My accounts were frozen. Checking and savings

[Anonymous]

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@specultr wrote:

I usually like your advice, but those of us considering professional schools normally have no choice but to go into debt. The law school you went to can be more important in your career than class rank. In fact, the top law schools don't even rank students.

I got a near full scholarship to a mid-30's ranked law school and no scholarship at a top 20 school. I would say 90% of law students would go to the highest ranked school no matter the cost. And then would try to transfer to an even higher ranked school depending on grades. So many doors close going the prudent route.

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Yep. Too true.

Even my field (graphic design), has changed that way. It used to be, you could get a GREAT job with a good eye, some drawing skill, and an apprenticeship. Nowadays, if you don't have at least 4 years with a highly ranked art school you can go pound sand. And we're talking about a $40K/year salary for average.

Hubby makes nearly $100K/year and he went to school for 7 years (he got by with very little SL -- worked THREE jobs to put his behind through G & U/G). And today, he's the program manager and he rejects applicants all the time that don't have a degree from a high ranking college.

Two extra years of college and a better school can mean a difference between "$50K/year" and "$100K/year" ... not to mention "hired" and "not hired!"

[Anonymous]

I think there are just too many variables to recommend either way. If you are going for a very very specific career, SLs may be your only choice. But you can also get quite far, and be quite flexible, without a degree. I haven't had a job that DIDN'T say "degree required" since 2002.. and I was only two years out of QUITTING my freshman year of college to have a baby. I went from retail manager, to receptionist, to front office manager, to project manager's assistant, to director's assistant, to marketing coordinator.. the "degree required" started with the front office manager position and has been a requirement ever since. But I've gotten around it by being smart... showing that I can learn as much in 30 days of training than some do in 4 years of college... and storing every bit of knowledge I get along the way, to put to use in my next step up.

But if you want to be a lawyer or an architect, naturally there are certain steps you'll have to take.

Just remember though.. anyone that goes to work for Ford Corporation in the corporate offices is REQUIRED to take their English class.. which is the equivalent of a freshman year English class. Everything but mail clerk requires a minimum 4-yr degree at Ford, but they've discovered that those degrees aren't worth the paper they're written on.  Hence, the required English class.. no matter the papers you hold.

[holuh3]

Seems like the thread's already on a tangent, so, yeah...If you want to be a physician, usually people want you to go to medical school, which can only be attained by going to undergraduate school.  Obviously, there are a lot of people who have good and satisfying (and lucrative) careers without the benefit of higher education, and I'm down with that.  But the value of education is not only in the money it brings you, but in personal growth and the elevation (and I mean socially, not in REAL terms) of your position in the Universe to help other people. Personally, I have more education debt than I will ever be able to pay off, but I'm not sorry (except on the day I sign the check every month), because I'm able to spend my time doing what I love, and hopefully helping other people.

But Lando, what's the root of the problem?  How did this happen?  To whom, exactly, do you owe the cash?

[Anonymous]

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@Anonymous wrote:
Incidents like this are why I recommend against student loans. As one friend of mine put it (with tongue only partially in cheek), it's better to borrow from the Mob because at least then you know where you stand.

The OP had probably gotten the same spiel most Americans get growing up: education is a ticket to a higher income, so if you have to go way into debt, it's worth the sacrifice. Well, my response is "not so fast."

There's nothing wrong with education. A college degree does look good on a resumé. Getting the degree is a fun, learning experience. But a diploma guarantees nothing in the way of earning, or receiving, income. Nothing, nada, zilch. You see, most American companies aren't interested in your education. They're more interested in who you know, how much experience you have, how well you suck up to the boss, how well you suppress any independent thought, and to what extent you can deify the Almighty Clock. That's what gets you hired, and gets you ahead: being a very dependable, obedient drone.

Again, this isn't to say you shouldn't get an education. Just remember the following points:

1) There's no law that says you MUST attend college as soon as you graduate from high school. Look it up. Nothing at all wrong with getting a job, saving your money, getting some experience under your belt, getting out on your own. You might find when you turn 20 that the field you were so gung-ho about when you were 17 and 18 really doesn't inspire the same enthusiasm, and that you actually want to do something different. Best to discover that with no money invested.

2) Nobody says you have to go directly to an expensive four-year school. Community college is a perfectly respectable way to knock out those lower-division "drudge" courses...and it costs a LOT less. True, a few snobs may look down on you...but they're not paying your tuition now, are they? Do your upper-division at the U, and if your major is truly your passion, you'll have two years as an undergrad, another 2 as a master's candidate, three years as a Ph.D. candidate, and (perhaps) umpteen years as a lecturer or professor to soak in the university experience and enjoy the ambiance of academia.

3) There's also nothing wrong with a vocational certification. Knowledge is knowledge. If you like working on engines, then by golly go to vo-tech and get certified to work on engines, even if your parents think you're "wasting your time." Bank your money, and when you turn 21 or 22 and decide engines are no longer your cup of tea, community college and the four-year schools will still be there. In the meantime, you'll have a tidy stack of money saved up so you won't have to borrow (or at least can borrow far more sparingly) from the student-loan Mob.

4) You also don't have to finish a degree in four years. Many struggling students out there go on hiatus every third semester or so to work full-time and save money. Nothing wrong with this, and most colleges and universities have a protocol you can follow to do just that.

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Excellent post. While off topic....I agree 100% with you. After graduating from HS...everyone around me when to 4-year colleges with expensive tuitions only to graduate and enter a very competitive "entry level" field. Me ? I went to vocation school and left with ZERO student loan debt, a very high paying salary and secure job. It feels good. College really is overated unless you go to Harvard or MIT or something like that. My sister graduated from MIT and makes $$$...but again, it's MIT. If she had graduated from FSU, things would be a lot different. To the original poster...yes, hire an attorney and definitely stop your direct deposits. I wonder how they found out where you work. Did you divulge this information ?

[haulingthescoreup]

As I recall, lando's federal student loans were from a professional school. As the parent of a daughter headed to med school, this is the reality that they face. And if you leave the program, for whatever reason, you don't get the income that would help keep up with the loan payments.

As an earlier poster suggested, I'm moving this to the student loans board. lando, if you'd like it moved elsewhere, please let us know. Good luck!

[MattH]

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@holuh3 wrote:

Seems like the thread's already on a tangent, so, yeah...If you want to be a physician, usually people want you to go to medical school, which can only be attained by going to undergraduate school. Obviously, there are a lot of people who have good and satisfying (and lucrative) careers without the benefit of higher education...

My wife and I both work in the pharmaceutical industry, and could not do what we do without considerable training, not only undergraduate degrees and doctoral degrees, but also postdoctoral training as well. After all this, and some experience, we make a very good living, but of course for a number of years lived in near-poverty as students and then as postdocs. Financially, we might or might not have done better getting jobs straight out of our undergraduate degrees and starting to save much earlier in our careers, but for us money was not the only consideration.

Fortunately we made it most of the way through graduate school on other sources of funding before we had to borrow, so our total student loan debts were fairly modest and we paid them off over 10 years ago.

[LynnInMN]

From what I can figure out, the OP has private loans(non federal) in default that were taken to judgement.  Even though he is paying on them voluntarily, they can and will go after other assets to get the bill paid off.  Once these loans default, they become due in full and there are no options available as with federal loans.  They collect and collect hard.

[Anonymous]

They seized my accounts again.  I have 3 student loans with Oliphant Financial and this time around the City Marshall seized the account and not Oliphant's lawyer.  I called HSBC and the referred to the Marshalls Office who said they cant remove the restraint from the account.  I called the lawyer and he is trying to look into it for me.  These are personal student loans that cant be discharged by bankruptcy.  I already have to pay the US DOE 557 dollars a month.  I have been paying the Marshal 280 dollars a month and they are still seizing my accounts.  I dont think a lawyer will be able to do anything for me.  I have been told by the marshal and a bankruptcy attorney that I cant have bank account.  I really dont know what to do.  My financial life is over.

[Anonymous]

Practically speaking, you are now on a cash only basis.  Working out your access to the accounts is one thing, but having money to keep your lights on is something else.  As other folks have said, cancel your direct deposits, so that your paychecks come as actual checks.  You will have to use a check-cashing service (with usurious fees) to get the cash, but you will be able to pay your bills with money orders.  Cancel all of your automatic debits, and either link them to an unaffected credit card, or pay in cash or money order.  Any checks you've written, put a stop payment on them, and make other arrangements with those folks (which will likely include added fees for what they will see as a "bad check" ).

Your financial life is not over.  This situation is a mortifying pain in the arse, but you will come out of it.  Seizing accounts is really a last ditch effort on their part to get your attention.  Now they have it.  Since your assets in those accounts won't cover your debt, they will garnish you.  But they can't garnish you everything.

There are a lot of arrangements that you need to stay on top of, and a lot of excuses that you'll have to make to other people who are expecting to get paid the way they've been paid.  I know this is painful, and the damage control will take some time, but you have to be pro-active to take care of this and to maintain your other obligations.  Be sure to save all your paperwork and bank statements so that if you have the opportunity to advocate a position on the amount of the garnishment, you can show your other obligations and how you've lived within your means while trying to pay off this debt.

Message Edited by jesslyn on 07-03-2008 08:10 AM

[Anonymous]

Thanks for the feedback.  I just got off the phone with the lawyer's office for the creditor and they are releasing my account with the funds in them.  They are not taking out any money because I have been paying them biweekly on time.  There was some kind of error with the last seizure and they tapped the wrong account.  Anyway, this is a temporary relief.  They can only seize my accounts once per year per case and I have 3 with them.  They have gotten my attention.  I can change my pay back to checks from direct deposit, but it will probably not go into effect until September since I am a teacher and the payment dates are already set and paper checks were distributed at the end of the year.  This is a stressful situation.  I really need to still acquire an attorney and financial planning.  And I dont want to file bankruptcy.  I do have some non-student loan debts (CC) that I can pay off without filing. 

Message Edited by landocalrissian on 07-03-2008 11:31 AM