Get you in court. Federal court where your wages will be garnished to pay the debt as quickly as possible! There are no protections for the percentage of the garnishment! I told the judge I could not survive o. What was left after the garnishment. Is response tough!

Thank goodies it was a small amount and only took a year to pay off!

....to take a job that she interned in that would pay her 100k school loan back as a bonus if she worked for them for two more years. An amazing offer that she turned down! Heads are still shaking.

What was her reasoning? What is her value system? Just curious, really. I'm not going to project my values onto this person but am genuinely curious about her reasoning as, on the surface anyway, that does seem like a very tempting offer.

Have to get to work. I look forward to reading your response provided you have the time or the inclination to do so. Thank you!

The rationale was that she hated Kansas and did not want to stay there. The internship actually was fine, it was all location. I think she really did not understand the magnitude of difficulty that saving 100K post tax dollars would create. She was the baby, daddy's little girl and that may have had some impact on things. Either way it's a done deal and she now realizes the impact that debt has on her life....four years later.

She was accepted to a MS program and her parents (who are very well off) offered to pay for it or send her on a ~$10K mediterranian cruise. She chose the cruise and took on $50K of student loan debt for her MS, which I have been paying off for the last 3 years. 12 more to go :|

It is a bitter sweet payment for sure!

We could have gone on 5 of those cruises over the years instead of that one... sigh. Good thing I've never been into traveling I guess :p

Operative word being, was. Her line of thinking was different and to be honest the loan payments really took a toll. They both had good jobs but she had to spend a big chunk of her income on her loan. It was like having two mortgages from the beginning. Hat's off to you for working through it. This heavy school debt effects the fabric of society at the very core. Not everyone understands it!

When I was first married my husband had a ten thousand dollar student loan. It seemed huge and that it would never go away. But it did and we celebrated. Funny thing is that it was only ten percent the value of our mortgage compared to the numbers today. I imagine some student loans equaling a mortgage now. Don't blink because 12 years will go by quickly! Keep on keeping on! Hug your wife! : )

cause you to turn that offer down?

See post 11! Thanks for the laugh!

The Bottom Line

Sovereign debt crises and the debt relief which follows is not a modern phenomenon. Debt forgiveness to both individuals and governments dates back to the ancient times and is even described in the Bible. Most recently, sovereign debt crises in Europe which followed the Great Recession and stock market crash of 2008 . The PIIGS nations - Portugal, Ireland, Italy, Greece and Spain have all sought bailouts, with varying degrees of success.

You can loan for emergencies and be okay with writing it off. But if it's not a necessity and you know that $100k debt will lose you $50k, you're just not going to make the loan.

Or you're going to charge usurious interest rates so that even in a few years you've avoided losing money.

To borrow money assuming that it'll be forgiven is slow-mo theft. Only fools loan under those terms--and the "victims," those denied loans, wail as a result.

America's Menu:

Educating yourself (and don't be cute about "education is FREE"; degrees aren't and that's what corporations want to see) is now slightly less expensive than a mortgage on a starter home where as little as 20-25 years ago, a minimum wage summer job would have covered a year or two of college. Oh, and wages are losing ground to inflation . . . . . and not paying means prison or shat credit rating.

Starting your own business, which is an expensive crapshoot that likely won't provide you with a living wage that sustains over 10 years, let alone 30-40.

Don't pay these exorbitant entry fees to "the good life" and be subject to fields ripe for automation or sporadic gig employment when you have bills in front of you NOW that need to be paid.

Well, THIS was uplifting.

I'm no expert, but wouldn't that crash the system?

a few years later lady from HR talked to me and advised how (I think it was 18 or 20% after taxes) was being garnished from my paycheck....

just a little embarrassed

Think about what the reaction is going to be.

The lenders will get their money, they have the help of the IRS and other collectors.
Your credit rating will be destroyed
Your parents credit rating will most likely be damaged as well even if they did not cosign any loans with you.

Some states have "community property" laws. Which means even though my wife took out her student loan before we ever met, I may be on the legal hook to pay them back even if she dies. I have only scratched the surface on this topic though. What I read scared the shit out of me and I ran away before reading in depth

Also any private debt that came before the marriage can not become your responsibility if the spouse dies.

Uh-oh...

Time to fire up my cryo-chamber. Though maybe "fire up" is the wrong term to use there...

If a person works for a non-profit or government for at least 30 hours a week they can get debt forgiveness with no income tax on the amount forgiven after ten years.

in a revolutionary situation and only in conjunction with ALL debt and as many debtors as it's possible to bring into unity with it. It's not something to do in the ones and twos or even in the tens of thousands. But if MILLIONS of debtors stopped paying ALL debt at the same time, in conjunction with massive street demos, workplace strikes and occupations, and even a general strike, it would be a good idea.

But even then, everybody's situation would be different. A person with a mortgage that's almost paid off (less than 5 years say) probably shouldn't because a repossession would probably net the mortgager profit eventually. But the mortgager on a loan with decades left wouldn't be worthwhile to repossess.