Arthur Said:

How Do I Fix My Financial/Educational Future?!?

We Answered:

I have little sympathy for the student loan industry. Sallie Mae has a profit margin that makes Microsoft or ExxonMobil look like a lemonade stand. They're no different than mafia loan sharks in my mind. With that in mind, I see no issue in abandoning the loans, if you have an avenue for getting away with it.

If the loans are private, non federally insured, then local statutes of limitation apply. Depends on the state, but this could be anywhere from 6-10 years. If you can get off the grid for that long, your pretty much home free legal wise. The debt will still be on your credit record. But in time even that will go away. Now, if your loans are federal or federally insured, your screwed here, because there is no statute of limitations on these.

A better option is moving out of the country. It is unlikely they will come after you. Even if they do, they have to deal with you under that countries laws. And short of the middle east (which still has debtors prison), America has about the harshest laws when it comes to student loans. And between tracking you down, and pressing a suit against you, the costs will probably be too high to even bother pursuing you. And even they take all these steps and win in court, the worst they can do is garnish your wages. And wage garnishment laws abroad also tend to favor you much more. In addition to this, if you emigrate, your credit report stays here. Whatever country your in, there's an entirely new credit system, and a fresh start. You'll have no credit history... but no credit is better than bad credit. Lots of countries would probably accept an immigration application if you're a nurse technician. Even easier if you have family abroad... or marry some nice foreign man.

I'll probably get flamed for suggesting you bail on your debt. Whatever. If you were a responsible adult when you took these loans out, I'd agree. But student loans are taken out by 18 year olds who don't know any better. I'd never had a real job, paid a bill, or made a budget in my whole life at 18. The biggest financial decision I'd ever made was whether to buy a playstation or a nintendo. The people from the loan companies were coming into my school and indoctrinating us on how we'd be total failures if we didn't go to college... paid for with a loan from them. They're predators and nothing more. F'em. Their balance sheet is still going to be stellar whatever you do.

Good luck

Raul Said:

anyone have experience with getting help with paying off student loans?

We Answered:

Wow. That is a nightmare.

Is it possible to get a higher paying job? You're never going to pay it off if you can't even make the minimum payments. It would take more than a lifetime with the interest.

Terrence Said:

What is a "loan forgiveness" option for a student loan? Where would one find the details in writing?

We Answered:

Yes, it's true but there are a lot of hoops to jump through. The details can be found here : http://studentaid.ed.gov/students/attach…

Basically, you have to work in a public service job for 120 months before you are eligible. Teachers have a separate program based on where they work.

Nora Said:

Should i worry about paying my student loans?

We Answered:

Student loans will affect your future financial situation immensely so pay attention when you apply for them. I would research student loan forgiveness programs before you make the decision. Ultimately, if you don't have the money to pay for school, and don't have grants or scholarships, then you don't have a choice. There are lots of programs that offer student loan forgiveness as an incentive, but they are usually jobs that are unappealling. (hence the need for an incentive) This could mean that it's in an extremely impoverished area, or extremely remote. It could also mean that it is for a particularly hard to fill position. The peace corps, military, and other government programs offers ome loan forgiveness as well, but again, it might not be the right choice for you. Do your homework before you plan on taking that route. Also, in today's student loan world, make sure you investigate your lending options before you sign on the dotted line. There have been some shady goings on between lenders and schools lately. Hope that helps.

Salvador Said:

A new grad nurse needing help to pay for student loans???

We Answered:

Look into loan forgiveness programs. There are plenty for people in the nursing field. You might have to move though. one example: http://www.pheaa.org/loanforgiveness/hea…

Henry Said:

Anyone have experiences with Nursing Loan Forgiveness?

We Answered:

Many hospitals you go to work for, have loan re-payment program. Just look at the bigger hospitals near your home and you will likely find it. It is not unheard of-- you just have to find the right place.



ADD: FYI I wouldn't put you're information on the online site below... many times those things are fake. And they are just going to spam you to death. Or attempt to steal you identity.