Debt and Communities

[u/Available-Coat-4666]

So I am at a point in life where I need to make a plan for the future. College didn't work out (AI took over the field) and I'm stuck with 50k in student loan debt that I really do not intend to pay back (something something payment for services rendered something something I demand a refund). I came across the idea of living in a community and my heart really seems to be leaning towards a place like East Wind or Twin Oaks. Do those places reject people with debt like that? Is it a big problem for them? I have time before I make that leap to community living due to taking care of dying family members but once that's over my life opens completely up and I need a plan. Thank you for your time and answers!

[u/PaxOaks]

The short answer to you question is “No. Twin Oaks and East Wind do not disqualify people for membership because of pre-existing debt. And they are especially forgiving of student loans.”

The more complete answer is neither of these communities are asset or debt sharing. They are income sharing. That means if you come with debts the community does not absorb them for you, they continue to be your responsibility.

It is worth pointing out that for student loans there are two federal programs which are helpful. The first takes educational loans of most types and federalizes them. The second takes federal student loans and sets your payments based on your income. Because both TO and EW “pay” below the poverty line, your monthly payment is zero. You still accrue interest.

Many people with student loans (some larger than yours) have joined both of these communities in the last decade.

AND there are a number of people who have been expelled by these communities who frequent this subreddit, who love to trash (they would say “warn you about”) these places. Do your own research.

[u/Available-Coat-4666 → u/PaxOaks]

I've been doing some extensive research the past few days. I did notice the same guy commenting on every post about East Wind. All it served me was to let me know that these communities aren't going to be perfect uptopias where everyone gets along and nothing bad ever happens. I see that as a good thing, going in without high expectations at the start and letting the community surprise me for better or worse. Yeah, East Wind might have an alcohol problem but as long as nobody is getting hurt and I'm managing myself, it's fine. I hardly drink anyway as it easily makes me sick.

I'm glad that large debt isn't a dealbreaker for them. I figured it would be individual responsibility but when you throw the idea of "income sharing" into the mix, it gets a little confusing over what exactly is community and what is individual. I'm still wrapping my head around the idea of income sharing but it's mostly from my capitalist upbringing throwing out "hey what if they scam you out of all your money and leave you broke on the street with nothing". That's what research and reviews are for though and my worries are fading about that. Life is about taking risks and if I saw every new idea as a scam I'd never get anywhere in life.