My boyfriend defaulted on a federal student loan in 1995, and his wages have been garnished ever since. None of the money has ever been applied to the principal. The loan holder will drop $8,000 in collection charges if the loan is paid off in a lump sum.Yet, he can%26#039;t get this kind of financing ($35,000) at a regular bank because of his poor credit, and because he has already consolidated once. If he enters the loan holder%26#039;s %26quot;rehabilitation%26quot; program and pays additional money for 9 months (on top of the garnishment) they will drop the default status, enabling him to get the financing, but they will not drop the collection charge. He can%26#039;t get a home equity line of credit, and the typical student loan financers won%26#039;t help him because of the %26quot;default status%26quot; on this loan - a catch 22. Who can go to that will loan him the money to refinance this nightmare? It seems like they make it difficult for him to get out of this because it is a cash cow for them, and a perfectly legal scam.
Options if defaulted on a federal student loan?
Not a legal scam. He defaulted and is now paying the price. He%26#039;ll have to get a 2nd job and start paying more money.
He signed the paperwork and they lent him the money in good faith. He decided to welsh on the deal and is now crying because it backfired on him.
Options if defaulted on a federal student loan?
People want to blame him for not paying;I never said this wasn%26#039;t his fault. He%26#039;s not %26quot;crying%26quot; nor did he expect %26quot;congrats%26quot;. He wasn%26#039;t making much, and couldn%26#039;t make payments, big deal. He%26#039;s NOT getting a second job. He can quit his job and I%26#039;ll support him, and they can choke on it. Report It
Options if defaulted on a federal student loan?
And it IS a legal scam. Report It
Options if defaulted on a federal student loan?
NO he didn%26#039;t expect a congratulations, you idiot. I asked for help to see if anyone knew anything and you provided nothing but judgment. Save your sarcasm for someone who cares. Report It
Options if defaulted on a federal student loan?
He did not decide to welsh. You make assumptions on someone you don%26#039;t even know. He%26#039;s not crying and it didn%26#039;t back fire on him. He happens to have a doctorate degree now and is teaching and giving back to the community. Report It
Options if defaulted on a federal student loan?
He is teaching and giving back. He%26#039;s paid his dues. What are you doing besides wasting time on Yahoo answers? You don%26#039;t think he%26#039;s been told before he should not have defaulted? You gave nothing but a bunch of hot air. Go blow it out your ***. Report It
Options if defaulted on a federal student loan?
%26quot;He%26#039;s paying the price%26quot;. What an astute observation. NOT. You provide no useful insight on the matter, only worthless $hitty opinions. He%26#039;s been paying the price for 11 years. Go blow it out your A$$. You know nothing. Report It
Options if defaulted on a federal student loan?
It%26#039;s clear you people know nothing. The only thing you have a clue about is providing worthless, $hitty, irrelevant observations and opinions. Report It
Options if defaulted on a federal student loan?
Why TF would he expect a congratulations? What a stupid comment to leave. He expected some flexibility and understanding. My mind is boggled at how rude and ugly people can be. I would never leave ugly mean answers for someone with a serious question. Report It
Options if defaulted on a federal student loan?
He did not %26quot;decide%26quot; to welch. He didn%26#039;t have the means 11 years ago to pay! Where did I ever say he %26quot;decided%26quot; to welch? Backfired? Yeah this was all a big plan that BACKFIRED! What planet are you on? I cannot believe you would just assume the worst about him when you don%26#039;t even know him! Report It
Options if defaulted on a federal student loan?
What did he expect?
A Congratulation for not giving back their money?
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