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InvisibleRockyRaccoon
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Registered: 06/17/13
Posts: 4,645
Loc: tromaville
Student Loan Issues
    #23490419 - 07/29/16 08:52 PM (7 years, 5 months ago)

I have about $7000 worth of student loans. I have recently started paying it all back, and filled out the form necessary for the government to choose a payment amount for me based on my income and monthly expenses.

Their response to me (after I filled out the expenses form) states that if I make 9 monthly payments, my monthly payment amount may substantially increase... I am supposed to return the form with my signature agreeing to the terms... But I don't agree with them!

My payment is already $150 per month... A substantial increase could really hurt me, as I am not a rich man or even close. My job does not pay that much.


What can I do to pay back my loans without agreeing to the terms and getting my wages garnished?

Any help will be greatly appreciated.

-RR


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Invisibledemiu5
humans, lol
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Registered: 08/18/05
Posts: 43,948
Loc: the popcorn stadium Flag
Re: Student Loan Issues [Re: RockyRaccoon]
    #23490434 - 07/29/16 08:59 PM (7 years, 5 months ago)

Quote:

RockyRaccoon said:
I have about $7000 worth of student loans. I have recently started paying it all back, and filled out the form necessary for the government to choose a payment amount for me based on my income and monthly expenses.

Their response to me (after I filled out the expenses form) states that if I make 9 monthly payments, my monthly payment amount may substantially increase... I am supposed to return the form with my signature agreeing to the terms... But I don't agree with them!

My payment is already $150 per month... A substantial increase could really hurt me, as I am not a rich man or even close. My job does not pay that much.


What can I do to pay back my loans without agreeing to the terms and getting my wages garnished?

Any help will be greatly appreciated.

-RR







legitimate question....is it too late to just default?  and are you young enough to bounce back from that kind of a hit to your credit?  is it 7k in principle, or principle + interest combined?


--------------------
channel your inner Larry David


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InvisibleRockyRaccoon
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Registered: 06/17/13
Posts: 4,645
Loc: tromaville
Re: Student Loan Issues [Re: demiu5]
    #23490459 - 07/29/16 09:10 PM (7 years, 5 months ago)

7K includes everything. And this "agreement" they sent me is to rehabilitate my loans. I dropped out of school in 2013 and have just started to make efforts to pay it back.


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Invisibledemiu5
humans, lol
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Registered: 08/18/05
Posts: 43,948
Loc: the popcorn stadium Flag
Re: Student Loan Issues [Re: RockyRaccoon]
    #23490475 - 07/29/16 09:16 PM (7 years, 5 months ago)

Quote:

RockyRaccoon said:
7K includes everything. And this "agreement" they sent me is to rehabilitate my loans. I dropped out of school in 2013 and have just started to make efforts to pay it back.





i doubt many people here would agree with this, especially of the older generation whose degrees actually help make them money and weren't repeatedly lied to about job markets....but i say tell them to fuck off.  don't pay a dime.  if you think you can recover, credit-wise, from that hit, i say fuck em


the higher-education system of the last 8-15 years has been nothing but an economic trap in the form of an overpriced, high-interest rate day care


--------------------
channel your inner Larry David


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InvisibleRockyRaccoon
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Registered: 06/17/13
Posts: 4,645
Loc: tromaville
Re: Student Loan Issues [Re: demiu5]
    #23490480 - 07/29/16 09:19 PM (7 years, 5 months ago)

Quote:

demiu5 said:
Quote:

RockyRaccoon said:
7K includes everything. And this "agreement" they sent me is to rehabilitate my loans. I dropped out of school in 2013 and have just started to make efforts to pay it back.





i doubt many people here would agree with this, especially of the older generation whose degrees actually help make them money and weren't repeatedly lied to about job markets....but i say tell them to fuck off.  don't pay a dime.  if you think you can recover, credit-wise, from that hit, i say fuck em


the higher-education system of the last 8-15 years has been nothing but an economic trap in the form of an overpriced, high-interest rate day care





I agree with you, and have shared the same attitude for a long time. However, I have an on the books job, and the government will slay my wages if I tell them to fuck off/ don't pay.

Edit: Also, my credit will stay shitty if I don't pay... As far as I know anyway.


Edited by RockyRaccoon (07/29/16 09:20 PM)


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Invisibledemiu5
humans, lol
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Registered: 08/18/05
Posts: 43,948
Loc: the popcorn stadium Flag
Re: Student Loan Issues [Re: RockyRaccoon]
    #23490514 - 07/29/16 09:34 PM (7 years, 5 months ago)

you can always rebuild credit, over time


this is the first i've heard of them garnishing wages for student loans...certainly doesn't mean it isn't happening, though



ultimately, you'll probably have to bit the bullet and pay them back.  just be glad it's only 7k total, and not 40k + interest




might be worth a couple hundred bucks to talk to a debt consultant


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InvisibleRockyRaccoon
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Registered: 06/17/13
Posts: 4,645
Loc: tromaville
Re: Student Loan Issues [Re: demiu5]
    #23490537 - 07/29/16 09:39 PM (7 years, 5 months ago)

Quote:

demiu5 said:
you can always rebuild credit, over time


this is the first i've heard of them garnishing wages for student loans...certainly doesn't mean it isn't happening, though



ultimately, you'll probably have to bit the bullet and pay them back.  just be glad it's only 7k total, and not 40k + interest




might be worth a couple hundred bucks to talk to a debt consultant





They state right in the form that they can garnish my wages until i've made 5 monthly on time payments... So even in the beginning stages of my "loan rehabilitation" they can garnish my wages. And after 9 months of on time payments, when my loans are "rehabilitated" i'll have to pay even more money per month!

The moral of the story is... The government is made up of sneaky, pencil pushing liars/thieves.


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Offlinebushsucks
Stranger
Registered: 10/04/04
Posts: 5
Last seen: 7 years, 5 months
Re: Student Loan Issues [Re: RockyRaccoon]
    #23490579 - 07/29/16 09:56 PM (7 years, 5 months ago)

I had a post a response to this. Don't just not pay whatever you are paying. Student loans are not dischargeable in bankruptcy. If you go into default the lender can garnish your wages and bank account.They don't even have to get a judgment against you to garnish either. They can also intercept your taxes. I was in similar circumstances a few years back and got $4500 tax return taken.Once I got thru the 9 months my payment (after intercept) went from $50 to $213 a month. However I owed $26k. Hopefully with $7k it won't go up that much. If you look on the Department of Education website it can give u more info on the income guidelines.


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InvisibleKush_Zombie
smug piece of shit
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Registered: 10/22/14
Posts: 4,793
Re: Student Loan Issues [Re: bushsucks]
    #23490585 - 07/29/16 09:57 PM (7 years, 5 months ago)

This is the exact reason I decided not to go to college :nonono:

I'm sorry about the debt man, big brother is a dick.


--------------------
How to get started in bulk:
Presto 23-Quart Pressure Cooker
BOD's Simple as FUCK Still Air Box
PastyWhyte's Easy Agar Tek
Munchauzen's Cultivation Video Series
How EvilMushroom666 Prepares His Grains (I use jars with Synthetic Filter Discs)
What is G2G? (Grain-to-Grain)
Damion5050's Coir Tek (I use 5.5 - 6 quarts of water instead of 4. Also ignore step 13 and ignore the monotub completely. The only purpose of this tek is to show you how to make a simple substrate. I also add gypsum to it but not necessary)
Spitball's Monotub Tek (A liner isn't necessary but is useful)
Use 6500k lights throughout the whole process. When you wake up, turn the light on. When you go to sleep turn the light off. It's as simple as that.


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InvisibleRockyRaccoon
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Registered: 06/17/13
Posts: 4,645
Loc: tromaville
Re: Student Loan Issues [Re: Kush_Zombie]
    #23490591 - 07/29/16 09:59 PM (7 years, 5 months ago)

Quote:

bushsucks said:
I had a post a response to this. Don't just not pay whatever you are paying. Student loans are not dischargeable in bankruptcy. If you go into default the lender can garnish your wages and bank account.They don't even have to get a judgment against you to garnish either. They can also intercept your taxes. I was in similar circumstances a few years back and got $4500 tax return taken.Once I got thru the 9 months my payment (after intercept) went from $50 to $213 a month. However I owed $26k. Hopefully with $7k it won't go up that much. If you look on the Department of Education website it can give u more info on the income guidelines.





Wow. You've been a member since '04 and have only posted 7 times. I feel lucky to be one of the responses!

Anyways, basically i'm screwed if I pay... and if I don't pay.
Quote:



Kush_Zombie said:
This is the exact reason I decided not to go to college :nonono:

I'm sorry about the debt man, big brother is a dick.




You are smart. I completely regret that stint in college now.


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InvisibleMojo
Stranger

Registered: 07/12/07
Posts: 1,676
Re: Student Loan Issues [Re: RockyRaccoon]
    #23492184 - 07/30/16 10:28 AM (7 years, 5 months ago)

You cant walk away from this type of loan, unfortunately.

Is it all one loan?  If money is tight you could try to refinance the loan, I think 10yr terms are fairly common with student loans; this should cost you considerably less than $150/month, but will naturally cost you more over the life of the loan.  When you start making more money you can rapidly pay it down...

While the above may be an option, If it were me, I would buckle down and get the loan paid off as soon as possible.  In fact, that is exactly what I did with my student loans.  But if that is truly not an option, call your loan servicer and see if they have refinance options, if not, look for a third party that may be able to help you get that done.


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InvisibleRockyRaccoon
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Registered: 06/17/13
Posts: 4,645
Loc: tromaville
Re: Student Loan Issues [Re: Mojo]
    #23492368 - 07/30/16 11:44 AM (7 years, 5 months ago)

Quote:

Mojo said:
You cant walk away from this type of loan, unfortunately.

Is it all one loan?  If money is tight you could try to refinance the loan, I think 10yr terms are fairly common with student loans; this should cost you considerably less than $150/month, but will naturally cost you more over the life of the loan.  When you start making more money you can rapidly pay it down...

While the above may be an option, If it were me, I would buckle down and get the loan paid off as soon as possible.  In fact, that is exactly what I did with my student loans.  But if that is truly not an option, call your loan servicer and see if they have refinance options, if not, look for a third party that may be able to help you get that done.





It is 7K split between 3 loans. And I think looking for 3rd party help may be  necessary.


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OfflineBrian Jones
Club 27
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Registered: 12/18/12
Posts: 12,342
Loc: attending Snake Church
Last seen: 13 hours, 31 minutes
Re: Student Loan Issues [Re: RockyRaccoon]
    #23492480 - 07/30/16 12:32 PM (7 years, 5 months ago)

Bankruptcy has no effect on student loans or child support. Apparently you can pay student loans off slow and they are forgiven after 30 years (some new Obama thing) but you are still liable for all interest.


--------------------
"The Rolling Stones will break up over Brian Jones' dead body"    John Lennon

I don't want no commies in my car. No Christians either.

The worst thing about corruption is that it works so well,


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InvisibleMojo
Stranger

Registered: 07/12/07
Posts: 1,676
Re: Student Loan Issues [Re: RockyRaccoon]
    #23492817 - 07/30/16 02:49 PM (7 years, 5 months ago)

Quote:

RockyRaccoon said:

It is 7K split between 3 loans. And I think looking for 3rd party help may be  necessary.




This is good!  It opens you up to loan consolidation services.  You can probably consolidate your loans into a single loan with a 10yr term and a fairly low fixed interest rate.


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InvisibleRockyRaccoon
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Registered: 06/17/13
Posts: 4,645
Loc: tromaville
Re: Student Loan Issues [Re: Mojo]
    #23492860 - 07/30/16 03:11 PM (7 years, 5 months ago)

Quote:

Mojo said:
Quote:

RockyRaccoon said:

It is 7K split between 3 loans. And I think looking for 3rd party help may be  necessary.




This is good!  It opens you up to loan consolidation services.  You can probably consolidate your loans into a single loan with a 10yr term and a fairly low fixed interest rate.





Well thanks for the advice. I will start trying to set up some things asap.


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InvisibleLunarEclipse
Enlil's Official Story
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Registered: 10/31/04
Posts: 21,407
Loc: Building 7
Re: Student Loan Issues [Re: RockyRaccoon]
    #23493357 - 07/30/16 06:22 PM (7 years, 5 months ago)

Quote:

RockyRaccoon said:
Quote:

Mojo said:
Quote:

RockyRaccoon said:

It is 7K split between 3 loans. And I think looking for 3rd party help may be  necessary.




This is good!  It opens you up to loan consolidation services.  You can probably consolidate your loans into a single loan with a 10yr term and a fairly low fixed interest rate.





Well thanks for the advice. I will start trying to set up some things asap.




So, if on time on your loan for more than 5 months, and they start garnishing wages?  Friendly debt collectors, eh?



--------------------
Anxiety is what you make it.


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Offlinebushsucks
Stranger
Registered: 10/04/04
Posts: 5
Last seen: 7 years, 5 months
Re: Student Loan Issues [Re: Mojo]
    #23493746 - 07/30/16 08:41 PM (7 years, 5 months ago)

Yeah I don't logon much. Didn't want a fellow shroomerite to not be informed. Good luck man.


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InvisibleKush_Zombie
smug piece of shit
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Registered: 10/22/14
Posts: 4,793
Re: Student Loan Issues [Re: bushsucks] * 1
    #23493754 - 07/30/16 08:43 PM (7 years, 5 months ago)

This dude is like a genie and Rocky found the lamp. See you in a couple years man.


--------------------
How to get started in bulk:
Presto 23-Quart Pressure Cooker
BOD's Simple as FUCK Still Air Box
PastyWhyte's Easy Agar Tek
Munchauzen's Cultivation Video Series
How EvilMushroom666 Prepares His Grains (I use jars with Synthetic Filter Discs)
What is G2G? (Grain-to-Grain)
Damion5050's Coir Tek (I use 5.5 - 6 quarts of water instead of 4. Also ignore step 13 and ignore the monotub completely. The only purpose of this tek is to show you how to make a simple substrate. I also add gypsum to it but not necessary)
Spitball's Monotub Tek (A liner isn't necessary but is useful)
Use 6500k lights throughout the whole process. When you wake up, turn the light on. When you go to sleep turn the light off. It's as simple as that.


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Invisiblenooneman
Male

Registered: 04/24/09
Posts: 14,564
Loc: Utah
Re: Student Loan Issues [Re: RockyRaccoon]
    #23493849 - 07/30/16 09:17 PM (7 years, 5 months ago)

You have a choice when you get out of college and start to repay loans as to what kind of payment plan you would like. It looks like you chose the plan that is low at first and gets higher over time. I personally chose the plan with a flat amount at all times. Other plans you can choose include repayment based on income. This is happening because you either knowingly or accidentally chose to have a repayment plan that starts low and grows over time.

You should try to contact your student loan provider and ask if you can change to one of the other repayment plans. It may be too late, but it never hurts to ask.


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InvisibleRockyRaccoon
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Registered: 06/17/13
Posts: 4,645
Loc: tromaville
Re: Student Loan Issues [Re: nooneman]
    #23494485 - 07/31/16 03:40 AM (7 years, 5 months ago)

No, I sort of recklessly dropped out with no communication with the loan people for years.


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