Woman owes $555,000 in student loans

[goof2]

Originally Posted by EpyonXero

I know a guy from school who has over $100k in student loans for a Bachelors degree.

It isn't difficult to do at a private school, especially if they use loans for living expenses in addition to tuition.

[Dave]

Originally Posted by Rider

Dude, you own a house? By the time you are done paying for that shit over 30 years you'll have paid more that half a mil for that house.

you can mitigate the hell out of that with payments against principle.

[zlicius]

I know a PT who has more than $100,000 in student loans. And in Texas PTs make less than RNs

Student loans suck, but they are better than being un-educated and un/under-employed.

[Rangerscott]

So she wants a law made to allow her to claim bankruptcy so she doesn't have to pay?

[azoomm]

Originally Posted by Rangerscott

So she wants a law made to allow her to claim bankruptcy so she doesn't have to pay?

Exactly. Why not? Everyone else whines and gets what they want.

[tommymac]

Originally Posted by Rider

1 year salary for a doctor.. big fucking deal. Just pay that shit already. Sorry, 2 years for a newb doctor. Either way she should pay.

Not even close esp for a family practice doc, a lot of them dont make a ton of money anyway, but it also depends on location.

Our ER guys start around 160-180 right out of school, general surgeons only start at 120. I figure a GP is somewhere in between there. But a resident from our program took a job in a rural oklahoma ER and got 300k to start.

[tommymac]

Originally Posted by Dave

you can mitigate the hell out of that with payments against principle.

tryin to do that with ours I try to throw at least a few hundred extra a month at it. Gettin is good for at least the next 2 yrs fo rme so the plan is to wipe ou tother debt and rebuild an emergency stash (about 20k) after that I iwll throwe ALOT at th emortgage.

It kills me that over 1k of my monthlypayment is interest.

[goof2]

Originally Posted by Rangerscott

So she wants a law made to allow her to claim bankruptcy so she doesn't have to pay?

Probably, but then so do most people with a lot of student debt. After borrowing a lot of money they would have a choice between paying it back, typically over 20 years, or paying little to none of the money back in return for screwing up their credit for 7 years. It is a no brainer.

There are 2 downsides though. The first is most student debt is through federal student loans that are insured by the government. If the borrower doesn't pay the responsibility falls on the taxpayers to make up the difference. These loans would continue to be available, but they essentially become taxpayer funded grants.

The second downside is the government has limits on how much can be borrowed from them. Any overage covered through additional borrowing is handled by private lenders. Their loans aren't backed by anything other than the borrower's promise to pay. What incentive do private lenders have to continue lending if borrowers get the ability to give them the financial finger by declaring bankruptcy?

[Rangerscott]

Well. If they let her file bankrupcty then she needs to kicked out of the field she studied for.

[Captain Morgan]

Originally Posted by Rangerscott

So she wants a law made to allow her to claim bankruptcy so she doesn't have to pay?

Originally Posted by azoomm

Exactly. Why not? Everyone else whines and gets what they want.

Originally Posted by goof2

Probably, but then so do most people with a lot of student debt. After borrowing a lot of money they would have a choice between paying it back, typically over 20 years, or paying little to none of the money back in return for screwing up their credit for 7 years. It is a no brainer.

There are 2 downsides though. The first is most student debt is through federal student loans that are insured by the government. If the borrower doesn't pay the responsibility falls on the taxpayers to make up the difference. These loans would continue to be available, but they essentially become taxpayer funded grants.

The second downside is the government has limits on how much can be borrowed from them. Any overage covered through additional borrowing is handled by private lenders. Their loans aren't backed by anything other than the borrower's promise to pay. What incentive do private lenders have to continue lending if borrowers get the ability to give them the financial finger by declaring bankruptcy?

One of my biggest complaints about our financial system is that people can simply make any stupid choice they want, then push a reset button and start over. And a good portion of those that file bankruptcy will continue to make the same mistakes. The banks and other businesses lose out on money, then the government bails them out, which means I pay for it in the long run. Instead of my tax dollars going to good use, they go to pay for people that don't give a rat's ass and continue to do the same stupid shit because they're allowed to get away with it. Unfortunately, I can't bring myself to join the idiots who choose to run up mountain loads of debt.