Posted on 03/21/2022 6:42:00 AM PDT by grundle
Question: I’m an attorney with over $200,000 in federal student loan debt, and I desperately want to file for bankruptcy on these loans. I’m on an income-driven repayment plan and would like my student loans to be forgiven or eliminated, if that option is available to me. Can you please help?
(Excerpt) Read more at marketwatch.com ...
“....Assume a credit card balance of $20,000 at 28% interest. A $10,000 student loan at 4%. Assuming you pay $500/mo to pay off loans, your cash flow doesn’t change until you pay off all the debts. The total amount you pay off is far less by paying off the high interest rate loan first. It would actually make sense to secure a $20,000 loan at 15% to pay off the 28% credit card.”
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Ramsey wouldn’t argue your math. He will tell you right from the start that from a math perspective you are right but that the problem is one of behavior. I’m not a genius but on my own decided to attack out debt and started lowest balance first to give us an early victory. As he would say 80% mental 20% math.
Many callers to his show have tell him they took out consolidation loans, paid off CC balances then rack up new CC debt so they were in worse shape than before. Not everyone has financial discipline in fact most do not.
They passed the BARRISTA Test but not the BAR Test..............
screw you. i paid my student loans off so you pay yours.
I worked for a few “poor” lawyers. Learned quite a lot in the process, too.
They had substantial income, not only from clients but from investments. But they drove junk cars, mortgaged themselves to the eyebrows, and could scarcely stay out of the red. I know, I kept the books.
You can make millions at anything, but if your outgo is about equal to your income, you’re going to feel poorly.
This rarely happens if you find a seat in Congress.
My first F/T post college job was 17K a year.
It barley paid my rent, food, and student loan payment—Took 10 yrs, but paid off the student loan—
Live within your means, PERIOD-——pay your debt!!!!!!!!!!!!
Not fun, but doable!!!!!
loser.
I suggest you work for a nonprofit for ten years and maybe our sorry government will forgive your debt, or get elected or selected for a government job and steal the money; like Joe and Hunter’s Crime Incorporated Enterprises of Delaware, China, Iran, Saudi Arabia, and Russia/Ukraine.
Not only has Dave Ramsey helped us create clarity for our financial future, but I have found him to be a solid replacement for listening to Rush. Although the subject matter is only mildly similar, they both work from a point of common sense and personal responsibility. I also recall Dave speaking favorably of Rush on more than one occasion.
PAY YOUR BILLS. Just like the rest of us!
I’m beginning to,think these articles are bs trolling articles. Seeing more and more of them lately. I think they are just writing this crap to rile hard working folks up.
Sounds like my Stepdaughter’s near future. She is just finishing Law School. She tried to get my wife to co-sign, but my wife said no. I think a lot of her vacation trips were financed with student loans.
If she works hard, she should have them paid off in 10 years. If not, like most people, she will still be in debt into her 50s.
I had a feeling this one would be interesting and right on.
You signed the papers, now live up to it...bum.
This. You want the benefits of the degree, but not the costs.
I do feel slightly sorry for the people tat never finish their degree, but that’s another story.
I have a friend that has a daughter in college this is her first year. It is a private uni., (Belmont in Nashville, TN) currently $52,000.00/year. He has some parents plus loans and she has some federal direct loans. They are borrowing almost all of it. So there will be plenty of misery to go around.
To give you an idea, my friend has a $82,000.00 house been there 4 years. His daughter is in a major that will require she live far from home and that means renting an apartment and all that. My friend does not know just how big of a pit his daughter is headed into. I tried to convince him that she should go to community college for two years but she insisted on uni.
Oh well not my problem but as Dr. Spock would say fascinating to watch.
Assuming the “article” is about a real character, the person is a true idiot.
My suspicious mind says it’s a fake scenario presented so that that the advertisers at MARKETWATCH can tout their services.
No one could that stupid. Well almost no one. Forgot about kh, vp.
People, you’re being played by this troll. The same thing was posted here by the same poster in January 2022:
https://freerepublic.com/focus/f-bloggers/4031100/posts
DO NOT FEED THE ANIMALS!
Must not be a very good attorney if he can’t pay off a measley $200k.
Most attorneys live in $500k+ mansions.
Pay it off.
I know a poor lawyer who never lost a case, is 79 and still practicing.
Spent his fortune keeping his wife alive from a rare leukemia.....
A great guy.
Some big civil cases he is now working on may put him back in the black........
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