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Why I Defaulted on My Student Loans

Discussion in 'Sports and News' started by YankeeFan, Jun 9, 2015.

Page 7 of 26
  1. Dick Whitman

    Dick Whitman Well-Known Member

    You think that hasn't happened?
     
    Dick Whitman, Jun 10, 2015
    #73
  2. JC

    JC Well-Known Member

    Brian Kelly never broke his contract. He either had a buyout clause or negotiated his release.

    The school could have chosen to make him sit and not go anywhere else if he didn't have a buyout clause, they chose to let him out. The lender is not choosing to let you out of paying your loans back.

    Dick, can I borrow 500 bucks? I promise to pay you back.
     
    JC, Jun 10, 2015
    #74
  3. Dick Whitman

    Dick Whitman Well-Known Member

    Nope. See how easy that is.
     
    Dick Whitman, Jun 10, 2015
    #75
  4. Songbird

    Songbird Well-Known Member


    You took the Warriors in 5, right?
     
    Songbird, Jun 10, 2015
    #76
  5. Dick Whitman

    Dick Whitman Well-Known Member

    Right. But he had such a clause. Just as the student loan agreement has consequences built in for not paying it back.
     
    Dick Whitman, Jun 10, 2015
    #77
  6. Dick Whitman

    Dick Whitman Well-Known Member

    I did lend one of my best friends $600 for a "short-term loan" a year ago. He had some story about how the bank wouldn't let him access his savings for this, that, or the other reason.

    I'll never see it.
     
    Dick Whitman, Jun 10, 2015
    #78
  7. Songbird

    Songbird Well-Known Member

    Clauses and Consequences aren't the same thing.
     
    Songbird, Jun 10, 2015
    #79
  8. Songbird

    Songbird Well-Known Member

    Why did you give away 600 bucks?
     
    Songbird, Jun 10, 2015
    #80
  9. Dick Whitman

    Dick Whitman Well-Known Member

    Because a friend was in a spot.
     
    Dick Whitman, Jun 10, 2015
    #81
  10. The Big Ragu

    The Big Ragu Moderator Staff Member

    One breached a contract. The other didn't. One agreed to something and met the terms he agreed to. The other agreed to something and went back on his word.

    Other than that, they are the same thing.

    When you sign a promissory note, the terms say that you agree to pay back the principal and interest on a defined schedule. The agreements don't have "opt outs," the way you keep saying. Often, they have deferment or forbearance clauses, but this guy didn't write about that. He said he simply decided to default on a loan agreement. Whether he pays a price for his decision, or doesn't, has no bearing on whether he did something that is ethically wrong. And I'd argue that if you don't see any ethical dishonesty in that, consider how you would feel about it if you lent someone money and they stiffed you.
     
    The Big Ragu, Jun 10, 2015
    #82
  11. Dick Whitman

    Dick Whitman Well-Known Member

    What do you mean they don't? Just because they don't call them that? Of course they do.

    If you opt out, we will report you to a credit agency. The following will happen to you: x, y, and z.
     
    Dick Whitman, Jun 10, 2015
    #83
  12. Songbird

    Songbird Well-Known Member

    We'll know soon enough if said buddy doesn't pay back that 600.
     
    Songbird, Jun 10, 2015
    #84
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