The New York Times published a Sunday Opinion column written by Lee Siegel explaining his decision to default on his student loans. Mr.Siegel has it all WRONG. Ok first off…this is absurd and anyone who follows this path needs to really reconsider…let me break down some things about this New York Times Column:
1) First he mentioned going to a bank to take out the student loan, which was the first mistake. He should have taken out all federal student loans through the Department of Education. On their website they have tools that will help you with your student loans.
2) Second, he said he defaulted like that was the end of it…however, defaulting leads to further problems:
a) Wage garnishment of up to 20% and tax refund garnishment year after year until it is paid off. With that being said, maybe he just never got a job that made enough money for them to want to bother pursuing but if you want to actually accomplish goals and have a real life this is not the way to do it.
b) Also, most states will revoke your Drivers License if you don’t pay so ummm now you can’t even drive to work. Who wants to live like that?
c) Plus who wants bad credit their entire lives. If you default on your loans good luck buying a decent car or a nice house.
d) Next, why not work with an expert like us to get you a payment you can afford and help you to qualify for forgiveness? Most people simply don’t know how to manage their debt and so just give up rather than getting the help they need.
Most importantly many can qualify for total forgiveness of the loans if they just put a little thought and energy into making good decision. Who wants to live their whole life trying to run from their student loan debt? Its not like it will ever ever go away (at least not until you Die).
Please do not follow this person’s example because the repercussions are much larger than he bothers to mention.
For more information on how to properly manage your loans go to our www.degreesofsuccessinfo.com.