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Tuesday, October 20, 2015

How To Not Pay Your Student Loans

If you are one of the thousands who got scammed by one of the fraud schools who inflated job prospects to lure you in to thousands of  dollars of debt and no job to show for it, this is for you.

As everyone with a degree knows, student loans are the only loans that are difficult to discharge in bankruptcy. Progress is being made. Michael Hedlund went to law school and flunked the bar three times and then spent the next ten years trying to get $85,000 in student loans discharged in bankruptcy. Finally in 2013, he won a partial discharge, which could make it easier for those who were unable to get work in law.

Of course there are unemployment deferments, financial hardship deferments, and IBR. I have a friend who graduated law school six years ago and hasn't paid a dime just using deferments.

If you're not poverty stricken, think about getting another worthless degree in the evening. Even if in school only part time, you don't have to pay your loans. Obviously, this only works if the courses you are taking are cheaper than your loan payments. Finally, if you are willing to teach in a dangerous neighborhood for a few years, you can get your loan discharged.

http://www.usnews.com/education/blogs/student-loan-ranger/2013/06/12/bankruptcy-case-offers-hope-for-student-borrowers

3 comments:

  1. This post is spot on. There is no need to DEFUALT or even file BK on student loans. For almost 22 years, I received all manner of Hardships, Deferments, Forebearances, delays, continuances and today IBR and in three years it gets foregiven It is all about delaying and denying. Like representing one of my criminal clients, I just do the same thing for myself on my student loans. Here is the Golden Rule: ALWAYS be honest. Do not lie. Do NOT DEFAULT I have never lied about my income or situation. You tell the nice customer service ladies at the loan servicer (Great Lakes, etc) that there are a billion lawyers out there who need jobs and more work. and that the value of our law degrees have been diluted like the Cadillac brand. It used to be classy to own a Cadillac. Now you are just viewed as dumb or old if you recently purchased one. I see lots of new Cadillacs being driven at Walmart by toothless, smoking ladies. I guess they still come with ashtrays and lighters. A Cadillac is just a Hyundai or Suburban with more chrome . People like humor. I make "em laugh and I awarded my new hardship deferment. Don't get angry. It is not their fault that the ABA, diploma mill, (failure factories) and low ranked law school deans pumped 50K of us out like Hyundai Excels each year since 2003. Its all about MANAGEMENT of you big student loan nut. In 25 years since law school, I have never once been denied a low rate credit card, HELOC, Mortgage or cheap auto loan because of my 190K student loan. All they want is documentation that my monthly nut is $150. and not $1800. That's easy peezey lemon squeezey with the internets and all. Like our ridiculous tax code with all of its loopholes, student loans are the same way.

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    Replies
    1. Exactly my plan, deny, delay and don't repay!

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