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Sundae posted:Neither do private education loans anymore, either. They haven't since 2004(?), and they have all the same wage garnishment rights that federal loans have. The only difference in that regard is that they need a court order to start it, whereas federal loans will automatically initiate garnishment of wages, tax returns, etc. Federal loans will also garnish any social security checks up to the interest owed on it, whereas private loans need the court order to grant that one separately. Neither one can be voided in bankruptcy except through the undue hardship rulings, which are more or less impossible to get these days anyway. There is also the death clause (provided you don't have a co-signer), but suicide probably isn't quite the solution she's looking for. Technically, no debt 'expires'. Debt doesn't just vanish into thin air. Private student loans fall under the category of 'written contract'. The statute of limitations, which varies depending on your state, will render the debt unable to be collected through the legal system after it expires. The lender or collections agency may still try to pester you about the debt after the statute of limitations has expired but they can't sue you. Pixelated Dragon fucked around with this message at 20:37 on Feb 14, 2015 |
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Feb 14, 2015 20:34
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Positive Optimyst posted:Posters have mentioned the bad credit / bad loan hindering immigration. I'm not sure if that's the case, but it can be googled I'm sure. In general it seems like in Australia it matters for work/business visas but not so much for spousal visas. (On the other hand, if the sponsoring Australian spouse has lovely credit, then that's an issue.)
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Feb 15, 2015 00:22
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It may affect getting or renewing a passport. I know someone who defaulted on government owed debt and they were refused one.
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Feb 15, 2015 04:50
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Thuryl posted:In general it seems like in Australia it matters for work/business visas but not so much for spousal visas. (On the other hand, if the sponsoring Australian spouse has lovely credit, then that's an issue.) Australian immigration also has a catch all 'of good character' section to cover people with prior records and the like that might bite her in the rear end.
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Feb 15, 2015 10:27
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RonMexicosPitbull posted:They (consciously, not because they cant pay)stole something that costs tens of thousands to provide. The school got their money, they don't care. If you fail to make payments on your car, the Dealership isn't coming to get your car, the bank is.
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Feb 16, 2015 19:54
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Tautologicus posted:that it's a Bad Thing? I don't really care to argue about that. It's certainly not Right and Just to not repay money that you willingly borrowed. I'm just saying it's not theft. What does this have to do with skipping out on a loan you took for school? Federal loans, which are easy to get when a poor, are very low interest. I think the poster saying this is theft is spot on. OP just doesn't care, unless they get caught.
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Feb 16, 2015 20:28
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Pretty sure once you're out of the US the leverage shifts to the borrower. A friend of mine moved to germany and received permanent residency and when her loan servicer had problems with her bill she threatened to stop paying at all since there was nothing they could do to someone who doesn't intend to return to the US.
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Feb 16, 2015 21:09
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Sundae posted:Neither do private education loans anymore, either. They haven't since 2004(?), and they have all the same wage garnishment rights that federal loans have. This is not true. Private loans don't have any special status except as to non-dischargeability in bankruptcy. Lenders have to sue you the exact same way they would for any other loan, credit card, etc. quote:Oh - and if the private loan holder decides to forgive your debt and write it off when they can't collect (or the collection agency if they sell it off to someone else), it will be reported as income for you and the IRS will come after the tax bill. The lender may not be able to gently caress you over super hard, but the IRS absolutely can. If you are insolvent at the time of the write off you don't have to pay the taxes on the forgiven debt.
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Feb 17, 2015 23:05
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NarwhalParty posted:It may affect getting or renewing a passport. I know someone who defaulted on government owed debt and they were refused one. OP has already mentioned she has a European passport.
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Feb 18, 2015 00:30
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Kase Im Licht posted:This is not true. Private loans don't have any special status except as to non-dischargeability in bankruptcy. Lenders have to sue you the exact same way they would for any other loan, credit card, etc. Which is what I said in the sentence directly after the one you quoted. Next sentence posted:The only difference in that regard is that they need a court order to start it, whereas federal loans will automatically initiate garnishment of wages, tax returns, etc.
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Feb 18, 2015 19:15
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RonMexicosPitbull posted:They aren't too poor to pay. They're just thieves. But they are stealing from thieves (if debtors are thieves than so are usurers, surely?) so I'd say it's a wash.
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Feb 18, 2015 19:59
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GlyphGryph posted:But they are stealing from thieves (if debtors are thieves than so are usurers, surely?) so I'd say it's a wash.
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Feb 18, 2015 20:01
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RonMexicosPitbull posted:Id love for theives to give me tens of thousands at 0 interest for like a decade like the OP got. Beats losing my wallet. Many of these banks took billions of dollars of interest-free money from the government. Pixelated Dragon fucked around with this message at 23:47 on Feb 18, 2015 |
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Feb 18, 2015 20:17
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RonMexicosPitbull posted:Id love for theives to give me tens of thousands at 0 interest for like a decade like the OP got. Beats losing my wallet. Sounds like sour grapes from one of this sites most awful posters.
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Feb 18, 2015 21:18
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an adult beverage posted:Does Australia use the same big three American credit bureaus? Nope. Credit doesn't go from Aus to canada or the US. I came from Aus and my credit is completely fresh.
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Feb 19, 2015 05:08
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RonMexicosPitbull posted:Id love for theives to give me tens of thousands at 0 interest for like a decade like the OP got. Beats losing my wallet. You're such a loving whingy loser.
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Feb 19, 2015 05:10
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lol at 10-15k pay it loser jesus
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Feb 21, 2015 04:06
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I have 130k pay yours
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Feb 21, 2015 06:36
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Twat McTwatterson posted:lol at 10-15k Reason posted:I have 130k pay yours
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Feb 21, 2015 07:46
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How do you get 130k in debt to school loans?
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Feb 21, 2015 14:28
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Lord Windy posted:How do you get 130k in debt to school loans? Pilot, Med school. There are pilots that have $100k in debt financed at 6.5% and then they find out that after school they still have to pay for type rating themselves.
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Feb 21, 2015 14:59
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NihilismNow posted:Pilot, Med school. Why would anyone even bother trying to pay off 100k in debt @ 6.5% interest with no assets secured against it? Its like having a mortgage around your neck but with no house. It would make far more sense to just emigrate and ignore the debt. It always seems odd to me that more Americans don't do this, given the punitive tuition fees charged by universities there.
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Feb 21, 2015 17:15
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The outrageous cost of tuition is the real issue. I know someone who owed 90k in private student loans just for undergrad because he went to a top-tier private university. He could not get any more loan money for his final year and was thus unable to complete his education, so then he happily stopped making payments and dodged the third-party collections agency until the statute of limitations expired. You don't even have to emigrate to ignore the debt, just get your family members to say they don't know where you are or how to reach you when the collections agency bugs them. Pixelated Dragon fucked around with this message at 20:56 on Feb 21, 2015 |
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Feb 21, 2015 17:26
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Aren't most college loans nowadays requiring co-signers on the part of your parents specifically to avoid this kind of thing? If you disappear, your parents on the hook for the full amount of the debt. That's the only offers I was able to find when I was in school anyway.
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Feb 21, 2015 17:35
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If you don't pay the loans the company has the right to revoke your degree and pull any professional licenses you own. That's the "collateral" you put up.
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Feb 21, 2015 18:06
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GlyphGryph posted:Aren't most college loans nowadays requiring co-signers on the part of your parents specifically to avoid this kind of thing? If you disappear, your parents on the hook for the full amount of the debt. His parent was a cosigner, but he passed away unexpectedly. His mother was left in a rough financial position following the death and she was in no position to co-sign. To make matters worse, the bank started automatically dipping into his father's social security payments that were going to his mother after the father's death. I'm not sure how they were able to actually do that but she got a lawyer and put an end to it very quickly, and IIRC they had to reimburse her for what they had taken. It wasn't a large sum because she addressed it right away. INTJ Mastermind posted:If you don't pay the loans the company has the right to revoke your degree and pull any professional licenses you own. That's the "collateral" you put up. No. Your school doesn't give a poo poo what you and the bank do because they get their money up front. There is literally no collateral besides maybe a cosigner. Pixelated Dragon fucked around with this message at 20:52 on Feb 21, 2015 |
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Feb 21, 2015 18:16
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Blut posted:Why would anyone even bother trying to pay off 100k in debt @ 6.5% interest with no assets secured against it? Its like having a mortgage around your neck but with no house. To where exactly? 1st world countries don't just take people who have no assets and no money (and how are you getting there ? Moving countries is very expensive). Though it really shouldn't be odd at all that people won't leave everyone they know and all their support just so they can skip out on their obligations. Pixelated Dragon posted:The outrageous cost of tuition is the real issue. Yea, this isn't true at all. There is no "statue of limitations" for federal loans. Maybe they got incredibly lucky and found private lenders who were willing to put up 90k with no collateral but that is incredibly rare (and most require you to max out your FAFSA loans first). I wouldn't be surprised if that person was just embarrassed and lied to you. At the very least there was at least a co-signer on the hook there. I mean there's always these super odd cases but your last sentence is not true 99.999999% of the time. A lot of these outrageous stories are just kids who were to good for state school and went to a super expensive private that wasn't any better education-wise. There's certainly reform to be made but on the other hand the terms of these loans are very clear. Nobody is twisting people's arms to take out 50k a year so they can have their 'college experience' in luxury. Pixelated Dragon posted:
A federal loan is collateralized by your bank account. You will pay it all back eventually unless you become a hermit. They can only be discharged by a bankruptcy judge in incredibly rare cases of extreme hardship. tsa fucked around with this message at 19:18 on Feb 21, 2015 |
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Feb 21, 2015 19:15
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tsa posted:To where exactly? 1st world countries don't just take people who have no assets and no money (and how are you getting there ? Moving countries is very expensive). Though it really shouldn't be odd at all that people won't leave everyone they know and all their support just so they can skip out on their obligations. Significant numbers of Americans are eligible to claim Irish/Italian passports, which opens up the entirety of the EU visa free. Aside from that, you can usually get a professional visa for quite a few first world countries (for example Australia) if you're well qualified (and if you've got 100k+ in student loans hopefully you are qualified in something useful...). The expense isn't a huge amount more than moving city domestically in the U.S. I've had plenty of friends move from Europe to Australia - one of the more extreme distance/cost emigration routes - directly after college when rather broke. Moving from NYC to London (for example) isn't a whole lot different from moving from NYC to LA, time and distance wise. I think most Americans just don't even think about leaving the country, even though they'll happily move from coast to coast of the U.S. Its a shame really, if it was far more common for people to ditch their student loans it might throw a bit of a spanner in the ridiculous tuition fee system.
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Feb 21, 2015 20:00
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tsa posted:Yea, this isn't true at all. The 90k student debt was indeed through a bank. He had federal loans on top of that, but he paid those off pretty quickly and then proceeded to happily ignore the private loans. The statute of limitations absolutely applies to private student loans. I did edit my post to make that more clear. Pixelated Dragon fucked around with this message at 20:57 on Feb 21, 2015 |
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Feb 21, 2015 20:55
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Okay, real talk here from an American that lives outside the US. If she is still an American citizen (it doesn't matter how many other passports she has, as long as she has not renounced her American citizenship) then she still is required to submit a tax return every year even if she owes no taxes. If she is not submiting a return yearly then that's a completely different matter and the amount she will start owing in fines will start to make the student loan look like pennies. If she is carrying student debt from an American company (or the government) and they decide to pursue her for the debt then the implications of her tax return will be taken into account by the US government when making a judgement against her and garnishment of her wages. If she has any accounts/investments still held by US banks or investment companies (including IRAs, 401ks, or potential social security payouts when she retires) then those will be garnished when they are cashed out. If you are carrying debt when attempting to gain residency in a country, it can also affect your ability to immigrate into a foreign country. Every immigration form I've ever filled out has asked me to list all my debts/mortgages/etc. For the US especially, most foreign financial institutions hate dealing with Americans because the US in their zealous pursuit of tax dodgers will intrude on the sovereign realms of banks that are not actually in the US, so lots of foreign countries don't take a liking when an American carrying a large debt attempts to emigrate in.
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Feb 22, 2015 02:44
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Whatever steal the money. No matter how much a bunch of whiny people in here say otherwise you've stolen the money, government bailouts or not. Hope you never need to come back to America and maybe Australia won't care either. It's seriously a piddly amount, I can't believe you're considering not paying it and going through potentially a lot of hardship for it.
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Feb 23, 2015 02:14
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Nierbo posted:Nope. Credit doesn't go from Aus to canada or the US. I came from Aus and my credit is completely fresh. WELL....... not quite. When I moved, and was establishing myself in a new country -- all the banks wanted my previous credit reports from Canada. You can't run THAT easily, unless you want to start from zero.... which in this case....
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Feb 23, 2015 03:53
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Blut posted:Its a shame really, if it was far more common for people to ditch their student loans it might throw a bit of a spanner in the ridiculous tuition fee system. Nah, the UK tuition fee loan system has tons of people abroad refusing to pay to the point where it became a news item a while ago and it's still going even though collecting on their debt turned out to be tremendously impractical 
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Feb 23, 2015 09:49
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I CANNOT EJACULATE WITHOUT SEEING NATIVE AMERICANS BRUTALISED!
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blowfish posted:Nah, the UK tuition fee loan system has tons of people abroad refusing to pay to the point where it became a news item a while ago and it's still going even though collecting on their debt turned out to be tremendously impractical It probably helps that under the current system of student loans in the UK it is literally impossible to pay back your loans over the course of a working lifetime unless you earn something like £70k a year on average. EDIT: Really they might as well just introduce a graduate tax because it amounts to that for everyone who isn't rich anyway. Purple Prince fucked around with this message at 15:25 on Feb 23, 2015 |
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Feb 23, 2015 13:59
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My Japanese girlfriend is about to start paying back her loan. It's quite a lot, and the economy isn't doing that well here. There's a possibility that after a couple of years of working here she will just up and leave Japan for good. She got the loan from Jasso though, which I guess is government? Anyway, I don't have to worry about stuff like that so I don't know any specifics, but couldn't she just as well leave here debts behind? Considering japanese bureaucracy, it doesn't even look like they'd ever bother any other government because no one in this drat country can speak anything other than their own language. I'm exaggerating of course.
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Mar 18, 2015 17:10
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