Debt Counseling, Celebrity Kids, and the Recession
A friend of mine took a couple of years of college and decided the demands of life and family obligations were such that they would have to drop out for a while go back later. They hadn't counted on having to repay their student loans right away. But the rules basically say that if you stop going to college, you start repaying your loans.
The problem isn't as simple as it sounds. My friends went to four different colleges in three years. He moved. His parents moved. It was hard to keep track of exactly what he owed to who. One day he got a call from a collection agency who said they'd been trying to locate him for almost a year. And because that collection agency found his address, a second collection agency found him. Two new student loans he didn't realize he had…
Now he's looking into debt counseling, trying to figure out how to consolidate the two loans into one payment. And, since one of the agencies began to talk about garnishing his pay check right away, he been looking at Wikipedia, trying to figure out just what his rights are.
The fact that there's a recession going on doesn't help. It makes it a little harder to bear when you see news on the TV about the kids of actors and rock stars blowing wads of cash on drugs. Who are these celebrities that spoiled their kids? They should visit the real world sometime.
~admin
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