The road to repayment
Those last two factors played a starring role in Hamilton’s struggle to repay his student loans. After a dispute with an instructor, he left Cochise before completing his aviation studies. That led to a series of low-wage jobs and relocations for work. School loans were low on the list of priorities for the father of five. Hamilton doesn’t recall receiving any notice to make payments for the first decade after leaving school, which he suspects is because he moved around so much.
“It’s tough because they’re taking all of this money, for all of these years, and nothing is going to the principal,” Hamilton said. “I’m getting nowhere. I was climbing up, but my debt kept going up.”
ryanbeckwith Deep tail anecdotes make bad policy, make all existing student debt dispatchable in bankruptcy and all new debt dispatchable after 5 years out of school, that’s it, that’s the solution
ryanbeckwith We need student loan reform and we need to make higher Ed more financially accessible without the need for loans. But Mr “yeah I knew I had to pay it back but never tried to figure out why I didn’t get a bill during my decade of moves” isn’t the most sympathetic poster child
Bro get off your ass pick up a weekend shift for a year and pay that shit off you had 40 freaking years. What clown world are we living in?
You do understand that them forgiving student loans is a cash gift to you. As soon as it's forgiven, you will receive a tax bill. Yes, you have to pay taxes on cash gifts. Be careful what you ask for.
Watch and listen to this video as I share how I paid off $74k in private and federal student loans in under 2 years. Get ahead and stop adding more interests to your payments or waiting on the government for student loan forgiveness. Start building wealth
“Hamilton doesn’t recall receiving any notice to make payments for the first decade after leaving school, which he suspects is because he moved around so much.” Really? For a decade?
This individual has no intention of repaying his student loan debt or he would have years ago...
They are not getting told they owe and to pay it, so they just do nothing. Now we have billions of government guaranteed loans out that the tax payer is footing the bill for. Its a criminal act and should be prosecuted!...
Meanwhile, HVAC technicians that didn't need to take out 40 year loans to get the job and likely serve a better function in our society than most jobs requiring a degree, and invested steadily in a 401k or Roth IRA, are likely retiring as millionaires right now.
No paywall. We should never have allowed private lenders to make a profit off of loans that the Higher Education Act of 1971 intended to assist young people and give them an opportunity to make a decent living.
I think we should forgive student loans but let’s get real… highlighting examples like this ain’t helping the cause…you’re just not paying them man. Heck Princeton only cost $2k a year in the 70s.
So what? It’s entirely 100% his fault. The answer is other people should pay it instead? Smh
Why is it so important for the Washington Post to have people who didn't go to University Pay the student loans for the people that did go to University?
What about students loan forgiveness announced by JoeBiden?
This is all consistent with the new Gallup poll a on American males. They bit on the GOP racism and let private equity wealth pick their pockets.
That’s called freedom. Personal responsibility is a thing. He CHOSE to not pay it off.
Didn't it feel great to get into a college?
So misleading. He failed to pay on it for decades. Interest piled up. He handled it about as poorly as it can be handled. The blame lies with him, not the system.
Isn’t capitalist education wonderful!?
The student loan crisis is one of the many things that will bring America down.
This is why education should be public.
🤣🤣🤣
His fault. Next call out someone who misuses their credit cards and has wasted a shitload of personal resources paying interest.
Deadbeat.
Make it simple interest, not compound.
Wow, this guy takes out a loan and refuses to repay it. What's the excuse? No one told me I had to pay off the debt? Are you kidding me? Get real, these deadbeats need to pay their debts.
If that headline is true then this guy is the definition of a financial loser.
Wait - are you saying that a college education is not a sound investment? No ROI?
Wow.. what did he do for 40 years?
He ignored his debt for decades. Stop acting like he is a victim. He is not.
Should have gone to a cheaper school. No one forced him to take out the loans
A loan must always be payable by the beneficiary. However for students loans low interest rates and soft repayment plans must be in place. In some occasions waivers also.
Student loans have only served to enrich colleges and faculty. Just another progressive program with a progressive outcome. The majority attending college today will end up in jobs that don't require higher education. (Meanwhile, the govt continues to issue new loans)
He took a $5,250 loan. He hasn’t paid down the principal in 40 yrs? 40 yrs is 480 months. 5250/480 that’s $10.94 a month in principal he didn’t pay. Either tragedy has struck or and this will be hard to swallow he has a severe lack of budgeting and/or spending problem.
Damn.
Seems like I regret his choices more than he does.
Neither a dealer or a gángster would do that job best than a University loan,40 years is too much my God,maybe that deserve a federal agency to solve these debts not Al Capone,Luciano or Vito Genovese
This is criminal
It will be a wash when he passes.
That's terrible.
This would have been us if we hadn't had the loan forgiven with the temporarily expanded PSLF program.
I do not know this guy. I will say that anyone still paying for a student loan beyond 20 years has made lifestyle over financial well-being a priority. This is why people need to look at bang for their buck when it comes to career and education choices.
you mean to tell me if you stop making payments for a couple decades the principle doesn’t go down?! stop the presses!
Legit thought that was Bill Murray
Maybe he chose the wrong career field, maybe he chose a bad education degree. I’m not reading the post because I’m behind a pay wall and I refuse to pay Washington post.
If someone hasn't paid off a loan (of ANY kind) after 40 years they are a financially irresponsible person. The longest mortgages are 30 years, how could someone not be able to pay off a college loan in the 1970s when costs were CONSIDERABLY lower than they are today?
He’s only a few years younger than me. I worked my way through college. It took me an extra year. Never thought to borrow the money. I get today’s students. Adjusted for inflation what I paid for tuition in today’s dollars is💲 4500 p/y. State gov don’t support higher ed anymore.
😂🤣😂🤣😅 back then you could easily work your way through college.
I pay my debts. No sympathy for student loan BS. Zero.
Once someone becomes disabled & starts collecting Social Security Disability, all student loans should be auto forgiven due to disability. To deny that discharge and garner disability payments is cruel. It’s barely enuf to on live on as it is. Something has to change.
There is an easy fix for student loans and a step before total loan forgiveness. Set the interest rate to 0%. Forgive the accrued interest on outstanding loans. If you have paid back your loans, you get tax credits for interest paid.
Maybe we need PPP loans but for people instead of business owners.
Or maybe exposes a flaw in his finances; he could have made larger payments instead of buying bling
40 years of bad decisions and yet will still not take responsibility for their choices. Instead blames outside forces.
Land of the Free my ass. What an outrage.
How about the fact that regardless of both party administrations over time- CONVICTED DRUG FELONS CANNOT ACCESS TAX benefits / Fed education financial aide? US is broken. Elites keeping themselves elite.
Big banks own you before you're 21 yo. Its turned into survival of the richest in America.