What happens if you just refuse to pay your student loan debt?
I have $50k in debt, that for some reasons, I don't want to pay.
I was told by the Navient phone rep that they have no power to take money out of my paycheck or bank account. So what can they do if I just never pay?
Student loans are government backed, and the government can do whatever they want. If it's a private one, they'll just destroy your credit score and make you incapable of getting loans (And some jobs) for the next 7 years.
>I have $50k in debt, that for some reasons, I don't want to pay.
fucking assholes that steal money god damn.
nothing will happen. They will keep bothering you and try to get you to just pay the interest.
Honestly, its your civic duty to fuck the government as hard as legally possible. Its the only way things will get fixed. Good for you.
Hnnnnng
when you default on debt you don't fuck the bank or the government you retard.
you fuck other people that take out a loan.
the banks never lose any money. they just collect it from whomever they can.
fucking filthy nigger scum can't seem to comprehend this.
because off fucks like you i have to pay more interest if i want a loan.
Why would the bad credit only affect him for 7 years? The company will continously report "missed payment" indefinitely his credit will be fucked for life if he ignores his debt, no?
I am noticing more and more banks don't care about Student Loans.
Fuck off kike
> i have to pay more interest if i want a loan.
no, you dont have to pay anything at all. You took the governments/banks problem and made it your problem. thats your decision.
Found the gentleman of African decent.
This is why your people are so fucked my good nigger.
its for a good cause you old fart
If it is a government backed loan then your wages will be garnished. However if you never work, or work under the table for cash then you could hypothetically never pay it back.
They have to sue you first, and get a judgement. Then they can garnish your wages, yes.
If you can't afford the payments, just apply for income based repayment, OP. If you are making good money and don't want to pay back your loans, then I would ask why?
i honestly dont understand the negativity.
>bank bailouts
>no gold standard
>hugely understated annual inflation
>thoroughly fucked retirement program
>widespread disapproval of the federal reserve
but if I decide to have a few keks to myself, suddenly people turn ugly. are you jealous? be frank.
Im self employed
I was foolishly convinced to get a masters degree to get me a job. After graduation the jobs weren't there.
Yes it was my mistake. I would return the degree in 2 seconds if it would forgive the debt.
I haven't used any of it and feel cheated. Everyone in academia convinced me it was a good investment and I fell for it.
Damn are you me? $55k in loans I don't want to pay back because college was a fucking scam and I learned nothing. Also self employed.
College is a meme my friend, some of us find out the hard way sadly.
Possibly. I had to scrap and start a business from nothing.
Luckily I started a biz before college but did college as a backup, really put into perspective for me how much of a scam it is coming from a biz background, it may as well be Amway. What kind of biz are you running?
Photographer
You don't want to pay the loans back because enough are BROKE. You have no choice but to wait 7 years till it falls off your credit. I mean seriously. I'm only 21, but I swear to God you represent the financial intelligence of the entire fucking population. $50,000 in debt? I don't even want a house mortgage that big. Rather rent till I can outright buy a home. See?
Having a loan only last for 7 years on the credit report sounds too good to be true. If this were true id just default and take the hit, it can't be this simple though, bankruptcy doesn't even clear student loans, so this can't work.
nothing is free in a society full of inferior ppl like op
Maybe they'll send loansharks?
Yo momma's inferior pelvis full o' my dick.
> Huge student loans
> Get great degree
> Get loans from anywhere you can
> Move to another country
Always wondered why more people don't do this.
are you two retarded?
sure you need it for crack and meth right?
>credit score
>imaginary number
>caring
>needing loans
top kek
Why not take the biggest fucking loan you can, run with the gold and then not give a shit about anything? It is literally free money. Say you own nothing and write everything to mommy, daddy, brother, whatever....
What degree did u get?
dude you payed 50k for a photography degree and now its someone elses problem?
What crazy world do you live in where every day going to class, coming home, just walkin around it never occured to you to bust out a calculator and check the loan repayment numbers vs the very obviouse dearth of job opportunities?
So everyones already said this and that about your credit score and garnished wages but cherry on top? because you cant file bankruptcy and the loans are backed by the government theyll take your SSI when you retire if they have to (not that you're a real forward thinking fellow anyway)
thats not how it works
Yeh he's retarded - if you default on a student loan it doesn't go away, the interest keeps piling on, they don't resale the loans except the private ones so it will just be the federal government hounding you for the loan money forever
want an FSA loan on a house? tough shit
want to apply for new loans to get a different degree? DENIED
applying for other government benefits? fuck you mooch
etc
You'd have to move to a shit hole where the people after you for money wont follow you (remember, foreigners with american citizenship pay US taxes on money earned elsehwere)
So the cost of living in say thauiland is lower than the US but thats using US currency to buy things - if you move their with a degree now youre just a white guy with the same skillset as a local, no benefit - they pay you what the locals get paid so you get to enjoy a nice third world lifestyle.
Other guy above piointed out you could get huge loans and run (or use manufactured spending to turn credit lines into giftcards into money orders into cash) and skip the country but the money will still run out - you'd need a stable passive income source that produces US dollars
I'd have to completely start over.
Although my current business is highly transferable across countries. So if I KNEW I could make a good living somewhere else, I might leave...
MBA
I did not get a photography degree. The other user asked what kind of business I started. I started a photography business.
If my current career follows my plans I won't need any of those things. I could accept renting for life, and could also accept not getting any SSI later on. Although I suppose the SSI would outweigh the current debt in the long run.
>MBA
top KEK
Falling for the MBA meme
>trump, a jew, or a woman to be next president
If you wanted to not pay bills, you missed the window breh. Obama had some generous recession forgiveness program going. Don't know much about it bc I'm not a broke-ass nigger and I pay my bills but Google it maybe if that's not too much work for you
hoping this post is a joke...this exact logic is in part responsible for the housing bubble