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Posted: 7/29/2014 5:55:37 PM EDT
[#1]
Why burn up their retirement? Make the minimum payments.
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Posted: 7/29/2014 5:56:35 PM EDT
[#2]
Quote HistoryQuoted: Can't discharge student loan debt Quote HistoryQuoted: Quoted: Would have filed bankruptcy before wasting 200k on nothing. Can't discharge student loan debt I'm curious what is going to happen when these people find themselves so far in debt compared to the jobs available that they don't even see any point in working.
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Posted: 7/29/2014 5:57:57 PM EDT
[#3]
Actions have consequences. Too bad she crossed the Styx and left her parents with grandkids and a huge loan.
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Posted: 7/29/2014 5:58:20 PM EDT
[#4]
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What school? Just looked up Pitt and Dental tuition is 41,500 per year. Quote HistoryQuoted:
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Dental school is about $400K right now  What school? Just looked up Pitt and Dental tuition is 41,500 per year. That is just tuition. Throw in living expenses, books, dental/lab supplies, BS Univ fees, etc and you can get to $300-400K quick |
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Posted: 7/29/2014 6:00:32 PM EDT
[#5]
Quote HistoryQuoted:
I'm curious what is going to happen when these people find themselves so far in debt compared to the jobs available that they don't even see any point in working. Quote HistoryQuoted:
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Would have filed bankruptcy before wasting 200k on nothing. Can't discharge student loan debt I'm curious what is going to happen when these people find themselves so far in debt compared to the jobs available that they don't even see any point in working. Occupy wall street is what I think they called it. |
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Posted: 7/29/2014 6:01:32 PM EDT
[#6]
Quote HistoryQuoted:
See my post above. Quote HistoryQuoted:
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Would have filed bankruptcy before wasting 200k on nothing. Q. What do you know about dischargeability of student loan debt in bankruptcy? A. Jack shit. Boy you are a real sweetheart. If you can prove undue hardship you can discharge student loans but it is not the standard. See my post above. Didn't the article state that they had the means to pay via liquidation of $200,000 of their retirement funds? And that 1/2 the total amount they eventually had to pay was due to penalties and interest incurred while they were trying to avoid paying for 7 years? "Originally for $100,000, the total due increased to $200,000 due to late fees and a hefty 12% interest rate." |
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Posted: 7/29/2014 6:28:43 PM EDT
[#7]
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I have a grandmother inlaw that paid off her deceased sons debt for the sole reason that she did not want him to have bad credit. It was sad to see her do it. But she would have it no other way. I hate to sound ignorant, but how can a dead person have a credit rating? |
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Posted: 7/29/2014 6:55:18 PM EDT
[#8]
nvm, ............
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Posted: 7/29/2014 6:56:30 PM EDT
[#9]
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Life insurance. Always check that option when doing the loan paperwork, just for such situations. |
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Posted: 7/29/2014 7:05:49 PM EDT
[#10]
Quote HistoryQuoted: There's a difference between RN and BSN....and its California. I'm sure it was expensive. Quote HistoryQuoted: Quoted: Quoted: 100K for nursing school is crazy to start with My wife's BSN will wind up costing about $25K total. And that's including 2-3 semesters of prerequisite classes she had to take. |
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Posted: 7/29/2014 7:59:00 PM EDT
[#11]
Quote HistoryQuoted:
I hate to sound ignorant, but how can a dead person have a credit rating? Quote HistoryQuoted:
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I have a grandmother inlaw that paid off her deceased sons debt for the sole reason that she did not want him to have bad credit. It was sad to see her do it. But she would have it no other way. I hate to sound ignorant, but how can a dead person have a credit rating? These sort of things carry over in to the afterlife. |
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Posted: 7/29/2014 7:59:58 PM EDT
[#12]
Quote HistoryQuoted: Sadly they did co-sign the loan. That is indeed sad. |
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Posted: 7/29/2014 8:02:19 PM EDT
[#13]
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This is why you should always buy life insurance if you are guarantor on a loan. (If you can afford it there are all sorts of custom policies that can cover disability, etc as well) #lifelesson Yup. My folks still have their policy on me for this very reason. |
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Posted: 7/29/2014 8:04:22 PM EDT
[#14]
Lesson:
1. Never co-sign a loan. 2. Buy term life insurance if you are going to stick someone with a student loan pay off. |
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Posted: 7/29/2014 8:13:27 PM EDT
[#15]
Yeah uh, it's a well known fact that the dead need a good credit rating. The afterlife is very expensive.
Quote HistoryQuoted:
I have a grandmother inlaw that paid off her deceased sons debt for the sole reason that she did not want him to have bad credit. It was sad to see her do it. But she would have it no other way. |
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Posted: 7/29/2014 8:13:38 PM EDT
[#16]
ZFG
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Posted: 7/29/2014 8:14:04 PM EDT
[#17]
They are working on Dave Ramsey's financial plan.
Quote HistoryQuoted:
Why burn up their retirement? Make the minimum payments. |
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Posted: 7/29/2014 8:14:18 PM EDT
[#18]
Quote HistoryQuoted:
I hate to sound ignorant, but how can a dead person have a credit rating? Quote HistoryQuoted:
Quoted:
I have a grandmother inlaw that paid off her deceased sons debt for the sole reason that she did not want him to have bad credit. It was sad to see her do it. But she would have it no other way. I hate to sound ignorant, but how can a dead person have a credit rating? After you die, your credit score goes on. Emergency Room Doctors and EMT's responding to grisly accidents have actually SEEN it leave the body. But if you masterbate or look at some other dude's wife or are Catholic, you go to hell. |
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Posted: 7/29/2014 8:14:55 PM EDT
[#19]
Quote HistoryQuoted:
These sort of things carry over in to the afterlife. Quote HistoryQuoted:
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I have a grandmother inlaw that paid off her deceased sons debt for the sole reason that she did not want him to have bad credit. It was sad to see her do it. But she would have it no other way. I hate to sound ignorant, but how can a dead person have a credit rating? These sort of things carry over in to the afterlife. They will repossess your fucking burial plot with you in it! |
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Posted: 7/29/2014 8:15:20 PM EDT
[#20]
Quote HistoryQuoted:
They are working on Dave Ramsey's financial plan. Quote HistoryQuoted:
They are working on Dave Ramsey's financial plan. Quoted:
Why burn up their retirement? Make the minimum payments. LOL |
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Posted: 7/29/2014 8:16:46 PM EDT
[#21]
200K for nursing school? My best friend in high school is a dermatologist and graduated just over 100K in debt. My wife's little beauty pageant queen just graduated nursing school with no debt, just worked her way through?
That sucks for the couple but how many farking classes did that kid take? |
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Posted: 7/29/2014 8:19:16 PM EDT
[#22]
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That's how cosigning works. This. Also, what is the most common reason for liver failure in 20-something females? |
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Posted: 7/29/2014 8:31:41 PM EDT
[#23]
Quote HistoryQuoted:
I'm curious what is going to happen when these people find themselves so far in debt compared to the jobs available that they don't even see any point in working. Quote HistoryQuoted:
Quoted:
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Would have filed bankruptcy before wasting 200k on nothing. Can't discharge student loan debt I'm curious what is going to happen when these people find themselves so far in debt compared to the jobs available that they don't even see any point in working. Ding ding ding...... But also consider that student loans are essentially zero risk for banks. Jut think about it. Government guaranteed, can't be discharged in bankruptcy, can garnish wages, take tax returns, pull savings accounts..... No risk and guaranteed return??? Now that's a fucking business model right? 
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Posted: 7/29/2014 9:06:23 PM EDT
[#24]
Quote HistoryQuoted: That's how cosigning works. |
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Posted: 7/29/2014 9:10:30 PM EDT
[#25]
Quote HistoryQuoted:
It's a very sad occurrence but they did co-sign the loan. and not get life insurance. |
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Posted: 7/29/2014 9:13:35 PM EDT
[#26]
Quote HistoryQuoted:
sounds like people who are cosigners on large loans should consider life insurance on the other party Word. |
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Posted: 7/29/2014 9:20:21 PM EDT
[#27]
Quote HistoryQuoted:
Yep. I feel sorry for anybody trying to attend professional school right now. I think I graduated from dental school with $70K in debt Quote HistoryQuoted:
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Dental school is about $400K right now Yep. I feel sorry for anybody trying to attend professional school right now. I think I graduated from dental school with $70K in debt 48k here, 20 yrs ago 
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Posted: 7/29/2014 9:22:19 PM EDT
[#28]
Go to a trade school, become a plumber.
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Posted: 7/29/2014 9:23:22 PM EDT
[#29]
Quote HistoryQuoted:
What school? Just looked up Pitt and Dental tuition is 41,500 per year. Quote HistoryQuoted:
Quoted:
Dental school is about $400K right now What school? Just looked up Pitt and Dental tuition is 41,500 per year. Add tuition, cost of living, apartment rental, out of state tuition, it adds up. Even 20yrs ago, I had classmates with 150K debts at the end. |
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Posted: 7/29/2014 9:28:08 PM EDT
[#30]
Quote HistoryQuoted:
Add tuition, cost of living, apartment rental, out of state tuition, it adds up. Even 20yrs ago, I had classmates with 150K debts at the end. Quote HistoryQuoted:
Quoted:
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Dental school is about $400K right now What school? Just looked up Pitt and Dental tuition is 41,500 per year. Add tuition, cost of living, apartment rental, out of state tuition, it adds up. Even 20yrs ago, I had classmates with 150K debts at the end. I finished with about 350k in student loans when all was said and done. From what I've read it costs some students well over 400k to attend dental school these days. Oh and there are cases when student loan debt can be discharged or forgiven. https://studentaid.ed.gov/repay-loans/forgiveness-cancellation If you have a cosigner things may change a bit. |
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Posted: 7/29/2014 9:39:23 PM EDT
[#31]
Quote HistoryQuoted:
I finished with about 350k in student loans when all was said and done. From what I've read it costs some students well over 400k to attend dental school these days. Oh and there are cases when student loan debt can be discharged or forgiven. https://studentaid.ed.gov/repay-loans/forgiveness-cancellation If you have a cosigner things may change a bit. Quote HistoryQuoted:
Quoted:
Quoted:
Quoted:
Dental school is about $400K right now What school? Just looked up Pitt and Dental tuition is 41,500 per year. Add tuition, cost of living, apartment rental, out of state tuition, it adds up. Even 20yrs ago, I had classmates with 150K debts at the end. I finished with about 350k in student loans when all was said and done. From what I've read it costs some students well over 400k to attend dental school these days. Oh and there are cases when student loan debt can be discharged or forgiven. https://studentaid.ed.gov/repay-loans/forgiveness-cancellation If you have a cosigner things may change a bit. I sure hope you are making some money now. You are a dentist also? |
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Posted: 7/29/2014 9:41:31 PM EDT
[#32]
She had three kids-- where is the father (or fathers)? Are they paying child support to the grandparents?
The only way to go from $100K in 2007 to $200K debt today @ 12% interest is by paying almost ZERO the whole time. If they had been paying all along as they had agreed to, they would owe less than $100K today. Even student loan debt can be discharged in bankruptcy if you can demonstrate enough poverty & you have made a good faith effort to pay the loans. They both have jobs but apparently insist that "any extra money" is spend on the children. I think I see a pattern here... If they weasel out of paying the money, I bet they sign up for more student loans for their 3 grandchildren... and fight tooth and nail to skip out on those as well. |
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Posted: 7/29/2014 9:42:22 PM EDT
[#33]
no fucks given.
DO NOT COSIGN LOANS!!!! |
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Posted: 7/29/2014 9:55:58 PM EDT
[#34]
If I co-signed a family members loan I think I would expect some life insurance to be in place in case they died and stuck me with the bill for loans
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Posted: 7/29/2014 10:05:59 PM EDT
[#35]
Quote HistoryQuoted: That's how cosigning works. I signed my own school loans, to not screw over my wife if I get hit by a bus or something  |
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Posted: 7/29/2014 10:07:16 PM EDT
[#36]
Quote HistoryQuoted:
Can't discharge student loan debt Quote HistoryQuoted:
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Would have filed bankruptcy before wasting 200k on nothing. Can't discharge student loan debt Given the amount of the debt, and the way it was attained, as well as the career field that the cosigners had, they would have likely passed the Brunner test. Conversely, they would have been allowed to file Chapter 13. |
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Posted: 7/29/2014 10:10:40 PM EDT
[#37]
Quote HistoryQuoted:
There's a difference between RN and BSN....and its California. I'm sure it was expensive. Quote HistoryQuoted:
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100K for nursing school is crazy to start with Agreed. I know a woman who got an RN license after 2 years at a local junior college for less the 10K There's a difference between RN and BSN....and its California. I'm sure it was expensive. It was only 20K for a BSN at a Private University (read more expensive)..Although only half in loans. Full loan was $50k, I believe. |
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Posted: 7/29/2014 10:14:13 PM EDT
[#38]
Quote HistoryQuoted:
Some programs won't allow you to have a job...especially a job that would pay actual bills. Many programs are strictly regulated and planned for you. It's not like a typical program where you can string out semesters or get anything less than a C B. I can repeat one NO course....once. After that, I get booted. And it puts you a semester behind because when you're repeating that course, you're not allowed to take any others. Sometimes student loans are a necessary evil. Quote HistoryQuoted:
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Why didn't she just get a job and work her way through school? That's only 50k a year she'd have to come up with after taxes and living expenses. Some programs won't allow you to have a job...especially a job that would pay actual bills. Many programs are strictly regulated and planned for you. It's not like a typical program where you can string out semesters or get anything less than a C B. I can repeat one NO course....once. After that, I get booted. And it puts you a semester behind because when you're repeating that course, you're not allowed to take any others. Sometimes student loans are a necessary evil. Fixed for you, me.
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Posted: 7/29/2014 10:15:47 PM EDT
[#39]
Quote HistoryQuoted:
I sure hope you are making some money now. You are a dentist also? Quote HistoryQuoted:
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Dental school is about $400K right now What school? Just looked up Pitt and Dental tuition is 41,500 per year. Add tuition, cost of living, apartment rental, out of state tuition, it adds up. Even 20yrs ago, I had classmates with 150K debts at the end. I finished with about 350k in student loans when all was said and done. From what I've read it costs some students well over 400k to attend dental school these days. Oh and there are cases when student loan debt can be discharged or forgiven. https://studentaid.ed.gov/repay-loans/forgiveness-cancellation If you have a cosigner things may change a bit. I sure hope you are making some money now. You are a dentist also? Yes I am. I've been in private practice for four years now. While I may not be banking like a lot of people believe dentists do, I'm not worried about being able to repay my loans. |
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Posted: 7/30/2014 1:20:54 AM EDT
[#40]
Colleges are the biggest money sucking instrument ever invented. They make old robber baron capitalist look like saints.
So the woman had three kids and no husband? What could possibly go wrong with cosigning a loan for her? She has obviously demonstrated in incredible amount of personal responsibility in the past. |
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Posted: 7/30/2014 1:22:32 AM EDT
[#41]
Quote HistoryQuoted:
Dental school is about $400K right now That's fucking ridiculous. |
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Posted: 7/30/2014 1:22:58 AM EDT
[#42]
Quote HistoryQuoted:
Life insurance. This. That's why it exists. To invest that kind of money in human capital, and then not insure it, is simply irresponsible. |
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Posted: 7/30/2014 1:55:34 AM EDT
[#43]
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Yep. Would have been cheap as shit for a 27 year old. Quote HistoryQuoted:
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Life insurance. Yep. Would have been cheap as shit for a 27 year old. I'm 30 with half a million in coverage and it runs me $33/mo. |
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Posted: 7/30/2014 1:56:26 AM EDT
[#44]
Quote HistoryQuoted:
Why didn't she just get a job and work her way through school? That's only 50k a year she'd have to come up with after taxes and living expenses. That's a joke right? |
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Posted: 7/30/2014 1:57:01 AM EDT
[#45]
Quote HistoryQuoted:
It sucks but that is what they signed on for. As a previous poster has said, life insurance would have been very cheap. But who wants to buy life insurance for their kid? Quote HistoryQuoted:
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That's how cosigning works. It sucks but that is what they signed on for. As a previous poster has said, life insurance would have been very cheap. But who wants to buy life insurance for their kid? Their kid was an adult, if she were a responsible adult she would have had it on herself. |
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Posted: 7/30/2014 1:57:09 AM EDT
[#46]
Never co sign with anybody. I ain't going down on your rap, dog
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Posted: 7/30/2014 2:23:09 AM EDT
[#47]
Whole family seems like a parfait of shitty decisions.
Liver failure, at her age? ETA: spelling |
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Posted: 7/30/2014 2:32:07 AM EDT
[#48]
Glad to see someone actually taking responsibility and paying their bills / just debts. This reinforces my belief that not everyone should go to college AND those that do need to pay off their student loans and / or go to public / state / cheap schools.
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Posted: 7/30/2014 2:33:32 AM EDT
[#49]
Quote HistoryQuoted: Ding ding ding...... But also consider that student loans are essentially zero risk for banks. Jut think about it. Government guaranteed, can't be discharged in bankruptcy, can garnish wages, take tax returns, pull savings accounts..... No risk and guaranteed return??? Now that's a fucking business model right? Quote HistoryQuoted: Quoted: Quoted: Quoted: Would have filed bankruptcy before wasting 200k on nothing. Can't discharge student loan debt I'm curious what is going to happen when these people find themselves so far in debt compared to the jobs available that they don't even see any point in working. Ding ding ding...... But also consider that student loans are essentially zero risk for banks. Jut think about it. Government guaranteed, can't be discharged in bankruptcy, can garnish wages, take tax returns, pull savings accounts..... No risk and guaranteed return??? Now that's a fucking business model right? |
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Posted: 7/30/2014 2:47:43 AM EDT
[#50]
It's been said many times that life insurance is a must.
Nobody wants to bury a child, but they sure as hell don't want to mark the grave with a wooden cross. (They want to put a giant SpongeBobon it.) Make sure you have enough life insurance on your children to cover at least a decent burial. Nevermind that you might incur medical expenses related to the death. The last thing you want after the death of a child is to get a monthly reminder that medicine couldn't save them, particularly when it's marked, "Past Due." If your children have kids, they're going to be counting on the money thier parents were going to be making throughout their life. If it would fall to you to raise the grandkids, think about how much extra you would need over the course of the grandkids lives, and insure their parents for that much. And of course as mentioned, loans. I used to sell life insurance for a very brief time, and I hated it because nobody could see how it could affect them. Between a loss in my family, and literally witnessing the death of a woman to whose family I tried to sell insurance, I was sure I was right to leave that field. It's unbearably frustrating. |
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