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.

The children are the ones who don't want to honor their commitment to a financial institution they made an agreement with.

Why did you take a $65,000 loan, with I am assuming limited to no income in the first place? I know 19 is young and we all make bad decisions, but why the flippant attitude now? You entered into a legal contract, defaulted, and now apparently have no regrets.

Don't blame the career path, you didn't sign the loan contingent on "proper career progression". You signed for funds to pay for education expenses. They lived up to their end, and you should do the same. I understand that personal responsibility is on a rapid decline, but why the seemingly proud attitude on how you "got away with it"? I am glad it worked out for you.

Right. When the government stops taking, I'll stop *****ing. Where should we begin on the government "taking" part? The top dog, 17 Trillion in U.S. debt when we can supposedly print our own money. Now, I ask the more enlightened of you out there, why would we BORROW money/incur debt when we can PRINT OUR OWN MONEY. Oh, that's right, the traitorous Federal Reserve does that with interest! I guess we can't print OUR OWN money after all and the U.S. Constitution certainly doesn't address that statement, does it?:confused: Every dollar printed with interest incurs debt, why oh why do we put up with this Federal Reserve scam? Enlighten me oh sage one's.

Do you own a house? I have seen mortgages denied for unpaid parking tickets. I find it hard to believe you will ever approved for any sort or home loan.

He already got one of those "mortgages" in 2008. He was 27 when he bought the place so he had no idea what was going on, turns out houses are expensive and he stopped paying. Eventually the sheriff showed up and asked him to leave. Like ***? After declaring bankruptcy, he got this so called "credit card".. maybe you've heard of it...he maxed it out. Turns out the payments became more than he could pay so he stopped...............

I find this hard to believe, student loans (or any loan really) don't just disappear.

Actually, with certain types of loans and in certain juristictions, there is a statute of limitations and if you know how the collections process works, one can eventually make it disappear. At what cost is what one must ask himself. Surely your credit is abhorent during this window, but in some instances, it will disappear.

One person gets it.

I am not proud of a very uneducated risk I took when I was 19. If it was a local bank it would be a different story. But the loan I took out should of been illegal really. I tried to pay them something little every paycheck but they were not working with me at all. It was like throwing money away trying to pay them. This was one of the key bank loans.

Yes my credit suffered short term but has gotten much better over the last 5 years. I do own a house. I had to put down a larger amount than most people. I am also married and my wife has had excellent credit when mine has suffered. Both our names are on our house.

They are not gone but they are paid. Somewhere down the line in the last ten years of not paying them the balance owed on them is zero. I never did any investigating on why this is the case. I know the loans were sold to multiple different companies. In fact if I had to pay them, I wouldn't even know who to pay now.