do i really have to pay my student loan back? there are many people that have not paid theirs back. why do i?

Question

there are doctors & lawyers that are way older than me & i know for a fact a lot of them have not paid off their loans. why am i being hounded?.

Answer 1

unless you get on disability you will have to pay it back

Answer 2

First of all you don't "have" do anything except breathe, pee, and die. However, it is in your best interest to pay back your student loan since it will negatively impact your credit if you don't.

A couple of decades ago they changed bankruptcy law so that you can't just declare bankruptcy and wipe away your student loans. A lot of lawyers & doctors (and other professionals) used to routinely declare bankruptcy after graduation because it qiped away 100's of thousands in debt and the bankruptcy left their credit report in about 10 years. Maybe that's why the folks you know didn't pay.

In summary, you can get a deferment. They grant those for about 12 months at a time, but interest continues to accrue. You could enroll for a minimum of 6 hours in school. You don't have to pay loans when you are in school. Or you can not pay wait for the long to default and ride out the bad credit.

Oh yeah... you can't go to jail. This country doesn't have debtors prisons.

Answer 3

I know that there are many Doctors and Lawyers that don't pay student loans back, but not in Michigan and some other states. The reason? They will lose their licenses fo non- payment. Think of a student loan as income tax. Penalties are the same for non -payment i.e. judgements, wage garinshiments, leins on property, and a bad credit rating. Collectors will hound you and you will have higher interest rates on mortgages and automobiles.

I know that our present educational funding system is totally unfair and hurts those that cannot afford it, but for now that's all that we have. It's time to change the laws in favor of the middle class and unfortunate members in society.

Answer 4

Doctors, lawyers, nurses and teachers all have student loans. They pay them back as they are due and not before because of the low interest rates over the interest rates higher on other expenses. I have many friends that have been out of college for years and are still paying on theirs. You can request to delay a payment or two if you have financial problems...or you can ask for a 6 month stop in paying if you are without a job.

The reason many doctors or lawyers or more than 4 year degree people have such long times to pay their loans is because they didn't finish school until much later in life. And, as long as your in school - you don't repay until your out.

They may all have longer to repay - but is your loan 100 grand or more? Their's are.

Answer 5

Just for asking the question, you sound like a dumb s---. No pun intended, it just sounded that way. Of course you need to pay your honest bills that you aquire! Think about it; if everybody started thinking like you suggest, the economy would stop working! I only had to borrow about $500.00 to gain my BS degree back in '64. My first two paychecks repayed that loan right away. Why? Because I was glad that an individual friend had personally loaned me that money to see me through my education. Perhaps you believe "government loans" are different because the money is supplied by a "bunch," lots of taxpayers, instead of just a friend. Well you're wrong about that too. Just make arrangements to pay off your college loanl, conveniently, and lawfully, and you'll feel better in the long run. Believe me!

Answer 6

People who don't pay their bills get hounded for the money. Just because you know a lot of deadbeats dosen't mean it's a good thing to be.
If you know for a fact that these rich people haven't paid them back turn them in for the 10% finders fee.Put the money toward the loan.
If you pay it back someone else can borrow it and go to college. Don't be a lowlife.

Answer 7

Because you can be defaulted and have a bad credit rating later on in life. Those doctors you speak about are probably paying off the loan still but in small increments.

Students loans are binding documents. Don't make the mistake of thinking that you won't get prosecuted in some manner, if you wish ot pretend they don't exist. Hell, I don't want to pay mine off and I'll be 60 when I finish payment, but it still has to be done.

Answer 8

They probably got their student loan before Bill Clinton was elected president. Before that, there was no law that allowed the government to force students to pay off their student loans.

In Bill Clinton's first year in office as president, he put the bill before congress to start inforcing a law to MAKE students pay off their loan. He felt that the government was losing WAY too much money on students not paying their loans off.

It's true. Back then, rarely did a student bother because technicly, they weren't breaking the law.
After the bill passed, everything changed. Now students MUST pay off their loans.

Answer 9

Paying your loan back is not just a matter of the credit issue. When someone doesn't pay their student loan back, it drives up the cost of borrowing for everyone else. Most of the Doctors and such you are talking about have loans up in the $200-$300,000.00 range and it can take forever to pay that off. So, please , for the sake of my children that will need a loan for school, pay it back so that the costs are kept down.

Answer 10

The doctors and lawyers that have not paid off their loans are indebted to repay it when they set up practice. They do not get off the hook. A debt is a debt. Did you take the loan with the intention of bailing out? Not real fair. Who do you think will pay for it?

Answer 11

In some professions one is able to have their loans deferred...some teaching, medical, etc. will be hired by companies or the govt. that pay their loans for them.

but basically, if you don't pay your loan back, and I have no idea how old you are, your credit could be screwed.

I have a student loan that I am paying on (bet mine is bigger!) and do so because I signed papers that say I would and because I don't want my credit messed up.

One of my clients owed $700 in student loans but refused to pay it until now it is over $4000...might be a good idea to start paying on yours. Just be honorable!