Announcement

Collapse

Forum Rules (Everyone Must Read!!!) (updated: 04/28/2015)

Welcome to the Bankruptcy Forum. Bankruptcy (BK) Forum is known as BKForum.com and will be referred to as BKF hereinafter. In order to ensure a long term success of our vibrant community, we have established certain rules and guidelines to which everyone must adhere to. Please take your time to carefully read our rules, before you start to participate in the community.

Things you agree to do:
BKFORUM.com (BKF) users agree to use the search function before starting a new thread. This prevents duplicate discussions and allows for better organized topics.

All BKF users agree to read the sticky posts which may be available at the top of a forum page. These Sticky posts often contain valuable information. They may also outline more rules and guidelines specific for that particular forum, stickies are put in place by that forums moderator(s) or admin(s).

Things you agree not to do:

All BKF users agree not to call people names or write a post simply to make a personal attack, or get a negative reaction; this behavior is not allowed on our forum. The use of derogatory language aimed at anyone will be severely dealt with. There is no need to agree with each other, or to even like each other. However, by signing onto BKForum.com you agree to treat each member and guest with the respect they deserve. No threats or personal attacks will be allowed.

All BKF users agree not to discuss, engage, or encourage any behavior or activity which violates the law. Discussion of drugs, violence, murder, theft, vandalism, fraud or any other issue which could be used to help individuals break the law is strictly forbidden.

All BKF users agree not to "bump" old threads, unless there is a specific benefit to the community by doing so. But in most cases, please don't post in very old threads, instead start new threads.

All BKF users agree not to attempt/use another members account. It is against BKF rules to use any account other than your own. Impersonating another member will result in an immediate ban. It is also against the rules to open more than one account in your own name without permission from a moderator or administrator. If you have been banned for any reason, it is against the rules to open another account. If you were banned temporarily and you are caught using another account you will be banned permanently. Choosing a moniker which is similar in either sound or spelling as a moderator or administrator is strictly forbidden.

All BKF users agree not to private message any moderator, admin, or other member with questions related to their personal circumstances (Questions about the forum or issues with the forum are ok). This forum only works when members share their experience and insights with everyone.

Things you agree not to post:
All BKF users agree not to post any derogatory/racist/or sexist remarks. This includes attachments, links and all information contained within posts, signatures, and avatars, failure to comply with this rule will result in a permanent ban.

All BKF users agree not to post any copyrighted or trademarked information without the express written permission of the owner(s) / proper citation of source.

All BKF users agree not to post any real names, addresses, telephone numbers, email addresses, social security numbers, or any other personal details (their own or other people's).

All BKF users agree not to post links, pictures, attachments, videos, or the like of pornographic content, objectionable material or extreme violence, whether cartoon or real.

All BKF users agree not to use BKF for advertising purposes without a written contract between yourself/company/agent and the administration of BKF. Blatant advertising will result in a ban.

All BKF users agree not to spam the forums. Spam includes but is not limited to posting erroneous, non-relevant-useless, off-topic, or meaningless posts. Spam may also include posts which contain no text, or large areas of blank space between lines. Simply posting emoticons without text is considered spam. BKF is the largest bankruptcy message board and all the content is intended to help other users. Please help us improve the quality of our forum by making sure that your posts are well-worded, spell checked, grammatically correct and syntaxed.

Regarding actions of moderators and administrators:

The forum is no place to air out your opinion or be judgmental of our staff and its capabilities.

All BKF users agree not to abuse or mistreat moderators or administrators. It is against BKF rules to post any information regarding bans or any other action taken by a member of the moderating or administrative team. If you wish to discuss bans or warnings please do so via PM. To place a complaint against a moderator, send a PM to a super moderator. All Moderators are equal, any decision made by a moderator must be adhered to. If a moderator tells you something you do not like, do not go to another moderator looking for a different answer. If you are caught doing this you will be banned. The moderators work as a team and respect the decisions made by their peers and will help enforce them unless an administrator tells them differently.
If you have an issue with how the forum is run, then notify one of our administrator and we will look into the situation. We have in the past and still do appreciate any input that you offer this forum. But critical input and/or judgmental postings towards the staff will result in you getting banned.


Should you find a thread offensive or out of line, then notify a Mod in a PM so they can evaluate the situation and do the action deemed necessary.

All moderators do have active "other" lives outside of the forum and help moderate this forum in their spare time throughout the days and weeks.

If you have a problem with a member or Mod follow the proper channels of reporting it.

BKF reserves the right to delete any posts which contain anti-BKF comments or discussion. Any bashing of moderators or administrators, or any of their discussion or actions will also be deleted, and the responsible posting party(s) will be banned. Any public anti-BKF advertising, communication, or posts on another forum will result in permanent bans as well.

All warnings and bans are decided by individual moderators and administrators. Warnings are preferable to bans however, for serious offenses and repeat abusers bans will go into effect. The length of the bans can vary from several hours to permanent.

All messages posted or sent including through PM are the property of BKforum.com.

All BKF users agree not to advertiser on the forum (Niether by posting, private messaging or using your signature). If you are a company/attorney/legal adviser wishing to advertise on the site or sell a product, you must contact the head administrator and inquire about our advertising packages.

All bankruptcy related opinions expressed on BKForum.com are those of their authors and not necessarily of BKF, its staff or representatives.

You agree not to copy any material/post/content from BKF without written permission from our head administrator .

By posting on this forum you agree to these terms and conditions, including any punishment deemed appropriate by moderators or administrators in the event of an offense.

Administrators/Moderators can change these rules at any time without prior notice.
See more
See less

Student loan rant..Are you in college? Are you thinking about going to college?

Collapse
X
  • Filter
  • Time
  • Show
Clear All
new posts

  • Student loan rant..Are you in college? Are you thinking about going to college?

    Government student loans are designed so that you can never pay them off.
    Took out loans for school, repayment started in 2003 at $28,547.13 @3.125%
    Paid on IBR for just about 10 years. Total paid in that time = $18,534 which worked out to be $100 to principal and $50 to interest.
    Had to change from IBR to extended repayment because my income indicated that I was "able" to now pay off the loan in 10 years not 25 which made monthly payment unreasonable.
    They recapitalized the loan and lowered my monthly repayments.
    My new principal today is $30,592 @3.125% for 213 months (17.75 years)
    So, rounding that to 18 years, I calculated that over that time I will have paid:
    $40,037 ($9445 in interest)
    But since I've already shelled out $18,534....
    original loan balance was $28,547 ------> $58,571 paid off in 2031 when I am 54 years old and my son turns 21 making it impossible for me to help him avoid my personal student loan hell for his lifetime.
    Yes, this is more than double the amount borrowed. By the way, moving from IBR to extended cancelled my "Obama says you have your loans forgiven in 25 years"

    I guess the moral of the story is, DONT take out loans for college! Not even for a worthwhile degree - I have a masters in chemical engineering and have been laid off 5 times in the last 5 years. Any other profession job interviewer I've dealt with has told me I'm overqualified for what I was applying for and didn't hire me. At this point I am considering letting it default on purpose and let them sue me for the nothing I have.

    Is anyone else trapped in this nightmare? Is there any hope left?

  • #2
    i'm just a mom that so feels for you..and worse YET, you go through all this and can't get any jobs to pay them off and the government is doing absolutely nothing to help those that are caught in the trap you are in.

    here's the other kicker. we had two kids both went on to grad school and one went further into grad school for a PhD. well she still owes approx 60k with interest and her job doesn't even pay her 60k a year with a PhD. so sad, we still have to help both of our kids and it's NOT that they are lazy it's NOT they are over spenders, it's NOT that they do not budget well, it's just that they don't have enough money to budget. it's a real shame for all of you that have worked so hard to get a better education just to be slapped in the face so hard.

    when the government finally realizes that you all VOTE, maybe things will begin to change. this present administration, and i am partially to blame as i helped to put them in based on all the lies about who they were going to help, (wish they would have been truthful and told us we only intend to help ourselves), i hope all those holding those terrible student loans will start a real movement that makes a difference and a change!
    8/4/2008 MAKE SURE AND VISIT Tobee's Blogs! http://www.bkforum.com/blog.php?32727-tobee43 and all are welcome to bk forum's Florida State Questions and Answers on BK http://www.bkforum.com/group.php?groupid=9

    Comment


    • #3
      Thanks for your kind words and story tobee My only hope for this country right now is Elizabeth Warren and Rand Paul. (I wrote in Ron for pres last election haha). This student loan situation will eventually burst just like the housing bubble and it's not going to be pretty. As more and more of our parents who graciously helped us out with these loans retire there will be no options but for millions to default. And they love to run a credit check now during the hiring process......It looks like only the illegal aliens will soon be the only people in the country that have good enough credit to buy houses, cars, and pass the hiring credit test.

      Personally I think we should all default on purpose, all at the same time, in protest of these kinds of loans with seemingly no fair rules. It would send a message louder than any occupy movement, or vote.

      Comment


      • #4
        well gml120, i know it can be done! we did it in the 60's when we shut down the colleges and forced change. we worked endlessly but we finally heard. what an absolute shame that employers check credit, insurance companies check credit (i once asked about that and was told that those that had poor credit were more likely to commit fraud, really?) i can't believe that garbage, anything and anyway to say NO. this country doesn't care anymore about our youth, both my son and daughter married 1st grade teacher and what a said thing that is, both with masters and being paid enough to be able to apply for food stamps, can't pay their loans but the guy next to them has no student loans went to college for free and then got the job qualified or not. it is exactly why this country is falling apart.

        i'm so with you if all of those that owed the loans stopped paying and staged a national protect maybe just maybe someone would begin to listen.
        8/4/2008 MAKE SURE AND VISIT Tobee's Blogs! http://www.bkforum.com/blog.php?32727-tobee43 and all are welcome to bk forum's Florida State Questions and Answers on BK http://www.bkforum.com/group.php?groupid=9

        Comment


        • #5
          Agree with Tobee.

          I know my daughter needs help with her loans she pays most of them but we help out

          Comment


          • #6
            heh: "those with poor credit are more likely to commit fraud" that cracks me up.
            Those with poor credit trying to get a better paying job are trying to have good credit and be able to pay their bills.

            Comment


            • #7
              Originally posted by gml120 View Post
              Government student loans are designed so that you can never pay them off.
              Took out loans for school, repayment started in 2003 at $28,547.13 @3.125%
              Paid on IBR for just about 10 years. Total paid in that time = $18,534 which worked out to be $100 to principal and $50 to interest.
              Had to change from IBR to extended repayment because my income indicated that I was "able" to now pay off the loan in 10 years not 25 which made monthly payment unreasonable.
              They recapitalized the loan and lowered my monthly repayments.
              My new principal today is $30,592 @3.125% for 213 months (17.75 years)
              So, rounding that to 18 years, I calculated that over that time I will have paid:
              $40,037 ($9445 in interest)
              But since I've already shelled out $18,534....
              original loan balance was $28,547 ------> $58,571 paid off in 2031 when I am 54 years old and my son turns 21 making it impossible for me to help him avoid my personal student loan hell for his lifetime.
              Yes, this is more than double the amount borrowed. By the way, moving from IBR to extended cancelled my "Obama says you have your loans forgiven in 25 years"

              I guess the moral of the story is, DONT take out loans for college! Not even for a worthwhile degree - I have a masters in chemical engineering and have been laid off 5 times in the last 5 years. Any other profession job interviewer I've dealt with has told me I'm overqualified for what I was applying for and didn't hire me. At this point I am considering letting it default on purpose and let them sue me for the nothing I have.

              Is anyone else trapped in this nightmare? Is there any hope left?
              This isn't making any sense. You said that you have been paying as per the IBR for 10 years? I thought that program started in 2009. (Maybe you meant something else?)

              As for the loan itself, its relentless compounding is definitely the nightmare to Einstein's wonderment about compounding interest for an investment.

              As for being an unemployable engineer, I know the feeling, although I got a good 15 years of my career in before I became unemployable, and didn't have any student debt, and was able to get the 6 figures of unsecured debt discharged, while keeping my 401K intact. I can only imagine the stress of someone with non-dischargeable debt, and no retirement account.

              Comment


              • #8
                Originally posted by gml120 View Post
                My only hope for this country right now is Elizabeth Warren and Rand Paul.
                I agree with you on Warren, but why Paul? He wants to slash the social welfare system - a system that someone in our circumstances definitely need. Aside from his wanting to cut military spending, I don't see how anything in his platform would economically help the struggling little people. (I definitely see his anti-spying platform helping, but not economically.)

                Comment


                • #9
                  From where you took your loans and what were their terms.

                  Comment


                  • #10
                    It's funny this thread got bumped today. I'm considering going back to grad school in August and that will entail somewhere between 25K and 45K in student loans since I will continue to work full time.

                    The math makes sense for me to go, but then I read the stories about people killing themselves over their student loans. I am wary of taking on any debt since my BK. Debt is how I got myself in the position of filing a BK. Even though the math makes sense, I am still hesitant.

                    Overall, I feel many people who take out student loans do so without much thought. Because it's easy money and it doesn't feel like you're spending your own money, it's easy to overpay for a degree by taking too many courses at an expensive university or by simply picking a degree that isn't financially viable.
                    Chapter 7, above median, no asset. Discharged with no UST involvement.

                    Comment


                    • #11
                      joshuagraham - you're right, IBR didn't exist, I guess it was something like "income sensitive repayment" program.

                      I'm not terribly angry at these loans by themselves, I signed for them, I took them out, yeah - I did it willingly I will fully admit that I am responsible for them. All I want is a *expletive* chance to pay a reasonable amount on them! I WANT TO WORK! I want to be a process engineer. I don't care if I have to work nights, weekends, holidays, 365 days a year. I have all this knowledge in my brain and are more than capable of sizing pumps, calculating dynamic fluid flow, CAD modeling complex piping, and fully understand chemical reactions.

                      But that has gotten me nowhere. I live next to people that live 100% on welfare, they do not work, I mean AT ALL. They still have money for things like holiday decorations and cigarettes while I'm struggling to make it to the next week to have enough food. It recently got cold here and I'm not sure when I will be able to save up enough money for heating oil. I just hope it's not like last year when it was mid-winter and negative temps before I got to turn on some heat, it totally broke my heart to have to tell my 2 year old he has to wear a coat in the house all the time. Or when it was just unbearably cold, we had to walk around some store for hours just to warm up all the while not having money to purchase anything.

                      If there was ANY relief from these loan payments, no bullshit, we would be living in a proper house, have a reliable car, and maybe start to build a little life but as of now with student loans taking 52% on my income it's totally hopeless.
                      Last edited by gml120; 11-06-2013, 11:48 AM. Reason: spelling errors

                      Comment


                      • #12
                        Originally posted by royalking View Post
                        From where you took your loans and what were their terms.
                        These particular loans are federal loans. I have one other small one from Citi (now serviced by Discover)

                        Fed was 20 year payback @3.125% fixed after consolidation, and private is ? payback term at 1.5% variable rate (currently at 3.5%) - doing the calculations myself I have another 4.6 years to pay on it

                        Comment


                        • #13
                          TXskyblue, this thread, and several others, got bumped by a spammer who has now been banned.
                          "To go bravely forward is to invite a miracle."

                          "Worry is the darkroom where negatives are formed."

                          Comment


                          • #14
                            Originally posted by gml120 View Post


                            If there was ANY relief from these loan payments, no bullshit, we would be living in a proper house, have a reliable car, and maybe start to build a little life but as of now with student loans taking 52% on my income it's totally hopeless.
                            HOW IS THIS POSSIBLE?
                            This is crazy. What happens if you stop paying?
                            At least one person here- Treehugger- let school loans go to garnishment. At least this way they only got 15% of his income.
                            I think you need to explore your options.

                            Keep On Smilin'

                            Comment


                            • #15
                              Pennsylvania does not garnish - they just levy bank accounts and give you judgements.

                              Comment

                              Unconfigured Ad Widget

                              Collapse
                              Working...
                              X