<p>Is this possible? My brother is dating a 50 yr. old woman who may have $200,000 in student loans for several "for profit" schools. I don't think she's even close to finishing a degree and he makes it sound like she has to keep going, and taking out loans, or the payback period begins. In the meantime, she's talking about buying a house and the loans don't matter, "because they're not due." Please tell me this scenario can't be real!</p>
<p>Your brother needs to run away from her - fast.</p>
<p>No kidding! We’re working on that, ucsd dad. Can student loans be indefinate? And how can someone get a mortgage with those types of loans? The whole situation doesn’t seem plausible.</p>
<p>Yes, student loans can be everlasting. You can keep paying and paying and paying. They never go away. Not sure how this woman is able to get any kind of mortgage, but that’s how the housing crisis began: people took out subprime loans who couldn’t afford them. Then they figured, “Hey, if the banks let me have this loan, I’m doing just fine.” It’s like having a checking account and writing checks, even if there’s now money in your balance. But, hey. You still have checks!</p>
<p>Anyone going to school at a for-profit must have their heads examined. Those schools are just scams. Scams b/c they allow students to take out government loans for an “education” that never materializes. It’s a lot of smoke-and-mirrors. The school promises the students their degree will be worth something, but that’s totally false. Then most of the time, students never “graduate”, yet they’re stuck with these loans that never end. Sadly, the schools are rarely exposed b/c students feel very quilty they took out loans they can’t afford and went to school but never finished. And the schools know they can get away with it, because they feed on vulnerable people.</p>
<p>Your brother should help this woman come to the reality of the problems she is in. But don’t let your brother get stucked into these problems. Only she can fix it.</p>
<p>You shouldn’t dictate what your brother wants to do with his life. Just give him some advices and step back. Just my opinion. Money shouldn’t be the reason for two people to not be together.</p>
<p>I’m guessing that this woman is not getting a degree in business or finance. At least I hope not! </p>
<p>Also, just because she is talking about getting a mortgage for a home purchase, does not mean that a bank will give her one. In the ‘old’ days, it may have been possible, but I’d be stunned if that could happen now given her level of debt.</p>
<p>She will never get a loan for a house. Those student loans are going to be a thorn in her side forever. </p>
<p>What kind of job does she think she is going to get to pay back $200,000?</p>
<p>Is it possible to continue taking loans when the student is not getting to graduation? What are the limits on taking loans for undergrad or professional certification?</p>
<p>Heck, I was nervous taking out a MORTGAGE for $200K and it has taken many, many years to pay off. Ed loans generally stick with the individual forever and aren’t even discharged in bankruptcy. ANYONE can TALK about getting a mortgage and buying a home, but whether any lender will even consider someone with her level of debt (even if it’s not OVERDUE yet) is quite another story, especially since she doesn’t even have a degree for all her time at the U she’s attending.</p>
<p>Would definitely point this out, politely to your brother and this woman. Sounds like very crushing debt to me!</p>
<p>Remember the story of the lawyer in NY who wasn’t admitted to the bar because he had a $400,000 student loan balance that he had not made any substantial payments for 26 years?</p>
<p>So yes, it can happen. You can get hardship reprieves and go back to school, again and again. This guy dodged his loans for 26 years…</p>
<p>
Ha-ha-ha. She’s a psychology major, but can’t decide if she wants here masters or doctorate degree so dabbles in both. Supposedly one of the schools kicked her out because they thought she had her own psychological problems, which is something I’m noticing. That’s a little more difficult to discuss with my brother, whereas financial issues may be a little more acceptable. </p>
<p>So no one thinks the mortgage approval is possible? She claims she’s been approved, but it’s a short sale. I guess she can always blame the short sale problems for the house never materializing. We just have to make sure that she doesn’t use my brother to get the house.</p>
<p>From a practical standpoint, going to school at 50 year old for 200k+ makes no sense. You are not that far off from retirement and you would presumably have to endure several years of entry level salary on the new career where you have no experience yet. She will probably be paying that through retirement, the concept is whacked and again makes no sense.</p>
<p>Tell your brother to hide all his financial info, do not sign any papers, do not go into any business partnership with this woman.
Anyone who think they can “game” the system are shifty and shady.
They believe they are smarter than the average bear.
Who wants to be associated with that type of person?
Second the advice to sprint from this person!</p>
<p>I know a young woman who is 28 years old that has loans from undergrad. and grad school (been out for 4 years, never written her thesis so technically doesn’t have the degree,right?). She keeps bouncing from job to job and applying for deferment of her loan payments every time she’s between jobs (which is lot). She may be 50 and never have hers paid off!</p>
<p>Well, maybe she will get a loan. The bank will see her college loans and think, “Hey, we have someone who LIKES paying interest. Hehe. Have we got a deal for her.” </p>
<p>Ok, I’m trying to find some humor in this rather sad situation.</p>
<p>PackMom, OP said that the lady is not closed to finishing her degree and is still going to school, I think. I assume that she has not been going to school all these years and most likely recently decided to go back to school.</p>
<p>As far as we know, she is not close to finishing her advanced degrees, but has been a taking one class constantly, for many years. I don’t think she finshes many of the classes. As soon as she is no longer a student, she has to begin paying back loans. That’s how it’s been described to me. I don’t believe she has repaid a thing, at this point.</p>
<p>Not only does she make bad decisions with her finances but if she intends to delay forever paying back the loans (is that her plan ??) she’s unethical as well - essentially a thief.</p>
<p>Someone who behaves the way she’s purportedly behaving has issues beyond a simple money issue.</p>
<p>If your bro doesn’t run the other direction from her and stays involved he really needs to be careful to not co-sign any loans for her, not buy a home together with her, not to allow her access to any of his accounts or CCs, etc. or else he’ll likely find himself broke eventually.</p>
<p>I believe as long as she is enrolled full-time in a school, her loan payments can be deferred. The problem is that most loans accrue interest and it could be she’s has $100,000 in loans and $100,000 in interest capitalized. </p>
<p>There are people out there with a goal to carry their student loans until they die. One of the main scams used by borrowers is that they enroll at a university which causes the system to report them as a student. They then don’t pay the tuition bill and if the entity carrying the loan isn’t tracking the student, they get a deferment that can last for 6 months or more.</p>
<p>Here’s a link to a case that didn’t turn out well for the borrower:</p>
<p><a href=“http://badlawyernyc.blogspot.com/2010/09/rachel-yould-update-sentencing.html[/url]”>http://badlawyernyc.blogspot.com/2010/09/rachel-yould-update-sentencing.html</a></p>
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<p>Something needs to change. This just isn’t right!</p>