Originally Posted by
mia389
Just don't pay it. It has worked well for me.
My loans quickly got out of control because I was an idiot at the age of 19 when I signed them. My first year at the regional I owed over $200,000.
It started as a $65,000 loan. While instructing for 3 years I couldn't make any payments so they gave me penalties and my interest rates went way up. By the time I finally got to a regional it was out of control and I would owe more a month than what I was making.
I would of picked a different profession if I knew this one payed so little. My credit suffered for years but it has gotten better. Somehow the loans just disappeared and don't even show up on my credit report anymore. I'm sure the tax payer somehow payed for my training because I never did.
Usually not the tax payer but the consumer with higher costs etc.. but who knows with all the bank bailouts etc.. obviously you didn't have an educational loan as those are not dischargable.
Airlines file bankruptcy all the time like its written into their business plan
, in fact I'm convinced that bankruptcy is in their 5-10 year long term planning to shed debt, contracts, etc.. In a way they are now too big to fail just like the banks and auto companies. This is one of the dangers of less competition.