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Thu 25 Aug, 2005 09:29 am
I'm appalled to learn that there are many doctors, lawyers, and dentists who have defaulted on, collectively, millions of dollars of federally insured student loans.
They moved their practices out of state and can retain their professional license, and because they are contractors, the government cannot garnish their wages, and because the have so many tax deductions, the government cannot do an IRS offset on refunds.
They made alot of money, they can afford to pay, yet they walk away from as much as $200,000 in student loan debt.
Perhaps the government can seize real estate after their deaths, but any property is probably already leveraged to the hilt, so nothing remains.
It makes my blood boil, how the rich get richer, and get away with it, at poor people's expense.
What can be done?
These people are stealing.
But I think the gov't has to do more to control tuition fees. Here in Ontario, the tuition fees have been steadily rising. I'm paying nearly $5000 for just tuition fees / sem- and that doesn't include housing, food, etc.! Arg, now THAT makes my blood boil.
If it makes you feel better, I still pay a hell of a lot toward my student loans every month.
rhythm-synergy and Ticomaya, thanks for your responses.
I think the government should liquidate their assets, their practises, and leave them destitute in the street scrounging for public health care, public dental care, and public defenders.
These professionals charge a Shylock's pound of flesh, and they don't pay back their student loans? Don't pay for their education that made it all possible?
And when you call them, they just say, "Well, you can't touch me." No remorse, no "struggles," just plain thievery!
I bet the total adds up to the billions.
How could someone go about getting that kind of information?
I think this would make a great news story.
Of course, right now, no personal information could be revealed, but, wow, our richest people aren't paying for their education?
Gimme a break!
I'd like to know where this idea comes from in the first place. A news story? A discussion with ... someone?
I'm interested in facts on this, thanks.
Thanks, jespah.
I'm a collector on defaulted student loans.
I see the balances and talk to the former students on the phone and follow up on what kind of wage garnishments, IRS offsets, SSI garnishment, Social security garnishments can be made to force collections on these loans.
And I am not allowed to give any names here, because that would be a violation of privacy.
Many of the people I talk to do not have jobs, and are relieved to learn about Federal Direct, a government program where they can pay based on their income and number of dependents.
Many people on that program pay zero to five dollars or in some cases, interest only.
But these larger balances with viable practises in other states where we cannot place a HOLD on their professional licenses, they are the ones who get my ire up.
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