US student loans and CP
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Topic: US student loans and CP
Posted By: OD123
Subject: US student loans and CP
Date Posted: 16/March/2013 at 5:06am
I have been reading this forum for a while, and even though I've been scraping by on my payments I have recently had to borrow $ to cover a payment. I am considering a CP but am terrified of the consequences.
I generated the bulk of my loans in the US where I did my post grad studies. At graduation (2007) I had $110K at Sally Mae (14% interest), and another 40000 at Teri loans (9% interest). Plus about 22000 in OSAP and 80K line of credit. The US loan amounts were after the interest was tacked on at the end of study date.
Since the interest at the time was so high and I was worried about the Canadian dollar falling I managed to transfer the Sally Mae loan into a line of credit at Royal. As of today I have $120K at Royal, about $44K to my parents line of credit, and about 8K to OSAP. The TERI loan was split up into two, they sold 20k to wells fargo and the now 17k is still at TERI.
Since I make about 120K per year I have been doing my best to pay it back. I have chipped away at it slowly, but I don't see much of it going away.
This question is to John or anyone else who can help, if it seems that these loans will be with me till I die, should I at least consider a CP and move on with my life in 5 years or keep swimming uphill.
I really don't see an end to this, I am 35 years old, I have about 45k in RRSP (mostly as tax shelter) and I feel I will always be in the hole.
Any help is appreciated.
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Posted By: mcjupto
Date Posted: 17/March/2013 at 12:24pm
Im so tired of this system. Even if you have good credit now a days you get scrutinized way to hard(and probobly DENIED), and the home-builders are only building GIGANTIC HOMES now a days, so your FORCED into HUGE mortgages... Its just not worth it anymore...
As far as im concerned SCREW good/bad credit in general. You can get by in life without EITHER, as long as you have MONEY...
I got denied once for an apartment because of bad-credit, but then they asked me HOW MUCH MONEY I had in my bank account... So what does that tell you? No matter HOW BAD your credit is.. MONEY TALKS...
Im 37 years old and do construction for a living and make $18 an hour.. I cant even afford to start a family (sorry dad, your family name is dying with me).
Ive already had one bankruptcy and I'm seriously considering a second bankruptcy to get RID of $30 000 in student loan debt..People try to demonize you for choosing bankrupty, but life is SO SHORT, you can spend it trying to "do the right thing" only to be destroying yourself in the process, whether its psychological, emotional, or financial destruction. Im SICK of trying to "do the right thing" when NO ONE cares if I do or not, only the people I owe money to care.
Only person you can count on in life is yourself. No one else really gives a sh*t about you, not even your family. I'm a shining example of that.
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