bandito74

Please keep in mind that I owe $1,500 a month after consolidation. That means $15,000 a year in loan payments, which equals $25,000 or more in pre-tax salary (here in NYC) for basically the rest of my life. So, buying a home, having kids, etc becomes things that I might not be able to do in the US because of the loans. I'm not trying to be greedy here. I'm not saying I want to leave the country so I can live a baller lifestyle on an island drinking champagne in VIP rooms at clubs. I just want to be able to live a good middle class life and get married and have kids.

Nope I am a natural born US citizen. I have a passport from another country too though (my parent's homeland). So no legal trouble for me. Basically when I re-enter the US I owe a lot of money that they can't get to unless I work here, buy property here, or have a bank account here.

looks like i'm not the only one thinking of this: http://money.cnn.com/2008/10/23/pf/college/student_loan_fugitives/index.htm

lol you gotta be kidding me. i don't even know where to start. the moralizing in that post is nauseating. as if 99% of people entering school and taking out loans and have never worked in the real world have a clue what they're getting themselves into. as for being on the hook forever, i couldn't care less because they'll never collect from me. every time i will visit my family in the US, they won't be able to do anything because i'll have no assets or wages here.

conclusory senseless post. why even bother posting? "will be caught"? "in the end [i'll] be the only who pays the price?" seriously, why bother posting?

almost $200k in student debt. i can work overseas easily and have a passport for another country. i'm self-employed - a consultant - and only need my computer. living in the US and trying to pay off $200k in student loans that i can't get out of is going to destroy my quality of life for the next 30 years. homeowners who make msitakes can get out of it. credit borrowers too. but not graduates. so screw it. i'd rather live like a king overseas than like a peasant in the US. i've been paying over $1,500 a month for the last few months since graduating and its' insane. i will never own a house in the US or have any quality of life if i stay here.

i have two ccs: one for $6k and one for $3k. I'm way way behind on both (like 6 months+) and the cards have been revoked. For the $6k card, the settlement offer is $3k, paid over 3 months (I have been sued on that one). Fort the $3k card, the settlement is $1k over 3 months. Both are still with the bank, not a CA. The bank said it cannot tell the credit bureaus to erase my negative credit stuff, only tell them that the account has been settled (they were adamant about that).

Because of student loans and other things, my credit score is in the toilet. So now I have this credit card maxed out at $6,500 that has been revoked because of late payments. And I'm sitting wondering what incentive do I have to keep making monthly payments (I'm 2 months late again), especially with all the student loan monthly payments I have. Would you guys continue paying the monthly? It hasn't gone to a CA yet.

thanks. after your post I called the Ombudsman's Office. they will have someone research and get back to me. this is so comical. for two months everything has been held up and my life getting closer to financial catastrophe because ACS and Direct Loans will not communicate with each other to swap one sticking piece of paper. i've never been so angry and feel so helpless in my life.

So, I applied for consolidation by Direct Loans over 2 months ago. Direct Loans consolidated one loan but not the other by ACS. Why? Because Direct Loans says ACS has not sent them papaerwork despite multiple requests. ACS claims it did send paperwork several times. So, meanwhile, it's been over 2 months, the clock is ticking closer to default and no one at either company is doing anything about it. I feel helpless. Each time I call one of them, they say they are waiting on the other party. They don't communicate with each other. And here I am trying to consolidate these loans and get on a monthly payment plan and I can't.

ok, so Direct Loan has consolidated my loans and will pay the loan companies in a week. one of the loan companies says unless i pay $4k in the next two days, i will default. Direct Loan says the consolidation will pull me out of default a week later. loan company doesn't care that it's getting paid in a week - it says its system will put me in default for about a week's time. so, given my credit report blemishes below, does it really matter if i default for a week on federal loan? - 3 closed credit cards - 1 (maybe 2) private student loan defaults

just an update. talked to the CA again and offered him 20% down payment and monthly payments more than he was asking for and he said instead: "have you tried applying for a loan to get the money for the 50% down payment?" i said, "no because i have the worst credit." he said, "well you need to show us a letter of denial of a loan from a bank." seems purple to go apply for a bank loan since no one is going to touch me - i have no assets and bazillion dollars in SL (law school and MBA from private school). but i guess i have to. on the bright side, i see that in Pennsylvania, private creditors can't garnish you wages. i'm assuming a private SL doesn't fall under category of federal student loans, but i guess i should double check.

I am basically scared out of my mind. $12k private student loan defaulted. CA calls me today saying I have to pay $6k now and the rest in monthly payments. I was basically shaking after the call. I don't have $6k right now. What's a reasonable offer by me that they a CA will likely take? Or do I have no other choice?