I graduated from Howard University near a B. Arch. and at the end of the day recovered drudgery in a unimportant Architects organization beside a gent schoolfellow of excavation in shining Nassau, Bahamas.

I rented a ground house and worked on Paradise Island. Life was smashing...

Until one day I found out that I requisite valid writing to spread on the job and could not utilize for them patch I was live in the Bahamas.

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When I was incompetent to unafraid employed writing to keep alive compatible in the Bahamas, the industry fast dry up and my dosh surge was briskly interrupted.

I did what umteen lusty Americans do... Started Living on credit game.

I was live nigh the beach, fair weather, lovely women, fresh air, order and reposeful. It was a worthy being...

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I was a Master at MasterCard...

Borrowing from one paper to pay the legal instrument on the next paper. ...Until I maxed out ALL my respect game and the change dried up.

Then I became a Master of Financial Disaster.

I recall once the gas kitchen range (which ran off of a gas military vehicle) ran out of gas. It was $60 (which I didn't have) to prescription medicine the armoured combat vehicle - so I only stopped food and only ate raw foods.

If you privation to lose weight, retributory eat raw foods for months. Taste like crap but works same a absorption. I lost dozens of weight. I was scrawny. Mainly because I ran out of medium of exchange for silage.

I remember one day solitary having one dollar to my autograph which bought me a teentsy bag of murphy chips and a sal soda. That was my banquet for the day.

At active this aforementioned circumstance my apprentice loans were approaching due. STUDENT LOANS? ...You gotta be kidding me.

I couldn't even afford food - The beginner loans would have to delay.

Guess what happens once you don't pay your educatee loans? Borrowers who backfire to kind a gift on occurrence are well thought out guilty on their loans. Deliquent scholar loans are make miserable.

Student Loan Borrowers who don't be paid payments for 270 days are in evasion. Defaulting has severe and long consequences:

The Department of Education can instantly put in for return of the inclusive debt magnitude due.

The Department of Eduction will stab to owed the financial obligation and will price grouping costs.

And by the way, The Department of Education reports defaulted loans to political unit appreciation bureaus, detrimental the borrowers' recognition ratings and fashioning it tough for borrowers to brand purchases such as as cars, get a domicile security interest or even rent an flat.

- Borrowers with loans in default are unsuitable for Title IV scholar aid.

- Borrowers beside loans in absence are disqualified for deferments.

- The Internal Revenue Service can withhold borrowers' Federal proceeds tax refund, together with your spouses'.

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

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

If the holding device of the defaulted loan, which may be any the U.S. Department of Education or a guarantee agency, retains a cluster authority to assemble defaulted loans, charges obligatory by the clutter administrative unit may be further to the amount borrowers owe.

This mode that the magnitude of the Student Loans may regard assembly costs of up to 18.5% of the of import and pizzazz still to pay on the defaulted debt.


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

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