If it was dischargeable in bankruptcy, I bet everyone would graduate college and then just file bankruptcy. No one would ever pay their student loans back. I have a friend that owed $40,000 with interest in student loans to Sallie Mae for going to a cooking school in Manhattan. He decided to just stop paying the loan one day. He got a few letters and phone calls from Sallie Mae and then they gave up trying to collect and just sold the loan to some collection agency in Buffalo. My friend just refused to pay a dime to Sallie Mae. The collection agency in Buffalo sent him a letter offering to settle for $11,000, a $29,000 reduction from what he owed to Sallie Mae. He refused to pay that too. It has been a couple of years since he first received that letter from the collection agency in Buffalo and they have not taken him to court. My 4 questions are... 1) Can a collection agency sue you in court for a student loan or any other kind of debt that you owe? 2) Can a collection agency seize assets that you have like a home, car, or bank and brokerage account to pay off debts or can they only garnish your wages? 3) If you are self-employed, how would they be able to garnish your wages? 4) Can a collection agency garnish social security income, disability income, or unemployment compensation?
Ph. D. students get paid since first year, in a couple institutes where I work recently, it is about $28000 a couple years ago. I know some of students can save up more than 10K a year. So after 5 years it is 50K there. Tuition is free and medical insurance is also provided ( in the area of biomedical study, not sure about others).
Why did you do it ,Vinny?.... Come getting social security you are going to be in 'pain'....it will be used to offset your student loans... If you are a bum now, it is very likely will still be the same bum then. On the other hand, doctors and lawyers have the opportunity to use their discounted long term education debt to invest for a profit to compensate the fact they will not be receiving social security...if they need it at all. Collectively, they are all scumbags for letting others to pick up their debts....as for the kids today....seems they think they are 'priviledged' and the world owes them for their existance... They will learn.. NiN
Textbook companies are the devil also. They have a great system going , charge 100-200 bucks per textbook per class because the gov't will loan anyone with a pulse to go to college. Just like subprime crisis. How do I short college loans? Education is important.... but college is a joke.
No one has the balls to tell the schools to blow it out their asses. Education does not have to cost an arm and a leg. Unless you're signing up with a prop shop.
Do you have to be smart to go an American college - esp those pricey for-profit diploma mills where you run up the biggest debt?
People have your friends, kids etc take college challenge exams like clep,dantes. You can save them thousands. I completed my aa degree with these exam in one year. The cost 3,000 total. Anyone needing just send me pm.