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Author Topic: Is this possible to be debt free from student loans?  (Read 1775 times) Average Rating: 0
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« on: October 17, 2012, 06:07:30 PM »

Use credit lines and/or loans to pay my current expenses and everything that I make at my job goes straight to student loans. Once that is paid off, file bankruptcy on the rest of my consumer credit and start life debt free.

Don't see a problem here.
« Last Edit: October 17, 2012, 06:19:32 PM by Achronos » Logged

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« Reply #1 on: October 17, 2012, 06:26:42 PM »

Don't parents support their kids' college tuition in this continent (North America)?
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« Reply #2 on: October 17, 2012, 06:30:55 PM »

Don't parents support their kids' college tuition in this continent (North America)?
Americans actually owe more in student loan debt than consumer credit. It's about 109 billion, last time I checked and of course is rapidly growing. Average student loan debt is between 12-18k.

Because of the shrinking income in the middle class, families don't have the means to support their children's higher education. As the incomes of the middle class stay either stagnant or shrink, the cost of higher education keeps growing.
« Last Edit: October 17, 2012, 06:32:28 PM by Achronos » Logged

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« Reply #3 on: October 17, 2012, 06:48:35 PM »

Don't parents support their kids' college tuition in this continent (North America)?

Parents with a ton of extra money often do; to get an idea of how much school costs, I go to a public (state-owned) university; total cost of attendance (tuition, books, fees, cost of living, etc.) comes out to about 25K a year.  So unless my parents had 25 thousand they could throw toward my education, I'd have to be taking on some debt (or juggling a job...which would be nice if I could find one).
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« Reply #4 on: October 17, 2012, 06:50:03 PM »

Get a scholarship or join the military.
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« Reply #5 on: October 17, 2012, 06:51:06 PM »

Get a scholarship or join the military.
Aindiru is trying to get me into the Air Force, for now, I will pass.

You think I'm smurt enough to get a scholarship?
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« Reply #6 on: October 17, 2012, 06:52:34 PM »

Don't parents support their kids' college tuition in this continent (North America)?

Parents with a ton of extra money often do; to get an idea of how much school costs, I go to a public (state-owned) university; total cost of attendance (tuition, books, fees, cost of living, etc.) comes out to about 25K a year.  So unless my parents had 25 thousand they could throw toward my education, I'd have to be taking on some debt (or juggling a job...which would be nice if I could find one).
25k a year?! Wowza. I've been out of the college game for awhile and I keep going back and forth on a month to month basis.

What's stopping me, is of course the money element. I don't want debt.

And frankly I'd love to pick up a part time job to cover the costs but finding one that works with my schedule is impossible.
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« Reply #7 on: October 17, 2012, 07:03:21 PM »

Get a scholarship or join the military.
Aindiru is trying to get me into the Air Force, for now, I will pass.

You think I'm smurt enough to get a scholarship?

It's best to at least try.

Some campuses will let you get an on campus job or internship in your field to pay for stuff.
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« Reply #8 on: October 17, 2012, 07:04:56 PM »

Use credit lines and/or loans to pay my current expenses and everything that I make at my job goes straight to student loans. Once that is paid off, file bankruptcy on the rest of my consumer credit and start life debt free.

Don't see a problem here.

That...is probably the most awesome idea I've heard in a while.  Swindling the swindlers.
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« Reply #9 on: October 17, 2012, 07:15:55 PM »

Doesn't a bankruptcy stay on your credit for like a decade 47 years or something?
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« Reply #10 on: October 17, 2012, 07:20:40 PM »

Doesn't a bankruptcy stay on your credit for like a decade 47 years or something?
Nah supposedly 7 years, but that's crap still.

I have two people I know personally that filed bankruptcy, and in two years had credit scores in he 700s, and got car loans with interests rates low as 6.5%.

You can still get a mortgage with bankruptcy too.
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« Reply #11 on: October 17, 2012, 07:22:08 PM »

Get a scholarship or join the military.
Aindiru is trying to get me into the Air Force, for now, I will pass.

You think I'm smurt enough to get a scholarship?

It's best to at least try.

Some campuses will let you get an on campus job or internship in your field to pay for stuff.
Those on campus jobs will pay nothin near what I make now and I can't afford to be on an internship.

Once I get a new job, then I'll work on the scholarship piece.
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« Reply #12 on: October 17, 2012, 07:49:59 PM »

Use credit lines and/or loans to pay my current expenses and everything that I make at my job goes straight to student loans. Once that is paid off, file bankruptcy on the rest of my consumer credit and start life debt free.

Don't see a problem here.

You'll never get enough on the CCs for long enough to pay the debt. Nice ethics, btw.
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« Reply #13 on: October 17, 2012, 07:51:53 PM »

Use credit lines and/or loans to pay my current expenses and everything that I make at my job goes straight to student loans. Once that is paid off, file bankruptcy on the rest of my consumer credit and start life debt free.

Don't see a problem here.

You'll never get enough on the CCs for long enough to pay the debt. Nice ethics, btw.
Depends on how much I owe. This has nothing to do with ethics.
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« Reply #14 on: October 17, 2012, 07:55:02 PM »

Use credit lines and/or loans to pay my current expenses and everything that I make at my job goes straight to student loans. Once that is paid off, file bankruptcy on the rest of my consumer credit and start life debt free.

Don't see a problem here.

None at all. After all there's no commandment that says "thou shall not steal".



Oh, wait.....
« Last Edit: October 17, 2012, 07:57:07 PM by Tallitot » Logged

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« Reply #15 on: October 17, 2012, 07:57:54 PM »

Use credit lines and/or loans to pay my current expenses and everything that I make at my job goes straight to student loans. Once that is paid off, file bankruptcy on the rest of my consumer credit and start life debt free.

Don't see a problem here.

None at all. After all there's no commandment that says "thou shall not steal".



Oh, wait.....
Stealing what?
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« Reply #16 on: October 17, 2012, 07:59:00 PM »

Use credit lines and/or loans to pay my current expenses and everything that I make at my job goes straight to student loans. Once that is paid off, file bankruptcy on the rest of my consumer credit and start life debt free.

Don't see a problem here.

None at all. After all there's no commandment that says "thou shall not steal".



Oh, wait.....
Stealing what?

Money you're borrowing without any intention of repaying.
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« Reply #17 on: October 17, 2012, 08:00:08 PM »

Use credit lines and/or loans to pay my current expenses and everything that I make at my job goes straight to student loans. Once that is paid off, file bankruptcy on the rest of my consumer credit and start life debt free.

Don't see a problem here.

None at all. After all there's no commandment that says "thou shall not steal".



Oh, wait.....
Stealing what?

Money you're borrowing without any intention of repaying.

Credit that is lended to me, there is no guarentee, from the lender side, that I will repay. That's the risk.
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« Reply #18 on: October 17, 2012, 08:08:16 PM »

Use credit lines and/or loans to pay my current expenses and everything that I make at my job goes straight to student loans. Once that is paid off, file bankruptcy on the rest of my consumer credit and start life debt free.

Don't see a problem here.

None at all. After all there's no commandment that says "thou shall not steal".



Oh, wait.....
Stealing what?

Money you're borrowing without any intention of repaying.

Credit that is lended to me, there is no guarentee, from the lender side, that I will repay. That's the risk.
"Loaned to me"? Great education you're getting.

So when you sign the agreement stating you will repay, you'll be lying? Whatever. rationalize it to yourself. You're right, this has nothing to do with ethics. Absolutely nothing.
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« Reply #19 on: October 17, 2012, 08:09:16 PM »

Doesn't a bankruptcy stay on your credit for like a decade 47 years or something?
Nah supposedly 7 years, but that's crap still.

I have two people I know personally that filed bankruptcy, and in two years had credit scores in he 700s, and got car loans with interests rates low as 6.5%.

You can still get a mortgage with bankruptcy too.

Know to people to turn that around even more quickly.
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« Reply #20 on: October 17, 2012, 08:10:42 PM »

Use credit lines and/or loans to pay my current expenses and everything that I make at my job goes straight to student loans. Once that is paid off, file bankruptcy on the rest of my consumer credit and start life debt free.

Don't see a problem here.

None at all. After all there's no commandment that says "thou shall not steal".



Oh, wait.....
Stealing what?

Money you're borrowing without any intention of repaying.

Credit that is lended to me, there is no guarentee, from the lender side, that I will repay. That's the risk.

Exactly.
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« Reply #21 on: October 17, 2012, 08:14:17 PM »

Use credit lines and/or loans to pay my current expenses and everything that I make at my job goes straight to student loans. Once that is paid off, file bankruptcy on the rest of my consumer credit and start life debt free.

Don't see a problem here.

None at all. After all there's no commandment that says "thou shall not steal".



Oh, wait.....
Stealing what?

Money you're borrowing without any intention of repaying.

Credit that is lended to me, there is no guarentee, from the lender side, that I will repay. That's the risk.
"Loaned to me"? Great education you're getting.

I got a good one.

lent or loaned is acceptable usage.

lended is non-standard usage.

Talk to your Rabbi about this.
« Last Edit: October 17, 2012, 08:14:46 PM by orthonorm » Logged

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« Reply #22 on: October 17, 2012, 08:15:53 PM »

Use credit lines and/or loans to pay my current expenses and everything that I make at my job goes straight to student loans. Once that is paid off, file bankruptcy on the rest of my consumer credit and start life debt free.

Don't see a problem here.

None at all. After all there's no commandment that says "thou shall not steal".



Oh, wait.....
Stealing what?

Money you're borrowing without any intention of repaying.

Credit that is lended to me, there is no guarentee, from the lender side, that I will repay. That's the risk.
"Loaned to me"? Great education you're getting.

So when you sign the agreement stating you will repay, you'll be lying? Whatever. rationalize it to yourself. You're right, this has nothing to do with ethics. Absolutely nothing.
Actually the only promisorry note I've signed is for student loans. As far as consumer credit, nada. Well credit card companies are lending, better to call it opening, me a certain credit line at an interest rate, argue whatever you want on the terminology.

Still there is no guarantee I will pay back whatever I get opened on my credit line because how could there be? I can lose my job, get my hours cut at work, lose some of my salary, etc. This is why credit scores and other metrics are used to evaluate a person's credit worthiness, and depending upon how solid that is the more money that is available to use at a lower interest rate.

You want to argue over the ethics of using credit, that's a different story. But since I'm already in the credit system, I have to work within it.
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« Reply #23 on: October 17, 2012, 08:25:13 PM »

Kid, you've got a hard life ahead.
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« Reply #24 on: October 17, 2012, 08:27:13 PM »

yeah, the world owes you after all.
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« Reply #25 on: October 17, 2012, 08:30:34 PM »

Kid, you've got a hard life ahead.
Why?
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« Reply #26 on: October 17, 2012, 08:35:11 PM »

yeah, the world owes you after all.
Err what?
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« Reply #27 on: October 17, 2012, 08:44:42 PM »

Use credit lines and/or loans to pay my current expenses and everything that I make at my job goes straight to student loans. Once that is paid off, file bankruptcy on the rest of my consumer credit and start life debt free.

Don't see a problem here.

None at all. After all there's no commandment that says "thou shall not steal".



Oh, wait.....
Stealing what?

Money you're borrowing without any intention of repaying.

Credit that is lended to me, there is no guarentee, from the lender side, that I will repay. That's the risk.
"Loaned to me"? Great education you're getting.

So when you sign the agreement stating you will repay, you'll be lying? Whatever. rationalize it to yourself. You're right, this has nothing to do with ethics. Absolutely nothing.
Actually the only promisorry note I've signed is for student loans. As far as consumer credit, nada. Well credit card companies are lending, better to call it opening, me a certain credit line at an interest rate, argue whatever you want on the terminology.

Still there is no guarantee I will pay back whatever I get opened on my credit line because how could there be? I can lose my job, get my hours cut at work, lose some of my salary, etc. This is why credit scores and other metrics are used to evaluate a person's credit worthiness, and depending upon how solid that is the more money that is available to use at a lower interest rate.

You want to argue over the ethics of using credit, that's a different story. But since I'm already in the credit system, I have to work within it.

Have you not considered that you have a binding contract with the credit provider? Legally speaking, a promise to perform your part of the agreement.
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« Reply #28 on: October 17, 2012, 08:53:20 PM »

Why don't you go teach English in Asia for a couple of years? My wife and I did it, and I'd highly recommend it. We didn't take care of a ton of our debt by doing so, but other people I know paid off all of their student debts in a couple of years. Also, doesn't America offer any kind of repayment assistance programs for student loans? For example, here in Canada, if we are not making enough money, the government pays the monthly interest (and the enormous debt just sits there... waiting). Tongue
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« Reply #29 on: October 17, 2012, 09:00:45 PM »

Why don't you go teach English in Asia for a couple of years? My wife and I did it, and I'd highly recommend it. We didn't take care of a ton of our debt by doing so, but other people I know paid off all of their student debts in a couple of years. Also, doesn't America offer any kind of repayment assistance programs for student loans? For example, here in Canada, if we are not making enough money, the government pays the monthly interest (and the enormous debt just sits there... waiting). Tongue

Most of the world doesn't understand how expensive the resorts called University or College cost in this country and why they are so expensive.

Pretty much healthcare and higher education have dramatically outpaced the cost of practically anything since the 70s.

« Last Edit: October 17, 2012, 09:01:14 PM by orthonorm » Logged

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« Reply #30 on: October 17, 2012, 09:08:09 PM »

Use credit lines and/or loans to pay my current expenses and everything that I make at my job goes straight to student loans. Once that is paid off, file bankruptcy on the rest of my consumer credit and start life debt free.

Don't see a problem here.

None at all. After all there's no commandment that says "thou shall not steal".



Oh, wait.....
Stealing what?

Money you're borrowing without any intention of repaying.

Credit that is lended to me, there is no guarentee, from the lender side, that I will repay. That's the risk.
"Loaned to me"? Great education you're getting.

So when you sign the agreement stating you will repay, you'll be lying? Whatever. rationalize it to yourself. You're right, this has nothing to do with ethics. Absolutely nothing.
Actually the only promisorry note I've signed is for student loans. As far as consumer credit, nada. Well credit card companies are lending, better to call it opening, me a certain credit line at an interest rate, argue whatever you want on the terminology.

Still there is no guarantee I will pay back whatever I get opened on my credit line because how could there be? I can lose my job, get my hours cut at work, lose some of my salary, etc. This is why credit scores and other metrics are used to evaluate a person's credit worthiness, and depending upon how solid that is the more money that is available to use at a lower interest rate.

You want to argue over the ethics of using credit, that's a different story. But since I'm already in the credit system, I have to work within it.

Have you not considered that you have a binding contract with the credit provider? Legally speaking, a promise to perform your part of the agreement.
Yeah which is why they can take you to court if you default. However I'd ask you look at bankruptcy laws in America both at federal and state level.

And in fact you can actually win against lawsuits from creditors. I can get you in contact with someone who has helped hundreds of people.
« Last Edit: October 17, 2012, 09:15:02 PM by Achronos » Logged

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« Reply #31 on: October 17, 2012, 09:12:43 PM »

Why don't you go teach English in Asia for a couple of years? My wife and I did it, and I'd highly recommend it. We didn't take care of a ton of our debt by doing so, but other people I know paid off all of their student debts in a couple of years. Also, doesn't America offer any kind of repayment assistance programs for student loans? For example, here in Canada, if we are not making enough money, the government pays the monthly interest (and the enormous debt just sits there... waiting). Tongue
The assistance programs can be hit or miss. I forgot the word, IPS IIRC, is based on your income and they make the payments based off 10-15% of that. The problem is you accrue alot of interest near the end of your payments. It's only good in the short term. Consolidation is the way to go with student loans.

And I'm not particular fond of leaving this country, eventhough I've heard a few good things from people who have done exactly what you described.
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« Reply #32 on: October 17, 2012, 10:25:45 PM »

Use credit lines and/or loans to pay my current expenses and everything that I make at my job goes straight to student loans. Once that is paid off, file bankruptcy on the rest of my consumer credit and start life debt free.

Don't see a problem here.

None at all. After all there's no commandment that says "thou shall not steal".



Oh, wait.....
Stealing what?

Money you're borrowing without any intention of repaying.

Credit that is lended to me, there is no guarentee, from the lender side, that I will repay. That's the risk.
"Loaned to me"? Great education you're getting.

So when you sign the agreement stating you will repay, you'll be lying? Whatever. rationalize it to yourself. You're right, this has nothing to do with ethics. Absolutely nothing.
Actually the only promisorry note I've signed is for student loans. As far as consumer credit, nada. Well credit card companies are lending, better to call it opening, me a certain credit line at an interest rate, argue whatever you want on the terminology.

Still there is no guarantee I will pay back whatever I get opened on my credit line because how could there be? I can lose my job, get my hours cut at work, lose some of my salary, etc. This is why credit scores and other metrics are used to evaluate a person's credit worthiness, and depending upon how solid that is the more money that is available to use at a lower interest rate.

You want to argue over the ethics of using credit, that's a different story. But since I'm already in the credit system, I have to work within it.

Have you not considered that you have a binding contract with the credit provider? Legally speaking, a promise to perform your part of the agreement.
Yeah which is why they can take you to court if you default. However I'd ask you look at bankruptcy laws in America both at federal and state level.

And in fact you can actually win against lawsuits from creditors. I can get you in contact with someone who has helped hundreds of people.

The reason I raise the contractual aspect is that I consider that a contract is an exchange of promises -- accordingly, it would not be ethical to promise to do one thing and then to do another, wouldn't you agree?
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« Reply #33 on: October 17, 2012, 10:44:52 PM »

Achronos is confusing legality with morality.

What you're proposing may be legal but it's certainly immoral for the very reasons Tallitot is pronouncing.
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« Reply #34 on: October 17, 2012, 10:45:19 PM »

Use credit lines and/or loans to pay my current expenses and everything that I make at my job goes straight to student loans. Once that is paid off, file bankruptcy on the rest of my consumer credit and start life debt free.

Don't see a problem here.

None at all. After all there's no commandment that says "thou shall not steal".



Oh, wait.....
Stealing what?

Money you're borrowing without any intention of repaying.

Credit that is lended to me, there is no guarentee, from the lender side, that I will repay. That's the risk.
"Loaned to me"? Great education you're getting.

So when you sign the agreement stating you will repay, you'll be lying? Whatever. rationalize it to yourself. You're right, this has nothing to do with ethics. Absolutely nothing.
Actually the only promisorry note I've signed is for student loans. As far as consumer credit, nada. Well credit card companies are lending, better to call it opening, me a certain credit line at an interest rate, argue whatever you want on the terminology.

Still there is no guarantee I will pay back whatever I get opened on my credit line because how could there be? I can lose my job, get my hours cut at work, lose some of my salary, etc. This is why credit scores and other metrics are used to evaluate a person's credit worthiness, and depending upon how solid that is the more money that is available to use at a lower interest rate.

You want to argue over the ethics of using credit, that's a different story. But since I'm already in the credit system, I have to work within it.

Have you not considered that you have a binding contract with the credit provider? Legally speaking, a promise to perform your part of the agreement.
Yeah which is why they can take you to court if you default. However I'd ask you look at bankruptcy laws in America both at federal and state level.

And in fact you can actually win against lawsuits from creditors. I can get you in contact with someone who has helped hundreds of people.

The reason I raise the contractual aspect is that I consider that a contract is an exchange of promises -- accordingly, it would not be ethical to promise to do one thing and then to do another, wouldn't you agree?
I'll have to go through my agreement but I don't believe I am contracually liable for payment.

It would be unethical to make a promise to something that I may not be able to keep. Wink
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« Reply #35 on: October 17, 2012, 10:45:45 PM »

Achronos is confusing legality with morality.

What you're proposing may be legal but it's certainly immoral for the very reasons Tallitot is pronouncing.
It ain't about right or wrong, it's about money.
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« Reply #36 on: October 17, 2012, 10:51:35 PM »

Achronos is confusing legality with morality.

What you're proposing may be legal but it's certainly immoral for the very reasons Tallitot is pronouncing.
It ain't about right or wrong, it's about money.

Mos def.

From one of the best scenes . . . Oh that I could paraphrase it here.
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« Reply #37 on: October 17, 2012, 11:03:42 PM »

Greetings in that Divine and Most Precious Name of Our Lord and Savior Jesus Christ!





stay blessed,
habte selassie
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« Reply #38 on: October 17, 2012, 11:04:24 PM »

Greetings in that Divine and Most Precious Name of Our Lord and Savior Jesus Christ!





stay blessed,
habte selassie
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« Reply #39 on: October 17, 2012, 11:05:24 PM »

Greetings in that Divine and Most Precious Name of Our Lord and Savior Jesus Christ!





In other words, Talliot is right  police

stay blessed,
habte selassie
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« Reply #40 on: October 17, 2012, 11:06:47 PM »

Achronos is confusing legality with morality.

What you're proposing may be legal but it's certainly immoral for the very reasons Tallitot is pronouncing.
It ain't about right or wrong, it's about money.

Mos def.

From one of the best scenes . . . Oh that I could paraphrase it here.
Hey Mr. McNugget.
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« Reply #41 on: October 17, 2012, 11:11:27 PM »

Why don't you go teach English in Asia for a couple of years? My wife and I did it, and I'd highly recommend it. We didn't take care of a ton of our debt by doing so, but other people I know paid off all of their student debts in a couple of years. Also, doesn't America offer any kind of repayment assistance programs for student loans? For example, here in Canada, if we are not making enough money, the government pays the monthly interest (and the enormous debt just sits there... waiting). Tongue

Most of the world doesn't understand how expensive the resorts called University or College cost in this country and why they are so expensive.

Pretty much healthcare and higher education have dramatically outpaced the cost of practically anything since the 70s.



This is why I refuse to pay a cent for college.
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« Reply #42 on: October 17, 2012, 11:13:07 PM »

Achronos is confusing legality with morality.

What you're proposing may be legal but it's certainly immoral for the very reasons Tallitot is pronouncing.
It ain't about right or wrong, it's about money.

There are many ways to pay for college, not all involving sketchy ethics.
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« Reply #43 on: October 18, 2012, 12:04:54 AM »

Achronos is confusing legality with morality.

What you're proposing may be legal but it's certainly immoral for the very reasons Tallitot is pronouncing.
It ain't about right or wrong, it's about money.

There are many ways to pay for college, not all involving sketchy ethics.

Most of those ways are called debt.
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« Reply #44 on: October 18, 2012, 12:07:55 AM »

Achronos is confusing legality with morality.

What you're proposing may be legal but it's certainly immoral for the very reasons Tallitot is pronouncing.
It ain't about right or wrong, it's about money.

There are many ways to pay for college, not all involving sketchy ethics.

Most of those ways are called debt.

Yeah except not a single way I was referring to involves debt.
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