Unpaid Students Loan

Well friends, the topic here is about how a student loan liability unpaid for a long duration of time can create havoc in relationships. A liability unpaid should always be treated on a priority basis. Well I would like to share the story of Robert a college graduate and his School Loan Saga.

Now our dear friend Robert was one of those persons, who had an easy go lucky guy attitude and was forced to depend on his education to achieve his goals. Given a very average family background Robert had no financial support from his parents to sponsor his education. For poor Robert loans where the only source of support, after having exhausted every source of his so called scholarship (free money) option.

Robert was never serious about what would happen if he was unable to pay his Student Loan Liability. Had anyone questioned him on this he would talk about starting a dairy farm or a coffee shop where one can work and enjoy life. He was employed immediately after his graduation and the income was just sufficient to pay his party bills and spend for his daily living. The act of repaying his Student Loan commitment was the least in his list prioritized spending.

Later he was not in a position to pay even a single installment, which was seriously affecting his credit score. He had even reached the stage where his bad credit score became a hurdle to his ability to borrow money for repaying a part of his Student Loan.

Friends who turned away

The lender company which was very friendly until then started issuing notices to him asking him to repay his loan installments and to immediately settle the amount due.

Every source of financial aid which he had turned to close their doors stating his poor credit scores the only reason for rejection. Like anyone else he even believed that all his friends will certainly come forward to help him.

It is not just friends turning into enemies; the size of the liability grows leaps and bounds. A loan of $3,000 grows into a liability of $16,000 which is huge and unimaginable. It becomes really difficult to repay the amount together with all other family commitments.

Repayment Schedule and its Solution:

It was only after all this he realized that his unplanned expenditures and lack of importance for liability repayment schedule as the reason behind all the suffering.
An immediate realization and discussion with the lender to overcome the financial crisis situation helped him from falling into the defaulters list.

It was a dream come true time for Robert; he worked in coffee shops in addition to his employment and enjoyed working there much the same way he had described. Dairy farming was his weekend occupation. He relished every moment of it.

He was thanking his School Loan Liability for the opportunity it has given him together with the enjoyment.

Self Help – Plan ahead:

As rightly said, self help was the best help he could get to repay his loan liability. With improved credit score and no further liabilities, those who had turned a deaf ear to his requests all this while were willing to come forward and help him. Yes they are the so called friends. He did describe them his wonderful time working there, and yes he understood that his best of friends turned enemies for a while, especially when he had troubled times. The list includes his own relatives who avoided him in every occasion fearing his request.

Ask Robert what it means to suffer from unpaid student loan liability? Friends, the motive behind narrating this story is to keep you informed about the importance of carefully prioritizing your loan liabilities so as to avoid both financial crisis and resultant emotional conflicts in relationship.

Well, not just Student Loan Liability any liability for that matter will have a similar situation. Do you wish to differ?