What could someone with $400k debt and no job do? Forum

[rad lulz]

k

[Hipster but Athletic]

Also you could go back to school on dat grad plus

[patogordo]

Can you make your own non-profit solo shop and just turn all profits into your salary?

as long as it's a valid 501c3

[Hipster but Athletic]

You could also get a job that's not on the books. Like mafia, bookie, drug dealer, loan shark, hit man, unregistered taxi driver, prostitute, gambler/fixer, etc.

[Hipster but Athletic]

Or if you stop being prideful, you could just ask your parents to pay for it.

[A. Nony Mouse]

Or if you stop being prideful, you could just ask your parents to pay for it.

I thought you said this shtick wasn't working for you anymore.

[patogordo]

honestly who cares if you owe $10 million (which you will, eventually, with interest). you pay 15% of your disposable income or w/e PAYE is. then in 20 years you get on a similar IRS payment plan. then you die. think of it like a child support payment. the only real loss is that your kids won't inherit anything because the gov't will repo it all. oh well.

[84651846190]

Work non-profit for 10 years, get your loans forgiven and then ... work non-profit some more? I don't know what people with 10 years of non-profit experience can do. I guess it depends on where you work. If you work for the government, maybe you could get a private sector job at some point.

yea you'll never get the stench of non profit off of you. better to just pretend you were unemployed for ten years

Obvious exaggeration, but I'm just saying that there are a shitload of government legal jobs that don't lead anywhere because there are literally no private sector corollaries for them.

[patogordo]

Work non-profit for 10 years, get your loans forgiven and then ... work non-profit some more? I don't know what people with 10 years of non-profit experience can do. I guess it depends on where you work. If you work for the government, maybe you could get a private sector job at some point.

yea you'll never get the stench of non profit off of you. better to just pretend you were unemployed for ten years

Obvious exaggeration, but I'm just saying that there are a shitload of government legal jobs that don't lead anywhere because there are literally no private sector corollaries for them.

why would you quit? You'd be making pretty good money after 10 yrs in gov.

[84651846190]

Work non-profit for 10 years, get your loans forgiven and then ... work non-profit some more? I don't know what people with 10 years of non-profit experience can do. I guess it depends on where you work. If you work for the government, maybe you could get a private sector job at some point.

yea you'll never get the stench of non profit off of you. better to just pretend you were unemployed for ten years

Obvious exaggeration, but I'm just saying that there are a shitload of government legal jobs that don't lead anywhere because there are literally no private sector corollaries for them.

why would you quit? You'd be making pretty good money after 10 yrs in gov.

fair

[Decimus]

Am I the only one thinking it? French Foreign Legion--aux armes, citoyen!

[FKASunny]

Remember that IBR/PAYE is only available for direct loans from the government, and in undergrad those loans are severely capped. The maximum, IIRC, for each year of undergrad is $12,500/year only if you're independent (24 years old or married) and much, much less (I think around $2,500 for freshman year) if you're dependent. Chances are at least $150k of this debt is from private loans that don't qualify for generous repayment programs like IBR and PAYE and were likely cosigned by the parents.

[patogordo]

ok in that case maybe foreign legion is tcr.

[Pokemon]

Just be an entrepreneur bro. Create your own startup... become the next Zuckerberg.

[BruceWayne]

Honestly working as a cop or a firefigher would be a very good idea.

This was previously an anon post for no apparent reason. Don't post anonymously for posts like this.

[BigRob]

The public service loan forgiveness program doesn't work for private loans (Grad Plus). (At least, I don't think they do.)

So only a small portion of the debt, maybe $100,000 at most, would be eligible to be forgiven.

I didn't realize income-based repayment was a thing -- but even so, you need an income first. Imagine you can't get a job (a situation I'm sure many people are in).

[Hipster but Athletic]

Since when is grad plus private?

[A. Nony Mouse]

Yeah, gradplus isn't private and it's covered by PSLF. As for no job, if you don't have any income, you don't have to make payments. Obviously that won't help you for PSLF, but it works for IBR.

[FKASunny]

Since when is grad plus private?

It's not. Grad programs, including law school, allow you to take out the full balance in direct government loans. BigRob, the difference between Grad Plus and Unsubsidized Direct Loans is just in interest rates, not who loans the money. If OP had no scholarships for law school, then around $250,000 is probably law school debt, all of which should qualify for IBR/PAYE. The rest likely isn't.

I didn't realize income-based repayment was a thing -- but even so, you need an income first. Imagine you can't get a job (a situation I'm sure many people are in).

Every law student taking out loans should know about income-based repayment plans and how they work. Not having an income (or an income below 150% of the poverty level) means that you have a monthly payment of $0/month.

[Anonymous User]

Since when is grad plus private?

It's not. Grad programs, including law school, allow you to take out the full balance in direct government loans. BigRob, the difference between Grad Plus and Unsubsidized Direct Loans is just in interest rates, not who loans the money. If OP had no scholarships for law school, then around $250,000 is probably law school debt, all of which should qualify for IBR/PAYE. The rest likely isn't.

I didn't realize income-based repayment was a thing -- but even so, you need an income first. Imagine you can't get a job (a situation I'm sure many people are in).

Every law student taking out loans should know about income-based repayment plans and how they work. Not having an income (or an income below 150% of the poverty level) means that you have a monthly payment of $0/month.

Thanks for clearing this up.
Almost had a heart attack.

[timbs4339]

I'd combine two different options ITT. First, live a life of crime preferably either as a drug dealer or bank robber- if you can make the 400K in a few months, you're good to go. If you fail, you're either (1) dead, in which case loans are discharged, (2) sentenced to prison, in which case your work in the prison kitchen will qualify for PAYE. If you're lucky, the debt will be discharged right around the time you are.

[jbagelboy]

I would actually leave the country. There are a lot of places to make a happy, productive life in the world. The USA is just one country of many. Your degrees could still be of some value.

[cinephile]

I would actually leave the country. There are a lot of places to make a happy, productive life in the world. The USA is just one country of many. Your degrees could still be of some value.

This is wishful thinking and nothing more. Any country worth living in will have barriers to getting a work visa. It's not easy. And if you intend to work under the table in a foreign country, might as well just do that here.

[09042014]

Double down. Just do paid PhD programs forever. Wrack up a couple million in debt.

[84651846190]

Seriously, it should be illegal for someone to rack up 400k in student loan debt. We need to bring back debtors' prisons as a form of deterrence.