How Do I Fix My Financial/Educational Future?!?

I have little sympathy for the student loan industry. Sallie Mae has a profit margin that makes Microsoft or ExxonMobil look like a lemonade stand. They're no different than mafia loan sharks in my mind. With that in mind, I see no issue in abandoning the loans, if you have an avenue for getting away with it.

If the loans are private, non federally insured, then local statutes of limitation apply. Depends on the state, but this could be anywhere from 6-10 years. If you can get off the grid for that long, your pretty much home free legal wise. The debt will still be on your credit record. But in time even that will go away. Now, if your loans are federal or federally insured, your screwed here, because there is no statute of limitations on these.

A better option is moving out of the country. It is unlikely they will come after you. Even if they do, they have to deal with you under that countries laws. And short of the middle east (which still has debtors prison), America has about the harshest laws when it comes to student loans. And between tracking you down, and pressing a suit against you, the costs will probably be too high to even bother pursuing you. And even they take all these steps and win in court, the worst they can do is garnish your wages. And wage garnishment laws abroad also tend to favor you much more. In addition to this, if you emigrate, your credit report stays here. Whatever country your in, there's an entirely new credit system, and a fresh start. You'll have no credit history... but no credit is better than bad credit. Lots of countries would probably accept an immigration application if you're a nurse technician. Even easier if you have family abroad... or marry some nice foreign man.

I'll probably get flamed for suggesting you bail on your debt. Whatever. If you were a responsible adult when you took these loans out, I'd agree. But student loans are taken out by 18 year olds who don't know any better. I'd never had a real job, paid a bill, or made a budget in my whole life at 18. The biggest financial decision I'd ever made was whether to buy a playstation or a nintendo. The people from the loan companies were coming into my school and indoctrinating us on how we'd be total failures if we didn't go to college... paid for with a loan from them. They're predators and nothing more. F'em. Their balance sheet is still going to be stellar whatever you do.

Good luck

Anyone can get out of debt, a lot of people are going to try to convince you to do debt consolidation, or debt negotiation but you need to be careful, in most cases these people do not care about your future just what they can get out of the deal and then there are a lot of scams that will take you for a lot of money. When you have money there are ways to negotiate but you need to demand that the creditor report it favorably helping you build your credit, its when you do not have leverage and you try to negotiate that you do not get what you want a way to rebuild your credit record and score.

Do not feel bad people are having a hard time keeping jobs let alone finding them I know executives that are working temp holiday jobs for $10/hour just to put food on the table.

You have taken a good first step, that's asking for help, most people go into hiding and never get their lives back in order.

I am a personal finance councilor and I see situations much worst than this everyday.

Good luck, if i can be of any assistance just ask.

Bob

Wow... you are in trouble.

All you can do is get a job.... any job.... and prey that you never own a whole lot so that your creditors won't bother taking you to court.

I forgot... those are student loans.... they can never go away and can't be discharged in Bankruptcy either. How on earth did they let you run up 100K in student loans without the grades and progress that would justify that?

Dudette.... I would almost suggest to "disappear" and start a new life with a new name and identity.

Hi,

I used "Credit Solution" to settle my debt and avoid bankruptcy.They managed to reduce my debt up to 58% and improve my credit score .It's legitimate . I came across this company on NBC News Special Edition.Check it out here:

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Note:It's advisable to fill out the short form.Let them call you back.The line is always busy due to so many customers.

pray and everything will work out. romans 8:28. i am 24 with close to 25000 debt it will be ok,ps i have no degree but working on it so be prod you finished school so work and pay a little bit to everyone and you will be fine