Student loans are in fact the only type of loans you can be arrested and criminally prosecuted for defaulting on... I am not a lawyer nor do I know the specific code but Student loans are provided by and insured under the federal Governemnt so failure to pay a student loan vs. say an auto loan or credit card is much more serious and can result in being arrested!
If anyone has more specific information I'd love to hear it but that is about as far into it as I can get without sounding ignorant!
I owed close to 20K in loans that were made in the 1980's. In 1989 I relocated overseas and thought I would be there forever. Ended up returning to the states in 2003. Springtime 2005 I'm at work a phone call is transferred to me and the conversation begins "we're calling about your outstanding student loans". To say I was in shock is an understatement, I was blown away. They offered me two options, a) pay it off now or b) a payment plan that would have me paying them for the next 25 years. I wanted no part of these people so I just called my bank, took a 2 year loan and paid it off. Good riddens to old debts!!
Trying to skip out on your just debts is disgusting. "These people" made it possible for you to go to college. Welching on a debt is dishonorable. You and everyone else with a similar attitude toward student loans should be ashamed. I'm not accusing you of doing it, but it's that same attitude that ends up short changing providers, too.
Student loans are in fact the only type of loans you can be arrested and criminally prosecuted for defaulting on... I am not a lawyer nor do I know the specific code but Student loans are provided by and insured under the federal Governemnt so failure to pay a student loan vs. say an auto loan or credit card is much more serious and can result in being arrested!
If anyone has more specific information I'd love to hear it but that is about as far into it as I can get without sounding ignorant!
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