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RockyRaccoon


Registered: 06/17/13
Posts: 4,645
Loc: tromaville
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Student Loan Issues
#23490419 - 07/29/16 08:52 PM (7 years, 5 months ago) |
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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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demiu5
humans, lol


Registered: 08/18/05
Posts: 43,948
Loc: the popcorn stadium
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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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RockyRaccoon


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


Registered: 08/18/05
Posts: 43,948
Loc: the popcorn stadium
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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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RockyRaccoon


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


Registered: 08/18/05
Posts: 43,948
Loc: the popcorn stadium
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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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RockyRaccoon


Registered: 06/17/13
Posts: 4,645
Loc: tromaville
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Re: Student Loan Issues [Re: demiu5]
#23490537 - 07/29/16 09:39 PM (7 years, 5 months ago) |
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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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bushsucks
Stranger
Registered: 10/04/04
Posts: 5
Last seen: 7 years, 5 months
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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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Kush_Zombie
smug piece of shit



Registered: 10/22/14
Posts: 4,793
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Re: Student Loan Issues [Re: bushsucks]
#23490585 - 07/29/16 09:57 PM (7 years, 5 months ago) |
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This is the exact reason I decided not to go to college 
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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RockyRaccoon


Registered: 06/17/13
Posts: 4,645
Loc: tromaville
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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 
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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Mojo
Stranger

Registered: 07/12/07
Posts: 1,676
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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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RockyRaccoon


Registered: 06/17/13
Posts: 4,645
Loc: tromaville
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Re: Student Loan Issues [Re: Mojo]
#23492368 - 07/30/16 11:44 AM (7 years, 5 months ago) |
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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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Brian Jones
Club 27



Registered: 12/18/12
Posts: 12,342
Loc: attending Snake Church
Last seen: 11 hours, 48 minutes
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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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Mojo
Stranger

Registered: 07/12/07
Posts: 1,676
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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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RockyRaccoon


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


Registered: 10/31/04
Posts: 21,407
Loc: Building 7
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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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bushsucks
Stranger
Registered: 10/04/04
Posts: 5
Last seen: 7 years, 5 months
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Re: Student Loan Issues [Re: Mojo]
#23493746 - 07/30/16 08:41 PM (7 years, 5 months ago) |
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Yeah I don't logon much. Didn't want a fellow shroomerite to not be informed. Good luck man.
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Kush_Zombie
smug piece of shit



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


Registered: 04/24/09
Posts: 14,561
Loc: Utah
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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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RockyRaccoon


Registered: 06/17/13
Posts: 4,645
Loc: tromaville
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Re: Student Loan Issues [Re: nooneman]
#23494485 - 07/31/16 03:40 AM (7 years, 5 months ago) |
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No, I sort of recklessly dropped out with no communication with the loan people for years.
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LunarEclipse
Enlil's Official Story


Registered: 10/31/04
Posts: 21,407
Loc: Building 7
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Re: Student Loan Issues [Re: nooneman]
#23494964 - 07/31/16 09:00 AM (7 years, 5 months ago) |
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The extent of paying it forward has reached the silly level. Here we are with folks essentially borrowing on the future that may never come while earning zero and sitting in class in the hope they can make more than enough to pay off that debt and interest. Sorry OP just thinking about this makes me sorry for debt slaves. It's just too bad people can't do maybe 6 months or even 3 months training for a real trade instead of hoping for the college "home run" to pay for all that student loan debt. I think if you could find a trade job on that basis of getting them to train you then hire you right away you'd be light years ahead money wise.
Well, thinking about my career and money made, had I to do it over again I would have become a plumber right away. Plumbers only need to know two things, shit flows downhill and paydays are Fridays.
Nowadays too so many college educated people can't find any real job so worse are overqualified and that makes it more difficult to find the menial jobs as the employer knows they won't stay long. What a Catch22...
-------------------- Anxiety is what you make it.
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Mojo
Stranger

Registered: 07/12/07
Posts: 1,676
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I think the tides are turning. I recently read an article about the first community college I attended and they are closing down one of their satellite campuses because student enrollment has decreased by 35% since 2011, in fact over that same period college enrollment has declined across the USA, though not so drastically. I think this generation witnessed a sort of college bubble. Brought on, NOT by greed alone, but a generation of kids that were raised to believe that trade jobs or "laborers" were not respectable professions. I don't think this perception can last; America has a crumbling infrastructure and no one to rebuild it. We will eventually see a push for young people to enter into trades instead to college, the country doesn't have a choice.
With that said, vocational education isn't free. And with the economic machine moving ever forward, who knows what "brilliant" business could be developed to suck as much money as possible out the future demand for trades (*Think APOLLO Group..)... At that point maybe it will be best to go to college. When society tells you to swing, the appropriate action is to duck...
A college education can still be valuable, mine was. I would encourage any young shroomrite thinking about college to use common sense and think about whether your proposed college education is a prerequisite to a real life job, and make sure you want it enough to see it through; because worthwhile college degrees tend to be challenging; and going into debt for an education you don't finish is perhaps the most foolish money blunder you will ever make. Not to be hard on the OP, in fact you got out easy with only $7000 of debt to reckon with, which is an easily manageable sum. But some aren't so fortunate, ending up with over ten times that amount...
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LunarEclipse
Enlil's Official Story


Registered: 10/31/04
Posts: 21,407
Loc: Building 7
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Re: Student Loan Issues [Re: Mojo]
#23496878 - 07/31/16 08:12 PM (7 years, 5 months ago) |
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Quote:
Mojo said: I think the tides are turning. I recently read an article about the first community college I attended and they are closing down one of their satellite campuses because student enrollment has decreased by 35% since 2011, in fact over that same period college enrollment has declined across the USA, though not so drastically. I think this generation witnessed a sort of college bubble. Brought on, NOT by greed alone, but a generation of kids that were raised to believe that trade jobs or "laborers" were not respectable professions. I don't think this perception can last; America has a crumbling infrastructure and no one to rebuild it. We will eventually see a push for young people to enter into trades instead to college, the country doesn't have a choice.
With that said, vocational education isn't free. And with the economic machine moving ever forward, who knows what "brilliant" business could be developed to suck as much money as possible out the future demand for trades (*Think APOLLO Group..)... At that point maybe it will be best to go to college. When society tells you to swing, the appropriate action is to duck...
A college education can still be valuable, mine was. I would encourage any young shroomrite thinking about college to use common sense and think about whether your proposed college education is a prerequisite to a real life job, and make sure you want it enough to see it through; because worthwhile college degrees tend to be challenging; and going into debt for an education you don't finish is perhaps the most foolish money blunder you will ever make. Not to be hard on the OP, in fact you got out easy with only $7000 of debt to reckon with, which is an easily manageable sum. But some aren't so fortunate, ending up with over ten times that amount...
It's funny, as I really shouldn't be working at all, but I just love laboring. Moving wood, digging holes, hauling trash. The more menial, the better. Fuck my back is strong now. My grip is strong. I can pick up shit by the end and hold it into space and move it around at the dump like I want to. Breathe that dump dust there is nothing like it. And the flies. So lovely. But that's the downside. The upside is strength. Big rounds of oak just lean over and grab them and lift and move and stack. Work up a sweat. I don't know, I'm an unusual person who likes to work, and work a lot.
-------------------- Anxiety is what you make it.
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RockyRaccoon


Registered: 06/17/13
Posts: 4,645
Loc: tromaville
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I am right there with you. I cut, hauled and split and stacked firewood every summer for years. Loved it. And its another excuse to get out in the woods!
(Derail)
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Brian Jones
Club 27



Registered: 12/18/12
Posts: 12,342
Loc: attending Snake Church
Last seen: 11 hours, 48 minutes
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Re: Student Loan Issues [Re: demiu5]
#23578893 - 08/26/16 08:12 AM (7 years, 5 months ago) |
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Quote:
demiu5 said:
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?
As far as I know you can't default on student loan debt and just take the hit to your credit rating. (If the law has changed, correct me if I'm wrong). Even bankruptcy can't erase student loan or child support debt.
-------------------- "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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krozar
Stranger
Registered: 09/02/16
Posts: 2
Last seen: 7 years, 4 months
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They garnish my wages. They will garnish 15% of "disposable" income (post-tax and deductions). I also don't get income tax back. Repayment plans are pricey for me. I have about $36,000 in total.
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LogicaL Chaos
Ascension Energy & Alien UFOs




Registered: 05/12/07
Posts: 69,360
Loc: The Inexpressible...
Last seen: 2 hours, 4 minutes
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Quote:
RockyRaccoon said: No, I sort of recklessly dropped out with no communication with the loan people for years.
Its possible your loan went into collections since u neglected it for years.
The worst thing u can do is neglect paying back an expensive loan. Thats why they are garnishing your wages i would guess.
Next time dont forget about your debt, contact is essential to avoiding collections. Even if u just tell them i cant pay anything right now communication is essential.
-------------------- "What you must understand is that your physical dimension affects everyone in the higher dimensions as well. All things are interconnected. All things are One. Therefore, if one dimension is broken or out of balance, then all other dimensions will experience repercussions." - Pleiadian Prophecy 2020 The New Golden Age by James Carwin PROJECT BLUE BOOK ANALYSIS! (312 pages!) | Psychedelics & UFOs | Ready to Contact UFOs? | The Source on Mushrooms | Trippy Gematrix | Dj TeknoLogical | Fentanyl Test Kits R.I.P. Big Worm || The Start of the Ascension Process was 2020. Welcome to the Next Great Era of Earth 🌎🌍🌏
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jngy2k
Peace Keeper



Registered: 08/29/16
Posts: 27
Last seen: 2 years, 8 months
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Student loans will affect you for the rest of your life. Paying minimal amounts will prolong the debt because interest accruals on the debt. There is an option for loan deferment or forbearance. It may help you estalish some equity and prevent the interest from stacking up.
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