DEFAULT...Student Loans

BeezyGotSole said:
Have you looked into refinancing? I have heard a lot of people refi with a Peer 2 Peer loan such as SoFi.com
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These fools keep sending me letters wanting me to refi with them. Honestly, I don't even know if it'd be worth it at this point since I'm already 4 years deep with my loan payments (another 6 years of payments and I'm donzo, for the most part).

The thing is, in order for me to see what kinda rates / terms they're talking about I have to create an account with them? Lol I'll pass.
 
ModernDarwin said:
If you can't get a job after college that is no one else's fault but your own. Network + effort = jobs. If you have to sacrifice your "dream" profession to just get any sort of job that is normal/reality. As most above 25+ people would tell you, it is much easier to get a new job once you already have a job. Turning down a job is not an excuse to complain about student loan debt. Being unwilling to relocate for work is not an excuse to complain about student loan debt. The job opportunities available to college graduates in America far outweigh most of what the rest of the world offers.

If you can't afford the payment for student loans you are just bad at managing money and/or living beyond your means. I've seen all sorts of philosophical comments in here but not a single person has posted their finances and quantified why they can't afford paying student loans.

Scenario: Graduate from college and get a 38k a year job. Take home pay after all deductions, taxes, 401k, etc would be 70% of that at $26,600. Per month that is $2,216.
Student loan debt: $45,000


Living with your means:

Rent + Utilities: $700
Student loan payment: $312
Phone: $100
Car: $200
Gas: $100
Insurance: $75
Food: $300
Savings: $300
Fun: $129
Total: $2216

This is all completely conservative model too. It'd be easy to buckle down for 6 months and spend way way way less on all of that and create a little savings nest egg after college (and this simple model includes contributing to a 401k).
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Where do you live? I have never even heard of rent + utilities being $700 Unless that's with a roommate. A realistic number for someone living in the DMV is more so this:

Rent (including water, sewer, trash fees): $1200
 
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Pdino said:
 
crcballer55 said:
 
Have a $1000 emergency fund. Eliminate additional savings, cut the phone plan to $40-50/mo. Cut food to $200 (cooking at home will make that easier). Get rid of the car payment. Assuming no fun too, that's another $780 to put towards your rent/utilities and debt.
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What happens if you went to private school and have 100,000$ worth of debt?
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Then you either need to start applying for higher paying jobs, or get another job on the side that's dedicated to paying off the mess or both.

You're either consigned to a lifetime of debt or a short term period of suck followed by a lifetime of opportunity and freedom. the choice is up to you.
 
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Antidope said:
 
Nope not a one. I went through Citizens Bank

http://www.citizensbank.com/student-loans/education-refinance-loan.aspx

Heres a list of some of the companies that specialize in this service.

https://studentloanhero.com/tag/sofi/

SoFi is a good one, once some of these hard inquiries fall off my credit report I may look into it. When I was doing my research on it, something specifically about SoFi rubbed me the wrong way, but now I cant remember what it is for the life of me.

Once some of these hard inquiries drop off my credit report I will definitely look into refinancing again, if I can get a better rate than I am now I will definitely do it again.
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hard to believe there's nothing in the fine print but if you did your research and like it, can't argue with you... this bank seems to be taking on a ton of risk. maybe they are very strict on who can refinance. 
 
LabRat said:
Anyone here know if high school counselors are still telling high school students to go to college regardless of how much it costs?


Back when I was in high school, that was what they were telling us. :smh:


They should be telling high school students to consider 2 years of community college and then transferring to a university to cut down on how much you end up borrowing.


Also to help those already deeply in debt, the Fed could stop charging interest on student loans for a certain number of years to help people pay down their principal.
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Unfortunately, they still are. I really wish these guidance counselors could tell students to do the CC route. If you don't want to go to college, find a job.

Defaulting on my student loans was one of the most crippling things that has happened in my life. I missed my payments for 4 months and my credit score absolutely plummeted. I mean about 200 points down the drain. I couldn't even apply for a $500 credit card, I couldn't get a house because and still can't because of my debt-to-income ratio.

If this guy wants to default and acquire a credit score of 200, he can go right ahead.

The worst thing about this is I hate owing people money. Even if it was just a dollar. I would pay someone back immediately. How am I going to pay someone $80,000 immediately? I work 7 days a week now because of my student loans. I have no time because I think about my monthly student loan payments. I even got hospitalized because I was so stressed from my financial situation.

My roommate has to drop $20k just to get current. This is ridiculous! I regret going to school sometimes.
 
Student loans are literally death sentence loans where there is basically zero if any chance of getting out of them.

If you have a FAFSA or any type of federal student loan the government & IRS will come after you and get their money one way or the other.

People can't even file any type of bankruptcy to get out of the loans.

Real talk. I know this one friend who went to a vocational school for PC repair and PC networking 16 years ago and dude has defaulted on them ever since and has not paid a penny back. Dudes credit is all jacked right now and there is no way out of them.
 
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MR J 858 said:
Student loans are literally death sentence loans where there is basically zero if any chance of getting out of them.

If you have a FAFSA or any type of federal student loan the government & IRS will come after you and get their money one way or the other.

People can't even file any type of bankruptcy to get out of the loans.

Real talk. I know this one friend who went to a vocational school for PC repair and PC networking 16 years ago and dude has defaulted on them ever since and has not paid a penny back. Dudes credit is all jacked right now and there is no way out of them.
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Your friend needs to man up and pay them back

I hate lame stories like this

Death sentence, give me a freaking break
 
SneakerHeathen said:
Here's a zanny idea, just pay off your debt.



Stop worrying about "trying to get out".


:lol:
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Here's a zanny idea read the title of this thread :lol:

OP made the thread title "default.. student loan"

Oh and yeah I paid my student loans in full and have been putting to use what I went to school for in the IT industry for the past 15 years.
 
MR J 858 said:
Here's a zanny idea read the title of this thread :lol:

OP made the thread title "default.. student loan"

Oh and yeah I paid my student loans in full and have been putting to use what I went to school for in the IT industry for the past 15 years.
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You do realize 6 straight monthly payments gets you out of default

What a concept, pay back a loan
 
MR J 858 said:
Here's a zanny idea read the title of this thread :lol:

OP made the thread title "default.. student loan"

Oh and yeah I paid my student loans in full and have been putting to use what I went to school for in the IT industry for the past 15 years.
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I read the title, and it's a ******* stupid decision.


Go ahead and ruin your credit. The government is going to garnish your wages anyways.


There's no way out but a pine box.
 
StillIn729 said:
You do realize 6 straight monthly payments gets you out of default

What a concept, pay back a loan
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6 straight monthly payments gets you out of $60k debt? 

maybe if he were making $120k take home and not living. i don't know anyone who makes $200k and doesn't have any expenses. 

sure maybe he should have never taken out $60k or $10k or $100k. but a loan isn't that easy to pay off. instead of blaming the students - i know if i say kids people will flip out - people (a bunch of adults) literally plan for it to be impossible to pay back. 
 
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bartleby929 said:
6 straight monthly payments gets you out of $60k debt? 

maybe if he were making $120k take home and not living. i don't know anyone who makes $200k and doesn't have any expenses. 

sure maybe he should have never taken out $60k or $10k or $100k. but a loan isn't that easy to pay off. instead of blaming the students - i know if i say kids people will flip out - people (a bunch of adults) literally plan for it to be impossible to pay back. 
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So what? Then nobody should have to pay back their loans?


is that what people want?


Let's just pass the buck to the tax payers, just like we do for everything else in this backwards *** country.
 
No it gets you out of default, everyone is just full of excuses

I work in the industry most people deflauting do it by choice and not because they can't make payments
 
SneakerHeathen said:
So what? Then nobody should have to pay back their loans?


is that what people want?


Let's just pass the buck to the tax payers, just like we do for everything else in this backwards *** country.
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i mean you can choose to ignore my second post. but it isn't just an "us or them" - out of debt working folk v. students who are too lazy to own up to their debts. there's one other player involved and it's so big that you can't hurl individualized insults at it. actually it is the "backwards *** country" that you speak of. so i guess you can. 
 
bartleby929 said:
6 straight monthly payments gets you out of $60k debt? 

maybe if he were making $120k take home and not living. i don't know anyone who makes $200k and doesn't have any expenses. 

sure maybe he should have never taken out $60k or $10k or $100k. but a loan isn't that easy to pay off. instead of blaming the students - i know if i say kids people will flip out - people (a bunch of adults) literally plan for it to be impossible to pay back. 
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:wow:

It amazes me how some kids get in debt over $100K for some random degree or worse they get the degree say like in nursing and the person male or female turns around after their done with school and got their degree and realize that they went to school for the wrong degree and they say "man nursing is a dirty job and I'm just not cut out to do this type of job". Then they go back to school for a different degree or a masters degree and dig themselves further more in debt.

Again trust me I've seen that scenario play out a bunch of times with family members or friends I know.

People who go for business degrees you see & hear the sad stories of people get frustrated and realize they just don't have what it takes to get that degree or an MBA and you see these people end up being retail store managers at places like footlocker or end up being used car sales people.
 
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bartleby929 said:
also the best part is, yeah the gov will garnish the people who can't find work or simply choose to not work and chicken**** out on their debts. but guess who takes it in the ***? normal working people who pay taxes. 

so while you guys without debt are busy putting down people who have student debt, and the people with student debt are too busy crying about how they are slaves, the housing developers, school chancellors, board of regents, banks, government are laughing all the way back to the bank

it is sad to see but these are textbook reactions
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why do you assume we don't have debt?


I'm planning to go to law school, so yeah pal, I'll debt, a lot of it.


Don't see me sitting here blaming others.
 
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