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

Anonymous User · Post by **Anonymous User** » Tue Mar 04, 2014 5:02 am

Undergrad & law school, plus living expenses - $400,000.00 in non-dischargable debt, and no income.

Dafuq is a person in that situation supposed to do? Become homeless? Flee the country?

androstan · Post by **androstan** » Tue Mar 04, 2014 8:27 am

ibr/paye or w/e it's called for 20 years

Anonymous User · Post by **Anonymous User** » Tue Mar 04, 2014 9:23 am

Is 400k in educational loans even possible? It should be criminal to loan that much to a student.

BeenDidThat · Post by **BeenDidThat** » Tue Mar 04, 2014 9:47 am

Anonymous User wrote:Undergrad & law school, plus living expenses - $400,000.00 in non-dischargable debt, and no income.

Dafuq is a person in that situation supposed to do? Become homeless? Flee the country?

Work with no hope of paying off debt in lifetime. Or starve.

PrideandGlory1776 · Post by **PrideandGlory1776** » Tue Mar 04, 2014 10:14 am

Find a public interest job and work there for 10 years and get PSLF. This option is not only incredibly amazing but with 400k debt there's no tax bomb like PAYE so it's really the only option.

mephistopheles · Post by **mephistopheles** » Tue Mar 04, 2014 12:08 pm

take out a solid bit in loans, buy plane ticket to non extradition country, go there and live modestly re: publicity, profit

i had this plan set in case i bombed 1l

brotherdarkness · Post by **brotherdarkness** » Tue Mar 04, 2014 12:19 pm

Hipster but Athletic · Post by **Hipster but Athletic** » Tue Mar 04, 2014 12:27 pm

Probably bankruptcy at that point?

patogordo · Post by **patogordo** » Tue Mar 04, 2014 12:29 pm

no job = $0 IBR/PAYE payment right? so i guess you don't do anything but accumulate interest.

anyriotgirl · Post by **anyriotgirl** » Tue Mar 04, 2014 12:32 pm

Fake your own death and start over.

northwood · Post by **northwood** » Tue Mar 04, 2014 12:32 pm

work in a non-profit.....

does this figure take into account interest, or is it simply the total amount borrowed before taking into consideration interes??

yeslekkkk · Post by **yeslekkkk** » Tue Mar 04, 2014 12:35 pm

I love how the answers are work in a non-profit or flee.

You could become a public teacher. That qualifies for loan forgiveness after 10 years, right?

mephistopheles · Post by **mephistopheles** » Tue Mar 04, 2014 12:35 pm

brotherdarkness wrote:
mephistopheles wrote:take out a solid bit in loans, buy plane ticket to non extradition country, go there and live modestly re: publicity, profit

i had this plan set in case i bombed 1l
TITCR. The only catch is that if your parents co-signed any of your loans, you're effectively passing the burden to them. If they haven't, take out as much as you can and hop on a plane.

fuck em, tho

damn boomers

anyriotgirl · Post by **anyriotgirl** » Tue Mar 04, 2014 12:37 pm

yeslekkkk wrote:I love how the answers are work in a non-profit or flee.

You could become a public teacher. That qualifies for loan forgiveness after 10 years, right?

this is just a more specific way of saying "work at a non profit"

Hipster but Athletic · Post by **Hipster but Athletic** » Tue Mar 04, 2014 12:49 pm

Hipster but Athletic wrote:Probably bankruptcy at that point?

Why is this not TCR? 400k must qualify for undue hardship

patogordo · Post by **patogordo** » Tue Mar 04, 2014 12:51 pm

is it hardship if there are repayment programs that allow you to pay based on income? just curious; i know nothing about bk

anyriotgirl · Post by **anyriotgirl** » Tue Mar 04, 2014 12:53 pm

Hipster but Athletic wrote:
Hipster but Athletic wrote:Probably bankruptcy at that point?
Why is this not TCR? 400k must qualify for undue hardship

Undue hardship for student loans is like, you were in a car crash and are now a quadriplegic and will never be able to hold a job. You have to be actually destitute with no hope of ever recovering, not just unemployed with a ridiculous balance.

Hipster but Athletic · Post by **Hipster but Athletic** » Tue Mar 04, 2014 12:55 pm

anyriotgirl wrote:
Hipster but Athletic wrote:
Hipster but Athletic wrote:Probably bankruptcy at that point?
Why is this not TCR? 400k must qualify for undue hardship
Undue hardship for student loans is like, you were in a car crash and are now a quadriplegic and will never be able to hold a job. You have to be actually destitute with no hope of ever recovering, not just unemployed with a ridiculous balance.

Is this true? Could you cite a case where it was denied?

brotherdarkness · Post by **brotherdarkness** » Tue Mar 04, 2014 12:56 pm

cinephile · Post by **cinephile** » Tue Mar 04, 2014 12:57 pm

PrideandGlory1776 wrote:Find a public interest job and work there for 10 years and get PSLF. This option is not only incredibly amazing but with 400k debt there's no tax bomb like PAYE so it's really the only option.

This is the only realistic option.

If you can't find a decent job like a PI lawyer or school teacher or whatever, anything working for the government will work. Like driving a school bus. Or being a janitor (so long as you are employed by the government and that work isn't contracted out).

anyriotgirl · Post by **anyriotgirl** » Tue Mar 04, 2014 1:01 pm

Hipster but Athletic wrote:
anyriotgirl wrote:
Hipster but Athletic wrote:
Hipster but Athletic wrote:Probably bankruptcy at that point?
Why is this not TCR? 400k must qualify for undue hardship
Undue hardship for student loans is like, you were in a car crash and are now a quadriplegic and will never be able to hold a job. You have to be actually destitute with no hope of ever recovering, not just unemployed with a ridiculous balance.
Is this true? Could you cite a case where it was denied?

http://www.huffingtonpost.com/brad-reid ... 15606.html

http://about.bloomberglaw.com/law-repor ... discharge/

transferror · Post by **transferror** » Tue Mar 04, 2014 1:03 pm

brotherdarkness wrote:
anyriotgirl wrote:
Hipster but Athletic wrote:
Hipster but Athletic wrote:Probably bankruptcy at that point?
Why is this not TCR? 400k must qualify for undue hardship
Undue hardship for student loans is like, you were in a car crash and are now a quadriplegic and will never be able to hold a job. You have to be actually destitute with no hope of ever recovering, not just unemployed with a ridiculous balance.
Correct. Most courts use the Brunner test, which requires a showing that 1) the debtor cannot maintain, based on current income and expenses, a “minimal” standard of living for the debtor and the debtor’s dependents if forced to repay the student loans; 2) additional circumstances exist indicating that this state of affairs is likely to persist for a significant portion of the repayment period of the student loans; and 3) the debtor has made good faith efforts to repay the loans. (Brunner v. New York State Higher Educ. Servs. Corp., 831 F. 2d 395 (2d Cir. 1987)).

With IBR/PAYE, the first prong is probably going to be very difficult to satisfy.

I'm gonna need pin cites

84651846190 · Post by **84651846190** » Tue Mar 04, 2014 2:00 pm

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.

Hipster but Athletic · Post by **Hipster but Athletic** » Tue Mar 04, 2014 2:05 pm

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

patogordo · Post by **patogordo** » Tue Mar 04, 2014 2:06 pm

Biglaw_Associate_V20 wrote: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

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