Garnishing SS

[MrPots]

Sure we can. But I'm not inclined to pay for some deadbeats education when I cannot afford college myself. (and I'm already paying taxes to support the universities)

[Tom Joad]

Originally Posted by Ike Bana

My niece is a PhD classics professor...classics in Latin and Greek. She's got a ton of loan debt from the years it took to get her PhD. When she got her state university job, she enrolled right away in the federal student loan forgiveness program and has spent 7 years working there to fulfill the 10 year requirement of employment in a state funded institution, for full loan forgiveness.

When my oldest son graduated in 1996 he had 30K in student loan debt and he was too broke to even buy a decent set of clothes to go on job interviews, let alone work clothes if he got the job. He had two pairs of jeans both of which had holes in them.

So he went down to the various recruiting offices in town. They didn't mind how he was dressed.

It turned out that the Army had the best student loan repayment program so he joined up and they paid off his loans plus gave him work clothes. The deal was they paid 1/3 at the end of each year of honorable service, so it took three years to pay it off. The student loan people apparently didn't like the Army's payment plan so they hassled him the whole three years but he just told them they would have to deal with the Army.

So in the end it got paid in full, but the government still managed to get a pound of flesh because they reported those payments as income to him, and since he was in the 15% bracket the net result was that he it cost him 15% out of his pocket and his net gain was only 85%, not 100%, which of course the recruiting office doesn't tell you when you sign up.

[merrylander]

When I hear these horror stories it makes me glad that I never bothered with university.

[barbara]

I hear the horror stories but there is no sympathy here. When they signed their name on the loan papers, they should have been well aware of what they were getting themselves into.

As someone said earlier, we don't get a break on car loans or house mortgages....

As for educators who pay back by working in low income areas..... If that is the deal they made then good for them. The point is..... When you make a deal and sign your name to the contract.... You are obligated to follow through.

[merrylander]

Originally Posted by barbara

I hear the horror stories but there is no sympathy here. When they signed their name on the loan papers, they should have been well aware of what they were getting themselves into.

As someone said earlier, we don't get a break on car loans or house mortgages....

As for educators who pay back by working in low income areas..... If that is the deal they made then good for them. The point is..... When you make a deal and sign your name to the contract.... You are obligated to follow through.

From what I have read these private lenders are really good at providing misleading information to applicants. Mind you I take everything a banker tells mme with a large portion of salt.

[barbara]

Originally Posted by merrylander

From what I have read these private lenders are really good at providing misleading information to applicants. Mind you I take everything a banker tells mme with a large portion of salt.

All lenders are good at misleading information. That's why it is so important to read and understand the contract before putting your signature on it.

[merrylander]

Originally Posted by barbara

All lenders are good at misleading information. That's why it is so important to read and understand the contract before putting your signature on it.

That makes me chuckle because when we signed the six inch stack of paper at the title company taking out the mortgage on this house I think I would have had the mortgage paid before I finished reading it all.

It seems everything has to be done the hard way here. I had writer's cramp before I gat it all signed. As well I would have had to get Don to translate the legalese for me.

[barbara]

Originally Posted by merrylander

That makes me chuckle because when we signed the six inch stack of paper at the title company taking out the mortgage on this house I think I would have had the mortgage paid before I finished reading it all.

It seems everything has to be done the hard way here. I had writer's cramp before I gat it all signed. As well I would have had to get Don to translate the legalese for me.

I would not hesitate to have a lawyer look over a contract if I didn't feel confident that I understood it.

I don't find those six inch stacks too intimidating. But, I write gov contracts as part of my job so maybe my viewpoint is a bit skewed. 😉

[Ike Bana]

Originally Posted by MrPots

Sure we can. But I'm not inclined to pay for some deadbeats education when I cannot afford college myself. (and I'm already paying taxes to support the universities)

So let's just pidgeonhole anybody who's participating in the higher education loan forgiveness program as a deadbeat. Really???????

Maybe we should pidgeonhole anybody who takes their full legal compliment of tax deductions as a deadbeat. Maybe we should pidgeonhole anybody who takes their social security every month as a deadbeat.

Of course you're paying taxes to support public education. Unless maybe you don't feel you should pay taxes to support public education...on all levels available to Americans who pay taxes to support your kids in school. Like me and the blonde, who did not have children, and have been paying for the public education of everybody else's children (perhaps yours as well) from K through PhD for the past 50 years.

Tell ya what I'm not inclined to do regarding education. I'm not inclined to contribute a penny of my tax dollars for somebody else's kid's religious indoctrination on their school vouchers. You for that? Eh?

[mpholland]

I went to college for an AAS in network engineering a few years back. I should have my student loans paid off this year. I'm not sure why I did it. Probably just so I could say I went to college. I still work for the same company that I was working for then and my job has absolutely nothing to do with computers.