How fast can you REALLY pay your loans? Forum

[09042014]

Honestly, I'm strongly just considering buying people's student loans and charging them stupidly low interest rates. There would be a rigorous interviewing process to ensure that I have faith that they won't default, but seems like a pretty cool way to make money, help out people and not expose them to the government's bullshit rates.

Isn't this Sofi's business model?

[exitoptions]

Honestly, I'm strongly just considering buying people's student loans and charging them stupidly low interest rates. There would be a rigorous interviewing process to ensure that I have faith that they won't default, but seems like a pretty cool way to make money, help out people and not expose them to the government's bullshit rates.

Isn't this Sofi's business model?

This may be a dumb question, but doesn't their debt become dischargeable once you (or SOFI) buy the debt? If so, I have some loans you can buy.

[Old Gregg]

Honestly, I'm strongly just considering buying people's student loans and charging them stupidly low interest rates. There would be a rigorous interviewing process to ensure that I have faith that they won't default, but seems like a pretty cool way to make money, help out people and not expose them to the government's bullshit rates.

Isn't this Sofi's business model?

It is, and you can actually be an "investor" in SoFi, but I like my idea better because it lets me have complete control on the kind of person I want to lend to and this is on a much smaller scale. This isn't meant to be a business, just a way to give back while also making guaranteed 2.4% interest with little to none active management.

[Old Gregg]

Honestly, I'm strongly just considering buying people's student loans and charging them stupidly low interest rates. There would be a rigorous interviewing process to ensure that I have faith that they won't default, but seems like a pretty cool way to make money, help out people and not expose them to the government's bullshit rates.

Isn't this Sofi's business model?

This may be a dumb question, but doesn't their debt become dischargeable once you (or SOFI) buy the debt? If so, I have some loans you can buy.

It is a dumb question because it doesn't. Either way, I'd draft the credit agreement so it doesn't.

[09042014]

Honestly, I'm strongly just considering buying people's student loans and charging them stupidly low interest rates. There would be a rigorous interviewing process to ensure that I have faith that they won't default, but seems like a pretty cool way to make money, help out people and not expose them to the government's bullshit rates.

Isn't this Sofi's business model?

It is, and you can actually be an "investor" in SoFi, but I like my idea better because it lets me have complete control on the kind of person I want to lend to and this is on a much smaller scale. This isn't meant to be a business, just a way to give back while also making guaranteed 2.4% interest with little to none active management.

Start it as a non-profit and use someone elses money.

[Old Gregg]

Honestly, I'm strongly just considering buying people's student loans and charging them stupidly low interest rates. There would be a rigorous interviewing process to ensure that I have faith that they won't default, but seems like a pretty cool way to make money, help out people and not expose them to the government's bullshit rates.

Isn't this Sofi's business model?

It is, and you can actually be an "investor" in SoFi, but I like my idea better because it lets me have complete control on the kind of person I want to lend to and this is on a much smaller scale. This isn't meant to be a business, just a way to give back while also making guaranteed 2.4% interest with little to none active management.

Start it as a non-profit and use someone elses money.

And instead of categorizing the 2.3-2.4% interest as profit, I characterize it as administrative expenses (i.e., my salary as CEO of the nonprofit)? Hmmm.

[exitoptions]

It is a dumb question because it doesn't. Either way, I'd draft the credit agreement so it doesn't.

Generally you can't draft around the code, but I suppose if you treat it as an assignment of the loan, you would retain the same protections the original creditor had.

[Old Gregg]

It is a dumb question because it doesn't. Either way, I'd draft the credit agreement so it doesn't.

Generally you can't draft around the code, but I suppose if you treat it as an assignment of the loan, you would retain the same protections the original creditor had.

Yes, I know you can't draft an illegal contract. Look, SoFi is a private for-profit entity, and if their student loan refinancing are not dischargeable in bankruptcy, then the loan I make can have that feature too. And I know for a fact SoFi doesn't just assign the loan. There's full payoff.

[09042014]

Isn't this Sofi's business model?

It is, and you can actually be an "investor" in SoFi, but I like my idea better because it lets me have complete control on the kind of person I want to lend to and this is on a much smaller scale. This isn't meant to be a business, just a way to give back while also making guaranteed 2.4% interest with little to none active management.

Start it as a non-profit and use someone elses money.

And instead of categorizing the 2.3-2.4% interest as profit, I characterize it as administrative expenses (i.e., my salary as CEO of the nonprofit)? Hmmm.

I bet YC would be interested in that.

[Old Gregg]

I bet YC would be interested in that.

You're trolling me. No, they wouldn't.

And I'm envisioning something more boutique. Really, I'd just go to my old law school, the top two law schools, top three b schools and top 15 med schools and interview people. I'd come away with hopefully 4 to 5 borrowers that I know won't default. At $200k in debt and 2.3%-2.4% interest, I'm looking at around $2000 per month in interest alone. Times 5 I'm looking at $10k a month. (this also includes accrued interest)

I don't even have to be a lawyer.

Edit: my math is probably way off. that's why I'm a lawyer but jusssaying.

[09042014]

I bet YC would be interested in that.

You're trolling me. No, they wouldn't.

And I'm envisioning something more boutique. Really, I'd just go to my old law school, the top two law schools, top three b schools and top 15 med schools and interview people. I'd come away with hopefully 4 to 5 borrowers that I know won't default. At $200k in debt and 2.3%-2.4% interest, I'm looking at around $2000 per month in interest alone. Times 5 I'm looking at $10k a month. (this also includes accrued interest)

I don't even have to be a lawyer.

Edit: my math is probably way off. that's why I'm a lawyer but jusssaying.

I think it would seriously be hard to pick people who won't default.

[Old Gregg]

I bet YC would be interested in that.

You're trolling me. No, they wouldn't.

And I'm envisioning something more boutique. Really, I'd just go to my old law school, the top two law schools, top three b schools and top 15 med schools and interview people. I'd come away with hopefully 4 to 5 borrowers that I know won't default. At $200k in debt and 2.3%-2.4% interest, I'm looking at around $2000 per month in interest alone. Times 5 I'm looking at $10k a month. (this also includes accrued interest)

I don't even have to be a lawyer.

Edit: my math is probably way off. that's why I'm a lawyer but jusssaying.

I think it would seriously be hard to pick people who won't default.

Really?

Go to Yale Law School, do a credit check, interview the dude and then decide. This isn't your typical borrower. Same with GSB borrowers. Same with the dude who goes to JHU med.

You're talking about the brightest of the brightest and, hopefully after interviewing them, you can weed out the laziest of the brightest. So long as the bro doesn't have a job lined up at WLRK, BSF, etc., it's a win win for both of you.

[09042014]

I bet YC would be interested in that.

You're trolling me. No, they wouldn't.

And I'm envisioning something more boutique. Really, I'd just go to my old law school, the top two law schools, top three b schools and top 15 med schools and interview people. I'd come away with hopefully 4 to 5 borrowers that I know won't default. At $200k in debt and 2.3%-2.4% interest, I'm looking at around $2000 per month in interest alone. Times 5 I'm looking at $10k a month. (this also includes accrued interest)

I don't even have to be a lawyer.

Edit: my math is probably way off. that's why I'm a lawyer but jusssaying.

I think it would seriously be hard to pick people who won't default.

Really?

Go to Yale Law School, do a credit check, interview the dude and then decide. This isn't your typical borrower. Same with GSB borrowers. Same with the dude who goes to JHU med.

You're talking about the brightest of the brightest and, hopefully after interviewing them, you can weed out the laziest of the brightest. So long as the bro doesn't have a job lined up at WLRK, BSF, etc., it's a win win for both of you.

I think you risk them going off and doing something Yalish going public interest.

Though, with a low enough interest rate and a long enough term, it's probably fine.

[exitoptions]

I think you risk them going off and doing something Yalish going public interest.

Though, with a low enough interest rate and a long enough term, it's probably fine.

The real problem is if one of them dies or becomes disabled. You should require a physical.

[Elston Gunn]

Really?

Go to Yale Law School, do a credit check, interview the dude and then decide. This isn't your typical borrower. Same with GSB borrowers. Same with the dude who goes to JHU med.

You're talking about the brightest of the brightest and, hopefully after interviewing them, you can weed out the laziest of the brightest. So long as the bro doesn't have a job lined up at WLRK, BSF, etc., it's a win win for both of you.

I think you risk them going off and doing something Yalish going public interest.

Though, with a low enough interest rate and a long enough term, it's probably fine.

You can buy my debt at 2.3% interest, and I promise never to do anything more Yalish than maybe Fedgov. Hand to heart.

[NYSprague]

Honestly, I'm strongly just considering buying people's student loans and charging them stupidly low interest rates. There would be a rigorous interviewing process to ensure that I have faith that they won't default, but seems like a pretty cool way to make money, help out people and not expose them to the government's bullshit rates.

Isn't this Sofi's business model?

This may be a dumb question, but doesn't their debt become dischargeable once you (or SOFI) buy the debt? If so, I have some loans you can buy.

It is a dumb question because it doesn't. Either way, I'd draft the credit agreement so it doesn't.

You think you can draft a note that circumvents the bankruptcy laws? I would like to see this. It is probably important to review and understand the sofi terms before you refinance.

[exitoptions]

You think you can draft a note that circumvents the bankruptcy laws? I would like to see this. It is probably important to review and understand the sofi terms before you refinance.

I checked. The code specifically says refinanced student loans are also not dischargable.

[FloridaCoastalorbust]

It's pretty easy to spend 2k a month on food and booze. Go out drinking one night every week, and buy 1-2 bottles of wine ($100), go out to a nice dinner one night every week with your girlfriend ($100). Get take out for dinner twice a week ($80). Get lunch out 4 times a week ($50). Buy groceries once a week ($200). That's $530/week, or about $2100/month.

Charles Shaw wine - $2.50/bottle at the Trader Joe's in Foggy Bottom, brah

[09042014]

It's pretty easy to spend 2k a month on food and booze. Go out drinking one night every week, and buy 1-2 bottles of wine ($100), go out to a nice dinner one night every week with your girlfriend ($100). Get take out for dinner twice a week ($80). Get lunch out 4 times a week ($50). Buy groceries once a week ($200). That's $530/week, or about $2100/month.

Charles Shaw wine - $2.50/bottle at the Trader Joe's in Foggy Bottom, brah

You can't get a good pinot noir under 15. Under 20 is hard.

[Old Gregg]

You think you can draft a note that circumvents the bankruptcy laws? I would like to see this. It is probably important to review and understand the sofi terms before you refinance.

I checked. The code specifically says refinanced student loans are also not dischargable.

Thank you. Too many people ITT think their A- in bankruptcy is worth a damn.

[jd20132013]

You guys are throwing around a lot of terms like SOFI and IBR. I've been googling them so I have kind of an idea what they *are* but how did you guys determine what was best for your situation?

I admit that I'm not very financially literate and was thinking I might be best served going to a financial advisor or the like...anyone do that?

[Old Gregg]

You guys are throwing around a lot of terms like SOFI and IBR. I've been googling them so I have kind of an idea what they *are* but how did you guys determine what was best for your situation?

I admit that I'm not very financially literate and was thinking I might be best served going to a financial advisor or the like...anyone do that?

It's not hard to learn. Maybe take an hour a week to figure it out and pocket all the bullshit you'd give to an FA.

[2014]

It's pretty easy to spend 2k a month on food and booze. Go out drinking one night every week, and buy 1-2 bottles of wine ($100), go out to a nice dinner one night every week with your girlfriend ($100). Get take out for dinner twice a week ($80). Get lunch out 4 times a week ($50). Buy groceries once a week ($200). That's $530/week, or about $2100/month.

Charles Shaw wine - $2.50/bottle at the Trader Joe's in Foggy Bottom, brah

You can't get a good pinot noir under 15. Under 20 is hard.

No wai. There was some study that popped up in the lounge saying price and enjoyment of wine are pretty strongly negatively correlated in blind taste tests.

[09042014]

It's pretty easy to spend 2k a month on food and booze. Go out drinking one night every week, and buy 1-2 bottles of wine ($100), go out to a nice dinner one night every week with your girlfriend ($100). Get take out for dinner twice a week ($80). Get lunch out 4 times a week ($50). Buy groceries once a week ($200). That's $530/week, or about $2100/month.

Charles Shaw wine - $2.50/bottle at the Trader Joe's in Foggy Bottom, brah

You can't get a good pinot noir under 15. Under 20 is hard.

No wai. There was some study that popped up in the lounge saying price and enjoyment of wine are pretty strongly negatively correlated in blind taste tests.

I drink mostly cheap wine but this isn't as true as many claim. Sure a 100 dollar wine is probably no better than a 25 dollar wine. But with Pinot noir cheap stuff is like gasoline.

But really it just means I have to pick a new whine. I got some good cotes de rhone for 10.

[rayiner]

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