It's a joke but you took it way too serious. I worked my way through college and I'm still not done. Can't finish because of work and would never take out a loan. Calling him lazy is a little harsh when I don't know his circumstances. Kids? Medical bills? Having to help a relative? Thank God I have Zero debt at my age but the majority of us don't call people bums because they own money.
Well it just increased some more with court costs. Congrats. You should have worked out payment plans before it came to this.
Enroll in a Junior College & take the basics. This will defer you student loans. JC is not that expensive & you can pay for it with a part time job. Or get a full time job & go to school at night. or you can do what my brother did - at age 29 he joined the Army National Guard. He's now a DR & the military helped pay for most of his college. either way - Good luck with everything - just try to pay back to loans somehow - either now, or after college. Bankruptcy hurts you and the banking industries.
No, I didn't take it seriously since you're generally known as a forum troll and most of your posts can't be taken seriously. Perhaps I did assume his position a little hastily, but it's because I usually assume correctly such as in this case. P.S. interwebz r srs business
He can't defer and he can't declare bankruptcy or join the peace corps or the army or go back to school. If they are litigating, those options are likely all closed. His choices are likely: (1) work out a payment plan, or (2) have a judgement rendered against him. I think people are going a little nuts with the moral obligation. The bank knew what it was getting into when the loaned him money. They know there is risk of default, they charge interest according to that risk, and they keep a reserve to deal with the inevitabity of these defaults. This is just business; there's no morality play here. He owes money; he's obligated to pay; but there's no moral dimension to it -- he's not stealing, he's defaulting. At most, there is a pride and respect dimension.
I'm not so sure fictional coffee farmer. Looking for ways to get out of the legal obligation to pay the money back does inject some morality into the discussion since his personal values would be called into question.
Hey guys I never said I wasn't going to pay it back, just looking at my options and advice on how to...
Since when did posting here for advice automatically open the door to ridicule and judgement? keep your head up Vanity
****, its people like the TC that make it difficult for us fiscally responsible folks. Are people who are unable to pay debt even punished for it, or are they scott free once they declare bankruptcy? Screw it, I'm gonna buy a $5 million mansion in L.A. and live like a celebrity on debt. There doesn't seem to be enough consequences for people NOT to live beyond their means.
I assumed the idea of moving to another country was in jest and that he was looking for legal methods of mitigating the burden. If, for example, he could defer the debt by returning to school, would it be immoral for him to do so?
I had a friend put most of his expenses in college on his credit cards. As soon as he graduated he declared bankruptcy. As far as I can tell there weren't any real repercussions for his actions.
Wait till he tries to buy a house. He'll be in his mid 30's before a respectable bank loans him money.
It may be too late now that there is a collection agency involved, but you could have gone back to school and not had to pay on those loans as long as you were in school, and school could easily be free with the new American Opportunity Tax Credit. Did you ever file for a forbearance, or deferment? Lending institutions are usually very good when it comes to student loans if you work with them(I assume because they are usually federally backed). You need to work with the lender, not hide from them.
Kindly note that credit card companies will often close your account if they discover large charges related to tuition.
Kindly note that one may obtain an FHA loan two years out of a Chapter 7 bankruptcy. Although, the presumption of abuse could be raised when attempting to discharge revolving debt related to education.
