problem here is that these lending institutions know they got US govt on their back so they're very reluctant to negtotiate period. they'll harass you and harass you. they are not your normal credit agencies......they'll call u, call u, call u all day. and if u don't pick up, they'll call ur family, friends, landlord, etc and harass them as well. I had some experience with them and it was hell. they harassed my landlord so much that I had to leave the house lol. and it's not just few bucks a month they want. I can tell you that this dude in the article is screwed if he ever comes back.
stafford and perkins loans are guaranteed by the government (hence, their interest rates are the lowest). other loans are not. it's not clear from the article which type of loan it was but i'm sure part of them had to have been private loans because you can't borrow that much from stafford/perkins.
Well, then harassing is all they can do? If he comes back, no one will know his add. nor his number, his credit is screwed already so won't be looking for new loans, just pay his monthly dues based on what he can afford, deposited by money orders and that's it...live a normal life back in US.
That's illegal and a punishable offense. Instead of being scared you should have educated yourself and stood up for your rights. The only real recourse a debt collector has versus an individual is garnishing your wages and bank account. In most states they can try to go after your home.
Doesn't matter, they do it anyway, knowing that the worst that will happen is they will be told to stop it, by the law. Until then and unless that happens, they have nothing to lose. The penalties are thus rarely enforced.
Agreed. Work your way through or have your parents pay. Starting a new career taking home 2k a month with 3k per month in student loan payments is dumber than dumb.
"These are people new to borrowing and they didn't understand what they were getting into," says Mark Kantrowitz of Finaid.org, -Those who did not need to borrow to pay for college went straight to Wall Street, where they lost their credit virginity
Funniest part of the article. This kid is an obvious moron. Putting his obvious idiotic choices aside, I can't believe he even told his story. Sh*t, I would be too embarassed to say anything. On a serious note, student loans are going into default fast. Just another side effect on the monetary system. Inflated education costs with inflated costs of living and with a long deteriorating job market is a recipe for disaster. Not even the medical profession is immune to that.
Well damn, I shouldn't have paid mine off... maybe the taxpayers would have bailed me out too! My weakness I guess, I just wanted to do what I said I would do when I promised to pay back money loaned to me. Integrity, where is it?