05-24-2016, 02:45 AM
SOURCE:
![[Image: loan1-1024x606.jpg]](http://www.activistpost.com/wp-content/uploads/2016/02/loan1-1024x606.jpg)
(Feb. 2016)
This particular topic strikes a chord with me because you can't force your wife's useless kids to honor their student loans. So as a cosigner to the loan she has to make the payments or it is her credit that is affected. As a CFO you better have good credit or it's AMF with little chance of being hired anywhere else. But this does add a different twist having a debtor's prison back to the US. Plus the way student loans are constructed you get totally screwed in the end.
As you can see from the news report this is a real issue, if we were banks, car companies, foreign governments, or Donald Trump there wouldn't be any issue the government would step in and help right out.
(Feb. 2016)
Quote:"Financially speaking, going to college these days is practically a death sentence for most people. Tuition has never been more expensive, and most degrees no longer give you any guarantee of landing a high-paying job. On top of that, it’s nearly impossible to escape these debts through default or bankruptcy.
That’s why there is now well over $1.3 trillion of student loan debt held by millions of Americans. That’s more than the amount of credit card and automotive debt in this country. But at least these debtors can live their lives knowing that there won’t be any dire consequences for not paying, aside from having their wages and tax refunds garnished, and a poor credit score. Right?"
This particular topic strikes a chord with me because you can't force your wife's useless kids to honor their student loans. So as a cosigner to the loan she has to make the payments or it is her credit that is affected. As a CFO you better have good credit or it's AMF with little chance of being hired anywhere else. But this does add a different twist having a debtor's prison back to the US. Plus the way student loans are constructed you get totally screwed in the end.
Quote:"Unfortunately, that may not be the case anymore. A Houston resident recently admitted that he was arrested at gunpoint by US Marshals, for failing to pay a $1500 federal student loan from 1987. He’s not alone either, as the US Marshals currently have between 1200 and 1500 warrants for unpaid student loans. You can listen to his terrifying account of what happened below."
As you can see from the news report this is a real issue, if we were banks, car companies, foreign governments, or Donald Trump there wouldn't be any issue the government would step in and help right out.