Just to scare us all further
Posted: Tue Feb 16, 2010 6:27 pm
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Re: Just to scare us all further
Posted: Tue Feb 16, 2010 6:31 pm
Ha, I read this earlier today. Way to make poor decisions, Doctor.
Re: Just to scare us all further
Posted: 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.
...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.
Re: Just to scare us all further
Posted: Tue Feb 16, 2010 6:34 pm
sucks for doctors b/c residency is sweatshop labor for minimum wage.
Re: Just to scare us all further
Posted: Tue Feb 16, 2010 6:35 pm
seems like she should have made the payments....
Re: Just to scare us all further
Posted: Tue Feb 16, 2010 6:36 pm
"residency is sweatshop labor for minimum wage"adameus wrote:seems like she should have made the payments....
Re: Just to scare us all further
Posted: 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.
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.
Re: Just to scare us all further
Posted: 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?
Geez what the hell was she thinking?
Re: Just to scare us all further
Posted: Tue Feb 16, 2010 10:48 pm
1) Every little bit (payment) helps the track record.
2) Forget the BMW, pay down the principle.
2) Forget the BMW, pay down the principle.
Re: Just to scare us all further
Posted: Wed Feb 17, 2010 4:51 am
She was obviously not thinking about anything.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 MISSED THE FINE PRINT!!
Re: Just to scare us all further
Posted: Wed Feb 17, 2010 4:58 am
Read it already.nematoad wrote:http://online.wsj.com/article/SB1000142 ... udent+loan
Re: Just to scare us all further
Posted: 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.
Not that I would ever want that on my record... I'm assuming you'd be kicked off the bar or something. No clue.
Re: Just to scare us all further
Posted: Wed Feb 17, 2010 6:16 pm
They dont even take away your CPA or CFP license if you go bankrupt.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.
Re: Just to scare us all further
Posted: Wed Feb 17, 2010 6:19 pm
So then... besides issues of personal pride, morality, all those silly things...savesthedayajb wrote:They dont even take away your CPA or CFP license if you go bankrupt.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.
why not just declare bankrupcy, especially the half-a-million-in-debt doctor?Re: Just to scare us all further
Posted: 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:
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.
Re: Just to scare us all further
Posted: 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.
Re: Just to scare us all further
Posted: Wed Feb 17, 2010 6:29 pm
The difference between lawyers and doctors."Maybe half of it was my fault because I didn't look at the fine print," Dr. Bisutti says.
Re: Just to scare us all further
Posted: Wed Feb 17, 2010 6:53 pm
Also the reason some people go into the hospital for a hernia operation, and come out minus a kidney instead.Kiersten1985 wrote:The difference between lawyers and doctors."Maybe half of it was my fault because I didn't look at the fine print," Dr. Bisutti says.
Re: Just to scare us all further
Posted: Wed Feb 17, 2010 7:03 pm
I love debt
Re: Just to scare us all further
Posted: 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.
Re: Just to scare us all further
Posted: Wed Feb 17, 2010 8:27 pm
monoply monies
Re: Just to scare us all further
Posted: 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.
Re: Just to scare us all further
Posted: 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.
Re: Just to scare us all further
Posted: Wed Feb 17, 2010 8:59 pm
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?)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.