I chuckled, b/c I knew all about these things because XO

(http://www.autoadmit.com/thread.php?thread_id=2611813&forum_id=2#25880218)

edit: meant to respond to TNSJTP but i'll just leave it here.

(http://www.autoadmit.com/thread.php?thread_id=2611813&forum_id=2#25880334)

which is why I never think about it in the first place.

(http://www.autoadmit.com/thread.php?thread_id=2611813&forum_id=2#25881066)

Even on 60k a year you should at a minimum be forced to pay 1,000 a month, ten times what you're paying now.

(http://www.autoadmit.com/thread.php?thread_id=2611813&forum_id=2#25881082)

I agree that my payments can and should be higher.

(http://www.autoadmit.com/thread.php?thread_id=2611813&forum_id=2#25881089)

you already see the white house wanted to end the full public service loan forgiveness, and I'm sure more shit will hit the fan (especially if we get a republican president)

(http://www.autoadmit.com/thread.php?thread_id=2611813&forum_id=2#25881137)

get handout

(http://www.autoadmit.com/thread.php?thread_id=2611813&forum_id=2#25881883)

What happens if you leave and start making more?

How does this affect your credit for things like mortgages?

(http://www.autoadmit.com/thread.php?thread_id=2611813&forum_id=2#25881118)

if I leave and start making more then my payments will go up to meet that amount.

credit is completely intact. credit report shows on time payments since I'm paying according to the plan set out by the creditor

(http://www.autoadmit.com/thread.php?thread_id=2611813&forum_id=2#25881128)

Even if you end up losing money in the long run, you are a retard if you think at 50 you would rather have the extra 50k than enjoying yourself while young.

(http://www.autoadmit.com/thread.php?thread_id=2611813&forum_id=2#25881153)

other poster does have a point to live it up when you're young in NYC though. how old are you?

(http://www.autoadmit.com/thread.php?thread_id=2611813&forum_id=2#25881154)

I have full freight and am in big law and am IBR-ing. Payments are 1500 now but should go down once PAYE for all kicks in.

(http://www.autoadmit.com/thread.php?thread_id=2611813&forum_id=2#25881166)

My feelings are that if you make the minimum payments and save the difference, you're really only losing the differential in your interest rate vs your rate of return.

If you end up being a 60k prosecuter for 8 years, you'll save a shitton of money.

(http://www.autoadmit.com/thread.php?thread_id=2611813&forum_id=2#25881195)

1. you don't know if you're actually going to get a public service job

2. public service loan forgiveness could very well get gutted in the near future

but I'm highly risk averse in that regard... if you're dead-set on public service regardless then save the money instead of paying any of it off.

(http://www.autoadmit.com/thread.php?thread_id=2611813&forum_id=2#25881201)

For me personally, I like IBR/PAYE because I never have to worry about my loans. I essentially don't have debt, I just have a 20 year 8% tax on my income.

If you know you're always going to make $150k +, youre likely dumb to do IBR. If you feel like the world could collapse tomorrow and you could be working at Best Buy then they make you breathe much easier.

(http://www.autoadmit.com/thread.php?thread_id=2611813&forum_id=2#25881190)

earl (and you) will earn more, have greater wealth, etc, then I ever will. I just like seeing him get irrationally upset at shit like this, after he humblebrags about his net worth and salary.

(http://www.autoadmit.com/thread.php?thread_id=2611813&forum_id=2#25881149)

nevertheless, a fair point, as I'm sure I'd feel the exact same way if I had gone into biglaw.

(http://www.autoadmit.com/thread.php?thread_id=2611813&forum_id=2#25881175)

not all welfare recipients are capable of working; pretty much all paye recipients are

ghetto welfare recipients know what they are; paye recipients act like they aren't a bullshit suck on the nation's wealth

paye recipients can receive far more actual dollar benefit than welfare recipients both overall and on a yearly basis

paye recipients don't have the negative attitudes directed at them so they don't have any shame. in fact, individuals who look at welfare recipients with negative attitudes should look upon paye recipients with at least the same level of negativity

paye recipients-invariably-will believe they are too good to live in the ghetto despite being no better than welfare recipients in most comparative ways and worse than them in other ways

(http://www.autoadmit.com/thread.php?thread_id=2611813&forum_id=2#25885949)

Take out your anger on the IRS and law school profs and admins.

(http://www.autoadmit.com/thread.php?thread_id=2611813&forum_id=2#25881204)

http://poetsandquants.com/2014/01/04/is-your-mba-tax-deductible/

JD i think is a no-go

(http://www.autoadmit.com/thread.php?thread_id=2611813&forum_id=2#25885299)

I'm not a tax law or tax policy master man, and probably too stupid to understand business taxation. Still, it seems conceptually retarded that entrepreneurs who use loans to fund their businesses, but end up getting burnt due to downturns in the economy are not forced to live in perpetual wage slavery, and face no shame for their risk-taking.

Why should lawyers who took out loans to fund their educations, but got burnt by the shitty economy be treated any differently?

(http://www.autoadmit.com/thread.php?thread_id=2611813&forum_id=2#25886116)

Or shit schools would get charged higher interest rates.

This may be fine, but TTT's would get destroyed.

(http://www.autoadmit.com/thread.php?thread_id=2611813&forum_id=2#25886150)

But there are plenty of bro's who followed the formerly-credited advice of going to a good law school and doing well there, but still got fucked due to market conditions outside of their control.

Maybe that's just one of life's risks, but there is a safety-valve to such risks in other contexts - why not this one?

Also, there is another way of looking at this:

Many recent law school grads had a choice of taking out relatively low-rate private loans, but opted for federal loans due to the IBR safety-net offered through federal loans. This was essentially part of the deal, and a major reason why people took higher-rate federal loans. So why do you hate on those who are now forced to rely on that IBR safety net, which was part of the deal they and the government agreed to at the beginning?

(http://www.autoadmit.com/thread.php?thread_id=2611813&forum_id=2#25886205)

Any school where you dont have a 70%+ chance at biglaw should have a 12%+ interest rate.

(http://www.autoadmit.com/thread.php?thread_id=2611813&forum_id=2#25886212)

But historical evidence shows otherwise.

(http://www.autoadmit.com/thread.php?thread_id=2611813&forum_id=2#25886247)

the main one being

an entrepreneur can lose what was borrowed against, a person obtaining a degree cannot

(http://www.autoadmit.com/thread.php?thread_id=2611813&forum_id=2#25886192)

sarc will always have his jd to open doors

(http://www.autoadmit.com/thread.php?thread_id=2611813&forum_id=2#25886223)

you can take back real property securing debt

you can, uh, do jack shit about someone having a law degree if you loaned them the money to obtain it

(http://www.autoadmit.com/thread.php?thread_id=2611813&forum_id=2#25886349)

Just because lenders have a security interest in some asset does not mean that they will actually get anything resembling the fair market value of that asset, or for that matter, anything at all. Plenty of lenders got literally nothing by foreclosing on real property that had gone underwater in the recent mortgage crisis. Even more got literally nothing when asset-backed securities collapsed.

(http://www.autoadmit.com/thread.php?thread_id=2611813&forum_id=2#25886460)

Most people will pay back their loans well before they are forgiven. These plans just make payment manageable.

(http://www.autoadmit.com/thread.php?thread_id=2611813&forum_id=2#25881356)

what's the payment schedule for most student loans? 30 yrs?

edit: I'll grant that for most people, who aren't six figures into debt, they probably end up paying off their loans even on IBR/PAYE.

(http://www.autoadmit.com/thread.php?thread_id=2611813&forum_id=2#25881455)

you have a lot of debt bro

(http://www.autoadmit.com/thread.php?thread_id=2611813&forum_id=2#25881202)

I won't ever get to half a million (public service loan forgiveness willing) but it looks like I'll pass 350K easily.

(http://www.autoadmit.com/thread.php?thread_id=2611813&forum_id=2#25882071)

but lol, just lol at our country

(http://www.autoadmit.com/thread.php?thread_id=2611813&forum_id=2#25882120)

so yeah, I guess in a roundabout way, I am.

(http://www.autoadmit.com/thread.php?thread_id=2611813&forum_id=2#25882155)

that's the name of the game. the day when most people fully paid for their law school education is gone. now it's a hybrid system that came about due to bad gov't decisions and greedy boomer school administrators who together made law school unaffordable for all but the already rich. more controls on gov't funds will come in the relatively near future (within 10 yrs probably).

(http://www.autoadmit.com/thread.php?thread_id=2611813&forum_id=2#25886431)

I'm glad sarc wont be buried by impossible to make loan payments, but I think most of us can agree that it makes little sense for his payments to have no relation whatsoever to the amount of debt he has.

I would also be in favor of the debt never being forgiven. Why should it?

(http://www.autoadmit.com/thread.php?thread_id=2611813&forum_id=2#25885973)

Don't forget Sarc defends are heroes against baseless charges of rape and public intoxication while Earl services midlaw partners in the suburbs of LA.

(http://www.autoadmit.com/thread.php?thread_id=2611813&forum_id=2#25886008)

for earl's sake I hope it doesn't cross the mark. It might make him irate

(http://www.autoadmit.com/thread.php?thread_id=2611813&forum_id=2#36917426)

Need to get to $300,000 for MAXIMUM EARL ANGER.

(http://www.autoadmit.com/thread.php?thread_id=2611813&forum_id=2#38086751)