defaulted on my student loans
Date: Tue, 01/18/2011 - 14:02
defaulted on my student loans
I have defaulted on my loans. I fought with them for a while, tried to get them to continue a forbearance or the other delay option they have for people who thought that college was a good idea and is now working in a restaurant.
In total I owe about 60K, the amount defaulted is like 10K, but I know eventually my options will run out and the entire 60K will be wanted in 1 lump sum.
I understand I will be sued, and basically every penny coming to me through my earned non-cash wages including all tax returns.. the government can intercept will be taken.
I will be forced to work cash jobs and off the radar the rest of my life. Thank god i am good with my hands, and hopefully eBay wont start asking all its users to fill out tax forms to sell there.
HERE IS WHAT REALLY MAKES ME ANGRY..
Back in 2002 when I started school and took out my first loan, I couldnt get a car loan, a home loan, a credit line over $1000, or really any real money.
HOWEVER the community college and the college after that had no problem giving me a credit line up to and over $60K.
WHY IS THAT?
They say they are investing in the future of the USA, and thats all fine and dandy, but I was never subjected to any credit checks, income verifications, character assessments, or past scholastic performance reviews to actually determine if I was a worthy of $60K in investment for the future of the USA.
College isnt cheap and the money was made waaaaay too easy, and millions of 20 and 30somethings are suffering as a result of this irresponsible lending.
Nowadays I just tell them I dont have the money, I likely will never have the money, and they cant take anything from me because I dont have anything of any real worth, and my credit cant get any worse.
They threaten me with litigation and I tell them "Dont you get it? I dont have any money. Youre wasting your time and your money trying to get any money out of me, I dont have any." They ask me if it bothers me that I essentially stole this money. Im like what!? This wasnt planned, Im not holding out, you people know what I earn., and I never would have borrowed from the government or anyone in the first place to go to college.
Fact is, they gambled on the hope that I would be a successful money making machine that would pay back the loan, and they would earn interest for lending the money, and keep on making money off those loans as long as I paid my taxes from my high paying job they allowed me to get. Sorry but that didnt happen.
They lost, and they feel like they are owed the money when if they would have checked me out in the first place, ran my credit, saw my past grades, etc they would have deemed me not worthy of the bet they placed on me and we would not be in this place today.
I know Im not alone. :neutral:
In total I owe about 60K, the amount defaulted is like 10K, but I know eventually my options will run out and the entire 60K will be wanted in 1 lump sum.
I understand I will be sued, and basically every penny coming to me through my earned non-cash wages including all tax returns.. the government can intercept will be taken.
I will be forced to work cash jobs and off the radar the rest of my life. Thank god i am good with my hands, and hopefully eBay wont start asking all its users to fill out tax forms to sell there.
HERE IS WHAT REALLY MAKES ME ANGRY..
Back in 2002 when I started school and took out my first loan, I couldnt get a car loan, a home loan, a credit line over $1000, or really any real money.
HOWEVER the community college and the college after that had no problem giving me a credit line up to and over $60K.
WHY IS THAT?
They say they are investing in the future of the USA, and thats all fine and dandy, but I was never subjected to any credit checks, income verifications, character assessments, or past scholastic performance reviews to actually determine if I was a worthy of $60K in investment for the future of the USA.
College isnt cheap and the money was made waaaaay too easy, and millions of 20 and 30somethings are suffering as a result of this irresponsible lending.
Nowadays I just tell them I dont have the money, I likely will never have the money, and they cant take anything from me because I dont have anything of any real worth, and my credit cant get any worse.
They threaten me with litigation and I tell them "Dont you get it? I dont have any money. Youre wasting your time and your money trying to get any money out of me, I dont have any." They ask me if it bothers me that I essentially stole this money. Im like what!? This wasnt planned, Im not holding out, you people know what I earn., and I never would have borrowed from the government or anyone in the first place to go to college.
Fact is, they gambled on the hope that I would be a successful money making machine that would pay back the loan, and they would earn interest for lending the money, and keep on making money off those loans as long as I paid my taxes from my high paying job they allowed me to get. Sorry but that didnt happen.
They lost, and they feel like they are owed the money when if they would have checked me out in the first place, ran my credit, saw my past grades, etc they would have deemed me not worthy of the bet they placed on me and we would not be in this place today.
I know Im not alone. :neutral:
If these are in fact governement loans, nobody checked your cred
If these are in fact governement loans, nobody checked your credit....nobody gave you a credit line. From what I am reading, you borrowed $10k, probably a mix of sub and unsub loans. You could have consolidated them coming out of school, getting an income contingent repayment plan, one was based on what you earned. Instead you defaulted and the interest has capitalized and you have been assessed major collection fees.
They didnt loose....they will get their funds or at least part of it. Wage garnishment...they dont need a court order. Tax offset...and then social security garnishment.
