If you have students loans that are so high, it is a mathematically impossibility to pay back, you may have to leave the country.
Since the usury victim cannot go into bankruptcy:
1. Your wages will be garnished up to 25% for the rest of your life.
2. You cannot have a bank account since it can be seized.
3. You will have bad credit for the rest of your life, affecting both borrowing and employment.
4. You cannot own a decent car except a wreck, or real estate since it would be seized.
5. Limits on some licenses.
6. You cannot save for retirement since it can be seized.
7. Calls at work for payment for the rest of your life.
I have been following this for years, and it gets more and more draconian. There is even talk of taking driver licenses away of student loan usury victims. They are now taking part of people’s Social Security check. By the time you are old, they may take all of it.
What to do? Here are some ideas:
1. If you do not have a highly marketable skill like accounting or nursing, get one. How? Student loans of course. The Department of Education says if you get back on a payment plan, you can get more loans! Maybe run them up to the max since you can never pay it back anyway?
2. Move to a border city such as Detroit near Canada or San Diego near California. This way you can have a bank account and own a decent car over the border.
3. The whole world is out there, visit escapeartist.com for info on living and working overseas. Its slogan is “Restarting your life overseas.”
4. Getting a visa to live in Canada is easy for those with marketable skills.
Read this about China: “The United States' insistence that students assume huge debts to pay for their college education is unusual enough that the Chinese government included it in its 2001 report of American human rights violations. Now, China is no shining light when it comes to human rights but they do have an excellent point in this instance: America forces its young adults to go into obscene amounts of debt.” http://www.kuro5hin.org/story/2003/2/11/174223/554
Handy Student Loan Links:
200kinstudentloans.blogspot.com