[Tyler_JC]

There are only two certainties in life, death and taxes.

But now with the recently updated student loans regulations there are three certainties.

The Feds can garnish your wages to force you to pay back your student loans and you can't declare bankruptcy to escape this debt either. The Feds can even take your social security checks (assuming we were going to get those in the first place)

The only way to avoid paying is living your life outside of the formal economy.

That means no formal property ownership, no legal salaried work, no bank accounts and basically living like an illegal immigrant in your own country.

Just be careful not to sign away your life in order to pursue your dream of spending $100,000 to learn about eskimo culture.

[Byron100]

Reading through this thread, I really feel like a modern-day Rip Van Winkle. Hard to believe I've been so clueless all these years about the cost of a college education. Back in the mid '80's, when I went to college...I started out at a private institution, which cost $6000 a year, *including room and board*. Yep, $6000 a year for a private institution. Oh, and my parental units got a kick back of a grand for each of those years from the State of North Carolina to help offset the "crushing burden" of paying for private college tuition.

But that was only for the first two years. I then transferred to UNC for my last two years, and that dropped the cost to almost in half...to about $3500 a year. My grandpappy paid for that, plus spending money provided that I "kept my grades up"...LOL. So all told, my 4-year degree cost about $20 grand, all expenses included. I guess I got my money's worth, huh?

So yeah, I never paid a dime out of my pocket, and this thing about taking out loans, I honestly thought that was for cars and houses, not for going to university. $100,000, $200,000 loans are for buying houses, NOT for getting a bachelor's degree...this doesn't make economic sense no matter which way you slice it. And when the New Depression sinks its teeth into the American economy, there are going to be a whole lot of jobless student loan-holders...they very well can't garnish a paycheck that doesn't exist, can they?

Oh boy, I'd better hurry up and stock up on a whole lot more popcorn and butter to go with it, as this is going to be one long, fun show to watch.

Let the good times roll, indeed...

[jasonraymondson]

I am going to finish up with 32000 in student loans. for my ba and then another 60,000 for law school. Of course if I can score a 165 or better on the lsats then I can go to mizzou for almost nothing. Which would be focking nice

But, I just don't give a rats ass.

[roccman]

$this->bbcode_second_pass_quote('Tyler_JC', '
')
The Feds can garnish your wages ...

[jasonraymondson]

$this->bbcode_second_pass_quote('roccman', '')$this->bbcode_second_pass_quote('Tyler_JC', '
')
The Feds can garnish your wages ...

[Kingcoal]

$this->bbcode_second_pass_quote('Tyler_JC', 'E')lectrical engineering, on the other hand, is a very valuable degree regardless of what happens.

[JoeW]

I agree with Kingcoal's last post above about the "value" of an electrical engineering or computer science degree these days. I hold a B.S. in computer engineering, and I can tell you first-hand that it doesn't get me any great job opportunities.

A little anecdotal evidence regarding the student loans... A relative of mine is currently homeless due to his wages being garnished for two things:
1) child support, about 50% of his take-home
2) default on student loan, about 25% of his take-home

It's all legal, and it's all his obligation to make those payments, so I don't feel terribly sorry for him regarding the finances. He made bad decisions. It's a shame he has to be homeless, though. He is a good guy.

[roccman]

$this->bbcode_second_pass_quote('JoeW', '
')
A little anecdotal evidence regarding the student loans... A relative of mine is currently homeless due to his wages being garnished...

[Prince]

$this->bbcode_second_pass_quote('Specop_007', 'T')rue except for the painful little fact society as a whole benefits from having educated citizens!!

Unless we want to live in "Big Haiti".....

[JoeW]

$this->bbcode_second_pass_quote('roccman', '')$this->bbcode_second_pass_quote('JoeW', '
')
A little anecdotal evidence regarding the student loans... A relative of mine is currently homeless due to his wages being garnished...

[Pretorian]

Question, don't collection agency has to have somekinda court order to garnish wages for student loans?

[Tyler_JC]

$this->bbcode_second_pass_quote('Pretorian', 'Q')uestion, don't collection agency has to have somekinda court order to garnish wages for student loans?

[UltraViciousBudgie]

$this->bbcode_second_pass_quote('Pretorian', 'Q')uestion, don't collection agency has to have somekinda court order to garnish wages for student loans?

[Pretorian]

$this->bbcode_second_pass_quote('UltraViciousBudgie', '')$this->bbcode_second_pass_quote('Pretorian', 'Q')uestion, don't collection agency has to have somekinda court order to garnish wages for student loans?

[Cloud9]

Damn. I paid all of my notes on time and off in full. Don't I feel like a sucker.

[UltraViciousBudgie]

$this->bbcode_second_pass_quote('Pretorian', 'M')y wife hasnt been paying student loans for 7 years or so, while making plenty of money. All those ' SCARY LETTERS' once every 4-6 months or so were ignored.
Now somekinda private collection agency is trying to cash it in and threating with garnishing wages of course. Question, what were they waiting for for 7 years? Can a PRIVATE collectors impose garnishing without a court order too? WHY? And why would they negotiate about payments if they can directly put their hands in your pocket?

[xerces]

I got my undergraduate degree with an Ivy League school. Initially Columbia granted generous financial aid, but the aid was cut in half by the second year, and eliminated entirely by my junior year. So by Junior year, I had to come up with 46K a year in cash to stay in school.

My parents were already financially tapped out due to supporting me for the first 2 years. So they had to take out plus loans for me to finish college. During the last 2 years of school, I was literally working a full-time job while still making the grades. I had to survive on a tiny food budget, it got to be as low as $60/month in NYC.

I basically lived on Ramen noodles, cabbage, and spam at the dorm. I still remember crashing other people's parties to eat their left-over pizza, potato chips, pretzels and pretty much anything I could get my hands on. I finally graduated with $54K in debt.

Thankfully, I have been blessed by the gods these last couple of years with a small degree of financial prosperity. I now have $6K left to pay off.

[vampyregirl]

In Canada, Shell awards a certain number of student scholarships each year and i was lucky enough to get one.