There are cases where students who defaulted were barred from certain professional licenses. If you want to be a teacher or a nurse, for instance, and you have a defaulted student loan, some states won't issue you the license until the loan is resolved. This can completely derail someone's career plans. Imagine spending years studying to be a nurse, only to be blocked from practicing because of a student loan default. It's a nightmare for many. Another example is that defaulting can make it hard to get a cosigner off a loan. If your parents cosigned your loan and you default, they can also be held liable, which can put a huge strain on family relationships.
Sure. For example, some students defaulted and then had liens placed on their property. They couldn't sell or refinance their homes without first dealing with the student loan debt.
In one horror story, a student who defaulted saw their credit score drop to a very low level. This meant they couldn't rent a decent apartment as most landlords check credit scores. They ended up in a sub - standard living situation. Also, they were denied credit cards with reasonable terms. They had to use high - interest payday loans to cover emergency expenses, which just made their financial situation worse. The default on the student loan was like a domino that knocked over all aspects of their financial and living stability.
There was a case where a person defaulted on their student loan. As a result, their tax refunds were seized year after year. This not only caused financial stress but also made it difficult for them to get out of debt as they were counting on those refunds to pay off other debts or save for emergencies. Moreover, it affected their credit score severely, leading to higher interest rates on any future borrowing, like when they wanted to buy a car or a house.
Well, I know of a student who studied abroad in Canada on a student loan. The cost of living was much higher than expected. The loan amount wasn't sufficient to cover all the expenses, so the student had to borrow more. When it was time to repay, the exchange rate fluctuations made the repayment amount much higher in their home currency. The student was in a real bind. They couldn't pay off the loan as quickly as they wanted, and the lender was constantly sending warning letters. This created a great deal of stress and anxiety for the student, who felt like they had made a huge mistake by taking on the loan in the first place.
There was this veteran who got a VA loan. After closing, the loan servicer changed their payment system without proper notice. He made a payment as usual, but it got lost in the transition. Next thing he knew, he was being charged late fees and his credit score was being affected. He had to fight with the loan servicer for months to get it all straightened out, which was a huge headache.
Sure. There was a person who borrowed a small amount, say $500, for an emergency. But with the high interest rate and fees, by the time they tried to pay it back a month later, they owed over $800. They couldn't afford it, so they had to roll over the loan. After a few months, they owed thousands and were constantly harassed by the lender.
In some horror stories, people's mental states are completely altered. There was a woman who took ibogaine and afterwards, she couldn't recognize her own family members. She had a complete dissociation from her previous life. She was in a state of confusion and fear all the time. She lost her job and her social life because she couldn't function normally. It took months of therapy just to get her to a point where she could start to regain some of her former self.
Sure. There was a story where a customer bought a car from Carvana and upon delivery, the car had a huge dent on the side that was not mentioned in the listing at all.
A specific example is when some qanon - associated people targeted certain public figures with baseless accusations. They would spread rumors on social media that these figures were part of some evil cabal, which not only affected the personal lives of those public figures but also created a negative and divisive environment in the public sphere. These false accusations can snowball and cause a great deal of harm, both to the individuals involved and to the overall social fabric.
Sure. There was a case where a woman got Cellfina. Immediately after the procedure, she noticed an uneven texture on her skin. It was as if the treatment had been done haphazardly in some areas, creating lumps and bumps where there were none before. This made her very self - conscious and she regretted having the procedure.
Sure. There was a teacher named Jane. She had been teaching in low - income areas for over 10 years. Due to the student loan forgiveness program for educators in such areas, her remaining student loan debt was forgiven. This allowed her to finally start saving for a house and also invest in her future in other ways.
Well, there are cases where black students were misinformed about the terms of their student loans. For instance, they might have been told that the repayment would be easy and affordable, but then found out later that there were hidden fees and higher interest rates than expected. Some students ended up in a cycle of debt, unable to afford basic necessities because a large portion of their income was going towards loan payments. And on top of that, they didn't have much support or resources to help them deal with this difficult situation.