Dr. Ernest J Folk
|
No, unfortunately the only way to get out of it is if you die accidently. Or if you prove to the court that you are incapable of making money, like if your doctor declares you as permanately disabled.
Call up the financial company that owns this loan. Tell them that you want to apply for a forebearance. This will allow you to go six months without making payments due to financial hardship. It should forgive any backed payments you haven't made. All for a small fee of about 200 dollars.
I have a huge student loan to pay back. But I should be able to pay it off soon. I wish you the best of luck. |
|
rat_race_ditcher
 |
Nope, eventually they will find it and Garnish your wages :( |
|
Kip
 |
In the USA if you don't pay it they will garnish your wages and take your tax return. Not sure how it works overseas, but the government always wins. |
|
♥sweet ♥by ♥nature♥
 |
no they will keep taking it until it is paid. they will not forget about it or you. they may eventually do an attachement of earning if you avoid it. |
|
a beautiful lie
|
Im afraid you will have to keep repaying your loan as you would any other loan. Its such a small repayment you dont see the deduction on your pay packet. You wont be charged till you get a full time job earning over 15k which you're just over that amount. No rubbish about leaving the country, changing your name or doing a mundane low paid job to see if its written off. I read the small print. |
|
sleighton78
|
What awful answers you have so far!
Mum knows got the closest - the loans can last for as long as 25 years / when you reach 65 - only then will they vanish.
Don't worry too much about paying it back - the loans are structured so they should always be affordable.
If you use the skills you learnt as part of your degree then your wages should increase more than your loan.
I paid mine off in five years (but that was pre-tuition fees) - it was good to get the extra money each month once I had finished paying the loan off as it coincided with when I had to start paying my mortgage! |
|
niquey
|
hell no the government will not forget about it. I t should tell you what year you will be finished paying for the loan if you continue to make the minimum payments. I doubt if you will be making 18k a year,forever. So when you get a better paying job you should pay more then the minimum payments.And anything extra that you pay will target the principal and not the interest.You are straight out of college so please don't start off without paying your debts.Trust me , you can not bet the system and come out on top.Good luck and great success!!! |
|
doglover
|
You will keep repaying till you die. |
|
Jason W
|
Student loans, if unpaid will stick with you for the rest of your life. If you don't pay them they can garnish your wages, or keep your tax refunds to satisfy the debt. I recently filed for bankruptcy, my attorney informed me that unless I was armless and legless lying in my death bed I could not get my student loans discharged. If that tells you anything. |
|
LAVAS
 |
I work for the government, but I'm not sure. I think you have to pay back. but if you give the mayor a good reason not to pay back, they will make a plan. |
|
Mumknowsbest
 |
http://www.moneysavingexpert.com/loans/student-loans-repay#never |
|
Lindy-lou
|
Like others have said here, in the UK, it is linked to your earnings, but it is probably the cheapest loan you will ever get.
Am I right in assuming you took out your loan before September 2006? Then I think if you are still owing on retirement, at 65, then the balance will be written off, can't be 100% sure on that though.
Look at it this way - without the loan you wouldn't have got through uni and been able to secure an £18k job - so in the long term, its a small price to pay!! (As Mum to a student, it's just my opinion)
All the very best in your new job. Well Done! |
|
tajmahal
|
Only if you die. Eventually you'll be earning more and then will pay off more & more till it's gone. |
|
667mom
|
no they will follow you to your death bed |
|
crzy_girl90218
 |
r u serious...the government is sooo not goning to 4get about ur loan in a couple of years the gov't is so uptight about money. ur gona be paying that until ur like in ur 30's, 40's or 50's depending on the amount of money on the loan. don't worry, u'll get it paid off b4 u die=) eventually u will get like a promotion or something and u'll b able to pay it off.
Hope this helps=) |
|
Fayzlle
|
apparently if you leave the country for 5 years it is written off |
|
Bill C
|
What country are you in. If you are in the US, after the statute of limitations has expired, it should be taken off your credit report and be un-collectable.
If you are in the US, leaving the county to avoid a debt is actually a bad idea, as the statute of limitations will toll (i.e. stop) and then re-start again when you re-enter the country.
As for garnishing wages in the US, not all states allow wages to be garnished and for those that do, a garnishment can only happen *after* a lawsuit has been filed and a judgment entered. |
|
| |
|
Homepage 
Financial
Forum 
Personal Finance 
No Spam
Adult 
Gambling
Unfinished
Deception
Plagiarism
Not English
