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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]ok so once you default they have two years to harass you.  They get removed from your credit report in 10 years...so really it is just like a bankruptcy.  (Education 10 years, all others 7 years).  After two years they can not call you anymore.  The federal loan can garnish your wages.  Your credit will be ruined for 10 years.  but if you default make no effort to pay it back because it will not matter.  Your credit is jacked at that point.  So don't get married for 10 years, make sure your credit is great, the house will just be in your name, but he will never be able to get anything.  [/quote]

This is not quite right. They can still sue you for the loans up to the statute of limitations, so it is not really like bankruptcy.[/quote]

So, if I am understanding this correctly, "defaulting" means, you've stopped paying.  They can then harass you (understandably) for two years.  What does this harassing consist of- phone calls?  Visits to the home (that seems extreme though)?
Then what? You're credits in the shitter, you won't be able to get any home/auto/personal loans, etc for a LONG time?

Can PP explain the suing thing?  So, Sallie Mae can actually sue him if he defaults- when does this happen and is this usually what they do?[/quote]

They can not harass you. They can not call your job.  They can call your relatives and friends, but only once to get information for you.  Sallie Mae isn't going after someone I know who defaulted on a $35K loan.  In fact she is suing them for calling her job.  There are very strict rules collection agencies have to follow.  They can not call during obscene hours or may threats.

If Sallie Mae reports you as 30 days late or 60 days late your credit is already screwed.  I mean it is not that bad, but you lose a lot of points just by being late once. If you are 30/60/90 and then get back on track that is better than a charge off...This is where Sallie Mae would charge off your account and turn it over to collections.  If you ever do go into collections...I wouldn't pay squat back to them.  You can settle, but they WILL NEVER take it off your credit report.

You could...This is really ass backwards, but try to consolidate or pay them on time.  Apply for every credit card known to man.  Then in 1 to 2 years keep asking for credit increases.  Then once you were at a place where you could balance transfer all the $ over to the credit cards transfer the $, wait 6 months to a year to file bankruptcy.

All in all...if you are young...there is no reason you should not be working two jobs.  I worked two jobs until I was 32, and now I am 36 and I still have side gigs here and there.  I am always on the grind.

But if you go into collections and they charge off your debt...you credit will be ruined for 10 years.  Or if you were to somehow get a loan they would charge you outrageous interest rates.[/quote]

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