyer. And think about how many people major in Pre-law or some other BS degree and don't get into grad school. Kids need to major in science and technology based degrees these days. Its a lot better than spending 30k a year getting a degree in Political science or "Public Policy". At least you can become a teacher with an English degree.
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This isn't about a generation... this is about bad decisions, and that covers all generations... 
