25%+ Of All Student Loans Are In Default! Hey, Good Luck Paying Those Back!

WoW!  One Fourth Of ALL Student Loans Are In Default!

THE IDIOTS AT THE ADMISSIONS OFFICE DON'T TELL YOU THAT EVEN WITH A GOOD EDUCATION, YOU HAVE TO START OUT AT THE BOTTOM AND YOU'LL BE LUCKY TO MAKE A DECENT LIVING AFTER YOUR LIVING EXPENSES ARE FACTORED IN. IF YOU LIVE IN A HIGH COST AREA LIKE NEW YORK OR LA, WELL YOU'RE PRETTY WELL FUCKED ANYWAY BECAUSE ALL THE MONEY YOU EARN WILL GO TO PUT A ROOF OVER YOUR HEAD.

IMAGINE THAT OVER 25% OF ALL THE STUDENT LOANS THAT HAVE BEEN ISSUED - IN EXCESS OF $300 BILLION DOLLARS HAVE GONE..., BELLY UP - THEY'RE IN DEFAULT. THE CONSEQUENCES OF STUDENT LOAN DEFAULT ARE IMMEDIATE. YOUR CREDIT SCORE PLUNGES FROM 660-690 DOWN TO 570 OR BELOW MEANING, NOW NO ONE WILL EXTEND YOU CREDIT EXCEPT THE STORES THAT RENT FURNITURE AND APPLIANCES BY THE WEEK, OR THE BUY HERE, PAY HERE CAR LOT. YOU ARE FUCKED. TOTALLY FUCKED. AND YOU KNOW WHAT THE WORST PART IS? YOU CAN'T DIVORCE YOURSELF FROM THESE ONEROUS LOANS THROUGH BANKRUPTCY COURT! YOU HAVE THESE LOANS UNTIL YOU SOMEHOW COME UP WITH THE MONEY TO PAY THEM OFF, BECOME PERMANENTLY DISABLED OR DIE.

AFTER DEFAULT, THE HOLDER OF THE LOANS MAY WAIT SEVERAL YEARS BEFORE REPORTING THEM AS SUCH TO THE CREDIT REPORTING AGENCIES, SO YOU CAN EXPECT THESE UNPAID STUDENT LOANS TO STAY ON YOUR CREDIT REPORT FOR A MINIMUM OF 10 YEARS! THEY ARE WORSE THAN BANKRUPTCY, BECAUSE WITH BANKRUPTCY, YOUR DEBT IS LIQUIDATED.

ALSO, ONCE YOU GET A STEADY JOB, THE FEDERAL GOVERNMENT WILL ATTACH YOUR WAGES TO THE TUNE OF 15% OF EVERY PAYCHECK AND SEIZE EVERY INCOME TAX REFUND YOU MIGHT HAVE COMING. YOU CAN HOP JOBS TO KEEP AHEAD OF THE PAYCHECK SIEZURE BUT THEY WILL GET YOUR REFUND CHECK. THEY WILL MAKE EVERY EFFORT TO GET PAID.

THERE IS ONE METHOD THAT WORKS WHEN DEALING WITH THE SCUMBAGS WHO WORK AT THE COLLECTION AGENCIES HOUNDING YOU FOR REPAYMENT. ALL YOU HAVE TO DO, IS, SEND THEM A LETTER AND AN E-MAIL, TO THE EFFECT "CEASE AND DESIST CONTACTING ME OVER THIS DEBT - I AM INVOKING THE FAIR DEBT COLLECTION PRACTICES ACT" BY LAW THEY MUST CEASE ALL CONTACT WITH YOU UNLESS THEY INTEND TO PURSUE LEGAL ACTION. IF SOME COLLECTION AGENCY WANTED TO SUE YOU OVER AN UNPAID STUDENT LOAN DEBT, THIS WOULD BE OVERKILL. THE ONLY REASON I COULD SEE IS IF YOU WERE A PROPERTY OWNER AND THEY COULD PUT A LIEN ON YOUR HOUSE OR LAND SO THAT IF THE PROPERTY WAS SOLD THEIR LIEN MUST BE SATISFIED. IF THIS IS THE CASE, BETTER GET AN ATTORNEY TO BE SURE YOUR RIGHTS ARE PROTECTED.

THE SCUMBAGS WHO WORK FOR COLLECTION AGENCIES ARE NOTHING MORE THAN COMMISSION SALES PEOPLE WHO WILL TRY ANY TACTIC AND SAY ANYTHING TO PREY ON YOUR EMOTIONS TO ELICIT ANY PAYMENT FROM YOU, IGNORE THESE ASSHOLES AND DEAL ONLY WITH THE HOLDER OF THE LOAN. IF THEY WON'T DEAL WITH YOU, THEN CONTACT YOUR CONGRESSMAN OR SENATOR AND LET THEM INTERVENE ON YOUR BEHALF.

THE STUDENT LOAN BUSINESS IS A SCUMMY BUSINESS RUN BY A BUNCH OF SCUMMY BUREAUCRATS WHOSE MANAGERS REAP BIG BONUSES BASED ON MEETING CERTAIN NUMBERS. IT'S A RACKET AND THE DESTITUTE STUDENTS WHO CAN'T AFFORD SHIT ARE MADE TO PAY, JUST BECAUSE SOME ADMISSIONS REP BLEW SMOKE UP THEIR ASS.

BEST ADVICE, GET A JOB, APPRENTICE, LEARN A TRADE, SAVE YOUR MONEY AND YOU WON'T BE AT THE MERCY OF THESE VULTURES.