Sunday, October 22, 2006

Ways to Avoid Paying a Student Loan

Since my student loan has become a real nightmare I am now having dreams of ways to avoid making payments on my student loan. If I went on another LOA at work my income would automatically fally below what I am allowed to work. Of course I wouldn't be able to pay bills either. So I guess that one is out. I could move out of the country. It would only cost me about $50 (and 6 months) to get the right of abode to live and work in Britain. That one is starting to sound more and more appealing. If I was in prison I wouldn't have to worry about the accomodations or paying off my student loan. In fact I could work on another degree for free. I can't include bankrupcy on that list. They changed the law so that student loans were exempt. In 2014 I can apply for bankrupcy and then it will take the student loan with it. Sadly, the best advice I had was to go back to school. Now for people with a loan with their bank supposedly if you take just one course then you qualify for interest relief. However, I looked into it and with the student loan center you have to be a full time student. I really don't want to add to my debt load. Besides they actually make it so you can't be a professional student. They even have a limit as to how long you can be on interest relief while in school. After 340 weeks you are SOL. At that point you have to start paying it back... even if you are still in school. From what I could figure that's about 6.5 years. I guess you're screwed if you are doing your PhD. So I guess I am going to have to keep dreaming up ways to avoid it... or hey maybe they'll just approve the interest relief and then I'll have a little breathing room... well for a couple of months any ways.

2 comments:

Anonymous said...

My husbands studentloan has become a nightmare for me! And it was from 25 years ago and since I report my income they keep my refund Lucky I found a good tax preparer this year.

Anonymous said...

My husbands studentloan has become a nightmare for me! And it was from 25 years ago and since I report my income they keep my refund Lucky I found a good tax preparer this year.

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