You Can Run, But You Can't Hide

[taiyuu_otoko]

Owe money to the gov? They'll get it one way or another....

source

According to a new report from the Government Accountability Office, the federal government is increasingly garnishing Social Security benefits to help cover student loans payments owed by baby boomers. According the Wall Street Journal, a total of $1.1 billion has been garnished since 2001 with $171 million being collected in 2015 alone.

 

[backseatjuan]

No one can fvck with your pension or benefits over here. If you take a loan, bank better not sue you, because if they do, judge will order you to pay only the amount you took, without interest. Presently, there are a number of programs, anything from starting a farm, to building a house, you get free land, and interest free loan. So if this is your thing, get married, make her take a loan, do your thing while you become citizen. Ever wondered why Steven Seagal got his citizenship? Hill start a farm or two, build a mansion or two, people need free income.

 

[speed dawg]

If you took a loan, you should expect to pay it back.

If you don't expect to, don't take the loan.

Exactly. Why again is this a bad thing???

Baby boomers are the true spoiled pricks. They got to enjoy the best of everything. Why again should I feel sorry for them?

 

[taiyuu_otoko]

The dudes who invented the student loan program were super-genius villains.

They convinced congress it was a good idea to loan kids a ton of money so they could get a degree in French Literature. AND they convinced congress that if the kids defaulted on the loans, CONGRESS would pay the loan company (like sixty cents on the dollar or something) and then have the burden of collecting.

While I agree with @speed dawg , it's not like kids were walking into a bank and demanding loan. They were heavily marketed to.

http://www.unz.com/mhudson/banking-on-student-debt/

 

[Bible_Belt]

I have student loans that have been in default for twenty years. About eight years ago, I thought about getting them up to date, and paid a little on them, but I had to deal with the sleaziest fvcking dirt bag collection agency out of Chicago. Everybody had an Italian first name and a last initial, no full names. These were bigger dirt bags than the people I used to know as a stockbroker. They had bought my debt, for probably for about 5 cents on the dollar because it was so old. Now, to repay my debt to the taxpayers, I am supposed to give money to these scum bags. It's a joke. I'm not worried about them geting my social security check, because I doubt I'll ever see one of those, anyway.

 

[speed dawg]

While I agree with @speed dawg , it's not like kids were walking into a bank and demanding loan. They were heavily marketed to.

This is fair. I've been on the bad end of this with 0% down loans and such, and gotten plenty of bad advice.

Millenials really have gotten a raw deal on some things. The baby boomers really have saddled us with some bad sh*t, and I just do not feel sorry for them. I have respect for one segment of the boomers in general - Vietnam Vets - but the rest of the boomers hated them too. They've told us all this time we should get a college degree no matter what. Then, as they've matured, they've overseen the advertising process you speak of. Not to mention they are just plain selfish in general.

 

[Who Dares Win]

What happens if you get a degree in the states then move abroad? are they gonna chase you even if you have no property in the contry?

 

[Bible_Belt]

When you took the loan, did you intend to pay it back?

What happened that prevented you from doing so?

I signed an 11-year contract at age 18 with the Army. They offered me a full ride scholarship in Florida. I went through a few years of the officer training, but I never could get along with military officers. I just wasn't born with enough ass-kissing skills. My colonel threw me against a wall one day and screamed at me to quit, threatening to make the rest of my career a living hell if I did not. It was a persuasive argument. That was 1997. I filed bankruptcy in 99, but gov't debt doesn't go away. I owe about $50k, half to the DOD and half to the student loan people, at least originally. The student loan debt has now gone to dirt bag collection people.

 

[taiyuu_otoko]

What happens if you get a degree in the states then move abroad?

I don't know all the specifics but unless you renounce your citizenship, you HAVE TO file taxes with the IRS even if you make squat. If you make MORE than a certain amount, you have to pay taxes to the U.S. as well as to whatever country you're working in.

So technically, if you owe fed.gov, (or any of their collectors) every penny you make will be have a chunk taken out before you get it.

The U.S. has passed some pretty draconian laws regarding international banking.

They've also passed laws that if you owe more than a certain amount on taxes, they can revoke your passport.

I don't know that borrowing a bunch of money to get a degree then flee to another country is particularly good strategy, ESPECIALLY if you hope to ever return to the U.S.

 

[Who Dares Win]

I don't know all the specifics but unless you renounce your citizenship, you HAVE TO file taxes with the IRS even if you make squat. If you make MORE than a certain amount, you have to pay taxes to the U.S. as well as to whatever country you're working in.

So technically, if you owe fed.gov, (or any of their collectors) every penny you make will be have a chunk taken out before you get it.

The U.S. has passed some pretty draconian laws regarding international banking.

They've also passed laws that if you owe more than a certain amount on taxes, they can revoke your passport.

I don't know that borrowing a bunch of money to get a degree then flee to another country is particularly good strategy, ESPECIALLY if you hope to ever return to the U.S.

I understood what you mean but guess a guy fleeing to russia with no intention to come back hardly is gonna have any problem.

For what I recall the banking agreement you talk about works in Europe, I recall when I opened a bank account that I had to sign a subform about me not being an american citizen nor had anything do with it.

 

[taiyuu_otoko]

The current generation is the one that let itself get talked into shiny private college degrees in basket weaving.

Think about what an easy sell this is, if you are a college loan agent. You talk to some college kids about going to school. You show them stats that "prove" college education means more money. The kid is unsure who does he or she ask?

Parents

Parents will more likely tell their kid to go to school. Nobody wants to be the parent of a blue collar workers. Especially BOOMER parents, to whom status is everything. Parents also don't want to pay, so they are grateful for the loan. Parents say, "take the loan.

Teachers

A teacher who has none of their students go to college looks like an idiot. So of course the teacher will recommend the student take the loan.

Friends

since only "loser" kids don't go to college, of course all the other kids say they're going to school

Conclusion:

Selling loans to high school kids of boomers is like selling bottles of whiskey to alcoholics for a dollar.