Vanadia

Live & Learn

Screw You! I’m Never Paying Back My Student Loans

33

This blog post is a warning to prospective art students who want to borrow thousands of dollars to pay for an art degree without having a plan or intention to pay those loans back. Everything I wrote about here came from my own personal experience.

As for well-intentioned students who borrowed money and then fell on hard times, this blog post and the message contained therein is not about you.

A Man Giving the Finger

If you’re thinking of sticking it to the man by borrowing thousands of dollars for college with no plans of ever paying back your student loans, think again. You’re actually being screwed by big banks who are sticking it to you—hard.

Borrowing thousands of dollars in student loans without having any intention of paying it back is like walking into a car dealership and driving off the lot in a new vehicle knowing that you never plan to make a single payment.

While many artists wouldn’t qualify for a car loan, student loan lenders care less about your ability to repay. No matter if you’re an 18-year-old with no credit or a 58-year-old with bad credit, student loan lenders will gladly hand over a hundred thousand dollars for college and related expenses.

In the beginning, your lender seems cool when you you’re late on a payment and they’ll probably let you defer. In fact, they might even prefer it because your interest is growing fast. They also might not tell you that you’re going into default (270 days without paying) until after it’s happened. Why? Because the federal government reimburses the lender for your unpaid principal balance plus any interest owed when you default.

So the lender gets their money and they still get to collect from you. Meanwhile, your debt grows and your two-to-four years of college ends up costing you your freedom.

So What?

So, your college got paid, your lender got paid, you still owe, and you still don’t care. What happens then?

While the federal government can’t imprison millions of outstanding debtors—at least not physically—they can and do jail you mentally. Your conscious act of theft is the worst kind of crime because it leaves a paper trail that leads creditors right back to you, the thief who stole their money.

It’s easy to say “whatever” if you’ve never had creditors calling you all the time. Changing your phone number every few months is a pain in the ass and it can prevent you from getting artistic opportunities because you can’t be reached at the number your contacts had from last year.

You can ignore incoming phone calls but your family will no doubt become annoyed when creditors start calling early in the morning and late at night. They call parents, siblings, and cousins with the same surname. Happy Thankstaking!

Meanwhile, the federal government can grab up your tax returns. Your paycheck can be garnished, meaning they’ll reach in and take a little right from your job each week and your employer will know about your debts. Your Social Security benefits can get altered. You may not care about that when you take out your loan but when you’re older and looking to get SS benefits, it might suck to have them limited. 

They Have to Catch Me First!

It’s easy to be broke when you’re broke, but it gets tiresome. If you try to rent a car or get a credit card, you’ll find it isn’t as easy as getting a student loan. What’s worse is that being in default means you’re always financially on the run. You can’t get any kind of loan. Your credit gets shot and finding an apartment becomes a pain in the ass. Forget about buying a house. Your insurance rates climb and you might have to put down deposits just to get utilities. Basically, you’re on the run.

Knowing that your income will be taken away from you, you start to hide your earnings and look for ways of making money under-the-table, like waiting tables or working construction.

Always living your life knowing that you owe is heavy. It can kill your spirit. It weighs on your muse. The constant demand of your time and money takes a toll on you. Like your degree, massive outstanding debt is a mental construct that will never go away. Unlike your degree, the debt is like allowing someone to attach a small straw to your integrity and suck away at it a little or a lot at a time, every moment of every day.

The Man is Sticking It to You

So if you think that banks were dumb enough to loan you money for school, you’re mistaken. You can’t beat them at their own game. You’ll be giving them twice the money as their indentured servant. Why not just stay out of debt and keep making art instead? If you’re already planning to live on the run, don’t borrow money to go to art school. Rather, go to the car dealership and drive off the lot if you can. At least you’ll have a new car to live in when you drive to Canada.

↜Next / Previous↝

Comments 33

GetReal

1

What’s with the scare talk?

Not that big a deal, do what you have to do to get where you need to be.

Thousands, millions are doing the same…

GetReal

2

“Basically, you’re on the run”—-Nope, not even close. 


Who IS this guy?

Vanadia

3

Who are YOU? Fifty to eighty thousand dollars (or more) in debt is not a big deal?

As It Is

4

He’s trying to make it sound like all the people in this group are living like fugitives, always looking over their shoulders, unable to own property.

Very dramatic and very untrue.

Vanadia

5

Your wages can be garnished for unpaid loans. Outstanding debt hanging on your credit report can thwart your efforts to buy cars, homes, or get loans in general.

The constant growing debt can be heavy to bear. I’ve lived that life and it wasn’t fun.

If you’ve got a story to tell about how you borrowed money for school, you don’t worry about paying back your loans, your life is great because your MFA got you a good job, and you can explain how this is good for the economy, then please share.

David="dramatic storyteller"

6

Ok, just read your resume.

“Dramatic storyteller”, now I get it.

My life is just fine, thank you.  No problems with buying car, real estate, etc.  No wage garnishment.  Not “basically on the run” as you would have it.  In fact, nothing at all like you describe in your article.

Not very dramatic, I know, but it works for me smile

Vanadia

7

If you have nothing to hide, why don’t you use your real name and link us to your resume?

SickOfFreeloaders

8

The real reasons for repaying your loan were not even addressed in this article.  You can not try to scare people into paying a loan.
What all these free loaders need to realize that when they don’t pay for their loans, it actually ends up getting paid for by the taxpayers and by their sons and daughters.  These lazy (yes, any one who can take a loan for education and leaves it up to the rest of the country to cover there asses is plain lazy and a thief, don’t care if your a doctor or a construction manager) freeloaders are only jacking up tuition fees and student loan interest rates.  These people are scum.  Why should uneducated tax payers who did not get in debt and are making 30k year have to pay for the educated freeloader making 50k a year.
These idiots need to grow the fuck up and start acting like real men and women and start taking care of their own shit. 
Statue of limitations on student loans should never run out as far as I am concerned.  It should even be taken from estates if the person is deceased.  It is the responsibility of the person getting the loan to make sure they are getting proper education so they can pay it back. Otherwise they are just thieves and scam artists dragging down the entire country’s economy.
Make all these people tell their employers they scammed money for education and took the free easy ride cause they are to fucking lazy to take responsibility for themselves.
These people are self centered. They care nothing about their friends, family’s, co-workers, or country. Put them on a raft kick them off the country, then let their free education save them.

Natalie

9

Sick Of Free Loaders?!??!

Firstly the claim that people who have defaulted on their loans don’t love or care about their family is idiotic!
Have you ever been in their position? Even if you have been in this situation (which is unlikely with your current view) but we will go with it and YOU
Personally not loving your family should not transcend to “EveryonE,” so don’t speak for people when you have absolutely no idea what they are going through.
I can say ten times out of ten these people went to college to benefit their lives not detriment it.
The problem is not the students! The problem is much bigger than that!!!
It starts with our education system, it teaches you nothing about life or the skills you will need to be successful! Instead students are led to believe College is the answer and all they have to do is go. Banks and Big-Business colleges tell students “just take the loans out, you’ll have plenty of time to worry about them after you graduate!”
Yeah, understatement of a lifetime!*
Banksters are imprisoning the tax payer because they are giving EVERYONE loans, flooding the market with more degrees than will ever be needed, and then writing their bad investment off. The Government gives them all the money back (including interest!!!)
So do your research, it’s not college kids causing the problem. It’s Big Banks making terrible investments and then being bailed out by our Government!!!!!

You should be mad at the system that creates this cycle not the people held captive by it…. Best of Luck*

Anjilyn McBride

10

I did not take out student loans because I thought “I know, I’ll go thousands of dollars into debt and spend my life trying to get by without having to pay it back, because having my credit score tank, having no independence of any kind, and never being able to go anywhere or do any of the things I dreamed about including owning a home or buying a car, sounds like a dream!”  You are clearly in the rich people bracket, you know, the bracket that has no fucking clue how real people live?  I took out student loans because I needed work, you know, food, shelter, medical care, all that unimportant stuff and , STUPIDLY, hahaha,  I thought getting a degree would help me find a job!!!  It didn’t though!! But that’s ok!  Yes! This jobless existence where I have to work for room and board cleaning and cooking for my parents is a dream!!  I just love having thousands of dollars of student debt hanging over my head like a guillotine!  It’s an awsom feeling!  It’s paradise here!  Everyone wants an ulcer before their 40!!  Oh I get it, it’s the Ivy League brats, they go to school on their parents dimes and they turn the whole experience into one long party, and you think that, that, is what everyone else is doing!  What?  Your kids didn’t do that?  But if I make that sweeping generalization based on my perspective of your socioeconomic status, it must be true!  Just because your rich bitch kids went to party college, is hardly an accurate reflection of what real people do, we don’t have rich parents, we know that if we don’t acquire job skills we will live in poverty.  Well guess what??!! We acquired job skills, and we’re still in poverty!!!!

to david

11

Why in the world would you need a degree to become a storyteller?

Natalie

12

Well said, Anjilyn! Thank You!!!

Vanadia

13

You don’t need a degree to become a storyteller.

Douche

14

since you’re clearly so concerned why dont you pay it for me. You’ve clearly never been poor, because once you realize you have NOTHING AND SLEEP IN A FUCKING CAR- You realize that theres nothing to take, I have nothing to lose, and I don’t even fear prison. Pardon me if I don’t even think about those loans- I’m too busy making sure I can scrape up $3 in change to get enough gas to get to work. I will never pay those loans and I dont care if the tab is picked up by the govt, future taxpayers, or some angry teabagger in Texas - FUCK EM ALL.

Milkshake

15

At no point during my education, least of all when signing loan forms, did I ever think “Hahahha, I’m not paying this back ever, free money and fuck you all!”. I signed them fully intending to make good on my word to repay. 7 years and 1 one near-dead economy later, I’m working a chickenshit job making minimum wage, hoping to save enough money to pay my rent and get clothes that don’t have rips in them. I work at a company when i proof-check work done overseas, this same work that used to be done here, for a decent wage, until it became more economical to outsource it.

As the current economy and education systems are structured, this will continue to “be the norm”, as there simply aren’t enough positions left in the country for every misguided, loan-taking student to fill when they graduate.
I still intend make good on my word and pay them back, at the same time that I move into a position where that is economically feasible. As it is, my limited income has more important bills at the moment. If you think I’m going to throw money at my lenders while living in an alley or out of my car, you’re horribly mistaken.

As for the mental prison and harassment, they’ll get the money when I have it to give and not a moment sooner. No amount of phone calls letters or uppity bloggers will change that.

Vanadia

16

This blog post is a warning to prospective art students who want to borrow thousands of dollars to pay for an art degree without having a plan or intention to pay those loans back. Everything I wrote about here came from my own personal experience.

As for well-intentioned students who borrowed money and then fell on hard times, this blog post and the message contained therein is not about you.

Hope this helps!

??!

18

Cute story. Not all jobs are for thee gov so theirs other jobs out their now a days you can get a job with no papers and no social what makes you think they care about credit you can just move to another country it’s ll the same. And because of the way the system is I’m never letting my future children or any family member of mine get loans from thee gov or anything from corupted companies especially in contracts . anyways the money they give out as loans is from our taxes so it’s our money they don’t even return the exact amount they have too. Soo. Oweing money or not everyone lives the same because if it’s not your low paying job it’s your taxes that screws you anyways :p

<|+@=¥

19

And a company School and loaner can’t harrass you into paying anything or keep calling you all the time because you can sue them for stressing you out or calling you in a meeting that they might not know you are in and make you loose your job yea loaners or maybe make them depress anyways schools never explain to students about where the get the loans from because I never asked for a grant FYI so I can claim they are forging my info and signature ! Which they did they got 2 grants and a loan from who knows where in still they said I had to pay for my edu. Because it didn’t cover it all when it says that they got the exact amount the school needed Annddd they never gave the students the right numbers of what they gave and how much was left of what they owed Annddd they gaved the right supplies to study from and they told us not to tell the people whom came to school to investigate if everything was running fine anything Annddd they harass you by financial aid people coming in the middle of class asking for payments nice college system let me just say it’s a college that comes out on the tv commercials all the time starts with k and no they don’t get you a job they just make you work for free for doctors that have workers that don’t want to work yup I’m never going to get a loan ever in life or for my family and never making a single contract for any other organization yup that’s what I learn so you can make your money elsewhere silly gooses >:[

Mark

20

I live in Korea… Problem solved smile. All I get are Navient emails… press spam, problem goes away. Fuck student loans and the US government police state as well!

quit trying to scare people

21

No need to run & hide, no need to leave the US.

Just be smart about how you do things, where you keep things wink

Same as any other aspect of your life!

We Always Find Runaway Debtors

22

The author’s blog is exactly the reason the industry is on its ear right now. He/She fails to even look into the government sponsored programs that exist TO HELP those that are in default of their student loans. Theres a light at the end of the tunnel for those that seek it. The author is teaching nothing but irresponsibility to future and current students. Let me break this down for all of you + this dead-beat debtor author.

Before I get into this, I work for the department of education in student loan collections. Here goes:

- Playing the blame game on the government + the banks doesnt work, and will not work when the DOE (Dept of Education) eventually sues you and obtains a judgement against you. It happens all the time

- Ignoring the loan only does YOU a disservice. The government will always get their money one way or another. “Hiding” as you put it, doesnt work. All we have to do to find your employed is run a sweep on your SSN. Why choose to live like that?

- Change your phone number? No problem, we’ll run a sweep on your SSN to locate the new number and call you again. No big deal. Again, why go on the run and live like that?

- Have you even bothered to look into the “Student Loan Rehabilitation Program”? This is a program sponsored by the DOE and exists SOLELY to get borrowers out of default, and back on track. It requires 9 INCOME CONTINGENT payments to happen. Most people I talk to qualify for monthly RHB payments of between $5-$25 a month. Once done, you’re picked up by a new lender who (because of the new laws in effect July 1, 2014) will work with you to stay in repayment on income contingent programs if you need it.

- If your are completely down on your luck and have no income at all, or sleeping in your car as some person above put it, the William D Ford program exists for those folks and will get you out of default in 45 days and place you in deferrment until you are back on your feet. All you have to do is ask for it.

Simply placing your tin foil hat on and blaming the govt or the financial institutions for your issues makes you part of the problem, and not part of the solution. It makes you look/sound like a crazy person. At the end of the day, you DID sign for the loan, you are responsible for it, and the govt WILL get their money one way or another.

In closing, I speak to people like you everyday. Most are on a program by the time they’re done speaking to me once they realize theres a light at the end of the tunnel, and programs exist to help them.

Give it a try, then wrote an article on that

Vanadia

23

@We Always Find Runaway Debtors:

Try reading the article, then comment on it.

We Always Find Runaway Debtors

24

@Vanadia Oh I read it just fine, and responded accordingly. Perhaps you should read mine, and take action accordingly. It will save you ALOT of pending hassle down the road

the collectors are getting desperate!

25

To “We always find….”:

You haven’t found me.  Or my money.  Or my property.  Not even close smile

And I’m not a “runaway debtor.”  I have never “run” from you and never will.  I simply know what you can and cannot do.

But feel free to rant, rave, threaten—whatever makes you feel better in your never ending frustration!

Lisa Cumminmyface

26

Haven’t paid, not paying, got sued, still not paying, future leans on anything i ever will own.  I own nothing over $5,000.  All the big stuff is in my mother’s name.  The Student Loans are a scam and I fell for it.  Not paying.  Ever.  All my inheritance has been transferred to an offshore trust.  Fuck em.  What d’you think they’re gonna do, fire you from life?  Shit happens, especially when you loan an 18 year old $85,000 - oops.

Nope

27

I’m moving abroad in a few months. I’m not going to be working for a US based company and plan on renouncing my US citizenship in 2 years. Yeah, I’m not paying these big banks back. These are the same banks that enslaved my people. You owe my ancestors. Have a great day.

ct

28

I am not going to pay them back ever.  I guess what is hard for some people is easy for me.  I have cars, motorbikes, paid cash for a house…  they can kiss my ass.

Moss

29

I have a degree in business management and for whatever reason employers feel it’s okay to offer me anything from 9-11 an hour.  I didn’t work my ass off to make what a HS dropout could of made. 

Baby boomers would have never been offered this little (and before you old timers chime in, there’s a 20% difference between what you hired in for back then and what is offered now and the cost of living, expenses of education etc have all jumped by crazy rates.) And to expect me to work for less when I come equipped with the talents that they had to be taught on the job (which the employer paid for) is nuts.  At my job I have wear many hats and get the “You’re getting paid in title and experience”....Oh because that is just like money….Wait no it isn’t, it’s worthless and doesn’t transfer to other jobs.

When I was leaving HS, they told us “if you want to make money, you have to go to college” and then economy tanked and I’m expected to do a lot for a little.  Well here’s the thing, if I got a loan to buy a Porsche and was told “sorry, the Porsche plant blew up but here’s a pinto that sometimes runs” I would be able to get my money back.  Why should I have to pay for something I didn’t receive?  It was basically a pump and dump stock and I’m not paying for shit.  I pay everything in cash and keep pushing the “hardship” option and put money away in cash for retirement.  Go fuck yourself.

Pp

30

I had put it off for a while.I was charged 200 a week for a kid I never got to see because she left me for some one who was done with college. i was sixth child out of eight a left hander good at math so I chose engineering a field with a glut of degrees. I wish I had been a male nurse. Now I have a twenty seven yr old boy who I don’t even talk too and work overtime to pay off theese loans

Lawrence

31

Did you ever think that some schools lie to students tell them they can make 50k and you really make 12k and you owe 40k in student debts the system needs fixed there is no help for people like me I gave up when I was working 100 hours every two weeks to just barley make it by

Tom H

32

I don’t know who’s more at fault—the powers that be (government, banks, universities) for duping the public with the great, still-perpetuated myth of the enormously valuable college degree, or the people for continually falling for it. In my experience, people become pretty damn uppity once they get into college and expect to be making near-6-figures soon. They don’t think about the poor and destitute then. Because, you know, those people aren’t their problem. But once they, the gifted college communities, are struggling, everyone is supposed to care. Where was your sense of community, college loan indebted, when you thought YOUR lives were going to be dew-kissed?

And I can’t help but shudder at the arrogance so many here are exhibiting in their gleeful refusal to pay back even part of their student loans. If you really think your degree for which you borrowed $40,000 is worth only $25,000, why not pay back $25,000 and then let your borrowers know why you think that’s a fair amount? Yes, I get it that lenders are aggressive and heartless, but come on, you DID borrow the money. Cavalierly not paying back even some of it, especially as many here are admitting that they DO have the ability, is like someone who borrows money from a friend or family member but then hides her/his income and declares bankruptcy to escape having to pay back. Just low.

Yes, the system is corrupt and needs fixing. But boasting about how you’re hiding your small fortune and you refuse to pay back ANYthing is spineless. If you can do that, then you can do something similar to others whom you might borrow from. Minimally, your name should be published or your credit perpetually dinged so everyone else realizes what you’re capable of.

And, no, I’m not picking on people who borrowed because they fell for the slick marketing and false promises, worked hard, graduated, but then found either no jobs or just above minimum-wage jobs that don’t pay enough to barely survive given incessantly increasing costs of living. But even here, we’re all to blame because we should realize that college degrees—ALL COLLEGE DEGREES—plummet in worth as the market is flooded with those degrees. When I was in school, everyone was told engineering is THE hot degree to have. So most of my friends & I got engineering degrees. Then we graduated to find (a) many tech positions had been outsourced to cheap tech companies where engineering grads are paid a tiny fraction of what US engineers expect, (b) the H1B visa program was being abused by many tech firms in the US which bring foreign engineers over to the US to work for much less than US-trained engineers would command, and (c) since there were so many of us with supposedly valuable engineering degrees, there were too many of us for the available remaining jobs. And I saw the same thing happen with the other two hot fields when I was an undergrad:  nursing & teaching. By the time THEY tell you to go to school for a “good” degree it’s nearly too late—because very many people will do JUST that, meaning there’ll soon follow an over-supply of those degrees.

Wake up, people. The government isn’t in business to care for the people. We could have solved this problem on our own, but we’re all too busy competing against each other.

Rob Ervin

33

College. The end all and be all of “moving up”. I went to Votech (Diesel Tech) during high-school, joined the military (their school also, Diesel Tech) and upon exiting after all the “fun” joined a Union trade. 4yrs Apprenticeship & myriad cert. courses & welding… got my Journeyman’s card and travelled extensively. Made good dough until the recession, went through my savings trying to maintain, but eventually went back to college. Earned 4 degrees in 5 years (3 Assc. & 1 Bach. all Magna Cum Laude not related my skill sets); this whilst working “shut-downs”  and working part-time at the college as maintenance and side jobs. I moved from Michigan and work in Alabama as a Journeyman for a large Naval contractor. I make less than I did 10yrs. ago and contribute more of my check. It’s a misnomer this “lazy ass, didn’t do this, didn’t think of that, get an MBA, should’ve been a nurse, etc. crap”. Hell, I’m a conservative, Born on the 4th, Baptist and I can discern the game is rigged. Not only student loans but everything else. The trades pay better, if anyone’s asking, why I don’t switch. But my point is I’m sick of outsiders complacent with their Hyundai Elantra, Walmart furniture (and camouflage dress attire) preaching to me. I’m as “whitedude” as is possible, but give me a break. The naysayers are blind to crony capitalism, endless war (I live(d) it), excessive earnings disparity, deceitful practices by government, etc. I’m no friggin’ pinko commie, but I’m intrigued by how many of my ilk chastise the opposite while volunteering themselves to servitude on a political whim and a prayer. Pay the minimum! - 1.4trillion in student loan debt, 1+ trillion in credit card debt,  20trillion in national debt, 1:4 households collect some sort of assistance, labor participation rate is shit, blah blah,; unless things radically change within a generation it won’t matter who owes who anything at all.

Add a Reply !