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Welp, they keep putting my federal loans into forbearance without asking, and they haven’t even calculated what my next payment will be because everything is held up in the courts, so I couldn’t make a payment even if I wanted to…
But don’t worry, the balance on my single private student loan is higher than the initial borrow amount after 20 years of on-time payments, so I’ll always have that hanging over me.
My plan is just to rack up as much student debt as I can (currently in school again at 48) and then die. Fuck 'em.
If you don’t pay the total balance due or make other arrangements after 90 days, your servicer may report your delinquency to the credit agencies. That delinquency can stay on your credit report for up to seven years, potentially impacting your ability to qualify for mortgages, credit cards and more.
You're saying students will have bad credit and can't buy a house? How exactly is that any different than paying nothing to these child predators?
They specifically said they would NOT report to the credit agencies...so that lasted all of 3 months.
Basically the same people who forced credit agencies to be a thing in the 80s are now pointing them like a Glock, to further squeeze Millennials.
Story time: back in 2004-5 I dug myself so deep into debt that I ended up filing for bankruptcy. At the time I was also jobless and had no money in my bank account; I believe I owed the bank money too. This was right before the Bush bankruptcy law changes, so I was able to file for a chapter 7 (released me completely from my debt obligations).
Before I filed I had creditors calling me every day, making all kinds of threats about all of the bad things that would happen to me if I ruined my credit. It scared the shit out of me. I was 27 years old, broke af, lived at home with my parents, and had nothing going for me.
It was amazing how good it felt the moment the court discharged my debt. All of those scary stories about how my life would be over were just that: stories. I started getting offers for mortgages and new cars. I learned my lesson though, so I ignored them. I lived the next 10 years using cash only. Life got so much better too. I wasn’t always stressing about payments, I was able to save up money, and I even moved out of my parent’s house.
TL;DR Ruining your credit is not the end of the world.
Student loans cannot be discharged. That's partly thanks to current president Joe Biden!
Wait, what? So even if you declare bankruptcy the student debt stays on record? You still have to pay it back?
Generally yes. You cannot get rid of your student loans in bankruptcy.
The real answer is far more complicated. Technically there are ways to, but the bar for discharge of student loans is far greater to pass than basically any other type of loan out there. It's very unlikely a lot of people will successfully be free of their student loans if they go through bankruptcy. Sometimes it seems further issues with student loans originate from services basically lying to their loan holders. So you should always scrutinize what your servicer tells you (like Mohela).
Here's some information. You must pass vague undue hardships to syluccessfully discharge student loans. A bar a lot of other loans font have to pass.
Some view this as predatory on the poor, since the rich can utilize all other forms of bankruptcy with ease to absolve themselves of failed businesses, and when their children need to go to college, they don't need student loans cause they're rich. So having more stringent rules set on a specific type of loan more commo ly used by the less wealthy is clearly an attack on income status and unequal.
I believe the rules on student loans were made more stringent around 2005, and the senator Biden headed up a lot of it.
I understand. The point I was trying to make was that bad credit is not as bad as they want you to think.
Student loan defaults are punished way harder than other types of defaults.
You can thank Biden for that. He was instrumental in exempting student loans from bankruptcy.
Yup.
How Biden helped create the student debt problem he now promises to fix
https://www.theguardian.com/us-news/2019/dec/02/joe-biden-student-loan-debt-2005-act-2020
Ruin your credit AND they will probably garnish your wages.
Good thing they're working as hard on forgiveness as they are on the ceasefire!
Also, good thing they're able to make hundreds of billions we don't have appear out of thin air for other countries' wars and genocidal campaigns too.
I'm sure that makes every borrower feel better about the fact that they're about to have to decide between food and their loan payments.
Oof.