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If i had a meteorite I would incubate it so the aliens could grow
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Jul 26, 2017 23:52
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Virtue posted:If i had a meteorite I would incubate it so the aliens could grow
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Jul 27, 2017 00:10
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Virtue posted:If i had a meteorite I would incubate it so the aliens could grow If had a meteorite, I would base an entire religion around it and rake in all that sweet pilgrimage money.
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Jul 27, 2017 00:19
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$101,000 in debt. Is there anything else we can be doing???quote:...My husband has no degree, but has about 5 years of experience in retail and has been a supervisor (just above a regular employee, but not quite a manager) for about 2 years. Currently he is making $320 per paycheck. He is trying to get a better job. He's only been at this job for about 3 weeks. They were misleading on what he would be doing and other things. He had an interview yesterday. He wasn't making really any money from Nov-June. Emphasis mine. I cut out most of the full post just to focus on this part. Man with no degree manages to accumulate $15k in student loans as well as a car loan higher than his current annual wage. He's probably spending close to 50% of his take home pay directly on that car payment, insurance, and gas. e: actually I think I misinterpreted this because OP screwed up the formatting on their bullet points. It looks like it's a shared car, not solely his. So only slightly less bad in an all-around BWM horror story. Teeter fucked around with this message at 02:32 on Jul 27, 2017 |
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Jul 27, 2017 02:27
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ate all the Oreos posted:I find the whole forced-~viral~ nature of it really repugnant, like that Steve Buchemi HOW DO YOU DO FELLOW KIDS? picture on the other hand i can get socks with drumsticks on them
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Jul 27, 2017 03:36
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Teeter posted:$101,000 in debt. Is there anything else we can be doing??? Assuming work study, no scholarships, no family contribution, and no money up front, that's only a about a year and a half worth of university.
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Jul 27, 2017 12:38
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If he works retail and interviews well he can get a sales job. He should just start applying to car dealerships.
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Jul 27, 2017 12:57
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When you get hired at a car dealership do they teach you how to screw people using predatory loan terms?
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Jul 27, 2017 13:04
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https://www.reddit.com/r/personalfinance/comments/6psv6o/need_help_paying_off_1_million_in_student_loan/quote:I went to dental school and did a residency. I have about $200k of debt from college, $500k from dental school and about $300k from my residency. I make $105,000 / year. I don't have any other loans. My rent is $900/month (with utilities). Food costs about $500 / month. I have a car and that costs about $400/month for the insurance and to lease it from the dealer. I should have mentioned this earlier but I am NOT a full time endodontist. any advice is appreciated.
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Jul 27, 2017 13:16
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Virtue posted:When you get hired at a car dealership do they teach you how to screw people using predatory loan terms? 4 square, baby.
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Jul 27, 2017 13:17
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Photex posted:https://www.reddit.com/r/personalfinance/comments/6psv6o/need_help_paying_off_1_million_in_student_loan/ My favourite reply: A reddit guy posted:Food costs about $500 / month
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Jul 27, 2017 13:22
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Fil5000 posted:My favourite reply: I know lots of people for whom $15/day or more is usual, but they aren't usually carrying non-mortgage debt ten times their income. Maybe she's really busy as a dentist and doesn't have time or energy to prepare lunches? E: maybe that's 
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Jul 27, 2017 13:29
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Photex posted:https://www.reddit.com/r/personalfinance/comments/6psv6o/need_help_paying_off_1_million_in_student_loan/ Dang that person is really loving something up, there must be a significant story behind the $500k dental school (Caribbean?) and $300k residency. Sounds like they are working in general dentistry and not endo at the moment. There has to be some juicy reason why they can't find a real job.
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Jul 27, 2017 13:30
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i just can't imagine having so much debt that the math would never work out unless I got a massive pay increase
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Jul 27, 2017 13:33
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Photex posted:i just can't imagine having so much debt that the math would never work out unless I got a massive pay increase Would bankruptsy not be the best option there? Or are student loans exempted from that?
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Jul 27, 2017 13:36
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Yikes, a 200k debt load for undergrad? "oh ill just take the max loan amount, im gonna be a dentist"
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Jul 27, 2017 13:43
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Fil5000 posted:Would bankruptsy not be the best option there? Or are student loans exempted from that? It is incredibly difficult to discharge student loans in bankruptcy in the US.
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Jul 27, 2017 13:49
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Fil5000 posted:Would bankruptsy not be the best option there? Or are student loans exempted from that? Making 3-5x more money as a dental specialist would be the clear best option. Student loans are virtually impossible to discharge in bankruptcy.
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Jul 27, 2017 13:51
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That's the first time I've ever seen over a million in student loans. The correct answer is to get on PAYE (all the dental loans should be eligible as gradplus) and pay about 10k a year on your million dollar loan then have it forgiven twenty years later when it's ballooned to two million. that or default and garnishment, which is still going to be way loving cheaper than paying ten grand a month
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Jul 27, 2017 14:04
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mastershakeman posted:That's the first time I've ever seen over a million in student loans. The correct answer is to get on PAYE (all the dental loans should be eligible as gradplus) and pay about 10k a year on your million dollar loan then have it forgiven twenty years later when it's ballooned to two million. That $2 million in forgiven loans is treated as taxable income. Still way cheaper, but gotta be prepared to have money for that tax bill.
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Jul 27, 2017 14:07
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Leon Trotsky 2012 posted:That $2 million in forgiven loans is treated as taxable income. 20 years of loan servitude for PAYE loan forgiveness, another 20 on IRS repayment plan for the $700,000 in taxes incurred, then kill yourself at 70
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Jul 27, 2017 14:16
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Leon Trotsky 2012 posted:That $2 million in forgiven loans is treated as taxable income. Can you discharge owed taxes through bankruptcy? 
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Jul 27, 2017 14:16
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Ashcans posted:Can you discharge owed taxes through bankruptcy? Sometimes via chapter 7.
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Jul 27, 2017 14:18
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BEHOLD: MY CAPE posted:20 years of loan servitude for PAYE loan forgiveness, another 20 on IRS repayment plan for the $700,000 in taxes incurred, then kill yourself at 70 Is the French Foreign Legion interested in dentists? Because it sounds like leaving the country and never returning would be the optimum route at that level of debt. Student loans should be dischargeable in bankruptcy at a certain level of ridiculousness. It's crazy that they aren't. You can go on a spending spree at Tiffany's and when you sober up, discharge the whole credit card loan, but if you try and improve yourself but gently caress up, you are damned for life.
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Jul 27, 2017 14:21
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Nail Rat posted:It is incredibly difficult to discharge student loans in bankruptcy in the US. Interesting - I knew they weren't in the UK, as they're granted by the state and you don't get out of paying the government back. I thought in the US they were from private companies, so just assumed you could discharge them like other personal debt.
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Jul 27, 2017 14:23
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Fil5000 posted:Interesting - I knew they weren't in the UK, as they're granted by the state and you don't get out of paying the government back. I thought in the US they were from private companies, so just assumed you could discharge them like other personal debt. The huge majority in the US are federal loans, but even private loans are protected by special laws and virtually impossible to discharge.
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Jul 27, 2017 14:25
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Fil5000 posted:Interesting - I knew they weren't in the UK, as they're granted by the state and you don't get out of paying the government back. I thought in the US they were from private companies, so just assumed you could discharge them like other personal debt. The official reason is that it makes loaning money to young people with no credit history more palletable to banks, and the real reason is because gently caress you we can
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Jul 27, 2017 14:25
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ate all the Oreos posted:The official reason is that it makes loaning money to young people with no credit history more palletable to banks, and the real reason is because gently caress you we can It is a fair point that private student loans would be virtually non existent without special protection from the federal government, it is also a fair point that the out of pocket tuition expense for education shouldn't be so exorbitantly expensive that lenders on the free market are unwilling to lend 
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Jul 27, 2017 14:29
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Also, even for private loans, I think the government is acting as guarantor of the loans? (Not sure.) So the government still has an interest. The idea there is that there's no need to do risk assessment on things like "which major" so less profitable majors (with higher risk of default) can borrow money at the same rates as more profitable majors and the art department stays funded.
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Jul 27, 2017 14:41
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I'd be looking to flee to a country that doesn't extradite to the USA if I had those kinds of student loans.
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Jul 27, 2017 14:58
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It's hard to reposses an education. That isn't true of most other things that people will lend you a bunch of money to buy. You don't get to take out a loan to buy a Tesla, declare bankruptcy, and keep the Tesla free and clear. Same thing with a house. If student loan debt was as easy to discharge as credit card debt, what's the incentive to not run up maximum debt at school and declare bankruptcy as soon as you graduate?
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Jul 27, 2017 15:15
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There's lots of hand waving and justifications possible for why your country likes to gently caress its young people financially so much, but it's really all irrelevant blathering when faced with "well Australia manages to do it so why can't you?" Edit: inb4 all the usual excuses why the country that sent humans to the moon and possesses weapons of mass destruction somehow can't do the same kind of thing
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Jul 27, 2017 15:16
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I had to check to see what the median was for a Endodontist and it's 198,000 so this person screwed up somewhere.
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Jul 27, 2017 15:24
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Weatherman posted:There's lots of hand waving and justifications possible for why your country likes to gently caress its young people financially so much, but it's really all irrelevant blathering when faced with "well Australia manages to do it so why can't you?" Funny you mention that, because in my aimless Facebook wandering, I've discovered that someone I mentioned in the old BWM thread has gone back to university. The same university he's dropped out of three times before. Fourth time's the charm? I posted:I recently moved house from one place to another, approximately 30 km away. As it happens, someone I knew from high school lives in the area. Being on friendly terms with him at graduation (2008), I decided to send a message to meet with him once more.
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Jul 27, 2017 15:28
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I Like Jell-O posted:It's hard to reposses an education. That isn't true of most other things that people will lend you a bunch of money to buy. You don't get to take out a loan to buy a Tesla, declare bankruptcy, and keep the Tesla free and clear. Same thing with a house. If student loan debt was as easy to discharge as credit card debt, what's the incentive to not run up maximum debt at school and declare bankruptcy as soon as you graduate? Which is why the least BWM solution for a state as a whole is just to more or less completely subsidize at least public post-secondary education. The increased tax receipts from increased earnings alone justify it. It's like income-based repayment that everyone participates in by paying taxes.
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Jul 27, 2017 15:46
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I Like Jell-O posted:It's hard to reposses an education. That isn't true of most other things that people will lend you a bunch of money to buy. You don't get to take out a loan to buy a Tesla, declare bankruptcy, and keep the Tesla free and clear. Same thing with a house. If student loan debt was as easy to discharge as credit card debt, what's the incentive to not run up maximum debt at school and declare bankruptcy as soon as you graduate? You can also declare bankruptcy if you take out loans to blow them at Vegas, or if you bought a Tesla and drove it into a wall.
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Jul 27, 2017 15:50
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I Like Jell-O posted:It's hard to reposses an education. That isn't true of most other things that people will lend you a bunch of money to buy. You don't get to take out a loan to buy a Tesla, declare bankruptcy, and keep the Tesla free and clear. Same thing with a house. If student loan debt was as easy to discharge as credit card debt, what's the incentive to not run up maximum debt at school and declare bankruptcy as soon as you graduate? I can run up thousands of collars in unsecured debt on food, drinks, entertainment, all sorts of things you can't repossess. There are also all sorts of things that the bank can repossess that aren't actually going to recover them much if anything of their money. I mean granted that I don't think anyone gets given a million-dollar credit limit to spend freely, but the average student debt is something like $25,000 and that's in the same range as the amount of unsecured credit someone might have.
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Jul 27, 2017 15:53
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If only we educated people like this school. https://www.youtube.com/watch?v=nrrwdsCogbM
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Jul 27, 2017 16:02
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Weatherman posted:There's lots of hand waving and justifications possible for why your country likes to gently caress its young people financially so much, but it's really all irrelevant blathering when faced with "well Australia manages to do it so why can't you?" If you think university should be paid for by the government, that's fine, but it really doesn't have anything to do with bankruptcy laws. The United States has probably the most generous, most consumer friendly bankruptcy system in the world. It's a really good thing. Can you name any country where student loan debt is easily dischargeable in bankruptcy?
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Jul 27, 2017 16:23
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I can't name any country that has student loan debt that even remotely approaches the US's so I'm not sure I see the relevance of the question.
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Jul 27, 2017 16:33
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