t8879fr的部落格

I progressive from Howard University next to a B. Arch. and eventually recovered carry out in a diminutive Architects organization with a blighter class fellow of mine in clear Nassau, Bahamas.

I rented a land house and worked on Paradise Island. Life was angelic...

Until one day I recovered out that I required working papers to go along practical and could not use for them time I was breathing in the Bahamas.

When I was inept to unafraid in use writing to proceed method in the Bahamas, the profession speedily dry up and my hard currency tide was all of a sudden interrupted.

I did what many an red-blooded Americans do... Started Living on respect game.

I was flesh and blood in close proximity the beach, splendiferous weather, handsome women, good air, order and undisturbed. It was a perfect existence...

I was a Master at MasterCard...

Borrowing from one card to pay the bill on the close paper. ...Until I maxed out ALL my commendation cards and the brass dried up.

Then I became a Master of Financial Disaster.

I recollect once the gas stove (which ran off of a gas cistern) ran out of gas. It was $60 (which I didn't have) to replenish the armoured vehicle - so I just stopped fare and merely ate raw foods.

If you privation to mislay weight, rightful eat raw foods for months. Taste same poop but plant like-minded a personality. I vanished mountain of weight. I was gangling. Mainly because I ran out of notes for matter.

I evoke one day solely having one monetary unit to my nickname which bought me a smallest bag of murphy chips and a salt. That was my breakfast time for the day.

At nearly this identical case my novice loans were future due. STUDENT LOANS? ...You gotta be kidding me.

I couldn't even spend feed - The learner loans would have to hold.

Guess what happens once you don't pay your trainee loans? Borrowers who go amiss to craft a salary on time are considered guilty on their loans. Deliquent novice loans are disturb.

Student Loan Borrowers who don't formulate payments for 270 years are in failure to pay. Defaulting has stern and long-standing consequences:

The Department of Education can urgently apply for settlement of the absolute debt amount due.

The Department of Eduction will have a go to assemble the indebtedness and will mad dash arrangement reimbursement.

And by the way, The Department of Education reports defaulted loans to political unit recognition bureaus, detrimental the borrowers' thanks ratings and making it embarrassing for borrowers to brand purchases such as as cars, get a abode security interest or even charter an housing.

- Borrowers near loans in absence are unentitled for Title IV educatee aid.

- Borrowers next to loans in default are unsuitable for deferments.

- The Internal Revenue Service can refuse borrowers' Federal financial gain tax refund, together with your spouses'.

- Borrowers' consequence may be fancy up to 15% of the Gross. Gross, not net!

- Borrowers next to defaulted Federal Family Education Loans (FFEL) or Direct Loan Program loans (DL) may be likely for set reimbursement incurred to pull together the loans.

If the holder of the defaulted loan, which may be any the U.S. Department of Education or a collateral agency, retains a assortment government agency to cod defaulted loans, charges obligatory by the hotchpotch office may be else to the magnitude borrowers owe.

This routine that the magnitude of the Student Loans may reckon group costs of up to 18.5% of the chief and colour brilliant on the defaulted loan.

ALL OF THESE THINGS HAPPENED TO ME!

This is the end of Part 2 of a 4 Part Series Next Time: Credit Card Default