tag:blogger.com,1999:blog-5618663158161665199.post5055907147628400903..comments2024-01-09T21:43:06.916-05:00Comments on Esq. Never: It's Payback Time!Esq. Neverhttp://www.blogger.com/profile/18248019550876835145noreply@blogger.comBlogger7125tag:blogger.com,1999:blog-5618663158161665199.post-51768369068781113532016-02-01T23:35:37.066-05:002016-02-01T23:35:37.066-05:00I disagree strongly about the "not being able...I disagree strongly about the "not being able to purchase a house for the next 25 years." I think you were probably exaggerating, but my DTI is quite fine. I make little money, but have very little monthly debt, including a $0 a month student loan payment. Now, if my payments were DEFERRED, I would have to show paper work that they will be deferred for the next two years in order to qualify for a mortgage, whereas with the IBR, since it's technically a "payment," it's included in the DTI and perfectly fine to use that as my qualifying debt. So, with very little other debt, I actually do qualify for a mortgage. I'm 25 and about 2 years out of college. I know that might sound anecdotal but it's quite the position I see a lot of people in. Even with today's strict lending practices, I can still get a home, and I'll actually be paying about $200 less a month than I am on renting a one bedroom apartment right now. Anonymoushttps://www.blogger.com/profile/01373443440219048832noreply@blogger.comtag:blogger.com,1999:blog-5618663158161665199.post-67376188879035181462010-03-11T20:05:28.825-05:002010-03-11T20:05:28.825-05:00Instead of throwing free money at deadasses and il...Instead of throwing free money at deadasses and illegal aliens, whose children we already have to educate for free, this moron we have running the country should be focused on forgiveness and/or amelioration of student debt burdens facing those in the country who actually attempted to better themselves through education.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-5618663158161665199.post-50046173526213307222010-03-06T00:11:25.412-05:002010-03-06T00:11:25.412-05:00Odd comment @ 11:52, but I try to answer all criti...Odd comment @ 11:52, but I try to answer all criticism, so I'll respond.<br /><br />For the purposes of the Esq. Never blog, I take no stances aside from objecting to how the law school system operates.<br /><br />I do have two LS related political views. One right-winged: end the federal student loan program (possibly though not necessarily with a corresponding bailout for existing borrowers). One left-winged: make all private student debt dis-chargeable in bankruptcy.<br /><br />I think your comment makes assumptions about me that may not be true, but as I mentioned, I keep my non-LS beliefs to myself on this blog.<br /><br />My statements about getting married are intended as (perhaps bad) humor. I believe a bunch of my fellow anti-LS bloggers are actually married.<br /><br />I think the provisions under the IBR are very fair to borrowers (with federal loans). I do not want to see it abolished.<br /><br />My concerns about shifting the burden to the taxpayers has nothing to do with opposing (or supporting) publicly funded education in general.<br /><br />What I object to is the federal government underwriting an inefficient system of legal education. The LS system confers very little benefit to anyone (aside from those who run the schools and related industries). The number of students who will recognize little to no utility from their degrees is astounding.<br /><br />If you believe taxpayers should have to underwrite sound educational endeavors, fine. They, however, should not have to underwrite a wealth generating scheme for the law school deans, bureaucrats, etc. <br /><br />To the extent that I advocate a "free market" in higher education, I do so only because the loans artificially raise the cost of attendance and allow a bunch of diploma mills to engage in rent seeking behavior.Esq. Neverhttps://www.blogger.com/profile/18248019550876835145noreply@blogger.comtag:blogger.com,1999:blog-5618663158161665199.post-78083833254806119202010-03-05T23:52:44.310-05:002010-03-05T23:52:44.310-05:00The IBR is great for people who have only federal ...The IBR is great for people who have only federal loans and work for the government. When my ten years are up, the amount forgiven will be $20k more than I originally borrowed. <br /><br />I don't know about it affecting getting a house, but if you have a government job and your loan payments are small, I think it's possible. <br /><br />As for a wife, you need to start thinking outside the box, and by box I mean country. The Philippines (which was part of the US for many years) has a never ending supply of young, educated, gorgeous, Christian, (sort of) English speaking women who would literally cut their own hand off for the chance to marry an American. <br /><br />Your ability to give a green card alone still makes you a huge stud in most places. <br />There is an income requirement for the fiancée visa though; I think its $25k/yr so you do need some kind of job. <br /><br />Personally, I prefer the slightly more exotic Thai/Viet/Indonesian girls, but the language barrier is far more limiting. I also get the sense you're a church going type and women from these places typically don't pray to Jesus. <br /><br />I also don't understand why you care so much about shifting the "burden" to taxpayers. That's what the government is for. Unless you went to private school for K-12, you're being a hypocrite if you complain about the government paying for education.<br /><br />The point is that the IBR is allowing me to live a middle class lifestyle on my low government salary by reducing my loan payments by over $1100/month. The public loan forgiveness program means in the end the government will have paid me to go to law school. It also means the government gets to keep me for 10 years, at which point will probably turn into forever. <br /><br />If that's not a win-win situation I don't know what is.<br /><br />Oh, I'd also like to point out that since the recent unpleasantness it has become fashionable for conservatives to point out that government workers make more than private sector employees and how that's more proof that government is the problem and so on. Don't forget it was George Bush who signed the IBR/Public Service Loan Forgiveness into law back in 2007. Makes you wonder who the real socialists are.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-5618663158161665199.post-3592821920708339242010-03-05T21:56:13.205-05:002010-03-05T21:56:13.205-05:00>>For those who love to throw out
>>th...>>For those who love to throw out<br />>>the canard that law schools should be<br />>>absolved of their behavior because<br />>>students should have done more research<br /><br />I too love it when these Law School Apologists forget that it's not just an Unemployed Lawyers' Problem, it's a Taxpayers' Problem. Every American Taxpayer is jointly and severally liable for every student loan default/forgiveness.<br /><br />25 years from now, when all these IBR Babies' student loans are "forgiven," every taxpayer will be on the hook for it, the Apologists included.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-5618663158161665199.post-28346675665261713812010-03-05T17:06:49.610-05:002010-03-05T17:06:49.610-05:00I beg to differ on the getting married part. Real...I beg to differ on the getting married part. Really depends on the person's looks, gender & the dating pool they're working with. I NEVER had problems getting dates, getting respect & didn't come from money.<br /><br />Try online dating but it's easier if you're an attractive woman or at least have a personality, which the average lawyer just doesn't have. For the record, I could care less about a man's money & some women are capable of making their own success w/out having to sponge off a man.Film Co. Lawyerhttps://www.blogger.com/profile/11995928421833366660noreply@blogger.comtag:blogger.com,1999:blog-5618663158161665199.post-30470824773370404982010-03-05T15:51:44.344-05:002010-03-05T15:51:44.344-05:00The IBR has saved my life. Most of my loans are fe...The IBR has saved my life. Most of my loans are federal loans, and I have a lot. I can pay off the private loans in a few years, but I doubt I'll ever pay off all of my federal loans in 20-25 years (or 10 years if I ever find a public interest job). So at least for me, the majority of my federal loans will likely be forgiven as I plan to pay the minimum amount or $0 for as long as I am underemployed. For someone who only has around $50k in loans, it is better to just pay off the entire amount ASAP rather than have interest accrue since it is likely that person will have to pay back the entire amount of the loan. I doubt the IBR will last long because, as you correctly pointed out, the treasury is going to have a boat load of problems writing off all of that forgiven debt.HardKnockshttps://www.blogger.com/profile/08188805912579205968noreply@blogger.com