Income Based Repayment

I Don’t Have Anything and Won’t Have Anything But This Damn Student Loan Debt

Written by Steve Rhode


Dear Steve,

I have like 150k in loans, most federal but about 30k private, I My degree was worthless, fine art. I sure wish I never went to graduate school, but thought it would lead to a college job, thanks 2008. I’ve been putting the loans off for 10 years now. making some payments from time to time and signing forbearance documents, of course always recapitalizing the interest.

The private loan has been sold to a debt collection agency. question below

So right now I have no real job. I’m self employed and make money painting houses and selling art. Most money is in cash or check form. I have no money in my bank account, I live lost exclusively in cash. I don’t own anything except a car which is worth about 4k its a 2004.

I live with my parents and have a 7 year old son who lives with us 1/2 time. I also live in Kansas, a 3 year state. So question is, if they sue me and get a judgement, they win, what can they actually take from me? can they take my car? I mean a really own nothing else. and with the judgment, is it a one time thing, how long will they have access to my bank account, So if I ever have a bank account again they can just seize whatever I put in it forever?

How long does the judgement last, For how long can they seize property or garnish wages, for the rest of my life. If I get a job 3 years from now can they garnish then. If I get an inheritance 10 years from now can they take it. How long do they have to enforce the judgement? OOH yea, and My credit is already ruined, I have no cards or other loans. NO credit of any kind.



Dear Barry,

You ask some great questions but only an attorney licensed in Kansas can answer those legal questions.

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Keep in mind the Statue of Limitation (SOL) defense is something you have to raise if you are sued. Again, another reason to find a local attorney with experience dealing with SOL issues.

On the federal student loans the best course of action is to get into an income driven repayment program because those loans are forever and you should keep them out of default. You would need to consolidate all your federal loans into a new Direct Loan and then elect an income driven repayment option like the IBR. You may even get a $0 a month payment that keeps you out of default.

The income driven repayment programs are not perfect but in the face of not having much income in the foreseeable future it would make the most sense to help you get by month-to-month at this time.

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About the author

Steve Rhode

Steve Rhode is the Get Out of Debt Guy and has been helping good people with bad debt problems since 1994. You can learn more about Steve, here.

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