Need To Pay Off Your Student Loans?

[taiyuu_otoko]

Become A Hooker!

Sugar Daddies Are Paying Their Share Of The $1.3 Trillion Student Loan Balance

As noted previously, we are in a new dark age where college does not pay. At $1.3 trillion, the student debt balance is not getting any smaller. Facing a lifetime of debt slavery, the millennial generation is doing whatever they can to avoid homelessness. Whether it's stripping or working at Rent A Gent, all options are on the table. Now, they are flocking to Seeking Arrangement to prostitute themselves so they can pay for school. Since 2009, the number of student sugar babies has increased by 1,200%!

CNBC: Sugar Daddies Could Be Funding Your Future Nurse

Previously, it was common for students to take food and service jobs, but soon, you will hear college students casually sharing their day with their sugar daddy. Welcome to the modern hooker economy.

I guess the line is blurring between dating hot nurses and dating escorts!

 

[cola]

Schools will reform and college will be free in our kids lifetime.

 

[Tenacity]

With the Forgiveness programs on Federal Student Loans like IBR and PAYE that forgive the loans in 20-25 years while decreasing the minimum payment to a potential of ZERO (if you are very low income)...in combination with the Public Service Jobs that can forgive the debt in as early as 10 years.....why not just take advantage of these programs?

 

[taiyuu_otoko]

With the Forgiveness programs on Federal Student Loans like IBR and PAYE that forgive the loans in 20-25 years while decreasing the minimum payment to a potential of ZERO (if you are very low income)...in combination with the Public Service Jobs that can forgive the debt in as early as 10 years.....why not just take advantage of these programs?

Those are for folks who have degrees, debt and income below what they expected upon entering college. (And plan on living on minimum wage for 25 years.)

The Hook Your Way Through College plan is for those who are ENTERING college, and still expect to get a high paying job upon exit. and NOT having any debt when they finish. (most of them are in nursing schools, that have a good chance of getting a decent income upon graduation).

You may say the "hooker plan" is planning head. While the loan relief plans are primarily for those who FAILED to plan.

Also one stiffs taxpayers, while one stiffs willing rich betas. (or gets them stiff imagining their cute beneficiary in nursing school...)

 

[Tenacity]

Those are for folks who have degrees, debt and income below what they expected upon entering college. (And plan on living on minimum wage for 25 years.)

Not anymore buddy. Obama made changes to the program where people with solid incomes ($75k - $100k) are now qualifying for the IBR or PAYE reduced minimum payments. When you combine that with working at least 30 hours a week in a Non Profit, they will forgive the outstanding balance in 10 years.

My entire education was paid for with scholarships and grants, but I took out some loans on the side to bulk up my bank account due to the low interest. But I've since now created a plan to get into these forgiveness programs to get SOME level of forgiveness after 10 years in total. This will essentially turn some of my "Loans" into "Grants".

Note, this is only for Federal Student Loans. Students should NEVER take out Private Loans, their interest is higher and you lose all of these forgiveness (and hardship) related benefits that come with the Federal Loans. Plus, Federal Loans can also be forgiven under bankruptcy if it's an EXTREME CASE (will be hard to prove but it must be EXTREME), they can be forgiven if you find out later on down the line that your College was a scam in some way, they can be forgiven if you are disabled, and you can also have them forgiven if you pass away. You LOSE all of these benefits with Private Student Loans.

With all of these forgiveness and hardship protections built into the Federal Student Loans, I don't even look at them as "traditional" forms of debt financing because there's so many ways you can take out the loans and have either ALL or a significant portion of them turned to "grants" through the forgiveness procedures. These provisions aren't available with any other form of debt financing such as Personal Loans (Private Student Loans are nothing but Personal Loans), Lines of Credit, Mortgages or Leases.

But many students are stupid about how they acquire their education, going to colleges they can't afford and having to use Private Loans on top of the Federal Loans because they run out of money. I know some people who even put some of their college costs on a Credit Card paying the FULL 22% - 25% APR.

 

[prison/con.net]

PRIVATE loans can be gotten rid of with bankruptcies. Fed student loans cannot. Private creditors cannot take your VA check or your SS check or your tax return, but the Feds can (and DO, believe it!) It's much harder for a private creditor to garnishee your salary, the Feds can do it easily.

 

[Tenacity]

PRIVATE loans can be gotten rid of with bankruptcies. Fed student loans cannot......

https://studentaid.ed.gov/sa/repay-loans/forgiveness-cancellation#discharge-in

Discharge in Bankruptcy

This is not an automatic process—you must prove to the bankruptcy court that repaying your student loan would cause undue hardship.

If you file Chapter 7 or Chapter 13 bankruptcy, you may have your loan discharged in bankruptcy only if the bankruptcy court finds that repayment would impose undue hardship on you and your dependents. This must be decided in an adversary proceeding in bankruptcy court. Your creditors may be present to challenge the request. The court uses this three-part test to determine hardship:

If you are forced to repay the loan, you would not be able to maintain a minimal standard of living.

There is evidence that this hardship will continue for a significant portion of the loan repayment period.

You made good-faith efforts to repay the loan before filing bankruptcy (usually this means you have been in repayment for a minimum of five years).

Your loan will not be discharged if you are unable to satisfy any one of the three requirements. If your loan is discharged, you will not have to repay any portion of your loan, and all collection activity will stop. You also will regain eligibility for federal student aid if you had previously lost it.

 

[taiyuu_otoko]

Not anymore buddy. Obama made changes to the program where people with solid incomes ($75k - $100k) are now qualifying for the IBR or PAYE reduced minimum payments. When you combine that with working at least 30 hours a week in a Non Profit, they will forgive the outstanding balance in 10 years.

Allow me to reiterate my point. The "hook your way through college" program is for cute female kids who want to AVOID The whole loan game altogether.

I see no logical reason why a cute 18 y/o girl should take out a loan and commit herself to working for a non-profit and try to finagle all the loan forgiveness tricks.

All they have to do is spend a few minutes posting a couple of picks online, doing some online flirting once or twice a week with their sugardaddy, and once they've graduated, they OWE NOTHING.

That's the whole point.

Now, I know you don't agree with this method, but why hate on those who can get away with it?

It's simply ONE WAY out of many to pay for college. A testament to the ingenuity of the free market (what's left of it). No taxpayers are harmed. No money is owed. Rich guys get to flirt with young girls and pretend they have a connection. Young girls get to get their college paid for.

Win-Win!

 

[prison/con.net]

yeah, well TRY it, is all i can say. The Bankruptcy court is a FEDERAL court and they want their money. They don't let you duck income taxes owed, by using a bankruptcy, either.