Just to scare us all further Forum

[nematoad]

http://online.wsj.com/article/SB1000142 ... udent+loan

[The Zeppelin]

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

[underachiever]

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]

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

[shanejamin]

http://catandgirl.com/?p=541

[adameus]

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

[nematoad]

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

"residency is sweatshop labor for minimum wage"

[OperaSoprano]

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]

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?

[hoverin Ferb]

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

[MapleM]

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!!

[PDaddy]

http://online.wsj.com/article/SB1000142 ... udent+loan

Read it already.

[CordeliusX]

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]

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]

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... why not just declare bankrupcy, especially the half-a-million-in-debt doctor?

[nycparalegal]

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]

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

[Kiersten1985]

"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.

[Mr. Matlock]

"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.

[GATORTIM]

I love debt

[SweetnessUVA]

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]

monoply monies

[mpasi]

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]

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]

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?)