- Aug 8, 2009
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Yes, I'm definitely screwed. I dont even think I can get it all paid off even before I retire. I'm an anesthetist, but not an anesthesiologist. I wonder how much they pay anesthetists in Australia?
undue hardship
- Thread starter supervortex
- Start date
Yes, I'm definitely screwed. I dont even think I can get it all paid off even before I retire. I'm an anesthetist, but not an anesthesiologist. I wonder how much they pay anesthetists in Australia?
nesterdwarf
Regular Member
- May 30, 2008
- 276
- 549
On the plus side, you only have to worry about it for 30 years, then student loans are forgiven...not any help, but you should be done before you retire 
ND
ND
So has your loan been defaulted and sent over to a separate collections agency?
That's what ultimately happened to me, and although my outstanding balance is nowhere near yours, the general principle is the same: they can only collect monthly on what is 'reasonable' for your accrued monthly income and expenses. The guy kept pestering me and initially wanted up to 600 a month even though I was unemployed. I eventually talked him down to 150 a month.
5k seems ridiculous, even if you're a neurosurgeon. You're supposed to bargain hard with them down to a reasonable amount based upon your income and expenses, as I also believe that's part of the law they have to work within.
Think of it like this: would you rather be paying off 800-1k a month on student loans for the rest of your life, or continue to have collections ringing your phone and negative checkmarks on your credit history monthly completely destroying any possibility of having a life? (no loans, new credit lines, housing, etc). If you chose the latter option, your best alternative would be to ditch it all now and move to a new country altogether and start a new identity.
You're certainly not the first and certainly won't be the last to have a 100-200k+ student loan balance. Just look at all the people who have attended big name private universities out there to become lawyers or for medical school. But again, you're supposed to work 'with them' to get your repayments to reasonable levels. Remember, these guys calling you don't get paid until their company starts getting paid.
That's what ultimately happened to me, and although my outstanding balance is nowhere near yours, the general principle is the same: they can only collect monthly on what is 'reasonable' for your accrued monthly income and expenses. The guy kept pestering me and initially wanted up to 600 a month even though I was unemployed. I eventually talked him down to 150 a month.
5k seems ridiculous, even if you're a neurosurgeon. You're supposed to bargain hard with them down to a reasonable amount based upon your income and expenses, as I also believe that's part of the law they have to work within.
Think of it like this: would you rather be paying off 800-1k a month on student loans for the rest of your life, or continue to have collections ringing your phone and negative checkmarks on your credit history monthly completely destroying any possibility of having a life? (no loans, new credit lines, housing, etc). If you chose the latter option, your best alternative would be to ditch it all now and move to a new country altogether and start a new identity.
You're certainly not the first and certainly won't be the last to have a 100-200k+ student loan balance. Just look at all the people who have attended big name private universities out there to become lawyers or for medical school. But again, you're supposed to work 'with them' to get your repayments to reasonable levels. Remember, these guys calling you don't get paid until their company starts getting paid.
Education has become a racket. Get in the hole for something they make you think you need, and then either not get a job when you graduate, or if you do, blow your best years on trying to pay it back.
So the huge corporations give us a loan, and then we go to work for huge corporations to pay back the loan. Thus, we're essentially working for free if we're not careful.
But I guess that's why we're on BHW, huh?
So the huge corporations give us a loan, and then we go to work for huge corporations to pay back the loan. Thus, we're essentially working for free if we're not careful.
But I guess that's why we're on BHW, huh?
- Aug 8, 2009
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On the plus side, you only have to worry about it for 30 years, then student loans are forgiven...not any help, but you should be done before you retire
ND
Not sure about the retirement
But do they expire after 30 years?- Aug 8, 2009
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I have five student loans. Two have already defaulted. One of the defaulted ones is government backed, so it falls prey to the federal law that allows the creditor to attach my wages for 25% of net pay after taxes. There is no consideration for retirement, other deductions, etc when they scrape off their 25%. I received the official garnishment notice, but renegotiated to avoid it, and ended up with an automatic draft from my bank account for $500 per month. For the additional defaulted private instrument, the creditor is still maneuvering against me with their lawyer. Unfortunately, over $150k of the student loans are from Sallie Mae. I'm sure that they can garnish for all of those as well, but I'm still warding those loans off with forbearances, etc. My goal is to pay everything back if I can.
efwebs
Regular Member
- Aug 9, 2010
- 421
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Let me know how that looks on your resume
- Aug 8, 2009
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I forget the name of the law, but it is a federal law that covers the government backed student loans, that prevents those instruments from being discharged in bankruptcy. An earlier post in the thread mentions that Bush brought about the legislation.
- Aug 8, 2009
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Fortunately, I at least live in a state where they don't attach wages for routine debts. Wage garnishment here is mostly limited to student loans. But I noticed the loans stop accruing interest after going to default, but the collection efforts continue.
- Aug 8, 2009
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Education has become a racket. Get in the hole for something they make you think you need, and then either not get a job when you graduate, or if you do, blow your best years on trying to pay it back.
So the huge corporations give us a loan, and then we go to work for huge corporations to pay back the loan. Thus, we're essentially working for free if we're not careful.
But I guess that's why we're on BHW, huh?
Very true, it seems like many of our stories are similar. Nothing is free
TNphoneman
Senior Member
- Dec 15, 2010
- 1,177
- 695
That legislation has been around much longer than Bush. The law always has been that student loans can not be discharged in bankruptcy if they are less than 10 years old. I know my wife went through that.
Now for the comment about the loan being forgiven, yes it will and you will also receive a 1099 form. Now you have the US version of the Gestapo after you, the IRS. I know, this also happened to my wife.
Now for the drumming,,, Dude 250k and you are not at the top level in your field? Did you go to Vanderbilt?
Working with your low end numbers of 120k per year -39% to IRS -25% Garnishment leaves you with upwards of 54k per year.
Are you married or have kids? It sounds like you are single.
There are a lot of people living on much less than you are. What happened is that you got Docitis and started buying other things on credit. Get rid of your car and buy a used one. I happen to drive a 79 F250 and you know, without the payment I can afford the gas. As a matter of fact I have a friend that has a newer diesel that gets worse mileage than my gas truck does. Get a second part time job to increase your income by 1k per month.
You need to drastically change your lifestyle. I know you are young but you need to make those sacrifices now while you can. You need to live like you are making 30k or less and this will be cleaned up in no time. Top Ramen and Mac & Cheese. Live so poor that your friends laugh and think you are crazy because you will be laughing later when you are rolling in the money and they are still making payments.
It is time now to grow up because in the end you only have yourself to blame. More and more I see people trying to blame everyone but themselves. Nobody forced you to sign the loan papers. People say then I could not go to school, well so what, there are many other jobs out there that pay well. Until the recession and the bankruptcy of the MFG of the equipment I worked on, I was making 85k per year with a high school education.
Sorry man I feel for you but also no sympathy here when you are making that kind of money. Sell of everything that has payments and that will go a long way towards helping.
Good Luck
Now for the comment about the loan being forgiven, yes it will and you will also receive a 1099 form. Now you have the US version of the Gestapo after you, the IRS. I know, this also happened to my wife.
Now for the drumming,,, Dude 250k and you are not at the top level in your field? Did you go to Vanderbilt?
Working with your low end numbers of 120k per year -39% to IRS -25% Garnishment leaves you with upwards of 54k per year.
Are you married or have kids? It sounds like you are single.
There are a lot of people living on much less than you are. What happened is that you got Docitis and started buying other things on credit. Get rid of your car and buy a used one. I happen to drive a 79 F250 and you know, without the payment I can afford the gas. As a matter of fact I have a friend that has a newer diesel that gets worse mileage than my gas truck does. Get a second part time job to increase your income by 1k per month.
You need to drastically change your lifestyle. I know you are young but you need to make those sacrifices now while you can. You need to live like you are making 30k or less and this will be cleaned up in no time. Top Ramen and Mac & Cheese. Live so poor that your friends laugh and think you are crazy because you will be laughing later when you are rolling in the money and they are still making payments.
It is time now to grow up because in the end you only have yourself to blame. More and more I see people trying to blame everyone but themselves. Nobody forced you to sign the loan papers. People say then I could not go to school, well so what, there are many other jobs out there that pay well. Until the recession and the bankruptcy of the MFG of the equipment I worked on, I was making 85k per year with a high school education.
Sorry man I feel for you but also no sympathy here when you are making that kind of money. Sell of everything that has payments and that will go a long way towards helping.
Good Luck
whenhowwho
BANNED
- Feb 27, 2011
- 16
- 1
Bankruptcy will not cover student loans. You are paying a really high interest rate for your student loans so the first thing you should try to do is to consolidate your student loans. Currently my student loans are only 4.8%. If you could get the consolidation then you could save a bunch of money.
On the bright side even if you cannot get them consolidated dont lose any sleep over it the whole thing is going to come crumbling down soon anyways. As soon as they finish removing the US dollar as the worlds reserve currency it will not matter any more anyways.
On the bright side even if you cannot get them consolidated dont lose any sleep over it the whole thing is going to come crumbling down soon anyways. As soon as they finish removing the US dollar as the worlds reserve currency it will not matter any more anyways.
- May 27, 2010
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I would also be careful with consolidation however, because i actually turned down a consolidation offer that Sallie mae tried to sign me up for. I treminded me of mortgate ARM's where everything is fine until you dont pay, then the interest rate is higher than the regular loans.
Its kind of crazy but growing up we were alwasys told that college loans are a worth while debt to have because it will pay for itself in the long run, but i cant help but feel like that isnt always true nowadays, you really have to look at it from a numbers standpoint, its not just go get your degree anymore. I cant even count the number of people i knwo that are going back for masters and doctorates, thinking that with the next degree some sort of undiscovered job opportunities will come knocking....also i know people that are just digging deeper and deeper into debt trying to avoid their previous student loans coming due...pretty scary system we have here in my opinion.
Its kind of crazy but growing up we were alwasys told that college loans are a worth while debt to have because it will pay for itself in the long run, but i cant help but feel like that isnt always true nowadays, you really have to look at it from a numbers standpoint, its not just go get your degree anymore. I cant even count the number of people i knwo that are going back for masters and doctorates, thinking that with the next degree some sort of undiscovered job opportunities will come knocking....also i know people that are just digging deeper and deeper into debt trying to avoid their previous student loans coming due...pretty scary system we have here in my opinion.
- Aug 8, 2009
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@TNphoneman
I had not considered a 1099 if it was forgiven. I would owe a megatax probably at nearly 30%. I'm not at the top of my salary, but the numbers are starting to sag some with the economy. Our company wants to renegotiate a smaller salary at some point in the next year My school was not terribly expensive, but I borrowed additional funds to get through school, as my wife became ill. I did continue to work full time at the old job during school, but the debt piled up. I definitely agree with you that there is no one to blame but myself. I am tenacious and willing to work hard to fix things, but just have not gotten there yet. I took a second job to get some moonlighting work at another hospital on the off hours. I'm trying to scale back, but I'm married with two kids. Ironically, I'm also trying to figure out how to pay the first year of tuition for my daughter next summer when she leaves for college. Any thoughts on how my bad credit could potentially impact her ability to get funding for education?
I had not considered a 1099 if it was forgiven. I would owe a megatax probably at nearly 30%. I'm not at the top of my salary, but the numbers are starting to sag some with the economy. Our company wants to renegotiate a smaller salary at some point in the next year
My school was not terribly expensive, but I borrowed additional funds to get through school, as my wife became ill. I did continue to work full time at the old job during school, but the debt piled up. I definitely agree with you that there is no one to blame but myself. I am tenacious and willing to work hard to fix things, but just have not gotten there yet. I took a second job to get some moonlighting work at another hospital on the off hours. I'm trying to scale back, but I'm married with two kids. Ironically, I'm also trying to figure out how to pay the first year of tuition for my daughter next summer when she leaves for college. Any thoughts on how my bad credit could potentially impact her ability to get funding for education?- Aug 8, 2009
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The high interest rate on most of the loans is the worst part, but the poor credit rating makes consolidation difficult. Consolidation may be an option at some point if I can finally get the payments current on all of the loans.
I enjoyed your perspective on the dollar
- Aug 8, 2009
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You're right. A long time ago, investment in education was sound, hands down. Today that really has shifted. My daughter will start college next summer for elementary ed (imagine that, in the face of all of the cuts right now). But still, I will support her choice and try to pay for her undergrad. If there is even a job for her at graduation, it would still take her half of her life to pay back the loans just for the undergrad.
Funny you mention, maybe I could just go back to school to defer everything
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andee
Regular Member
- Jul 24, 2010
- 217
- 83
Sorry if I sounded like a dick.
beatmedical.com/anaesthetist/remuneration.htm
"Although the daily rate varies from location to location you can reasonably expect anything between $1500-$3000 per day as a locum anaesthetist (less for registrars and fellows). The variation is dictated by the level of responsibility, the client, and of course, market forces."
Australia's a great country, screaming out for skilled workers and the women are fine as hell.