What are people with $800,000 in student loans going to do?

Discussion in 'Politics, Religion, Social Issues' started by Hieveryone, Sep 11, 2015.

  1. Hieveryone macrumors 68020

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    #1
    I have a friend who went to college then medical school. He didn't match, so is now in law school. All private top tier institutions. His debt is $800,000 at 8% interest.

    This is a concern for many students and even Hillary had told her Twitter follows to tweet using 3 emojis how their student debt makes them feel.
     
  2. z31fanatic macrumors 6502a

    z31fanatic

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    #2
    Your buddy Sanders will forgive your friend's debt if he wins. :p
     
  3. Renzatic Suspended

    Renzatic

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    #3
    Hi's a big Trump fan, actually.
     
  4. Zombie Acorn macrumors 65816

    Zombie Acorn

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    Obama will allow your loans to be forgiven after 25 years at 10% of income, tell him to save up for the tax hit in 25 years and chill.
     
  5. Praxis91 macrumors regular

    Praxis91

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    What will they do? Have people like me laughing at them even longer!

    I wish so many people were not such idiots. Go to community college for the Associate's degree, then transfer into a 4 year university when they have plenty of room when the idiots (who did not belong there in the first place) dropped out after a year or two.

    It IS sad though, but no loans should ever be forgiven or bailed out. Then again, our dollar is backed by nukes so why not just print $100 Trillion and let everyone be rich. Who would stop us? Europe? BAHAHAHAHAHA
     
  6. einmusiker macrumors 68030

    einmusiker

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    That system was put into place before Obama. But yes there is a 25 year forgiveness on federal student loans. A simple google search can explain. There's also a 10 year forgiveness for public service plan. Prepare for the tax hit as it is considered earned income for that tax year
     
  7. dukebound85 macrumors P6

    dukebound85

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    Your friend is willfully irresponsible. He doesn't deserve a break
     
  8. einmusiker macrumors 68030

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    Not everyone can stomach a brain dead pencil pusher "job". The world needs physicians and professionals that do "thinking" work just as much as it needs plumbers and ditch diggers.
     
  9. einmusiker macrumors 68030

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    Yes because human beings are expected to be perfect and are born with the ability to not be manipulated
     
  10. dukebound85 macrumors P6

    dukebound85

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    He should have known he was in trouble after first hitting six figures of debt.

    He went to med school to not like it and now law school

    Why should I have any sympathy? He is obviously bright (maybe?) and should have a sense of what he is taking out and what any career would pay.

    This isn't a matter of being imperfect, it is a person willingly taking a fortune out in debt and hoping that it gets bailed out.
     
  11. einmusiker macrumors 68030

    einmusiker

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    In answer to the op' question... Besides the forgiveness plans it is possible for your friend to include student loan debt in a chapter 13 filing IF he can prove that the debt causes him extraordinary detriment to his health and well being, which is VERY difficult to do but not impossible. In his case it sounds like he could have a shot considering it's not likely he will be able to make the monthly payments unless he wins the lottery. Do have him research the income based repayment plan in federal debt consolidation though that will at least make it manageable.
     
  12. Renzatic Suspended

    Renzatic

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    #12
    That, and he's studying law. He's getting into the business of loopholes, exceptions, and interpretations.
     
  13. einmusiker macrumors 68030

    einmusiker

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    Ever hear of the American Dream? Didn't think so because people with your attitude are making it impossible for bright young minds that were not born with a silver spoon to pursue their passion and potentially make great contributions to the world. We are heading towards a Hindu like caste system where only the wealthy will be able to succeed because banks are profiting off of our students from loan interest. This isn't the case in most other wealthy nations in the world
     
  14. dukebound85 macrumors P6

    dukebound85

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    The American Dream does not require taking out 800k in loans

    Ever hear of being responsible for your actions and decisions?
     
  15. einmusiker macrumors 68030

    einmusiker

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    You don't get it. Human beings aren't perfect. Their flawed. They 'want' things. Wow what a concept huh?
     
  16. einmusiker macrumors 68030

    einmusiker

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    Good for YOU that you were able to make all the perfect decisions in life and have the perfect job that you love and are completely satisfied. We all bow down to you Beelzebub
     
  17. dukebound85 macrumors P6

    dukebound85

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    You really don't think he should have any responsibility or that he should have now known he was in trouble and stopped taking loans out? especially after not making use of his time in med school?

    We aren't talking about perfection, we are talking about willful irresponsibility.

    We all make decisions that we have to deal with the consequences of. Why you feel he should get off because he is pursuing the American Dream is beyond me and frankly absurd
     
  18. einmusiker macrumors 68030

    einmusiker

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    Where did I say that? Your projecting. Your not getting it and I won't bang my head against the wall over that. I'm a very happy person and have a great life, but I've also made some human mistakes and have worked through them and overcome, so can empathize with people that struggle. I see the student loan system in our country as unfair. If you can't empathize then so be it. I won't argue with an ideologue, I know better. G'night
     
  19. dukebound85 macrumors P6

    dukebound85

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    Instead of making logical fallacies as you have no idea who I am or my circumstances, how about we keep the argument to the topic instead of descending into childish behavior
     
  20. Renzatic Suspended

    Renzatic

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    #20
    Now there's a door that swings both ways. You don't have any personal knowledge of the person who's the subject of this thread, nor any of his circumstances. You can't just assume he's an idio...

    ...wait. It's a Hieveryone thread. Yeah, you're probably right.
     
  21. citizenzen macrumors 65816

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    You couldn't manipulate me into an $800,000 loan.

    But I do think we've pulled the rug out from under a generation of students. When I went to college, California State Colleges were virtually free for state residents. It's an awful shame what we're doing to kids and their parents today, as even state colleges cost ~$20 thousand a year for tuition, books, fees, room and board.

    It's a lot to ask families to take on.


    I agree with you. Let's try to keep the discussion on an adult level.
     
  22. mgguy macrumors 6502

    mgguy

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    #22
    He took out the loan and should pay it back. He can live on rice and beans if necessary.
     
  23. Hieveryone thread starter macrumors 68020

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    #23
    I would hope he's eating rice and beans. Ramen on date nights at best.
     
  24. Spink10 macrumors 601

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    #24
    They chose to attend the school they attend each year knowing the cost. Pay up.
     
  25. mrkramer macrumors 603

    mrkramer

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    #25
    Unfortunately there's not much he can do. Probably the best thing he can do is stop taking more loans and find a job that hopefully pays enough for him to keep up with the payments. And then if he has any kids help them to learn from his mistake and not go to colleges they can't afford.
     

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