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Offlineeve69
--=..Did Adam and ...?=--
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The bank owns me
    #4476548 - 07/31/05 08:59 AM (12 years, 4 months ago)

When I went to college I took out the max amount of loans. I didn't really have a choice. I owed $32,000 dollars after undergrad. Then I did one year of grad school and took out another $10,000. I dropped out of grad school. I started waiting tables, only I was never very good at it and I never made the great tips that you hear about. So to survive I started deferring and forebearing my loans. Then I became a cook. We all know the shitty money cooks make.

At this point I'm fourty years old, and my loans have been deferred for 17 years. The $42,000 has turned into $105,500.00. If I start repaying today under the so-called 'graduated' repayment schedule then I will repay over the next 26 years a total of $261,600.00.

Isn't this sort of like usury? There should be some upward cap on the amount that the bank can ask for - by original loan size. But there isn't. The bank owns me. I will never be able to even begin repaying my loans. If it was hard 17 years ago, it's much harder now.

There are no bankrupty options.


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Offlinebarfightlard
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Re: The bank owns me [Re: eve69]
    #4476560 - 07/31/05 09:09 AM (12 years, 4 months ago)

Move to a country in Europe.


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"What business is it of yours what I do, read, buy, see, say, think, who I fuck, what I take into my body - as long as I do not harm another human being on this planet?" - Bill Hicks


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InvisibleIcelander
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Re: The bank owns me [Re: eve69]
    #4476581 - 07/31/05 09:27 AM (12 years, 4 months ago)

I think it's a shame. I think young people are taken in by the business of higher education often.  Still, it's one of those life lessons we hate to get. eve69 I feel for you. I hope you find some way to get out from under. It's a nasty burden to have hanging over you.

My partner has some pretty big debts also. It prevents us from moving forward toward some of our dreams. But we have love and so it matters little in the end. Good luck friend. :thumbup: :heart:


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"Don't believe everything you think". -Anom.

" All that lives was born to die"-Anom.

With much wisdom comes much sorrow,
The more knowledge, the more grief.
Ecclesiastes circa 350 BC


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Offlineeve69
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Re: The bank owns me [Re: Icelander]
    #4476621 - 07/31/05 09:56 AM (12 years, 4 months ago)

Quote:

Icelander said:
I think it's a shame. I think young people are taken in by the business of higher education often.  Still, it's one of those life lessons we hate to get. eve69 I feel for you. I hope you find some way to get out from under. It's a nasty burden to have hanging over you.

My partner has some pretty big debts also. It prevents us from moving forward toward some of our dreams. But we have love and so it matters little in the end. Good luck friend. :thumbup: :heart:




You know what?  You hit it on the head. It has kept me from really striving for my dream jobs because if I got one then half my pay would be jeopardized off the top.  But it does make me step back and love the things that are around me.  Thanks for your sympathy and insights.


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InvisibleRandalFlagg
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Re: The bank owns me [Re: eve69]
    #4476812 - 07/31/05 12:12 PM (12 years, 4 months ago)

Why did you never get a job that pertained to your undergraduate degree?

Yeah..college is a ripoff unless you are getting a very useful degree. Engineering is a useful degree. Liberal Arts or Philosophy are not useful degrees.


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OfflinePowerTrip
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Re: The bank owns me [Re: eve69]
    #4477339 - 07/31/05 03:59 PM (12 years, 4 months ago)

I really feel for you man.  This is why I never went to a major university.  My crappy community college is expensive enough.  Is there some program you can apply for to help you pay off part of your loans maybe?  I'm not really sure but there are so many programs out there, I would think that there would have to be something that could offer you some assistance. 

I would also entertain the idea of moving out of the country.  I don't want to sound negative here but with that much debt I really think you could do well simply by starting over.  You could also change your identity and live out the rest of your life under a false name.  You could even devote your life to attaining enlightenment and spend the rest of your days in a Buddhist temple.  Your life sounds so exciting  :laugh:.


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I spit reality, instead of what you usually learn
and I refuse to be concerned with condescending advice
cause I'm the only motherfucker that can change my life


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Invisiblemoog
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Re: The bank owns me [Re: eve69]
    #4477481 - 07/31/05 04:42 PM (12 years, 4 months ago)

Seriously, I would just run away to another country. Fuck the bank. With a debt like that you may as well be living in slavery, since all of your income up until you retire will go to paying it off.

Trust me, the bank isn't missing this money. The money you owe them is 100% profit for them. A bank's books are always balanced, so technically it's not even a debt. Forget it man. Do you really want to live with this burden for the rest of your life?


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OfflineKada
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Re: The bank owns me [Re: moog]
    #4478151 - 07/31/05 08:24 PM (12 years, 4 months ago)

Quote:

moog said:
Seriously, I would just run away to another country. Fuck the bank. With a debt like that you may as well be living in slavery, since all of your income up until you retire will go to paying it off.

Trust me, the bank isn't missing this money. The money you owe them is 100% profit for them. A bank's books are always balanced, so technically it's not even a debt. Forget it man. Do you really want to live with this burden for the rest of your life?



I agree, i would move also, that is some crazy story.


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~The Cultivators Motherload~

"I am free, no matter what rules surround me. If I find them tolerable, I tolerate them; if I find them too obnoxious, I break them.
I am free because I know that I alone am morally responsible for everything I do." -Robert A. Heinlein

"There is no need for temples, no need for complicated philosophies.
My brain and my heart are my temples; my philosophy is kindness."-Dalai Lama

Live long and prosper.



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InvisibleVvellum
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Re: The bank owns me [Re: eve69]
    #4478407 - 07/31/05 09:47 PM (12 years, 4 months ago)

I have massive student loans to pay off as well - although not quite large as yours. I have no clue how I would ever pay it off, either.

I wish I could just ditch my social security number and change my identity & just start fresh. Anyone know how exactly to do this?

Oh, and running away to Europe isnt much of an option. Look into the requirements for emigration and you'll see that it isnt easy. Plus, leaving friends, family, and familiarity behind is a tough task. I'd rather just drop my official identity.


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Offlineeve69
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Re: The bank owns me [Re: RandalFlagg]
    #4478676 - 07/31/05 11:09 PM (12 years, 4 months ago)

Quote:

RandalFlagg said:
Why did you never get a job that pertained to your undergraduate degree?

Yeah..college is a ripoff unless you are getting a very useful degree. Engineering is a useful degree. Liberal Arts or Philosophy are not useful degrees.




My degree was in English Lit, with a minor in Indian Philosophy. I went to Law School for a year after undergrad but I couldn't hack it. My training was towards the general and intuitive and not the specific and evidencial.


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Offlineeve69
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Re: The bank owns me [Re: PowerTrip]
    #4478699 - 07/31/05 11:16 PM (12 years, 4 months ago)

Quote:

PowerTrip said:

I would also entertain the idea of moving out of the country.  I don't want to sound negative here but with that much debt I really think you could do well simply by starting over.  You could also change your identity and live out the rest of your life under a false name.  You could even devote your life to attaining enlightenment and spend the rest of your days in a Buddhist temple.  Your life sounds so exciting  :laugh:.





Well, I am married to a Louisiana girl and they never move away from home. Look at Britney. She's a Yat for keeps.

I do devote my life to attaining enlightenment. The college I went to was Maharishi International University. I almost went to Naropa.  I actually do wish I went there instead. Trungpa and Ginsberg were still alive fifteen years ago. All I learned at MIU was how to do TM, that is, how to really settle the mind. BFD?!  It doesn't equate with riches.  Not that I need to be rich. The question is sort of moot now.

I'm happy with my life. I just don't own anything. However, I am married and my wife and I kept different names and we have a prenuptual saying all our assets are separate.  But she's awesome and generous and has kept me alive for many years, especially when I was strung out on dope, without berating me, and yada yada...


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Offlineeve69
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Re: The bank owns me [Re: eve69]
    #4478717 - 07/31/05 11:25 PM (12 years, 4 months ago)

Fucking banks suck. I'm actually just going to continue deferring until they say I own a million dollars just for the irony. The interest goes back into the principle so that means the interest is exponential, so I'm guessing if I don't repay for another seven years I'll then owe them half a mill. 12 more years and I'll owe a solid mill off of $42,000. I figure my education will then be truely worth something. And I'll be worth more alive then dead. I'm sure the banks and the government someday will find a way to preserve longevity just for those sorry saps that owe the most money to them. Sometimes I feel like a Chinese whore. This is the bright side.

My real regret was that I didn't know that I couldn't get financing for a second bachelors degree. My college didn't care to tell me because they were more a cult than interested in me as a person, or my future wellfare. They just wanted the filthy lucre.


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InvisibleIcelander
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Re: The bank owns me [Re: eve69]
    #4478728 - 07/31/05 11:28 PM (12 years, 4 months ago)

Well, (and I think you know this) you are one rich guy. Your partner sounds awsome. A friend like that is worth much more than money can buy. I hope you both continue to find great worth in your relationship with each other. Many very rich people never find love, and so remain poor.  :heart: :thumbup: :heart: :thumbup: :cool:


--------------------
"Don't believe everything you think". -Anom.

" All that lives was born to die"-Anom.

With much wisdom comes much sorrow,
The more knowledge, the more grief.
Ecclesiastes circa 350 BC


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Offlineeve69
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Re: The bank owns me [Re: Icelander]
    #4478749 - 07/31/05 11:35 PM (12 years, 4 months ago)

I have always tried to slow things down and just be in the moment. My plans never really worked out, not to mention I never really knew what to do with myself anyway. When I was a young Hollywood punk rocker who had bad tripped on acid a bunch of times I really didn't even expect to live to see 21, so that's why I just took all the money out that I did. I was at least alive. Thanks Ice, you're really positive. Are you high?


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InvisibleIcelander
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Re: The bank owns me [Re: eve69]
    #4478784 - 07/31/05 11:47 PM (12 years, 4 months ago)

Yes! but not on drugs. My practice is a Shamanistic one. I use them in a very controlled fashion. You might even say I had a teacher for awhile.  :wink:He was my mentor from Peru. He "saw"  me, you might say. Now he is my best male friend. We have gathered together a small family of warriors, men and women. We share a path of love and only seek love. ( not all of us use or need power plants). My joy encreases daily, I accept myself as I am, unconditionally, even when I can't :grin:. I have found everything I need and everything I need comes to me through surrender to what is. My meditation technique is to look to the sky arms wide open and say to the Universe " BRING IT ON!.  Then I try not to duck. :grin:

I'm on the same path that you are brother.  :heart: :grin:


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"Don't believe everything you think". -Anom.

" All that lives was born to die"-Anom.

With much wisdom comes much sorrow,
The more knowledge, the more grief.
Ecclesiastes circa 350 BC


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InvisibleIcelander
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Re: The bank owns me [Re: eve69]
    #4478986 - 08/01/05 12:31 AM (12 years, 4 months ago)

My plans never really worked out
_________________________________

Often we think our plans should work out. I am now convinced it is for the best that they don't. I believe your life, now, as it is, is exactally what you need to further your spiritual advancement. In my experience learning to say yes to whatever happens in your life is the fastest track to spiritual growth and joy and love, that you could ever find. I believe the Universe wants your success. Surrender to what is rather than how you think it should be and you may agree. :thumbup:


--------------------
"Don't believe everything you think". -Anom.

" All that lives was born to die"-Anom.

With much wisdom comes much sorrow,
The more knowledge, the more grief.
Ecclesiastes circa 350 BC


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InvisibleRandalFlagg
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Re: The bank owns me [Re: eve69]
    #4480382 - 08/01/05 11:12 AM (12 years, 4 months ago)

So you got an Eng. Lit. degree and you were hooked on dope. Are you actually surprised that you are poor now?


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Offlinedubt
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Registered: 05/26/02
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Re: The bank owns me [Re: eve69]
    #4483461 - 08/02/05 01:01 AM (12 years, 4 months ago)

I'm about to go down that road (college and debt). I do have scholarships so I don't think I will be completely fucked. Honestly, dope was probably owning your ass as much as the bank, unless you started that after shit started rolling downhill. At first I was thinking "Damn I better watch out with these loans, but hey, I'm not a junkie."


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I'ts all a fucking lie! Everything written by me is fictional. I don't even exist!


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Invisibletak
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Re: The bank owns me [Re: dubt]
    #4493884 - 08/04/05 05:55 AM (12 years, 4 months ago)

Why can you not file for bankruptcy?


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The DJ's took pills to stay awake and play for seven days.


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Offlinemikeytwice
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Re: The bank owns me [Re: tak]
    #4495655 - 08/04/05 04:50 PM (12 years, 4 months ago)

Yeah, try filing for bankruptcy, though they'll take whatever the shit you have if they nullify that loan... and if you do it, do it quick, because the laws might change (at the hands of the credit company)...

What the fuck sort of interest rate do you have? Those loans are fucking insane!

I have loans myself, and they irritate me. Just the idea of being shackled to a job until I repay them.

The strange thing with all this stuff, though, is that you can just let it sit in the background and have little effect on your life - like perhaps you could meet some unsubstantial minimum payments every month, and die with 1 million or two in debt.

Until the collexion agencies come... !


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