What happens if you just refuse to pay your student loan debt?

Gigastrength
Gigastrength

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?

TreeEater
TreeEater

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.

Burnblaze
Burnblaze

I have $50k in debt, that for some reasons, I don't want to pay.
fucking assholes that steal money god damn.

ZeroReborn
ZeroReborn

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.

GoogleCat
GoogleCat

Hnnnnng

StrangeWizard
StrangeWizard

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.

whereismyname
whereismyname

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?

Stark_Naked
Stark_Naked

I am noticing more and more banks don't care about Student Loans.

Lunatick
Lunatick

Fuck off kike

TechHater
TechHater

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.

Garbage Can Lid
Garbage Can Lid

Found the gentleman of African decent.

This is why your people are so fucked my good nigger.

Lord_Tryzalot
Lord_Tryzalot

its for a good cause you old fart

Bidwell
Bidwell

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.

Carnalpleasure
Carnalpleasure

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?

Snarelure
Snarelure

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.

Gigastrength
Gigastrength

Im self employed

TreeEater
TreeEater

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.

PackManBrainlure
PackManBrainlure

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.

Sharpcharm
Sharpcharm

College is a meme my friend, some of us find out the hard way sadly.

Snarelure
Snarelure

Possibly. I had to scrap and start a business from nothing.

Firespawn
Firespawn

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?

TurtleCat
TurtleCat

Photographer

DeathDog
DeathDog

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?

Fuzzy_Logic
Fuzzy_Logic

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.

Harmless_Venom
Harmless_Venom

nothing is free in a society full of inferior ppl like op

SniperWish
SniperWish

Maybe they'll send loansharks?

LuckyDusty
LuckyDusty

Yo momma's inferior pelvis full o' my dick.

SniperWish
SniperWish

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.

CouchChiller
CouchChiller

are you two retarded?
sure you need it for crack and meth right?

Nojokur
Nojokur

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....

Need_TLC
Need_TLC

What degree did u get?

Soft_member
Soft_member

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)

viagrandad
viagrandad

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

SomethingNew
SomethingNew

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

Need_TLC
Need_TLC

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.

Spamalot
Spamalot

MBA
top KEK

Falling for the MBA meme

viagrandad
viagrandad

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

Techpill
Techpill

hoping this post is a joke...this exact logic is in part responsible for the housing bubble

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