Just to scare us all further

Discuss various money matters here. Loans (federal and private), scholarships, lottery winnings, or other school finance related information and queries.
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nematoad
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Just to scare us all further

Postby nematoad » Tue Feb 16, 2010 6:27 pm


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The Zeppelin
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Re: Just to scare us all further

Postby The Zeppelin » Tue Feb 16, 2010 6:31 pm

Ha, I read this earlier today. Way to make poor decisions, Doctor.

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underachiever
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Re: Just to scare us all further

Postby underachiever » Tue Feb 16, 2010 6:33 pm

Debt is scary and dangerous....nothing new
...although it was nice to see it focus on a "safer" field, i.e., medicine and med school debt instead of the frequent example of unemployed lawyers and their law school debt.

legends159
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Re: Just to scare us all further

Postby legends159 » Tue Feb 16, 2010 6:34 pm

sucks for doctors b/c residency is sweatshop labor for minimum wage.

shanejamin
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Re: Just to scare us all further

Postby shanejamin » Tue Feb 16, 2010 6:34 pm


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adameus
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Re: Just to scare us all further

Postby adameus » Tue Feb 16, 2010 6:35 pm

seems like she should have made the payments....

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nematoad
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Re: Just to scare us all further

Postby nematoad » Tue Feb 16, 2010 6:36 pm

adameus wrote:seems like she should have made the payments....

"residency is sweatshop labor for minimum wage"

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OperaSoprano
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Re: Just to scare us all further

Postby OperaSoprano » Tue Feb 16, 2010 6:37 pm

This is also why private loans are bad. If she'd borrowed everything via Federal loans (grad plus is the way to go), she would be eligible for loan forgiveness in 25 years at most, assuming she works for a for-profit medical employer. This is still a terrifying prospect, but at least there would be light at the end of the tunnel.

I'll probably be ~$220k in debt when I graduate, so I can't say I don't understand how she feels. I'm going to monitor my debt very closely to make sure the numbers only move in one direction. Still sobering, and I hope people read this.

nycparalegal
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Re: Just to scare us all further

Postby nycparalegal » Tue Feb 16, 2010 6:39 pm

Is it just me, or does this women seem like she used some terrible judgement. She's 41 yrs old, borrowed, and then defaulted on her loans.
Geez what the hell was she thinking?

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hoverin Ferb
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Re: Just to scare us all further

Postby hoverin Ferb » Tue Feb 16, 2010 10:48 pm

1) Every little bit (payment) helps the track record.
2) Forget the BMW, pay down the principle.

MapleM
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Re: Just to scare us all further

Postby MapleM » Wed Feb 17, 2010 4:51 am

nycparalegal wrote:Is it just me, or does this women seem like she used some terrible judgement. She's 41 yrs old, borrowed, and then defaulted on her loans.
Geez what the hell was she thinking?


She was obviously not thinking about anything.
SHE MISSED THE FINE PRINT!!

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PDaddy
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Re: Just to scare us all further

Postby PDaddy » Wed Feb 17, 2010 4:58 am

nematoad wrote:http://online.wsj.com/article/SB10001424052748703389004575033063806327030.html?KEYWORDS=student+loan


Read it already.

CordeliusX
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Re: Just to scare us all further

Postby CordeliusX » Wed Feb 17, 2010 6:15 pm

What would happen if you just declared bankrupcy right off the bat? :?

Not that I would ever want that on my record... I'm assuming you'd be kicked off the bar or something. No clue.

savesthedayajb
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Re: Just to scare us all further

Postby savesthedayajb » Wed Feb 17, 2010 6:16 pm

CordeliusX wrote:What would happen if you just declared bankrupcy right off the bat? :?

Not that I would ever want that on my record... I'm assuming you'd be kicked off the bar or something. No clue.


They dont even take away your CPA or CFP license if you go bankrupt.

CordeliusX
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Re: Just to scare us all further

Postby CordeliusX » Wed Feb 17, 2010 6:19 pm

savesthedayajb wrote:
CordeliusX wrote:What would happen if you just declared bankrupcy right off the bat? :?

Not that I would ever want that on my record... I'm assuming you'd be kicked off the bar or something. No clue.


They dont even take away your CPA or CFP license if you go bankrupt.


So then... besides issues of personal pride, morality, all those silly things... :wink: why not just declare bankrupcy, especially the half-a-million-in-debt doctor?

nycparalegal
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Re: Just to scare us all further

Postby nycparalegal » Wed Feb 17, 2010 6:22 pm

Well, I remember reading an article about a lawyer who wasn't allowed to sit for the bar because of his loans.


and then I found this:

A Texas appeals court has upheld the disbarment of a lawyer for defaulting on student loans: Texas appeals court revokes attorney's license for failing to repay student loan, other debts.

This is not an isolated decision. Some years back a Minnesota lawyer was disbarred for defaulting on student loans. In that case, the lawyer was living the high-life while stiffing the student loan administration.

In the Texas case the court's ruling stems from several chances given to the attorney. He was warned and given a provisional license on condition of paying down debts. He was given at least one extension. Ultimately, as reported by Law.com, the judges found:

that because Santulli, a Houston solo practitioner, did not adhere to a previous order requiring him to pay his debts, he lacked the trustworthiness necessary to represent clients.

03121202698008
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Re: Just to scare us all further

Postby 03121202698008 » Wed Feb 17, 2010 6:28 pm

Student debt is not dischargable in bankruptcy under normal conditions. Filing bankruptcy would do her no good as far as the $500K is concerned.

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Kiersten1985
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Re: Just to scare us all further

Postby Kiersten1985 » Wed Feb 17, 2010 6:29 pm

"Maybe half of it was my fault because I didn't look at the fine print," Dr. Bisutti says.


The difference between lawyers and doctors.

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Mr. Matlock
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Re: Just to scare us all further

Postby Mr. Matlock » Wed Feb 17, 2010 6:53 pm

Kiersten1985 wrote:
"Maybe half of it was my fault because I didn't look at the fine print," Dr. Bisutti says.


The difference between lawyers and doctors.

Also the reason some people go into the hospital for a hernia operation, and come out minus a kidney instead.

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GATORTIM
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Re: Just to scare us all further

Postby GATORTIM » Wed Feb 17, 2010 7:03 pm

I love debt

SweetnessUVA
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Re: Just to scare us all further

Postby SweetnessUVA » Wed Feb 17, 2010 7:17 pm

My favorite part:

Dr. Bisutti says she loves her work, but regrets taking out so many student loans. She admits that she made mistakes in missing payments, deferring her loans and not being completely thorough with some of the paperwork, but was surprised at how quickly the debt spiraled.

Oban
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Re: Just to scare us all further

Postby Oban » Wed Feb 17, 2010 8:27 pm

monoply monies

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mpasi
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Re: Just to scare us all further

Postby mpasi » Wed Feb 17, 2010 8:30 pm

One the many reasons I didn't bother with private or PLUS loans in undergrad. I only have Stafford and Perkins loans. I just hope that I'll be able to repay whatever loans I end up taking out for LS. Loan default = financial death.

AtticusFinch
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Re: Just to scare us all further

Postby AtticusFinch » Wed Feb 17, 2010 8:51 pm

Her first mistake was going into family practice. The low pay can make it difficult to repay $250,000. in loans. Probably a lesson that can translate into parts of the law profession. Sitting down with a loan calculator can be a sobering experience, if you've never tried it I would highly recommend it.

nycparalegal
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Re: Just to scare us all further

Postby nycparalegal » Wed Feb 17, 2010 8:59 pm

AtticusFinch wrote:Her first mistake was going into family practice. The low pay can make it difficult to repay $250,000. in loans. Probably a lesson that can translate into parts of the law profession. Sitting down with a loan calculator can be a sobering experience, if you've never tried it I would highly recommend it.


I'm pretty sure there are programs that will pay for people to go into family practice (pay for most, if not all of their med school) if they give up like 3 years of their life to work in an underprivlidge area (maybe more than 3 years?)




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