I OWE YOU $125,000 but Im Broke

[nosniboR11]

trying for attention lol, good luck

[3PtShooter]

find rich lady to marry

[nobs]

The new generation kids have no shot to get out of debt, more and more kids are all loaned up from college and when they get out they get a low paying job or are unemployed. I have no clue what the answer is.

Thanks JJ. Always the voice of reason. I know I took the loan and I know my stupid arse should have paid something back in 2003, shouldnt have let this get out of hand.

But there is blame everywhere. We are sold on the idea that you graduate from college you are going to be making bank, its not like that anymore.

Just the same I have these 2 jokers in here making fun of how much I make when I seriously doubt either of them even make 40K.

Either way, I know loads of college grads who make 40K or less. I am just being honest about what I make/what I owe

[Dirty Sanchez]

again you are full of it, student loans do not work the same as credit cards, you are fibbing , only way its been seven years without any payment is if you had it deferred for that time or it was in forbearance , then after you exhausted all the deferment and forbearance then the 270 days start and then they will garnish your check,

If bullcrap stories were against the law...there would be between 25-30 posters from this forum doing time in the Pen. I've never seen people like here who need to post the goofiest ass crap to get attention.

[Fire in da hole]

You could work out a deal withe the army that if you join you want all of your student loans paid. They will probably have your ass in the front lines so quick your head will spin, but you would be student loan free!

[nosniboR11]

not this college grad, but i would not make fun of what you make

[Boner_18]

This is only the 2nd time boner. I dont have cable and my gambling isnt a big amount. I am small time. Im not trying to say i am a victim, but like I said if I paid the 1200 a month It wouldnt lower what I owe at all

I understand. I too am mired in student loan debt. Consolidate w/ the fed, downsize your apartment, get a cheap piece of shit car (or better yet public transport). The payments are doable, and though it doesn't seem like you are making progress on them you are. I work (when I work) with others who have the same attitude as you and it's not allowable. All you need is food & water, shelter and air to live. Everything else is not necessary, you have to pay the debts you incurred, simple as that.

My little sister lives in NYC on a salary of 33k and while her student loan debt is not nearly as large as yours and mine she manages to save a large portion of her money. Enough where if she had the debt service you and I have she could pay it.

Call your lender and work something out, but be prepared to make some sacrifices, after all you did borrow the money. Suck it up, be poor for a while and get that shit done. Failure is not an option.

[nobs]

again you are full of it, student loans do not work the same as credit cards, you are fibbing , only way its been seven years without any payment is if you had it deferred for that time or it was in forbearance , then after you exhausted all the deferment and forbearance then the 270 days start and then they will garnish your check,

You are just wrong. All you have to do id google " collection agencies student loans"

Here is what I got from the first response



Transworld Systems is a full service collection agency. They collect defaulted education debt and student accounts, including Stafford and PLUS loans.



quite honestly, you dont know what you are talking about in this instance

[nosniboR11]

You are just wrong. All you have to do id google " collection agencies student loans" Here is what I got from the first response Transworld Systems is a full service collection agency. They collect defaulted education debt and student accounts, including Stafford and PLUS loans. quite honestly, you dont know what you are talking about in this instance

oh yes i do

[nosniboR11]

If bullcrap stories were against the law...there would be between 25-30 posters from this forum doing time in the Pen. I've never seen people like here who need to post the goofiest ass crap to get attention.

100% correct

[nobs]

from this link

http://www.studentloanborrowerassistance.org/collections/collection-agencies/

The very first sentence




Both the government and guaranty agencies often hire private collection agencies to collect defaulted student loans. ...

[pleasegod]

You're correct in that you can't get out of student loans except in very rare circumstances (ie. you become disabled and can't work).

This is a federal loan and not a private loan correct?

You should check on whether or not there's some limitation on the time you quit paying and the time they put your loan into collections. In same cases, if that time is too long the loan is no longer collectable although this likely isn't the case with student loans.

The other annoying aspect to this is that I paid off my student loans ($23k by the time I graduated) in full in 13 months after I graduated. I made $42.5k that year. Life really sucked...living in a shitty situation, eating PB&Js, never going out, drinking shit beer. However, I made it my priority to pay it off and well, it's paid off.

Your attitude towards this is representative of what will eventually bury the USA - excessive borrowing and lack of personal responsibility.

If this is fake, then congrats...you've done a decent job at garnering some attention.

[Dirty Sanchez]

You could work out a deal withe the army that if you join you want all of your student loans paid. They will probably have your ass in the front lines so quick your head will spin, but you would be student loan free!

Nope...the Army wouldn't take care of loans like that....when someone defaults on a federal loan or doesn't sign up for the Selective Service...the fallout is things such as the Blackball list for federal jobs, loans, etc. in the future.

[Boner_18]

I made $42.5k that year. Life really sucked...living in a shitty situation, eating PB&Js, never going out, drinking shit beer. However, I made it my priority to pay it off and well, it's paid off.

[Data]

Like if they told me, send $1200 a month for 5 years then its clear I would seriously consider doing it and just struggling for 5 years.

You tell them this and they will take it. If you have $40K (your principal) in savings offer it as a full payment and they will likely accept that as well canceling the interest, penalties, and fees.

[nobs]

You're correct in that you can't get out of student loans except in very rare circumstances (ie. you become disabled and can't work).

This is a federal loan and not a private loan correct?

You should check on whether or not there's some limitation on the time you quit paying and the time they put your loan into collections. In same cases, if that time is too long the loan is no longer collectable although this likely isn't the case with student loans.

The other annoying aspect to this is that I paid off my student loans ($23k by the time I graduated) in full in 13 months after I graduated. I made $42.5k that year. Life really sucked...living in a shitty situation, eating PB&Js, never going out, drinking shit beer. However, I made it my priority to pay it off and well, it's paid off.

Your attitude towards this is representative of what will eventually bury the USA - excessive borrowing and lack of personal responsibility.

If this is fake, then congrats...you've done a decent job at garnering some attention.

Wow I cant believe when you admit something like this people assume it must be fake, because if it was true you probably wouldnt admit it.

Yes, its all true, and yes I was stupid for not paying it off my first year

[Extra Innings]

You could work out a deal withe the army that if you join you want all of your student loans paid. They will probably have your ass in the front lines so quick your head will spin, but you would be student loan free!

[yisman]

I thought collection agencies bought these things at a discount and then tried to collect what was owed, not that they take whatever what was owed and tack on a fee.

[yisman]

yeah I graduated too.

I know college graduates who make less. The day when a college degree guaranteed 75K is long gone if it ever existed in the first place.

That day never existed. Now, back in the day, if you went to a select few colleges, you stood a pretty good chance of making at least that, but those schools are so expensive that it's a tradeoff there anyway.

[Swinging Johnson]

With the tuition rates as high as they are, I have long said college and universities should be the province of the wealthy. A kind of finsihing school. This is coming from a man with a great deal of education but shaking my head that is the granddaddy of all scams, a college diploma. Granted, you will be educated but more importantly your social education and the network you manifest will be far more important than the courses you take.

I am all for technical schools where they train a plumber to be a plumber or an electrician to be an electrician. Perhaps I'll stretch this to accounting where the fundamentals are learned and applied in the real world. Can someone tell me how studying Alexander de Tocqueville has helped me in my life today? If I were living on a trust fund then maybe, just maybe, I could wax prosaic at some fundraiser or cocktail party on his import to contemporary socio-economic and political philosophy.

I have a triple major that has done nothing for me as I am a self made man and never entered the corporate world as I initially intended. I promise you I am not revealing this to show off, but to only buttress my point that your college courses and education do nothing, in most cases, but prove to an employer you are not a total fukkup and can get passing grades in spite of all the hot broads and keg parties. It's become a joke. The Emperor has no clothes but nobody is noticing. Well, if these tuitions keep rising, there will be a chorus of middle income Americans procaliming that the Emperor is indeed naked and has been for a good long time.

[yisman]

SBR is slipping.

It used to be someone would come in and say "Just put your paycheck on this can't miss parlay. You'll be in the clear in no time!"

[pleasegod]

Good thoughts.

I would go one step further and say that the high tuition rates are a product of the ease to which 18 year olds can get massive credit and low interest rates. The gov't props up these loans, schools in turn raise their tuitions, students borrow more, schools raise tuition. Rinse, wash, repeat.

Throw in institutions like University of Phoenix that promise high salaries upon graduation and the worst recession since the GD, then you have a nice recipe for some defaulting student loans.

With the tuition rates as high as they are, I have long said college and universities should be the province of the wealthy. A kind of finsihing school. This is coming from a man with a great deal of education but shaking my head that is the granddaddy of all scams, a college diploma. Granted, you will be educated but more importantly your social education and the network you manifest will be far more important than the courses you take. I am all for technical schools where they train a plumber to be a plumber or an electrician to be an electrician. Perhaps I'll stretch this to accounting where the fundamentals are learned and applied in the real world. Can someone tell me how studying Alexander de Tocqueville has helped me in my life today? If I were living on a trust fund then maybe, just maybe, I could wax prosaic at some fundraiser or cocktail party on his import to contemporary socio-economic and political philosophy. I have a triple major that has done nothing for me as I am a self made man and never entered the corporate world as I initially intended. I promise you I am not revealing this to show off, but to only buttress my point that your college courses and education do nothing, in most cases, but prove to an employer you are not a total fukkup and can get passing grades in spite of all the hot broads and keg parties. It's become a joke. The Emperor has no clothes but nobody is noticing. Well, if these tuitions keep rising, there will be a chorus of middle income Americans procaliming that the Emperor is indeed naked and has been for a good long time.

[MarkDee]

tell them you gay or a minority
shit will get dropped in no time

[iceminers26]

its a tough economy and I have to agree with Swinging Johnson's post, my college degrees are pretty much doing fk all for me now a days and I'm working in different areas of what I studied in college.

[nobs]

at least Im not alone


Based on Inspector General Data initially reported on by Nick Perry of the Seattle Times, and in view of recent 5-year default data, We are confident that the true default rate across all federal student loans is between 25 and 33 percent

http://studentloanjustice.org/press%...ase7-20-10.htm

[pleasegod]

Cool.

Guess I should've defaulted and saved myself the $23k.

at least Im not alone Based on Inspector General Data initially reported on by Nick Perry of the Seattle Times, and in view of recent 5-year default data, We are confident that the true default rate across all federal student loans is between 25 and 33 percent http://studentloanjustice.org/press%...ase7-20-10.htm

[nobs]

No you shouldnt have, because now that 23 K would be 150 K

[nobs]

no i only post that because only me + boner are going to admit we owe these loans but my suspicion is there are a lot of people on this board who owe student loans

[in2thethickofit]

o.k since this is another SBR BS Fantasy....then go to your city center and find a dark alley.....give helmet shines for $25...you could make about $100 an hour...a few hours a night you'll be out of debt in a couple of years

Hey DS, how many different threads have you written this exact same thing. The guy just wanted some help - get a fukkin life. Or better yet, go to your city center and find a dark alley.....give helmet shines for $25...you could make about $100 an hour...a few hours a night you'll be out of debt in a couple of years











Dikhead.......

[wtf]

if you are sincere, i strongly advise you to take the following advice;

* join the military, you will get in as an officer
* you will learn a skill that you will make bank on
* you are in a dead end totally expendable path now, thus no real chance for huge jump in salary

[feege]

I call bullshit on this whole story. Nobs, I got news for you. When a collection agency, or more accurately another third party bottom-feeder buys your debt, they do so at a discount, not a premium. So, they would buy that $43k say for $10k and try to badger you into paying $20k not $150k. Also, the govt loan programs do not sell their debt to bottom feeders. Nice story, don't know why you feel the need to make this shit up but seek therapy, is my best advice. You are in a forum of liars and cheats trying to lie for attention. Ever hear of don't bullshit a bullshitter? Maybe you're too young. Move on...

[HustleGetPaid]

You should have joined the Navy before school

LOL that's what I did. Gave the Navy 8 yrs, got out and now get a nice check every month while attending college.

[prop]

not sure about this whole story, student loan, if you dont pay , they really dont send to collection agency's , they garnish your check, they give your forbearance but I do not think they send this to any collection agency, when they can just send to the govt. after 270 days of non payment and they will garnish your check, thats how it works, period

This is wrong. I know so from personal experience.

[jcubs55]

I couldn't imagine being in this spot. My father has put me in a position where I will not have a single cent of debt when I graduate school and for that I am beyond thankful. I feel for you bro, hope you can find a way out of this.

[iceminers26]

no i only post that because only me + boner are going to admit we owe these loans but my suspicion is there are a lot of people on this board who owe student loans

I owe about 40k to Sallie Mae, was fortunate enough to get a full ride for my undergrad but then went and got my MBA (not looking the brightest move now but hopefully someday), I started making payments last month on it, gonna be a while until its paid off in full