Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:After reading all of this, just wanted to share the advice my firm’s free PWM advisor told me re:loans. Paying them off before investing in anything (a house, equities, even my 401k) is not a choice. Because, at the end of the day, paying them off IS an investment, in and of itself. Every cent I pay towards them now, is multiple more cents I won’t pay down the line.

He told me that I cannot truly worry about anything outside of an emergency fund before wiping these out. Sorry if totally off topic, but the reframing (paying off loans = investing) really helped me jumpstart getting serious about getting them down ASAP.

OP here, that is a great way to look at loans you are able to pay off but not really applicable to my situation. My large loans were in negative amortization for 2 years before I made a decent salary making my loans more a loss I need to shield from liability. So instead I purchased a townhouse which DH and I can afford. I titled it in a way where if we default on our student loans our creditors will only be able to garnish our wages if it ever came to that. Not a big deal at all to pay a 15% garnishment as it's far lower than my actual payment.

You are a piece of work, OP. I truly hope younger people read this entire thread as a cautionary tale.

Let's just say I learned a lot during my private practice days helping people with "debt modifications" and collections defense.

This is why they need to include a basic life finances class in school. OP is out of her mind.

I agree that OP is out of her mind, but I understand what she's saying about the house. She and her DH likely titled the house as "tenants by the entirety" (my house is titled this way too.) It is a legal protection reserved for married couples basically meaning that the "marriage" owns the house rather then either individual. If either she or her DH are sued for any reason by a creditor, they can't access the home equity for an individual debt. Since the student loans are individual debt, the home equity is untouchable. All married people should title their homes this way - its completely free to do so if done at the time of purchase and provides a ton of protection and no down side.

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:You are not UMC, you are dangerously poor and never likely to be anything but. You can dress it up all you like; you will live in debt for the bulk of your life, and you will have nothing to leave to your children.

I'll give you that I'm not UMC, but I don't be in debt for the bulk of my life. My student loans will be discharged one way or another after 10 years or, at most, 25 years from my income based repayments. I also have my assets worked out so that they are protected in the event that there is some student loan fiasco and the loans enter default. A lot of you seem to have a major problem with the fact that I am not going to actually pay the astronomical balance of my student loans after years of accruing interest. You really think I'm going to labor away any more years to pay an unsecured $600k debt at 8% interest? That would be foolish.

Are you planning to file bankruptcy?

Of course I'm not going to declare bankruptcy. For one, student loans are not dischargeable in bankruptcy. Second, I have no other financial problems other than a huge student loan balance. I will say that if I could jettison my student loans in bankruptcy I would totally do it and restart my financial life from zero.

And that is why the government doesn't allow this. Everyone who just graduated from college/grad school with no assets would simply declare bankruptcy. They'd have nothing to lose. It would be unsustainable, which is why the government can't afford to change this rule.

I personallly think public service loan forgiveness should be for state schools only and repayment capped at a reasonable amount. You made a lot of bad decisions OP.

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:You are not UMC, you are dangerously poor and never likely to be anything but. You can dress it up all you like; you will live in debt for the bulk of your life, and you will have nothing to leave to your children.

I'll give you that I'm not UMC, but I don't be in debt for the bulk of my life. My student loans will be discharged one way or another after 10 years or, at most, 25 years from my income based repayments. I also have my assets worked out so that they are protected in the event that there is some student loan fiasco and the loans enter default. A lot of you seem to have a major problem with the fact that I am not going to actually pay the astronomical balance of my student loans after years of accruing interest. You really think I'm going to labor away any more years to pay an unsecured $600k debt at 8% interest? That would be foolish.

Are you planning to file bankruptcy?

Of course I'm not going to declare bankruptcy. For one, student loans are not dischargeable in bankruptcy. Second, I have no other financial problems other than a huge student loan balance. I will say that if I could jettison my student loans in bankruptcy I would totally do it and restart my financial life from zero.

Anonymous wrote:

Anonymous wrote:You are not UMC, you are dangerously poor and never likely to be anything but. You can dress it up all you like; you will live in debt for the bulk of your life, and you will have nothing to leave to your children.

I'll give you that I'm not UMC, but I don't be in debt for the bulk of my life. My student loans will be discharged one way or another after 10 years or, at most, 25 years from my income based repayments. I also have my assets worked out so that they are protected in the event that there is some student loan fiasco and the loans enter default. A lot of you seem to have a major problem with the fact that I am not going to actually pay the astronomical balance of my student loans after years of accruing interest. You really think I'm going to labor away any more years to pay an unsecured $600k debt at 8% interest? That would be foolish.

Are you planning to file bankruptcy?

Anonymous wrote:

Anonymous wrote:You are not UMC, you are dangerously poor and never likely to be anything but. You can dress it up all you like; you will live in debt for the bulk of your life, and you will have nothing to leave to your children.

I'll give you that I'm not UMC, but I don't be in debt for the bulk of my life. My student loans will be discharged one way or another after 10 years or, at most, 25 years from my income based repayments. I also have my assets worked out so that they are protected in the event that there is some student loan fiasco and the loans enter default. A lot of you seem to have a major problem with the fact that I am not going to actually pay the astronomical balance of my student loans after years of accruing interest. You really think I'm going to labor away any more years to pay an unsecured $600k debt at 8% interest? That would be foolish.

In what world will this happen? Good luck with that.

Anonymous wrote:I am fascinated by how mean people are on this post. it makes sense to buy a small townhome honestly if you have student loan debt because otherwise you are throwing away money on rent and mortgage. I suspect after 20 years OP will have almost paid off all the loans, the mortgage, and will have had a steady salary increase such that they could save for retirement. It really is about long term planning at this point for OP.

What the OP is proposing at this point is defaulting on her student loans like its de rigueur.

Anonymous wrote:

Anonymous wrote:You are not UMC, you are dangerously poor and never likely to be anything but. You can dress it up all you like; you will live in debt for the bulk of your life, and you will have nothing to leave to your children.

I'll give you that I'm not UMC, but I don't be in debt for the bulk of my life. My student loans will be discharged one way or another after 10 years or, at most, 25 years from my income based repayments. I also have my assets worked out so that they are protected in the event that there is some student loan fiasco and the loans enter default. A lot of you seem to have a major problem with the fact that I am not going to actually pay the astronomical balance of my student loans after years of accruing interest. You really think I'm going to labor away any more years to pay an unsecured $600k debt at 8% interest? That would be foolish.

A piece of work and a fraud to boot! Life does not work well for these types in the long run.

I am fascinated by how mean people are on this post. it makes sense to buy a small townhome honestly if you have student loan debt because otherwise you are throwing away money on rent and mortgage. I suspect after 20 years OP will have almost paid off all the loans, the mortgage, and will have had a steady salary increase such that they could save for retirement. It really is about long term planning at this point for OP.

Anonymous wrote:

Anonymous wrote:You are not UMC, you are dangerously poor and never likely to be anything but. You can dress it up all you like; you will live in debt for the bulk of your life, and you will have nothing to leave to your children.

I'll give you that I'm not UMC, but I don't be in debt for the bulk of my life. My student loans will be discharged one way or another after 10 years or, at most, 25 years from my income based repayments. I also have my assets worked out so that they are protected in the event that there is some student loan fiasco and the loans enter default. A lot of you seem to have a major problem with the fact that I am not going to actually pay the astronomical balance of my student loans after years of accruing interest. You really think I'm going to labor away any more years to pay an unsecured $600k debt at 8% interest? That would be foolish.

WTH. You are not going to repay your loans? You were just stupid when you took out those loans, now this makes you fraud too.

Anonymous wrote:

Anonymous wrote:You are not UMC, you are dangerously poor and never likely to be anything but. You can dress it up all you like; you will live in debt for the bulk of your life, and you will have nothing to leave to your children.

I'll give you that I'm not UMC, but I don't be in debt for the bulk of my life. My student loans will be discharged one way or another after 10 years or, at most, 25 years from my income based repayments. I also have my assets worked out so that they are protected in the event that there is some student loan fiasco and the loans enter default. A lot of you seem to have a major problem with the fact that I am not going to actually pay the astronomical balance of my student loans after years of accruing interest. You really think I'm going to labor away any more years to pay an unsecured $600k debt at 8% interest? That would be foolish.

What esteemed institution educated you? I need to makes sure my kids stay away , I dont want them to emerge as financially illiterate as you. You were royally ripped off.

What's UMC?

Anonymous wrote:

Anonymous wrote:You are not UMC, you are dangerously poor and never likely to be anything but. You can dress it up all you like; you will live in debt for the bulk of your life, and you will have nothing to leave to your children.

I'll give you that I'm not UMC, but I don't be in debt for the bulk of my life. My student loans will be discharged one way or another after 10 years or, at most, 25 years from my income based repayments. I also have my assets worked out so that they are protected in the event that there is some student loan fiasco and the loans enter default. A lot of you seem to have a major problem with the fact that I am not going to actually pay the astronomical balance of my student loans after years of accruing interest. You really think I'm going to labor away any more years to pay an unsecured $600k debt at 8% interest? That would be foolish.

What, living up to your word, making good on your promise, would be foolish?

You took on those debts knowing what the terms were, end of story.

Anonymous wrote:

Anonymous wrote:You are not UMC, you are dangerously poor and never likely to be anything but. You can dress it up all you like; you will live in debt for the bulk of your life, and you will have nothing to leave to your children.

I'll give you that I'm not UMC, but I don't be in debt for the bulk of my life. My student loans will be discharged one way or another after 10 years or, at most, 25 years from my income based repayments. I also have my assets worked out so that they are protected in the event that there is some student loan fiasco and the loans enter default. A lot of you seem to have a major problem with the fact that I am not going to actually pay the astronomical balance of my student loans after years of accruing interest. You really think I'm going to labor away any more years to pay an unsecured $600k debt at 8% interest? That would be foolish.

Wow, you think you are so smart.

Anonymous wrote:You are not UMC, you are dangerously poor and never likely to be anything but. You can dress it up all you like; you will live in debt for the bulk of your life, and you will have nothing to leave to your children.

I'll give you that I'm not UMC, but I don't be in debt for the bulk of my life. My student loans will be discharged one way or another after 10 years or, at most, 25 years from my income based repayments. I also have my assets worked out so that they are protected in the event that there is some student loan fiasco and the loans enter default. A lot of you seem to have a major problem with the fact that I am not going to actually pay the astronomical balance of my student loans after years of accruing interest. You really think I'm going to labor away any more years to pay an unsecured $600k debt at 8% interest? That would be foolish.

You are not UMC, you are dangerously poor and never likely to be anything but. You can dress it up all you like; you will live in debt for the bulk of your life, and you will have nothing to leave to your children.