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PatrickGHBusan
Joined: 24 Jun 2008
Location: Busan (1997-2008) Canada 2008 -
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 Posted: Mon Jan 11, 2010 5:44 am Post subject: |
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| Moldy Rutabaga wrote: |
If we are not willing to accept abstract moral arguments for paying back student loans -- rightness or wrongness -- what about the practical consequences of not paying back student loans?
1. You can be thirty with a terrible or no credit rating back home if you choose to return.
2. Your refusing to pay your loans will make things harder in the future for younger students beginning university.
3. What do you intend to tell friends and relatives back home when they ask you why you're not repaying the loan that they paid for with their taxes? |
+1 on this and +3 on the moralily issue.
You contracted a loan...you CHOSE to go to University. So you are EXPECTED to pay back the loan...thats called adult life in the real world.
In Asian you can pay this back in 3-4 years if you buck down.
Not paying it back is both immature and woefully short sighted. You will ruin your credit (do you even understand what that means financially over the long run) and may have a criminal record (defaulting on a 60 000 loan will not just go away because you hied your head in the sand).
If the OP is in his 20s now he may think his credit is no big deal..when he reaches his 30s and 40s and if he returns to Canada and wants simple things like Credit cards, a car loan or a morgage...guess what: DENIED or heavy conditions imposed. Does the OP realize how hard that can be?
The last point that needs to be made is that people who default make it harder on those that apply for loans later. The rules get stricter, the rescrictions more numerous....
Basically man up or woman up and pay back the loan you took out. |
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Julius
Joined: 27 Jul 2006
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| Posted: Mon Jan 11, 2010 6:34 am Post subject: |
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| PatrickGHBusan wrote: |
| and may have a criminal record . |
I'm fairly sure its a civil offence...not criminal.
I think for it to be classed as criminal, it has to come under fraud. Thus it will damage your credit rating but not appear on any criminal database.. as far as I know. For it to be fraud, I think has to entail theft off individuals and intentional deception. For the OP's creditors to make that case would be expensive litigation and I'm not sure they would bother, especially if they thought he was out of country.
btw, anyone here remember Azil Nadir?
Fled the UK owing 34M pounds sterling. (There is no extradition treaty with Turkish Northern Cyprus.)
http://en.wikipedia.org/wiki/Asil_Nadir |
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peppermint
Joined: 13 May 2003
Location: traversing the minefields of caddishness.
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| Posted: Mon Jan 11, 2010 7:09 am Post subject: |
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| morrisonhotel wrote: |
Surely a lot of the blame can be left at the door of the individual universities as well? To my mind, no degree is worth getting in to the level of debt that some posters on here have gotten in to. |
I'd guess the bulk of that 60K is not tuition or textbooks but rent and living expenses while the OP was in school. I'm looking at graduate school in Canada right now, and the most expensive program that I'm applying to is about 7,000/ year for tuition, the lowest is about 2500/ year. |
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PatrickGHBusan
Joined: 24 Jun 2008
Location: Busan (1997-2008) Canada 2008 -
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| Posted: Mon Jan 11, 2010 8:07 am Post subject: |
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Youn are right Julius. Not criminal but rather civil. My mistake.
The OPs credit will still be ruined and I am amazed people cannot fathom how toxic this can be for his future. |
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D.D.
Joined: 29 May 2008
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| Posted: Mon Jan 11, 2010 12:02 pm Post subject: |
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| PatrickGHBusan wrote: |
Youn are right Julius. Not criminal but rather civil. My mistake.
The OPs credit will still be ruined and I am amazed people cannot fathom how toxic this can be for his future. |
I am amazed that people are such slaves to the system that they think a bad credit score will be toxic to their future. News for you my friend is that the whole monetary system will probably crash very soon. All those suckers that bought into the system of work now and enjoy later are up for a rude awakening. |
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Dude Ranch
Joined: 04 Nov 2008
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| Posted: Mon Jan 11, 2010 3:12 pm Post subject: |
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| conrad2 wrote: |
| As an American tax payer, I have tried to lobby my governmental representatives to spend tax dollars on things such as health care, education (including college fees) and other things that would benefit the little guy. Instead my government chooses to spend money on unnecessary wars and bailing out Wall Street. There is nothing I can do to change this. If I still had outstanding student loans from the government, I would feel no guilt in not paying them back given the current state of the US government. |
How about the government just not spend all this money and instead give it back to the taxpayer and allow them to decide how to spend it?
The ONLY real stimulus is to cut taxes and government spending and get the government out of the way so the free market can make a recovery. Unfortunately, everything that Bush/Obama have done has just dug them into a deeper hole than they already were in. |
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bassexpander
Joined: 13 Sep 2007
Location: Someplace you'd rather be.
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| Posted: Mon Jan 11, 2010 5:27 pm Post subject: |
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Wish I could have invested all college money and just found some labor job. Wonder how much I would have now after interest?
Knew a guy who used college
loans to buy a franchise restaurant/bar. After 2 years he had 3. He was 25. He also bought some old downtown buildings for a song. Wonder how it turned out for him? |
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Dude Ranch
Joined: 04 Nov 2008
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| Posted: Mon Jan 11, 2010 6:01 pm Post subject: |
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| bassexpander wrote: |
Wish I could have invested all college money and just found some labor job. Wonder how much I would have now after interest?
Knew a guy who used college
loans to buy a franchise restaurant/bar. After 2 years he had 3. He was 25. He also bought some old downtown buildings for a song. Wonder how it turned out for him? |
Sounds like an interesting plan.
Only thing I could think of is that the restaurant business is extremely risky. The average lifespan of a restaurant is only three years. Not to mention the extremely low profit margins once expenditures are paid for. Also, managers of restaurants usually have to spend a lot of their time in the restaurant actually managing, requiring a lot on their part. Its not like other business where the manager can manager from afar. This one they really have to be involved. So your buddy would be working damn hard, at least in the beginning.
I hope it has worked out for him. As for bar management I don't know too much about. I just know one piece of advice my father gave me was never go into the restaurant business. |
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Moldy Rutabaga
Joined: 01 Jul 2003
Location: Ansan, Korea
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| Posted: Mon Jan 11, 2010 9:00 pm Post subject: |
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| Quote: |
| I'd guess the bulk of that 60K is not tuition or textbooks but rent and living expenses while the OP was in school. I'm looking at graduate school in Canada right now, and the most expensive program that I'm applying to is about 7,000/ year for tuition, the lowest is about 2500/ year. |
Yes, very much so. Because I was in university for so long and had such an unclear idea of what I was doing, I ran up to about $60,000 after many years of living in dormitory or in cheapie housing. These are costs you might build into your estimates, Peppermint. A big city university might have good tuition costs but fiendish living costs. Did you give up on the US universities?
I'm not judging people who take student loans and start restaurants or businesses, but I don't know how they did it! When I was a student in Canada I dropped out of a program and the government wanted the money back, tout suite. The universities must report these things or I suspect many people would take out such loans. |
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Pa Jan Jo A Hamnida
Joined: 27 Oct 2006
Location: Not Korea
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| Posted: Mon Jan 11, 2010 9:42 pm Post subject: |
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| Hmm... a lot of coasters are revealing themselves. |
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madoka
Joined: 27 Mar 2008
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| Posted: Tue Jan 12, 2010 12:01 am Post subject: |
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| bassexpander wrote: |
| Wish I could have invested all college money and just found some labor job. Wonder how much I would have now after interest? |
Your investments would likely have been wiped out by the recent recession and you'd be left wondering why you didn't go to college instead of working for $10 per hour at some unskilled manual labor job. |
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peppermint
Joined: 13 May 2003
Location: traversing the minefields of caddishness.
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| Posted: Tue Jan 12, 2010 3:49 am Post subject: |
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| Moldy Rutabaga wrote: |
| Quote: |
| I'd guess the bulk of that 60K is not tuition or textbooks but rent and living expenses while the OP was in school. I'm looking at graduate school in Canada right now, and the most expensive program that I'm applying to is about 7,000/ year for tuition, the lowest is about 2500/ year. |
Yes, very much so. Because I was in university for so long and had such an unclear idea of what I was doing, I ran up to about $60,000 after many years of living in dormitory or in cheapie housing. These are costs you might build into your estimates, Peppermint. A big city university might have good tuition costs but fiendish living costs. Did you give up on the US universities?
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The most expensive school is U of T, but I have a friend living across the street from there who said she wouldn't mind a roommate. The lowest price school, looks like the best program and it has an option where I can get it done in a year- if I'm willing to work my tail off for it.
I did a little digging, and it seems like the Canuck programs are slightly better regarded than the American ones, and so much cheaper, at least for what I want to study, but if I'm not accepted this year, maybe I'll consider them. |
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Julius
Joined: 27 Jul 2006
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| Posted: Tue Jan 12, 2010 4:19 am Post subject: |
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A lot of really successful people don't bother with expensive qualifications. They just get up and do what they want to do and cut out the middleman. You'll find this from tycoons to wealthy industrialists. it starts with an idea and some guts to try.
Fact is if you can produce something that sells,if you are set on pursuing your goals.. then you don't need a piece of paper.
Universities nowadays make fortunes selling the idea that a certificate is a meal ticket. |
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Moldy Rutabaga
Joined: 01 Jul 2003
Location: Ansan, Korea
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| Posted: Tue Jan 12, 2010 4:33 am Post subject: |
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| Quote: |
A lot of really successful people don't bother with expensive qualifications. They just get up and do what they want to do and cut out the middleman. You'll find this from tycoons to wealthy industrialists. it starts with an idea and some guts to try.
Fact is if you can produce something that sells,if you are set on pursuing your goals.. then you don't need a piece of paper.
Universities nowadays make fortunes selling the idea that a certificate is a meal ticket. |
I agree that for many people this sort of ambition is more important than formal qualifications, particularly in business.
As for surgeons, civil engineers, and professors, I will prefer they have that piece of paper! |
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PatrickGHBusan
Joined: 24 Jun 2008
Location: Busan (1997-2008) Canada 2008 -
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| Posted: Tue Jan 12, 2010 5:06 am Post subject: |
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| I am amazed that people are such slaves to the system that they think a bad credit score will be toxic to their future. News for you my friend is that the whole monetary system will probably crash very soon. All those suckers that bought into the system of work now and enjoy later are up for a rude awakening. |
Of course...you are right that will happen and you are the first to claim the end of the system...no one ever did that before to dance away from the real issue.
Since its the end of the system DD...send me all your money...you won't need it in this new system. |
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