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Introducing NeoGAF Gold
Can my wages be garnished if I don't pay back my student loans?
- Thread starter AlternativeUlster
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Oh, believe me, I don't excuse them. If anything, I'm guilty of trying to point people in the right direction, only to get really pissed off when said person refuses to make changes in their life and then starts in complaining about their situation again. At that point, I walk away and roll my eyes.
After I paid off all of my debts, I made a pledge to myself that I would never have another debt that wasn't a house already 60% paid for. I've stuck to that and been able to get two "new" cars, all the "bells and whistles" of a modern house (LCD tvs, nice furniture, etc), and have a bit of a nest egg through nothing but saving and proper money management alone. I only make $27,000 a year...
I'm like you. I'm scared of not having a cushion. I don't want to have to have "insurance" as my cushion. I want to have my own monetary cushion for when bad things happen and then "insurance" because it's just a good thing to have.
We're getting off-topic, so I'm just going to leave it at that.
After I paid off all of my debts, I made a pledge to myself that I would never have another debt that wasn't a house already 60% paid for. I've stuck to that and been able to get two "new" cars, all the "bells and whistles" of a modern house (LCD tvs, nice furniture, etc), and have a bit of a nest egg through nothing but saving and proper money management alone. I only make $27,000 a year...
I'm like you. I'm scared of not having a cushion. I don't want to have to have "insurance" as my cushion. I want to have my own monetary cushion for when bad things happen and then "insurance" because it's just a good thing to have.
We're getting off-topic, so I'm just going to leave it at that.
meh, some of you take financial responsibility too far the other direction. I have a ton of student loan debt which I could repay, but instead I'm deferring it and letting it collect interest while I buy expensive clothes and an iphone. why? cause I can. I'm willing to pay more later to finance my lifestyle now. my salary grows a lot faster than my debt.
I'm graduating in two weeks and I will have zero school debt when I do. I will also have zero debt period. I owe no money other than usual bills and my one credit card owes me money. I have a wife and son and still have no debt.
Of course, I had help: I was in the Army and that guaranteed paycheck was used to pay off my car and various other bills before I got out. I used the G.I. Bill for school so they're paying for that and about $761 a month to live on. I'm 50% disabled (long story, but it's from the Army) and that gives me another $821 a month and my house payment is $825 a month (I own).
I would say "join the military" but now is not a great time for it. :/
Of course, I had help: I was in the Army and that guaranteed paycheck was used to pay off my car and various other bills before I got out. I used the G.I. Bill for school so they're paying for that and about $761 a month to live on. I'm 50% disabled (long story, but it's from the Army) and that gives me another $821 a month and my house payment is $825 a month (I own).
I would say "join the military" but now is not a great time for it. :/
Try to do 3x the minimum amount if you can. Do everything in your power to pay this off. In fact, kill everything you don't need... newspaper, cellphone, cable tv, even internet. Get those cards out of the way so your Debt to Credit ratio looks better. It will help you in the long run and you'll even have the ability to do things with cash that you couldn't do before (because it was all going to your credit cards).
You're not your fucking khakis.
I agree with you. Not just in society but shit, even on this board. Gaming setup anyone?
I was in a situation where I was $4000 in the hole in credit cards and I borrowed student loans like nobody's business. Realizing that I maxed all my cards out, I had to make changes. The first thing I did was write down every expense on an Excel spreadsheet. Next on another Excel sheet, I tabulated my credit card debt and set up a nice chart where I could see progress.
The hardest part after that was that the only expense I had was food and cell. I sold all my shit off. Sounds wasteful as I got maybe 30-40% of what I paid for but I put that towards debt. I was tempted to sprint out and buy all kinds of shit but I never went through with it. I eventually found myself motivated by every pay day, going to update the cc bill chart and seeing the drastic downward trends. I made about 6-8x minimum payments and got my credit cards paid off in 8 months. I saw that from the start to finish, I paid $700 in interest payments and bullshit fees. I was pissed but I treated that $700 as a harsh lesson learned.
I stopped borrowing for school, the amount is still high but I won't have to get any more. In fact, I have several thousand dollars already saved up and I'm soon about to pay off my car. After that, it is all going towards the student loans.
It isn't easy and I think that is why many people make these financial problems to be tougher than they are. All it takes is restraint but in this consumer driven society, we are told that we need, not want but need, all these excessive luxuries. Not only that but you need to get more and more of them. I bought some shit $400 Gateway laptop and in nearly two years of service, is still going strong. I could have bought a Core 2 Duo laptop to play games I wasn't going to end up playing for $1000+ but anyway...you get the idea.
I agree with you. Not just in society but shit, even on this board. Gaming setup anyone?
I was in a situation where I was $4000 in the hole in credit cards and I borrowed student loans like nobody's business. Realizing that I maxed all my cards out, I had to make changes. The first thing I did was write down every expense on an Excel spreadsheet. Next on another Excel sheet, I tabulated my credit card debt and set up a nice chart where I could see progress.
The hardest part after that was that the only expense I had was food and cell. I sold all my shit off. Sounds wasteful as I got maybe 30-40% of what I paid for but I put that towards debt. I was tempted to sprint out and buy all kinds of shit but I never went through with it. I eventually found myself motivated by every pay day, going to update the cc bill chart and seeing the drastic downward trends. I made about 6-8x minimum payments and got my credit cards paid off in 8 months. I saw that from the start to finish, I paid $700 in interest payments and bullshit fees. I was pissed but I treated that $700 as a harsh lesson learned.
I stopped borrowing for school, the amount is still high but I won't have to get any more. In fact, I have several thousand dollars already saved up and I'm soon about to pay off my car. After that, it is all going towards the student loans.
It isn't easy and I think that is why many people make these financial problems to be tougher than they are. All it takes is restraint but in this consumer driven society, we are told that we need, not want but need, all these excessive luxuries. Not only that but you need to get more and more of them. I bought some shit $400 Gateway laptop and in nearly two years of service, is still going strong. I could have bought a Core 2 Duo laptop to play games I wasn't going to end up playing for $1000+ but anyway...you get the idea.
... did you hack my computer circa 2001 or something!?
After being in a really bad financial position, I did the exact same thing you did. I can't describe how it feels to see that debt fall off and then to be completely debt free... that the money you earn is completely and totally your money aside from utilities.
After being in a really bad financial position, I did the exact same thing you did. I can't describe how it feels to see that debt fall off and then to be completely debt free... that the money you earn is completely and totally your money aside from utilities.
yeah ive kinda curbed my buying and spending I basically do gamefly and netflix for games/dvds its around 35 a month total but I dont buy any games (60) or dvds (20ish) mutiple times a month anymore
I paid off a 4k visa, and 2k ae (and closed it) this year, now its just down to my best buy and mc
still have 30 k in student loans coulda done more but had like 2k in uncovered medical test i had to pull outta my ass (lol shitty insurance lol) but oh well...
and to the OP your complaining about 54? shit my credit cards a month combined used to be like 400...
I paid off a 4k visa, and 2k ae (and closed it) this year, now its just down to my best buy and mc
still have 30 k in student loans coulda done more but had like 2k in uncovered medical test i had to pull outta my ass (lol shitty insurance lol) but oh well...
and to the OP your complaining about 54? shit my credit cards a month combined used to be like 400...
:lol :lol :lol :lol :lol
This is the funniest thread in a long, long time. The fact that the OP is going to such great lengths to avoid paying this small payment is hilarious. I mean, he's even willing to leave the country to not pay! This is awesome.
Still an idiot but hey, idiocy can be funny.
OP: I love how you're so determined that you will do damn near anything to not pay. Do you have any other similar stories? Because this one is great and I would be interested in hearing others.
This is the funniest thread in a long, long time. The fact that the OP is going to such great lengths to avoid paying this small payment is hilarious. I mean, he's even willing to leave the country to not pay! This is awesome.
Still an idiot but hey, idiocy can be funny.
OP: I love how you're so determined that you will do damn near anything to not pay. Do you have any other similar stories? Because this one is great and I would be interested in hearing others.
Give the man a break. So he refuses to pay taxes, so he refuses to pay off loans, so he refuses to be a slave to the system. If he can get away with it, good for him, he's smart so he deserves to get away with it. Intelligence should be rewarded. If he can't and ends up in deep shit, why does anyone here care? Is he a relative? Does he owe YOU money?
Come on, just lay off, just because you conform with the system doesn't mean everybody else has to. This isn't a giant ant colony, we need rebels, rebels without a cause, to stir shit up from time to time. To keep things interesting.
*Burns flag*
Come on, just lay off, just because you conform with the system doesn't mean everybody else has to. This isn't a giant ant colony, we need rebels, rebels without a cause, to stir shit up from time to time. To keep things interesting.
*Burns flag*
You can always run off to Tibet, become some sort of monk. People will give you food, and while you are meditating you can think about anything you want, like hot women and the likes. Just keep your genitals well covered so it doesn't show.
Heck, you could even win the lottery and be considered the next Dalai Lama!
Heck, you could even win the lottery and be considered the next Dalai Lama!
Ha! Chump change.
I have a cousin who will be graduating from an off-shore med school next year (St. George), and will have racked up somewhere in the neighborhood of 325k in student and personal loans. As a general practitioner, she'll earn around 90k a year and will be paying back on that monster for the next 20 years or so.
There's always someone who has it worse.
I have a cousin who will be graduating from an off-shore med school next year (St. George), and will have racked up somewhere in the neighborhood of 325k in student and personal loans. As a general practitioner, she'll earn around 90k a year and will be paying back on that monster for the next 20 years or so.
There's always someone who has it worse.
He must be pretty ugly if he has to spend that much money on drinks for chicks.
But yeah, it's pretty funny how so many of my students & coworkers look down at me because I'm from small town Indiana and they're from Chicago, yet they can't figure why I'm more focused, balanced, and disciplined than they are.
:lol
She's committed to spending her first five years on a medical mission trip to Uganda after residency, which (as far as I know) will be with UT-Memphis.
Absolutely agree about off-shore schools. The family tried to talk her out of it, but she wasn't patient enough to wait for an open seat at Vanderbilt, which is where she really wanted to attend. I'd like to feel bad for her, but I have a sneaky suspicion that, financially, she'll be more than fine.
Absolutely agree about off-shore schools. The family tried to talk her out of it, but she wasn't patient enough to wait for an open seat at Vanderbilt, which is where she really wanted to attend. I'd like to feel bad for her, but I have a sneaky suspicion that, financially, she'll be more than fine.
I've spent the last YEAR AND A HALF of my life cleaning up student loan delinquency that was MINOR compared to the OP's case. And I make a decent salary. Heck, I'm still recovering in some ways (my strategy was basically to put most things in life on hold and pay off the loans asap, and in doing so, I of course neglected some other things).
As of now, I should be student loan free within the next 4 months or so. It would have been sooner but I didn't count on the dentist getting it on with my finances.
It's also taken that long to get my credit to anywhere that even resembles not laughable, and it's still not great.
As of now, I should be student loan free within the next 4 months or so. It would have been sooner but I didn't count on the dentist getting it on with my finances.
It's also taken that long to get my credit to anywhere that even resembles not laughable, and it's still not great.
Wellington said:
Shit, can you send me the same PM. 
Hell if its that good just post it to the thread because I make significantly more than 27k and would love to learn new ways to save money. If you can live like a kind a buy new cars, a house, and leet LCDs and Plasmas, etc. I'd like to know YOUR secret. Shit I could live like a god if you can get away with it at 27k.
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