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To: TigerClaws
Paul Aker says he was arrested at his home last week for a $1500 federal student loan he received in 1987. He says seven deputy US Marshals showed up at his home with guns and took him to federal court where he had to sign a payment plan for the 29-year-old school loan.

So why hasn't he paid? $1500 is nothing. I'll bet he owes $30K now.

Doesn't seem unreasonable to me that he be made to sign a repayment agreement.

6 posted on 02/16/2016 7:48:40 AM PST by pgkdan (The Silent Majority Stands With TRUMP!)
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To: pgkdan
1500.00 dollars? OMG what a joke.

Bernie campaign will pay it off

12 posted on 02/16/2016 7:51:04 AM PST by scooby321
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To: pgkdan

It probably cost more than $1500 for the seven US Marshalls they sent to bring him in.


13 posted on 02/16/2016 7:51:41 AM PST by tacticalogic ("Oh bother!" said Pooh, as he chambered his last round.)
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To: pgkdan

The Marshals didn’t pick him up for failing to repay the loan. He would have been served with a subpoena to appear in court in a civil proceeding and the Marshals picked him up for failing to do so.


21 posted on 02/16/2016 8:05:07 AM PST by Mr. Lucky
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To: pgkdan

Pay up sucker! You’re in your mid 50s, stop relying on the American taxpayer to float your loan for life, deadbeat!


57 posted on 02/16/2016 9:21:58 AM PST by subterfuge (TED CRUZ FOR POTUS!)
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To: pgkdan

A friend has paid off a student loan FOUR times. So far.

Back in the mid-80’s a long-time family friend took out a $3000 student loan so his son could attend the Photography School at the Art Institute of Houston. The first week the son discovered that the facilities at the school that he toured were a Potemkin village, and the equipment he would be learning on wasn’t as good as his home darkroom setup.

So the son withdrew during the first two weeks and got a full refund. But the school said they had to return the money to the bank and couldn’t just give it back to him. So he signed a release to send it back, and a few weeks later he received a letter from the bank saying the loan and been paid off, and another letter from the school saying the same thing.

Case closed, right?

Then in 2002, 17 years later, he got a letter from a collection agency who had bought the debt, seeking repayment on the loan, now up to about $8000. They were then able to get 10% of his paycheck garnished toward payment.

Knowing he had paid this, he looked for his paid-off letter, but having move 4 times since them, no luck. So he tried to track down the bank, no luck. The bank had gone under in the late 80’s, and he could find no record of who bought it up.

So it was back to the Art Institute for confirmation. He was told that this was before they were computerizing their records, and everything from that era was lost when their basement flooded during one of Houston’s periodic rainstorm/floods.

So out of luck, he paid off the loan, again, at $200 a pay period for the next 18 months.

Think it was all over. WRONG!

He has now ‘paid’ off the loan TWO more times over the next 10 years, for a total of four, since then.

He has tried to tell the new collection agencies that it’s paid, but they say they bought the note, and they again garnish his wages. Apparent the laws concerning student load repayment give them enormous power to collect, so they just ignore any paperwork showing it’s been already paid off.

He talked to a lawyer who was experienced in this, who said it was going to be a long haul and he wanted $15,000 for a retainer. Two other lawyers said pretty much the same thing, and wanted the same amount.

So, for him, it’s just cheaper to pay the $8000 every 5 or 6 years. He expects another bill in the next 2 or 3 years.


71 posted on 02/16/2016 11:30:55 AM PST by chaosagent (Remember, no matter how you slice it, forbidden fruit still tastes the sweetest!)
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