Do you have to pay back school loans?

[mmm]

If you don't pay back loans for a university you dropped out of, does that affect your employability with truck companies? Perhaps just for the more high paying companies like tanker?

 

[patriciajnsn]

Thank you for thouroughally answering my question.I got a student loan when I went to colleges for my CDL and I started paying that back immediately starting with my unemployment checks.It was like a 2 yr loan at $25.00 a month and never did I skip a month.Some months I even doubled up on the payments to get it paid off sooner.They liked that i'm sure.But another reason I doubled up is incase I forgot to pay .Same with my 5 yr car loan.Never missed a payment there eitherI partied when I finally got that car paid off and the title in my hands.

i would imagine the length of time that had passed on by since his/her enrollment. even though my school(s) were not colleges, there was a time frame to not have to pay back. for instance, the first week, you do not pay. the second week you pay a percentage. by about past the half way point, you pay it all.

if a student loan was taken for his/her education, then there will be some sort of "time frame" for repayment of monies due.

 

[patriciajnsn]

Well that guy should have dropped out before the grace period was over.It's his own fault.

Most colleges have kinda of a grace period. Usually you can drop within the first week or so without penalty. Farther along you might have to pay a portion of the tuition, and after a deadline you will owe the entire amount whether you complete it or not.

 

[GAnthony]

did you have a co signer for your loans?

btw you can't run from student loans
bankruptcy won't work
also they can garnish your wages
and sue your behind
the lenders like sallie mae etc
hope you can't pay your loans
the make a killing on penalties etc

ah yes...the unseen co-signer.....

if this o/p had indeed a co-signer, then the co-singer WILL BE 1000% responsible for the loan, and if that co-signer is in hardship now due to money they owe to THEIR LENDERS they will be buried alive on the skip out o/p....

i cannot believe any co-signer will ever trust the o/p ever again, like this time going to trucking school and need a loan for that.....otherwise, that would be one dumb sonofabiotch co-signer...!!!

 

[BillyBad]

student loans through the likes of Salley May and others a guarantee loans via by the federal government. THERE IS NO GETTING OUT OF REPAYING THEM! they will haunt you until they get it all back plus interest on top of the LOW INTEREST you already received. your wages will be garnished and if you get ANY state or federal income tax $ coming back kiss that goodbye too.
you can't file bankrupt on them either.... YOU OWE THE GOVERNMENT MONEY AND THEY WILL GET IT ONE WAY OR ANOTHER!!!
it be easier just to fulfill your obligation.... no matter how much it hurts.

 

[Racer X 69]

Sure, you can get out of paying back a loan. Die. They can't take money from a dead man, can they?

 

[Rigjockey]

Sure, you can get out of paying back a loan. Die. They can't take money from a dead man, can they?

They can go after your estate.

 

[patriciajnsn]

People that get loans should make sure they'll be able to pay it back or don't get a loan.I would never borrow any money or get anything on credit unless I can pay it back and ppl with poor credit should'nt even think twice about a loan.You could'nt pay off your other debts what makes you think you can pay off this one.Does schools look at your credit rating before giving you a student loan????????????

 

[smokestack]

how do you know you will not be able to pay back a loan?
2 years ago if i told you i was going to be a teacher or a cop
you would think it was a good bet to repay a loan
fast forward to present
those 2 jobs are hard to find
where does a senior in hs get a credit rating?

 

[patriciajnsn]

I guess the point i'm trying to make is if you can't afford a month payment you make sure to tell the loan dept right away,not wait till they come after you.That's not good business relation.Also none the less,you get a student loan it's only fair that you pay it back,not just ignore it.

 

[Road Dust]

One doesn't always know they will not be able to pay back a loan. Even if there are good intentions, S##t happens. On the other hand, government guaranteed student loans will work with a student who is unable to pay. There are enough deferments and forbearances that one can postpone repayment for years after attending school. Just need to complete the appropriate paperwork.

 

[BillyBad]

i guess its just a moral thing. i wouldnt want a fed guaranteed student loan hanging over my head fro years. even if you did fill all the paperwork out to postpone payments (but pay interest) it will still be on your credit record of having such a loan for so long and will hurt you in the longrun.
best is to pay off asap. get two jobs, three jobs! do everything one can to get out of debt period! just putting it off is just making a bigger mess.
sometimes people need to do things they dont want to in order to get the debt monkey off their back. just depends how much people dont care about the dark cloud looming over their head...

 

[Road Dust]

i guess its just a moral thing. i wouldnt want a fed guaranteed student loan hanging over my head fro years. even if you did fill all the paperwork out to postpone payments (but pay interest) it will still be on your credit record of having such a loan for so long and will hurt you in the longrun.
best is to pay off asap. get two jobs, three jobs! do everything one can to get out of debt period! just putting it off is just making a bigger mess.
sometimes people need to do things they dont want to in order to get the debt monkey off their back. just depends how much people dont care about the dark cloud looming over their head...

I was talking about deferment as a last resort. Obviously it is not the best option, but it is better than default. Not everyone can work 2 or 3 jobs, especially if they are in poor health or have young children at home.

 

[smokestack]

tough call
people coming out of college are looking for jobs in their field
and hopefully make some decent money as time goes by
deferments are on the rise because a lot of companies are
using college grad as"interns" who work for free
as far as 2 or 3 jobs new col grad is at disadvantage because the employer knows he will leave
the minute something in his field opens up

Then almost overnight
any job that can be done at a desk or at a computer
can be done off shore
tough times for student loans

I should know
I have one son who just completed his Masters Degree in Music
one just finishing his 3rd year physics
who is already shopping for graduate school
their loans together equal about 40 million dollars


not a pretty picture
you might have 3 different loan sources in a year
fed backed loans then private to cover the balance
so in 4 years you may have 12 loans
who each is its own entity
like after 6 months you have to start paying off 12 credit cards
it could be over 1000-1500 a month
so now you have to get a consolidation loan
but you don't have a job
and you want to borrow $70,000 or more
good luck

a lot of private loans like Sallie Mae require you pay interest
every month from the start of the loan
so freshman year is 125 a month no blg deal
soph loan is 125 a month also thats 250 a month
junior year loan 3 another 125 375 per month
senior year your shelling out 600 a month
when you are supposed to be studying your field
your selling lattes in starbucks

 

[Sinister]

I can't believe this went 4 pages already.

Try this:

a LOAN is something you have to pay back.

a GRANT is not.

When in doubt get a CDL.

End of story.

 

[Racer X 69]

They can go after your estate.

Only if you leave something behind.

 

[patriciajnsn]

I think depending what it is,they won't take you for everything you got if you don't pay back your loan but will put u in the bad credit rating.Anyone who gets a loan and cannot pay it back right away,the least you could do is call the loan company up and tell them.They can work with you.Ilook at it this way,if they can afford to go out and party,maybe shopping whatever then they can afford to pay back loans.

 

[Road Dust]

Federally guaranteed student loans will take everything but your soul if you default. They will garnish your wages if you work, take your social security when you get old, and harass you everyday of your life. You can't file bankruptcy unless your loan has been in default something like 12 years, and only then if a judge determines it would be a significant hardship to make payments.

Also, not everyone in college is a traditional college aged student.

 

[patriciajnsn]

I'm not doubting your word but how do you know all this?????????????????? Has this happen to someone you know??????????/

Federally guaranteed student loans will take everything but your soul if you default. They will garnish your wages if you work, take your social security when you get old, and harass you everyday of your life. You can't file bankruptcy unless your loan has been in default something like 12 years, and only then if a judge determines it would be a significant hardship to make payments.

Also, not everyone in college is a traditional college aged student.

 

[Road Dust]

I'm not doubting your word but how do you know all this?????????????????? Has this happen to someone you know??????????/

Yes Patricia, I have student loans, and I have researched all options thoroughly.

 

[Racer X 69]

Also, not everyone in college is a traditional college aged student.

So true. I have been back to institutions of higher learning several times, community college and university.

I'm not doubting your word but how do you know all this?????????????????? Has this happen to someone you know??????????/

PJ information regarding obligations with respect to student loans is freely available on the internet. Student loans are not a dis-chargeable financial obligation.