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jr1965
Joined: 09 Jul 2004
Posts: 175
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 Posted: Wed Aug 12, 2009 3:57 pm Post subject: |
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ipswich:
If you contacted the bank about the loan and they said �no� to setting up a payment plan, then your best bet might be to get in touch with one of the many non-profits in the US that help people who are struggling with credit card and other loan debt. Do a search on �Non-Profit Credit Counseling Organizations� or something similar. Someone from an organization like this will work with you to sort out your finances and will contact the bank about the loan and will hopefully be able to negotiate the terms for you.
Should you repay the loan? I�d say yes � for reasons others here have already mentioned, but also b/c you may, in fact, have to come back to the US someday. (never say never!) No one is going to take away your passport or throw you in jail over a defaulted student loan but your credit will suffer in a big way, which will make it very difficult to rent an apartment, etc.
Good luck. |
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Anglin2009
Joined: 28 Jul 2009
Posts: 12
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| Posted: Wed Aug 12, 2009 8:55 pm Post subject: |
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Years ago I went into default and couldn't borrow anymore until I became current....Just last July a bill was passed that might be of interest to you. The amount to be paid back on a monthly basis is calculated by your income....I believe if you make under 16,000, you don't make any payments; of course, the interest accrues but if you can live cheap, then it's not too bad...
I've included a link for you....good luck
http://www.ibrinfo.org/ |
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fladude
Joined: 02 Feb 2009
Posts: 432
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| Posted: Wed Aug 12, 2009 9:37 pm Post subject: |
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| Man you know I defaulted on my loans too. And I honestly couldn't care less if I am to blame. College costs way too much. You will never make enough money to pay for it. And as for the morality speech, save it for someone who cares. The FEDs print money and give it to the collection companies to lend it out. The banks aren't loaning out THEIR money. They are loaning out FED printed money. I'm not slaving my life away to pay it back. College costs so much because of all the free easy credit/ student loan BS that the government pushes down everyone's throat. 9 out of 10 times the actual value of the degree is way less than you pay for it. And no the GOV does not take your passport. It also isn't a crime YET. But that may change if you enter into the new government program. I'd be very careful about the IBR unless you are working in the USA. If you are expat then don't touch it. |
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dirimini
Joined: 20 Jan 2009
Posts: 74
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| Posted: Wed Aug 12, 2009 10:29 pm Post subject: |
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| fladude wrote: |
| Man you know I defaulted on my loans too. And I honestly couldn't care less if I am to blame. College costs way too much. You will never make enough money to pay for it. And as for the morality speech, save it for someone who cares. The FEDs print money and give it to the collection companies to lend it out. The banks aren't loaning out THEIR money. They are loaning out FED printed money. I'm not slaving my life away to pay it back. College costs so much because of all the free easy credit/ student loan BS that the government pushes down everyone's throat. 9 out of 10 times the actual value of the degree is way less than you pay for it. And no the GOV does not take your passport. It also isn't a crime YET. But that may change if you enter into the new government program. I'd be very careful about the IBR unless you are working in the USA. If you are expat then don't touch it. |
Again: if the system is so abhorrent, then don't take part in the system. No one forces anyone to take out student loans - especially those who believe that a degree is not even worth much.
I can give several first-hand examples of situations I know where people are going to public universities (with generally lower tuition costs), concurrently working full- or part-time to get their degrees; many of them - my students, my friends - were/are recent immigrants to the US. None has the idea that they are going to accrue tens of thousands of dollars of debt they have no intention of repaying.
I'm not saying that students I know have not done this, only that there are those who make a go of it through hard work and determination, and a realistic idea of how much debt they can carry. Not everyone - myself included - gets to go to Yale or Harvard, or even Bennington or Franklin & Marshall. Sucks, doesn't it?
As I've said, I understand that the system is broken in so many ways; personally, I think much of higher ed in this country (the US) is a horrible racket. But, at least to my thinking, taking money one has no intention of paying back, or deciding along the way that one has changed one's mind and does not want to pay it back, is hardly the "moral" (yes, that word again) thing to do. |
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naturegirl321
Joined: 04 May 2003
Posts: 9041
Location: home sweet home
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| Posted: Thu Aug 13, 2009 3:08 am Post subject: |
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| dirimini wrote: |
Again: if the system is so abhorrent, then don't take part in the system. No one forces anyone to take out student loans - especially those who believe that a degree is not even worth much.
I can give several first-hand examples of situations I know where people are going to public universities (with generally lower tuition costs), concurrently working full- or part-time to get their degrees; many of them - my students, my friends - were/are recent immigrants to the US. None has the idea that they are going to accrue tens of thousands of dollars of debt they have no intention of repaying.
I'm not saying that students I know have not done this, only that there are those who make a go of it through hard work and determination, and a realistic idea of how much debt they can carry. Not everyone - myself included - gets to go to Yale or Harvard, or even Bennington or Franklin & Marshall. Sucks, doesn't it?. |
Public ones aren-t that cheap anymore. My sister is going to one now and with housing, etc, it comes out to 22K a year. My brothers went to one too and paid about 12K a year. I went to a private one, back in 1999 and it cost 20K a semester, but they give out lots more scholarships. |
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dirimini
Joined: 20 Jan 2009
Posts: 74
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| Posted: Thu Aug 13, 2009 3:51 am Post subject: |
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| naturegirl321 wrote: |
| Public ones aren-t that cheap anymore. My sister is going to one now and with housing, etc, it comes out to 22K a year. My brothers went to one too and paid about 12K a year. I went to a private one, back in 1999 and it cost 20K a semester, but they give out lots more scholarships. |
It's all relative, I think, what constitutes "expensive." Certainly, compared to many European institutes it's "expensive." But, for example, tution, fees, AND room/board at UIowa will cost about $15K/year; at a SUNY school, about $18K/year. Some of the community colleges in Pennsylvania (just for an example) will run about $6-8K/year, not including room/board (as they are generally commuter schools, and many students live with family).
The institutions in which I've worked have run the gamut. The community college in which I worked for two years currently costs $3500/year for full-time attendance (including fees, and obviously not including room and board); the elite university at which I'm currently teaching costs - with tuition, fees, and room/board - about $52K/year.
You are correct in stating that the schools with the most money often give out far more in terms of financial aid than public instutions; however, even if one were to get a scholarship paying half the tuition at my current uni, they would still be paying over $30K/year. For someone like me, I could never have afforded that as a student, so it simply would not have been an option without having taken out tens of thousands of dollars in loans - something I would never have considered doing. Would the education I would have gotten at this type of institution have been better than that one I got at my public university? Probably. But I still got a very good education, and one that was dependent on what I put into it.
For a student who is working even a part-time job (and probably working full-time in the summer), and possibly living at home, I don't think even $15K/year will put too undue a burden on them. I do think it should be nearly free - but it's not, and this is the system we have. |
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JZer
Joined: 16 Jan 2005
Posts: 3898
Location: Pittsburgh
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| Posted: Thu Aug 13, 2009 3:54 am Post subject: |
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| Quote: |
| As I've said, I understand that the system is broken in so many ways; personally, I think much of higher ed in this country (the US) is a horrible racket. But, at least to my thinking, taking money one has no intention of paying back, or deciding along the way that one has changed one's mind and does not want to pay it back, is hardly the "moral" (yes, that word again) thing to do. |
Humm, this question of morally correct or not is complicated. One might ask if it is moral to loan people a lot of money that they might not be able to pay back?
Furthermore, the money being loaned by the government is not real money. Not to mention that the government has already calculated that a certain percentage of the students will not pay back their loans. |
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denise
Joined: 23 Apr 2003
Posts: 3419
Location: finally home-ish
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| Posted: Thu Aug 13, 2009 5:25 am Post subject: |
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Wow, what is going on?!? I wish I could remember that other thread, because I think it actually had practical, concrete suggestions, without the moralizing and blame that is going on here. 
d |
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Never Ceased To Be Amazed
Joined: 22 Oct 2004
Posts: 3500
Location: Shhh...don't talk to me...I'm playin' dead...
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| Posted: Thu Aug 13, 2009 6:20 am Post subject: |
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| jr1965 wrote: |
...but your credit will suffer in a big way, which will make it very difficult to rent an apartment, etc.
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jr: I appreciate your input and warning. However, it's an urban myth...for the long run, at least. I was under the same impression when I went to purchase my home in 2004...jes' 10 years past the time that I told the Wachovia person to go to hell over the non-production of receipts.
I had even prepared my real estate agent for the really, really bad news...something I really didn't want to talk about. Imagine my surprise when my credit score came out to be 729! AND, I qualified to receive a "no doc" loan (since paid off...I do pay off loans when receipts are provided and they are properly serviced!). This was probably due to the fact that I made a downpayment of 80% of the property's value...not the 0-10% down that, guess who, the under-regulated banks which drove so many folk into foreclosure in this on-going crisis required the vast majority trying to acquire the American Dream.
Later, it was revealed to me that defaulted loans are looked upon just like bankruptsies (sic.) and just like them are wiped off of your record after 7 years.
Sure, the collection agencies take a look-see every now and again at my credit record...note that I pay off all of my cards monthly and have no detrimental information, and go their merry way.
Again, as always, show me the money (that I paid)...and I'll pay the difference.
NCTBA |
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jr1965
Joined: 09 Jul 2004
Posts: 175
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| Posted: Thu Aug 13, 2009 3:29 pm Post subject: |
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NCTBA:
Ok, I hear you, but I wasn�t� talking about the long term and waiting 7+ years for your credit history to clear. I stand by what I said: In the �short� term your credit will suffer and if you�re coming back (as I did) to a rental market in a major US city that is very competitive (and expensive!) landlords will do a credit check before they rent to you. Are there ways around this? Sure. Maybe you can live with roommates who have the rental agreement under their names only. Maybe you can live with family. Maybe you can live in a small town, or maybe you can buy your own place with 80% down. Those weren�t really options for me when I came back to the US � the first time after 10 years abroad and the second time after 3. BTW, I was 20K in the hole after my grad studies were done.
I hear what you & others are saying about the banks and other lenders, though. A lot of them are predators going after those who are naive and/or in greatest need. It sucks. But there are organizations here that will help you deal with the lenders (if you so choose) and can even have some of the loan & interest �forgiven.� |
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Sugar Magnolia
Joined: 14 Oct 2008
Posts: 233
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| Posted: Fri Aug 14, 2009 6:40 am Post subject: |
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NCTBA,
Are you sure about this - "Later, it was revealed to me that defaulted loans are looked upon just like bankruptsies (sic.) and just like them are wiped off of your record after 7 years." ??
Are these student loans you are typing about? |
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Never Ceased To Be Amazed
Joined: 22 Oct 2004
Posts: 3500
Location: Shhh...don't talk to me...I'm playin' dead...
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| Posted: Fri Aug 14, 2009 8:09 pm Post subject: |
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| jr1965 wrote: |
NCTBA:
Ok, I hear you, but I wasn�t� talking about the long term and waiting 7+ years for your credit history to clear. I stand by what I said: In the �short� term your credit will suffer and if you�re coming back (as I did) to a rental market in a major US city that is very competitive (and expensive!) landlords will do a credit check before they rent to you.
Yes, you were talking short-term and I was talking long-term. I guess my message was "don't despair, with time, this, too, shall pass". Anyone with a vested interest in separating you from your money will try to convince you that this is a black mark forever. Understand, I DON'T advocate NOT paying student loans. I've stated plenty times in this thread that I perfer to pay. I simply won't knuckle under to thug tactics. I think that the bank's attitudes may have mollified now that they know that they're not infallible.
Are there ways around this? Sure. Maybe you can live with roommates who have the rental agreement under their names only. Maybe you can live with family. Maybe you can live in a small town, or maybe you can buy your own place with 80% down. Those weren�t really options for me when I came back to the US � the first time after 10 years abroad and the second time after 3. BTW, I was 20K in the hole after my grad studies were done.
I wouldn't know, I didn't return until I had saved up a mint. Might you not get a guarantor?
I hear what you & others are saying about the banks and other lenders, though. A lot of them are predators going after those who are naive and/or in greatest need. It sucks. But there are organizations here that will help you deal with the lenders (if you so choose) and can even have some of the loan & interest �forgiven.� |
NCTBA |
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Never Ceased To Be Amazed
Joined: 22 Oct 2004
Posts: 3500
Location: Shhh...don't talk to me...I'm playin' dead...
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| Posted: Fri Aug 14, 2009 8:45 pm Post subject: |
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| Sugar Magnolia wrote: |
NCTBA,
Are you sure about this - "Later, it was revealed to me that defaulted loans are looked upon just like bankruptsies (sic.) and just like them are wiped off of your record after 7 years." ??
Are these student loans you are typing about? |
Yes. This is what I was told after expressing disbelief to the extremely good score that I had acquired. But remember, credit scores are determined on the overall behavior of someone who utilizes credit. I don't know the mechanics, but after years and years of charging on credit cards and such and being on auto-pay where the debt is eliminated every month seems to lead to a fine credit rating.
Funnily enough, I have had credit cards companies unilaterially close out my accounts as, obviously, they look for those who don't have the capacity to pay month after month never accruing any interest on said cards. To those companies that use that model, I am dead-weight on their ledgers.
NCTBA |
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Nmarie
Joined: 07 Jun 2006
Posts: 85
Location: Paris
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| Posted: Sun Aug 16, 2009 4:52 pm Post subject: |
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| Wait. Let's back up to the beginning... What's wrong with keeping lenders up to date with your foreign address? I have virtually no mail going to the US anymore, save for the rare event like DMV renewals. |
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leez
Joined: 05 Jun 2009
Posts: 115
Location: wait until next week...yes, of course the embassy is closed on monday!
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| Posted: Sun Aug 16, 2009 8:46 pm Post subject: |
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| Never Ceased To Be Amazed wrote: |
I live a better life teaching abroad than I ever would have slaveing away in the US and don't have to consider the fact that if I paid taxes, I would be supporting a war that I totally disagree with.
NCTBA |
hi ya,
this has all been great info on the relationship between passports and school loans, though a perfect example of responses due to not stating an entirely clear question in its entirety.
if i need to start a thread under a different topic name, someone please tell me and i will change directions...
what i picked up on from NCTBA's post was not paying taxes (which i equate to not filing a tax return). it was this (lack of) action coupled with student loans that have been purchased by the dept of education, that made me think about cross-referenced info that might end up on a state dept red alert file.
anyone want to send a pm regarding elimination of annual filing and consequences thereof, please feel free!
leezer
xo
ps. nctba, no worries. armed with partial intelligence, my vivid imagination fills in the blanks...not good or bad just, er, different!
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