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I now owe 3x what I originally borrowed in student loans, and now my paychecks are being garnished to repay the debt. What can I do?


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2022 Mar 22, 6:03am   17,113 views  113 comments

by Al_Sharpton_for_President   ➕follow (5)   💰tip   ignore  

Question: My student loans are over ten years old, I’m not working in the field I have the degree in, and one of the schools has closed. I can’t afford to retire – I’m 67 years old and can’t live on Social Security alone. I have paid and had garnishment against me and now it’s three times what I borrowed. I’m expected to pay $600 a month. I can’t afford to feed myself. What can I do?

Answer: Borrowers with less-than-perfect credit records face challenges while climbing out of debt, and they can get steeper when you’re older because income tends to plateau.

Pros offer steps to help you navigate:

1. Declare yourself a Western turning country that is under attack from Russia, and apply for USG funding.

2. Declare yourslf an underwater investment bank, and apply for USG bailouts.

3. Two words - BLM franchise.

4. Sell a kidney.

https://www.marketwatch.com/picks/im-67-and-my-student-loans-are-being-garnished-from-my-paychecks-i-now-owe-3x-what-i-borrowed-and-am-struggling-to-make-ends-meet-what-can-i-do-01647627323?siteid=yhoof2&source=patrick.net


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14   Ceffer   2022 Mar 22, 12:28pm  

Strange to think we saved with incomes that were paltry by comparison. Now, the Monte Carlo calculators say we can spend more than this bedeviled family after taxes and still preserve basis, without any debts, mortgages or additional savings at all. We actually spend about a fourth of that and we think we are profligate due to uncured scrimping tendencies over the career years. This couple needs severe financial management, however. If one of them loses a job, they are fucked. Just look how little 1.5 million dollars buys in SillyCon Valley these days in terms of real estate. Can you say ticky tacky townhouse in a middling area?

Of course, the Monte Carlo could change quickly downward with crashes, currency collapse and various predatory actions of government and it would be back to beans and rice, if we can get them at all. Our previously pinky lifting yuppie enclave is seeing governmentally imposed California plagues of beggars, section 8, and homeless. The local blogs are full of reports of porch pirates, scam artists, roving third worlders, burglaries, home invasions, car thefts and break ins etc. etc. that were unheard of eight years ago. The 'true' enclaves are shrinking and becoming increasingly narrow and ultra wealthy. I don't think where we are is going to be one of them.

Have seen two waves of government subsidized ghetto whompers around here come in and recede a bit. They make the subsidized beach head, are around for a bit, then squander their advantage and then a lot of them leave when the subsidies have been used up for the various squandering idiocies.
15   Ceffer   2022 Mar 22, 12:35pm  

You can get a head of steam and re-invent yourself up to about the age of 50 or so. After that, you better have a nut cache well started and debt paid down or garnishment of social security isn't all that impossible.
16   RC2006   2022 Mar 22, 12:49pm  

Is there an age limit to getting student loans? Thinking of traveling the world in my retirement as a student and then wipe them out when I'm in my 80s 90s and disabled or dead.
17   Booger   2022 Mar 22, 2:52pm  

Onvacation says
zzyzzx says
SHF

Shit Hit Fan?


I assume typo for Single Family Home..
18   Booger   2022 Mar 22, 2:52pm  

HunterTits says
If you are 67 and still have unpaid student loans, you are more fucked up than you realize.


It's like they aren't even trying!
19   Patrick   2022 Mar 23, 3:30am  

KgK one says
Why can't you declare bankruptcy or justify loan mod based on your income. Sad to live life paying student loan all your life.


In about 2005, student loan debt was made non-dischargeable. It follows you to the grave.
20   zzyzzx   2022 Mar 23, 5:29am  

Onvacation says
zzyzzx says
SHF

Shit Hit Fan?


Single Family Home. Assumption of typo above is correct, now fixed.
21   zzyzzx   2022 Mar 23, 6:17am  

https://finance.yahoo.com/news/retire-60-300-000-194057089.html?source=patrick.net

Can I Retire at 60 With $300,000?

Only if you also have a lavish defined benefit pension. Duh.
22   WookieMan   2022 Mar 23, 6:46am  

NDrLoR says
WineHorror1 says
This feels average?
Three vacations a year for $18K? Stay at home!

I'm more shocked about the $9,600/yr for a BMW and Land Cruiser somehow being that low. Most people finance and most people are paying $600/mo per car for those models. Sinking a big down payment if you have good credit is a pure waste. I'd rather finance most of it and invest the down payment in something else. Better ROI.

With regards to student loan debt, get a 1099 job and don't pay the debt. Don't answer the phone if you don't recognize the number and never answer yes if they ask if you are "John Doe." They cannot garnish wages if they don't know you and you can't get thrown in jail because of debt. That was the risk the creditor took. You'll get a credit ding, but it goes away after 7 years and the debt collectors will stop at some point.

Everyone is gaming the system. They're just not honest with you. If you're willing you can open a CC and charge up $20k, destroy your credit for 7 years, but never have to pay it. If you have a stay at home spouse you can really use and abuse this. This is what ghetto people do. How in the flying fuck do you see a hood rat driving a $50k car?
23   stereotomy   2022 Mar 23, 7:19am  

WookieMan says
I'm more shocked about the $9,600/yr for a BMW and Land Cruiser somehow being that low. Most people finance and most people are paying $600/mo per car for those models. Sinking a big down payment if you have good credit is a pure waste. I'd rather finance most of it and invest the down payment in something else. Better ROI.


The car payments are most likely lease payments, not loan payments.
24   Booger   2022 Mar 23, 4:43pm  

WookieMan says
If you're willing you can open a CC and charge up $20k, destroy your credit for 7 years, but never have to pay it. If you have a stay at home spouse you can really use and abuse this.


How?
25   🎂 Tenpoundbass   2022 Mar 23, 5:57pm  

These lists are always full of shit, how are the kids costing them $42K, yet they still itemize stuff you would expect that $42K is already covering.
They already said Food for 4, clothes for 4 people, Children's lessons, and Misc. ("something always comes up").
Then what are they spending the $42K on kids? This logic always bothered me, when the Gen-X were getting brainwashed by the Deviant Boomers, against the Nuclear family, and demonized faithful marriages as "Co-Dependent" something my generation was supposed to take great care not to get caught up in one. That's why my generation is the largest divorce rate in History. Where as the Millennials just aren't getting married.
One of the common mantra my generation was drilled by souless fags trying to scare us away from traditional family values, telling us how much kids cost. They only cost as much as you foolishly poor into them. I'll tell you about not affording kids, the low IQ low moral people are spitting out kids like a print press, while the people society will need to continue are being told "Kids cost to much, you can't have kids until your rich, and can afford a Nany to raise them, because that's the way the Jones' do it."

Food wasn't that big of a deal, they weren't huge eaters, and I've always cooked enough to have leftovers anyway, then they belly ached about Summer Camps and private school, those things just like Real Estate are a suckers game, if they are driven up by everyone trying to get in the best place. Rather than demanding all institutions we entrust our kids to have a high standard, that they should all be the same. Now of course the Gated Community Libs that used to be on Patnet, used to curse and savage me for even suggesting that. They pay more in property taxes, so it only stood to reason, they got the good shit and everyone else gets crap! The same people that tell us to give our shit away to the less fortunate.



zzyzzx says
26   🎂 Tenpoundbass   2022 Mar 23, 6:01pm  

That's how Hunter Biden became a crackhead, his Dad gave him $42K a year to do with as he saw fit, through out his childhood.
27   zzyzzx   2022 Mar 25, 11:09am  

https://finance.yahoo.com/m/f9cc3ccb-e330-3b12-bbdd-b7681c6d0c9e/i%E2%80%99m-65-and-have-220k-in.html?source=patrick.net

I’m 65 and have $220K in student loan debt. I have a lot of health issues and am only working part-time. Can I somehow erase this debt?
28   Eric Holder   2022 Mar 25, 11:10am  

WHOEVER DIES WITH THE MOST DEBT - WINS!!!!
29   Patrick   2022 Apr 29, 12:47am  


Marc Andreessen
@pmarca
1h
That the elimination of college testing and grades is happening simultaneous with student loan “forgiveness” is no coincidence. Many of the degrees are worthless, and everyone knows it, including employers.
Apr 29, 2022 · 6:20 AM UTC

Marc Andreessen
@pmarca
1h
After this process is complete, the universities will no longer have an economic function, and will reach their terminal state as a luxury consumer good.
31   AmericanKulak   2022 Apr 29, 1:38am  

Brookings (!!!) - most student debt is owned by the most well off. Only 6% of student debt amounts are over 100k.

Basically, we'd be cancelling student loans for Assistant Principals or HR Personnel at Woke Institutions who had one fluffy degree, then got a fluffy grad degree to further their career in the Clerisy.

https://www.brookings.edu/policy2020/votervital/who-owes-all-that-student-debt-and-whod-benefit-if-it-were-forgiven/?source=patrick.net
32   AmericanKulak   2022 Apr 29, 1:41am  

Tenpoundbass says
Then what are they spending the $42K on kids? This logic always bothered me, when the Gen-X were getting brainwashed by the Deviant Boomers, against the Nuclear family, and demonized faithful marriages as "Co-Dependent" something my generation was supposed to take great care not to get caught up in one. That's why my generation is the largest divorce rate in History. Where as the Millennials just aren't getting married.


Roastie Millies just get knocked up by pool boys or DJs or Tinder 3AM calls in their early 20s instead of in High School these days. If they get knocked up at all, ever.

In Gen X and previous eras, a woman who made it past 20 without having one kid out of wedlock was highly unlikely to have any out of wedlock kids at all. Millies broke that chain.

Just like Millies were the majority of those arrested during the BLM riots, where all other previous riots, at least going back to the 60s, the average age around 20. BLM/Antifa literally are trust fund babies and barristas.

The lesson? Reward work ethic and not participation or self-esteem in kids.
33   AmericanKulak   2022 Apr 29, 1:47am  

Tenpoundbass says

One of the common mantra my generation was drilled by souless fags trying to scare us away from traditional family values, telling us how much kids cost. They only cost as much as you foolishly poor into them. I'll tell you about not affording kids, the low IQ low moral people are spitting out kids like a print press, while the people society will need to continue are being told "Kids cost to much, you can't have kids until your rich, and can afford a Nany to raise them, because that's the way the Jones' do it."

Food wasn't that big of a deal, they weren't huge eaters, and I've always cooked enough to have leftovers anyway, then they belly ached about Summer Camps and private school, those things just like Real Estate are a suckers game, if they are driven up by everyone trying to get in the best place. Rather than demanding all institutions we entrust our kids to have a high standard, that they...


Yep. "If the kid doesn't go to THE BEST summer camp..." you know what? Most of the 30-somethings sleeping in mom's basement went to the best summer camps.

I got the demon to scream by suggesting our son go to the nearest convenient Camp, maybe a Church one, that has a playground. Heaven forbid kids just run around and get a Bible Story read to them. When he's 12-13, no camp, just bike around the neighborhood all day like I did. "But he's not learning about Video Production or Drama Class" So the fuck what? At 12-13 on his bike he'll find plenty of IRL drama with kids his age. These days it'll be caught on cell video, too.
34   zzyzzx   2022 Apr 29, 6:07am  

https://www.brookings.edu/blog/up-front/2018/05/30/why-the-dentist-with-1-million-in-student-debt-spells-trouble-for-federal-loan-programs/?source=patrick.net

Why the dentist with $1 million in student debt spells trouble for federal loan programs

Only 101 people out of 41 million student-loan borrowers owe more than a million dollars
35   Misc   2022 May 2, 12:00am  

Looks like it is getting closer and closer to having those who didn;t go to college pay the debts of those who did.

Joe Biden's America.

https://www.msn.com/en-us/news/politics/student-loan-forgiveness-don-t-expect-50k-in-relief-says-biden/ar-AAWOwQ7?ocid=msedgdhp&pc=U531&cvid=fa80a1cc24414d75b79637e8d3c9d9ba&source=patrick.net
36   seesaw   2022 May 2, 7:11am  

That CNBC chart is FUBAR. I did not have to goto "College". I decided to go into I.T. in 1980... before their was a thing called a P.C. their were dumb terminals tied into a mainframe. In those old days, if you were making your age, you were doing ok... now it has to be double or triple that. I made over 100K in I.T.. but I had to jump around a few jobs to get there, but college was not a factor as much as the I.T certifications were, and great references.
If that CNBC chart is the current state of affairs in a typical household, then their last name must be Jones. I will not pay for someones college repayment... screw that... and screw the Jones... their kids will be brats, and want everything now...
37   RWSGFY   2022 May 2, 7:39am  

seesaw says

I will not pay for someones college repayment...


Oh, you will.
38   🎂 Tenpoundbass   2022 May 2, 7:59am  

That's the problem with student loans, they should be able to throw cash at them and it take down the principal. You'll only end up paying 5 times the amount of your loan, if you pay it off on the payment schedule. No need for the government to pay off the debt, just cut the balls off the greedy banks.
44   ForcedTQ   2022 May 9, 11:27am  

Tenpoundbass says

These lists are always full of shit, how are the kids costing them $42K, yet they still itemize stuff you would expect that $42K is already covering.
They already said Food for 4, clothes for 4 people, Children's lessons, and Misc. ("something always comes up").
Then what are they spending the $42K on kids?


That looks like $42K for childcare (Daycare/care of child when parents are otherwise working - before school/after school.) In a metro area with high competition for daycare, for 2 kids, that's $1,750 / month / child, and is not out off the realm of being realistic.
45   WookieMan   2022 May 9, 6:57pm  

ForcedTQ says
Tenpoundbass says

These lists are always full of shit, how are the kids costing them $42K, yet they still itemize stuff you would expect that $42K is already covering.
They already said Food for 4, clothes for 4 people, Children's lessons, and Misc. ("something always comes up").
Then what are they spending the $42K on kids?


That looks like $42K for childcare (Daycare/care of child when parents are otherwise working - before school/after school.) In a metro area with high competition for daycare, for 2 kids, that's $1,750 / month / child, and is not out off the realm of being realistic.

Yeah, if you have older kids and are older yourself, the childcare game has become a racket for younger families. We're out of the phase, but that was single handedly the biggest shock. Two kids in day care is like a Ferrari. Maybe more expensive.

It's cheaper now with 3 not in daycare. Food is going to be problematic with 3 boys that likely will hit 6'3" to 6'5" is the new problem and all the sports fees. We're in the in-between stage where it's the cheapest in my estimation. 13 years old and over it ramps back up big time. They at least start taking care of themselves though and eventually get a license and can help with the younger brother/cousin.
46   WillyWanker   2022 May 10, 4:04am  

67 and still owe college loans? How is that even possible? Unless you have never made payments toward your loans, I suppose. Which would raise the question if you ever intended paying back the loans. If you borrowed the money and cannot file for bankruptcy to get a fresh start, then suck it up and pay the money you owe. Why should I or anyone else pay for your fuckups?
47   zzyzzx   2022 May 10, 5:23am  

ForcedTQ says
That looks like $42K for childcare (Daycare/care of child when parents are otherwise working - before school/after school.) In a metro area with high competition for daycare, for 2 kids, that's $1,750 / month / child, and is not out off the realm of being realistic.


Already pretty high on my long list of reasons not to have kids.
50   mell   2022 Jun 6, 2:41pm  

ForcedTQ says

Tenpoundbass says

These lists are always full of shit, how are the kids costing them $42K, yet they still itemize stuff you would expect that $42K is already covering.
They already said Food for 4, clothes for 4 people, Children's lessons, and Misc. ("something always comes up").
Then what are they spending the $42K on kids?


That looks like $42K for childcare (Daycare/care of child when parents are otherwise working - before school/after school.) In a metro area with high competition for daycare, for 2 kids, that's $1,750 / month / child, and is not out off the realm of being realistic.

True, but that's why many who can will never go back to work. Save the child care entirely or just pay a daycare or babysitter occasionally / when necessary. They'd have to pay us double to go into an office these days
52   casandra   2022 Aug 9, 11:17am  

I didn't see if you were a male or female or whatever.

Plain and simple.

YOU CAN DANCE!

If your not a female just declare that you are and all problems solved.

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