Yesterday I wrote about how somebody searched for “can i serve jail time to pay off student loans?” last week and ended up on this site.
Today somebody searched for “will going to prison reduce your student loan?” and also ended up on this site.
These are your 20s and 30s. These are the times to get out there, explore the world, take risks, and learn more about yourself and what makes the world go ’round. They’re not supposed to be spent behind a razor-blade-tipped chain-link fence and metal bars so you can pay off the four years you spent getting an advanced education.
Just how big of a crisis do we have on our hands when multiple people would willingly be incarcerated to pay down their student loans?
I want to know the demographic of people who are investigating prison as an alternative to paying down loans. Surely these aren’t the same people who can’t pay off their loans because they’re living way beyond their means by flying out on a vacation every other month, getting bottle service when they head to the bars, shopping Gucci and Armani, driving a Benz, and starting every morning with a Starbucks latte. To consider prison as an option to pay off student loans, I’m guessing these folks have completely and utterly exhausted every single other method to pay down the debt. We’re not talking about Max here. Somebody considering prison must have cut out every single minuscule discretionary cost, sold all of their non-essential stuff, and is working 80+ hours a week. And yet they’re at the end of their rope and willing to give up every single one of their liberties for an extended period of time just to be done with their debt.
Bankruptcy isn’t an easily viable option for student loans. And neither is prison. Are these folks unaware of the income-based repayment plans (IBR) for federal student loans? If you have any insight into the IBR–I’m not a first-hand expert–post it below. Why might it not be an option for somebody considering prison? Perhaps because it covers only certain types of federal loans?
I’m sort of speechless right now…I had no idea we were dealing with a problem of this magnitude. Am I overreacting? Is everybody else unfazed? I know MJ’s with me based on the commentary from yesterday. Are there any other thoughts?
Edit: I just got this email from a college friend:
You realize the more you talk about prison and student loans on your blog the higher you end up in search engine results for prison and student loans, right? It’s this little thing called search engine optimization.
I get that. I almost included the disclaimer in my post, but I decided it would be a moot point since my position is that people shouldn’t be searching for prison + student loans, full stop.