blow off loans for 10 years and you're home free??

[desperate1]

I saw this posted on another forum - this can't be true, can it?

 

"How's this! Don't pay at all. Let the government pay the bank. Then the government will come after you. If you refuse to pay them, they will take about 30% of your salary, that is, of course, if you are working in your country. (I'm thinking US, Canada.) If you're not, then there is nothing that they can do about it. What's more, the government can come after you for only 10 years. After that you're home free!! So stay abroad for 10 years and all will be well."

[nonaii]

I saw this posted on another forum - this can't be true, can it?

 

"How's this! Don't pay at all. Let the government pay the bank. Then the government will come after you. If you refuse to pay them, they will take about 30% of your salary, that is, of course, if you are working in your country. (I'm thinking US, Canada.) If you're not, then there is nothing that they can do about it. What's more, the government can come after you for only 10 years. After that you're home free!! So stay abroad for 10 years and all will be well."

 

 

sounds like a bad idea. i also thought school loans were owed forever, unless you qualified for one of the forgiveness plans where if you paid your loans for 10 years without making a mistake and you also worked in a particular field (nursing, teaching, government job) then the rest of your loan was forgiven. otherwise, government loans are not like credit card loans.

 

the maximum garnishment is also 25%, and (from what I understand, but don't quote me on this either -- i got this information from someone else after having been threatened by a collection agency with a second garnishment if I didn't pay the collection agency immediately for an unrelated debt) you can only have one garnishment at a time.

 

but i don't know. just seems like a hell of a lot of work to avoid paying a debt, to leave the country. I would like to hear others opinions on this, too. what was the opinion of others at the forum where this person posted this?

[LynnInMN]

I saw this posted on another forum - this can't be true, can it?

 

"How's this! Don't pay at all. Let the government pay the bank. Then the government will come after you. If you refuse to pay them, they will take about 30% of your salary, that is, of course, if you are working in your country. (I'm thinking US, Canada.) If you're not, then there is nothing that they can do about it. What's more, the government can come after you for only 10 years. After that you're home free!! So stay abroad for 10 years and all will be well."

 

 

Total BS. They will continue to come after you forever. People in this forum write about 20 year old loans coming after them.

 

Garnishment is 15% of disposable wages. Maybe you should direct the misinformed to the DOE website.