I was talking to a lady that had somehow gotten into $500,000 of student loans for herself, her ex husband, and their son. And the payments are about to resume.
Don’t worry, lenders must assume some risk, that’s why we use bankruptcy -
Oh, right.
If the 18 year old borrower assumes all the risk for life, then the interest rate must be zero, right?
How do you rack up 500k in loans without telling your prodigy that they better do something with it or else its going to fuck everyone up? Like if they didnt go to become lawyers or surgeons then they essentially self sabotaged their entire family.
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And move where? No one wants us unless we’re super successful. And if we were we’d pay off our loans. Don’t think the sovereign citizen shit works.
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What happens if you just say no to them, because you don’t have the money as inflation makes it that you can only afford beans.
They garnish your wages!
First of all, I’m not in the US so I can’t say anything about how it works there, I only know the rules that applied to me (I live in a small European country).
If you can’t afford to pay your monthly payment, you submit an income statement. If they agree you make too little then they either lower the monthly amount or don’t have to pay at all, depending on income. If your income increases you have to start paying again. The payments (if you can afford it) are so that the loan is paid back in 15 years. After 15 years whatever is left of your balance is forgiven. The loan also had a 0% interest rate. Also, part of the loan would be converted into a gift if you managed to graduate within a certain time frame.
