tag:blogger.com,1999:blog-5601340120062330500.post1090069806848588343..comments2024-03-14T22:58:08.579-07:00Comments on Tales of a Fourth-Tier Nothing: I.B.R. vs. I Be Po'Chief Constable for the Areahttp://www.blogger.com/profile/08824938329626712343noreply@blogger.comBlogger43125tag:blogger.com,1999:blog-5601340120062330500.post-60424037113561101932012-05-16T09:25:43.021-07:002012-05-16T09:25:43.021-07:00oh so good .... I like your blogger post because y...oh so good .... I like your blogger post because you talking about <a href="http://www.std-symptoms.us/" rel="nofollow"> STD Symptoms</a> and i like any thing or any post talking about it as STD symptoms in men ,STD symptoms in women ,STD symptoms chart ,Crabs STD symptoms ,STD symptoms pictures ,List of STD symptoms ,STD symptoms checker ,STD Treatment ,STD diseases list <a href="http://www.std-symptoms.us/2012/03/chlamydia-trachomatis-infection.html" rel="nofollow"> Chlamydia Trachomatis Infection </a> so i will be happy if your visit my site <a href="http://www.std-symptoms.us/" rel="nofollow"> STD Symptoms.Us </a>Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-5601340120062330500.post-72312448713999836242011-04-29T15:08:42.313-07:002011-04-29T15:08:42.313-07:00This goes out to the guy who tells liz to pay her ...This goes out to the guy who tells liz to pay her students loans back , and who claims that the republicans will never allow school loans to be discharge in bankrupcy. First of all, I think IBR is a good program for everyone who owes more than $250,000 in school loans like Medical doctors, chiropractors and lawyers perhaps and whose deisre is to succeed and live a promisedl life that staying in school will pay off. Technically, the government has stepped in and help to bail out the true working midle class people of this country which is formed by doctors, lawyers, and other professions. Doctor many years ago did not have to deal with the cost of inflation and increasingly high college education. Todays new population are the ones left to deal with all the economic problems facing the country from foreign conflict to internal matters. I think the program is a good opportunity for those professionals who want to succeed and the goverment has decided to let you keep more for you and your families. Just remember to always give back . I think IBR is a pretty good deal in my own opinion , again personal opinion. If you owe less than $50,000 set up IBr until you land a good job pay for two to three years then save enogh to know them out in in full . That will save you some. If you decide to go back to school some more then think IBR may be a good option, until your practice, firm , setting picks up .Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-5601340120062330500.post-13491208797650971112011-04-04T06:05:54.441-07:002011-04-04T06:05:54.441-07:00They've been doing daily interest loans for at...They've been doing daily interest loans for at least 30 years, because that's what I had as an undergraduate. If your loans are growing, presuming that you are making all of your payments on time, the payments aren't large enough to cover the interest. Suppose that you owe $100K at 7%. The first $584 per month goes to pay interest before any principal is paid. <br /><br />If you make more frequent payments, at least one of which is enough to cover the interest, your balance should decline. That you have to "pay the interest first" is sort of a red herring, presuming that you are paying enough to satisfy the interest. Suppose that you pay an extra $500 in the middle of your billing cycle. You might get only about $200 of principal reduction, but when you make your regular payment two weeks later, you will have accrued only about $300 in interest, rather than the usual $584, and so you will get credit for the rest of your payment in principal reduction.<br /><br />This all presumes that the daily interest rate is interest rate/365.Ripleyhttps://www.blogger.com/profile/09595852197755220694noreply@blogger.comtag:blogger.com,1999:blog-5601340120062330500.post-56579546528175615292011-03-18T02:15:39.899-07:002011-03-18T02:15:39.899-07:00Liz, you are awesome. If you are still paying atte...Liz, you are awesome. If you are still paying attention to this thread, I just wanted to let you know that.emilynoreply@blogger.comtag:blogger.com,1999:blog-5601340120062330500.post-1215533026716301572011-02-26T17:38:45.047-08:002011-02-26T17:38:45.047-08:00Way to go Liz.
Don't default.Way to go Liz.<br /><br />Don't default.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-5601340120062330500.post-7759673129934689542011-02-25T10:26:32.616-08:002011-02-25T10:26:32.616-08:00Ok, so multiple people hate me for refusing to def...Ok, so multiple people hate me for refusing to default. Gotcha. <br /><br />Don't default. Sure, I'm no Rosa Parks, but I know the bank can just sell the loan. It can't be discharged in bankruptcy, so it's always a collectible stream of income. They add 20% in fees every time it's sold, too, plus penalties... and your payments apply first to interest and penalties. <br /><br />Default is just a way to make sure 1) The loan follows you forever (most state SOL laws are heavily in favor of the banks) and 2) The bank makes a lot more money off the loan. <br /><br />If you want to give your bank a haircut, change the way your payments are applied. Make multiple monthly payments to keep interest from compounding on principal for 30 days at a time. Sign up for things like IBR, that stretch out payments but lower the amount that's actually going to the bank. Push to allow the loans to be discharged in bankruptcy. <br /><br />Don't make some stupid stand that no one will ever care about and gives the bank more money anyway - no one feels bad for debtors in this country, particularly lawyer debtors.Lizhttps://www.blogger.com/profile/11765709902686717379noreply@blogger.comtag:blogger.com,1999:blog-5601340120062330500.post-89798614625371594552011-02-24T08:31:45.418-08:002011-02-24T08:31:45.418-08:00Liz seems to be confused. I posted one comment my...Liz seems to be confused. I posted one comment myself, and she doesn't realize she is responding to several different people.<br /><br />It's funny how my principal amounts go down but Liz' amounts do not. I'm on a 10 year payment plan, I don't expect the amounts to go down all the way within 2 years. But I see how they visibly go down with my regular payment.<br /><br />Liz is also too stupid to grasp that a mass default forces a change in the system precisely because it is broken. That's why Rosa Parks refused to stand up. If you actually paid attention in law school you'd know that in order to challenge a law or anything else, people have to actually break that law. When enough people do it at once, it either becomes a class action or the legislature steps in because courts aren't going to handle 12312364345 individual cases.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-5601340120062330500.post-66768502408789009782011-02-23T17:32:02.342-08:002011-02-23T17:32:02.342-08:00Liz knows so much more than so many others that sh...Liz knows so much more than so many others that she got scammed just like so many others.<br /><br />So she scamblogs her days away while trying to crawl out from under all of that self-inflicted debt.<br /><br />An irresistible combination: failure and egomania.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-5601340120062330500.post-7751020605409207992011-02-23T12:18:22.782-08:002011-02-23T12:18:22.782-08:00False dichotomy.
I don't have to claim fraud...False dichotomy. <br /><br />I don't have to claim fraud to note that the loan docs and employment information that led me to believe it would be a good bet were all so much less than transparent. These are basically payday loans with high interest rates compounding DAILY, but we think of them as "good debt" because they're set up by our school's administration. And we're told over and over by everyone in the system that you can always find work as a lawyer. <br /><br />And mass default is stupid. It's just giving the banks more money for doing nothing. You don't seem to know anything about loans, actually. You just know you're somehow mad at me for, what, knowing more than you do? Not defaulting? Noting that the system is obviously flawed? <br /><br />I haven't done anything, yet you've posted multiple insults acting like I'm the worst person ever because I pay my loans, understand the system, and push for a better system.Lizhttps://www.blogger.com/profile/11765709902686717379noreply@blogger.comtag:blogger.com,1999:blog-5601340120062330500.post-2279295194468093852011-02-22T15:31:21.072-08:002011-02-22T15:31:21.072-08:00Liz is too gutless to believe in default but too a...Liz is too gutless to believe in default but too arrogant and conceited to actually accept blame for choosing to take these loans.<br /><br />Either you were defrauded and have no moral obligation to pay these loans back, or you weren't and you should buck up and deal with it.<br /><br />If people like Liz were in charge, we'd still be paying taxes to Great Britain and just be a colony. It takes guts to stand up against an unfair situation and organize people to fight back.<br /><br />If only 1 or 2 people wanted Independence from England, yes, those 1 or 2 people would have just been quartered and ruined. But 1 or 2 people stood up and then everyone else joined, and we won the war against a far superior enemy.<br /><br />Sadly this generation is gutless. I can pay back my loans too and also can use IBR. But I realize something is wrong with the whole thing. I'd get on board for a mass default but people don't want to do that.<br /><br />So you know what? You people sit there and bitch and complain. I'll just pay off my loans and ignore you. I would have loved to help out but you're too stupid to understand what you really want out of this. You're just whining mindlessly.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-5601340120062330500.post-5939001465308321982011-02-22T12:03:51.265-08:002011-02-22T12:03:51.265-08:00Sheesh. I am on record as being in favor of the cu...Sheesh. I am on record as being in favor of the cuts to future students - we don't need more grad students, and taxpayers have already shelled out enough for the ones we have. <br /><br />What I want is to see the interest payments restructured so the bank gets less from taxpayers and students, period, but the Senate (both parties) will never let that happen. <br /><br />Also, the loans should be discharged in bankruptcy. It's so ridiculous that the banks can just keep selling these loans and adding fees, long after the original principal amount has been paid in interest. <br /><br />Oh, and I looked into it some more, and IBR actually does cut into the banks profits considerably because of the way the payments are structured, and if it saves debtors from defaults, it cuts the taxpayers' exposure too. A lot of people don't realize this, but the government guaranteed private loans against default, and that outstanding obligation counts as debt owed (at least in the 2008 budget it did - I haven't checked since). <br /><br />The way the loans are structured makes it hard to pay off that outstanding obligation, too. It's all astonishingly stupid.Lizhttps://www.blogger.com/profile/11765709902686717379noreply@blogger.comtag:blogger.com,1999:blog-5601340120062330500.post-86225875770825857832011-02-21T09:23:44.169-08:002011-02-21T09:23:44.169-08:00Sorry, no offense intended.Sorry, no offense intended.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-5601340120062330500.post-23186377953276466542011-02-21T09:09:52.875-08:002011-02-21T09:09:52.875-08:00No, I am not Liz.No, I am not Liz.Chief Constable for the Areahttps://www.blogger.com/profile/08824938329626712343noreply@blogger.comtag:blogger.com,1999:blog-5601340120062330500.post-4391306727637921242011-02-21T08:45:44.648-08:002011-02-21T08:45:44.648-08:00Are Liz and NoJobForU the same person? What's...Are Liz and NoJobForU the same person? What's that about?Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-5601340120062330500.post-14036486618539485412011-02-20T23:40:15.845-08:002011-02-20T23:40:15.845-08:00There is a reason why it only looks like 93% of th...There is a reason why it only looks like 93% of the loans are not in default.<br /><br />The bean counters only counts the people who go into default within the first 2 years of repayment as actually being in default. If you quit paying in year 5, then you aren't counted towards that statistic.<br /><br />I have regularly heard that in excess of 30% (maybe even 40%) of student loans are currently not being paid back, and I believe that also counts people in forbearance. Although, it is nearly the same thing except that you were on the ball enough to arrange something with the lender before you got behind on your payments.<br /><br />I'm not sure what reason is offered for not counting people who stopped paying 2 years after repayment. All I do know is that if you count the people who stopped paying from the beginning, you are going to catch a number that is highly skewered to people who said, "wham, bam, thank you, ma'am" to their school loan obligation. Past that date, you're really going to start catching the cases who tried to make an honest effort to pay, but were eventually financially crushed into giving up. Their stats simply ignore the people whose debt has ballooned due to interest, or had a life altering event.<br /><br />If a person lost their job tomorrow, they could sell their house, move out of their expensive apartments, and either go live in a cardboard box or move in with a relative. In other words, they could relieve themselves of a debt obligation that does not fit with their current financial picture.<br /><br />Not only that, you can do that based upon your subjective circumstances. Technically, you could afford that nice apartment, but something happened that you perceive that it would be in your financial best interest to move back home. Your car stopped running, and now you either need to fix it or buy another. You are about to get married. You are about to get divorced and your spouse has turned it into a bitter fight that requires the use of an expensive lawyer.<br /><br />Student loans don't care about those life circumstances. Still, its sad that the only solution people are willing to talk about is new and improved ways that increase the amount of interest due. They can't bear to raise taxes just a little to make higher educational affordable so that, even if people still have to take out loans, that they aren't unbearable.<br /><br />Granted, you can't do that with private schools as they only get money from tuition, alumni donations, and possibly an affiliated church. However, to explain why private school's tuitions are spinning out of control is that, for some period of time, they've graduated class after class of impoverished and angry people who don't want to contribute a dime to the school. If you graduated 30 years ago when tuition was much cheaper and there were fewer attorneys, your likelihood of not only being successful, but having money left over to send to your school was much greater. Now, people pay upwards of $1,000 a month for student loan bills and are chasing any last case that they can send over to their special chiropractor friends in the next building to pay it back. That reality has completely sapped the good will of their donor base. I can feel for the new crop of students who are paying over $200 more a semester hour than I did, but I have to eat and live in something that shields me from the elements.Chief Constable for the Areahttps://www.blogger.com/profile/08824938329626712343noreply@blogger.comtag:blogger.com,1999:blog-5601340120062330500.post-55524970352268654622011-02-20T22:20:21.301-08:002011-02-20T22:20:21.301-08:00Um, just to be clear, I am nowhere near default.
...Um, just to be clear, I am nowhere near default.<br /><br />I think the IBR program makes more sense than just making payments, given what I've seen of how they calculate payments on the regular student loans, and I qualified. I had 27 years left anyway (30-year loan) so there was no downside for me.Lizhttps://www.blogger.com/profile/11765709902686717379noreply@blogger.comtag:blogger.com,1999:blog-5601340120062330500.post-90342762164460120472011-02-20T22:00:31.232-08:002011-02-20T22:00:31.232-08:00Also, my understanding is that PI jobs are hard to...Also, my understanding is that PI jobs are hard to find. What jobs qualify for that?rosehttps://www.blogger.com/profile/06894892907728223060noreply@blogger.comtag:blogger.com,1999:blog-5601340120062330500.post-27260121126481165612011-02-20T21:59:10.497-08:002011-02-20T21:59:10.497-08:00I don't understand what people think borrower...I don't understand what people think borrowers are supposed to do if because of the economy they can't find the work they thought was there when they started school? <br /><br />It is easy to put down Liz - but how about some concrete suggestions on what she can actually do to improve her life? She is trying to not default and wants to pay it back... What creative ideas do you have?rosehttps://www.blogger.com/profile/06894892907728223060noreply@blogger.comtag:blogger.com,1999:blog-5601340120062330500.post-31696052285893239002011-02-20T21:39:11.929-08:002011-02-20T21:39:11.929-08:00Several options to benefit from IBR. Take a public...Several options to benefit from IBR. Take a public interest job and suck it up for 10 years so your entire loan is wiped clean. Not too bad to the alternative which is an entire life of debt. Second is to find a way to leave the country like marrying a foreigner and using that as a way to re-establish yourself and find a job in another country. That is probably the only way the government can't get to you and your spouse's earnings. Everyone else will live in indentured servitude for 25+ years and be extremely vulnerable to any changes made to IBR which could be at any time.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-5601340120062330500.post-81859971390169733822011-02-19T12:33:30.304-08:002011-02-19T12:33:30.304-08:00There's no puzzle. Your "law" blog ...There's no puzzle. Your "law" blog invites comments and I'm commenting. I grasp your argument much better now. The terms of your student loans were not adequately disclosed. Hence, you borrowed money you would not have otherwise and now you are burdened with more than the anticipated amount of debt. Well, at least it sounds like you've learned an expensive lesson and are trying to keep others from a similar fate. There is virtue in that, even if your own situation is very unlikely to improve anytime soon.<br /><br />Anyway, thanks for allowing me to post and I apologize for my "poor reasoning and argument skills". I'm sure you know exactly how tough it is to keep up with highly educated, successful people like yourself.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-5601340120062330500.post-3139397295893437602011-02-19T11:46:09.962-08:002011-02-19T11:46:09.962-08:00I didn't say "defrauded." Asshat. I ...I didn't say "defrauded." Asshat. I merely pointed out how it works. The lack of transparency probably doesn't rise to fraud, but it doesn't have to in order to justify a change to the laws, which is what I'd like to see. <br /><br />And hey, who knows where you work? But it's obvious from both the scorn you have for the degree holders, and your poor reasoning and argument skills, that you never went to law school. So why you're on a law blog defending the banks is... a puzzle.Lizhttps://www.blogger.com/profile/11765709902686717379noreply@blogger.comtag:blogger.com,1999:blog-5601340120062330500.post-84040943670233704032011-02-19T11:28:18.740-08:002011-02-19T11:28:18.740-08:00If everybody was defrauded as you claim to have be...If everybody was defrauded as you claim to have been, then why do such a huge percentage of student loan borrowers repay the money? The latest data I've seen [U.S. Dept. of Education for FY2008, released in September 2010] show an overall default rate of 7%. If everybody was victimized, why are 93% of them doing as they promised and paying their debts?<br /><br />Maybe the correct answer is that no one was defrauded. The other 7% were just so careless and ignorant that they failed to conduct even a rudimentary analysis before scarfing up the cash. Far more plausible.<br /><br />And do you imagine that everyone who offers a contrary notion must work for a bank? I mean, is it a reflex or something? One need not be a bank employee to have brains enough to do a bit of research before incurring a mountain of debt. You just have to be a simpleton not to...<br /><br />So enjoy that law degree of yours. Kind of expensive, huh? Especially the psychic toll of finally realizing the decades-long impact those costs will exert on your quality of life...Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-5601340120062330500.post-50451980053003817272011-02-19T10:02:09.617-08:002011-02-19T10:02:09.617-08:00Um, yeah, it was sort of "secret." Many ...Um, yeah, it was sort of "secret." Many of the terms of the loan were in the law governing the bank, NOT my loan papers. And they changed the law AFTER I started school. <br /><br />Even if I had read the law beforehand, I probably would not have understood the implications for the principal of calculating interest daily, based on number of days since payment, and then applying payments to interest first, on six-figure loans. <br /><br />Most non-bank professionals wouldn't have either.<br /><br />Overall, though, you just sound like a bank employee sent out to drum up online support for more bank-friendly rules. You guys were all over the boards in 2009, and now they're changing the rules again, so I guess you're back.Lizhttps://www.blogger.com/profile/11765709902686717379noreply@blogger.comtag:blogger.com,1999:blog-5601340120062330500.post-4418828797725679812011-02-19T09:28:42.249-08:002011-02-19T09:28:42.249-08:00Now I understand. The terms of the loans were sec...Now I understand. The terms of the loans were secret. And you "really had no way of knowing" what the principal amortization would be on your loans. After all, how could anyone possibly be expected to look at a loan amortization table when borrowing tons of cash. After all, that is unheard of. You're a helpless victim. <br /><br />If the facts are as you describe, simply prove your claim in court. Problem solved. But if the facts are as you describe, why is the overwhelming majority of student loan debtors repaying their debts as promised? Could it possibly be that you just don't know what you're talking about?<br /><br />Or better yet, organize those who are victims like yourself into a political movement and demand changes to the bankruptcy laws. Could anything be more politically sympathetic in a time of record federal budget shortfalls than an enormous group of deadbeat lawyers crying out for redress? "Everyone, please, gather round...we are VICTIMS and we demand your money!" That should work. <br /><br />Yours is an interesting dilemma.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-5601340120062330500.post-89002276085868890582011-02-19T09:17:09.349-08:002011-02-19T09:17:09.349-08:00This is as good a place as any to post a tip I fig...This is as good a place as any to post a tip I figured out about Sallie Mae - although I realize it's possible everyone else was already on to this one: <br /><br />You have to make your payments on the exact same day every month. They capitalize the interest based on a daily calculation, and they apply your payment to interest based on the number of days since your last payment. <br /><br />So if you pay on the 3rd one month, and the 6th the next month, three days more of your payment will go toward interest, and three days less will go to principal. <br /><br />Theoretically, it all evens out, since there are only 365 days in a year, so they can't actually charge you for more days of interest than exist in one year. But the lower principal payments through the year mean that through the year, you're paying on interest calculated on a larger amount because the principal isn't going down on some months. THAT makes a difference, because your next month's payment will always be applied to the interest first, with leftover going to principal.<br /><br />But the principal can keep going up, and that increases the interest calculation, which keeps putting you deeper in the hole through the year, with interest always calculated on a higher principal amount, and payments always applied to interest first so principal doesn't really go down. <br /><br />Even better, the payment they give you is the minimum, so at MOST you can apply a really insignificant amount to principal every month . Also, they apply your payment pretty much whenever they want to, so it's tough to keep it to a consistent schedule. <br /><br />It's kind of non-intuitive. I kept thinking the daily interest calculations would even out, but after watching for a few months, it looks like they don't because the interest applied to payments affects the amount left for principal, and the principal grows when you pay more in interest. Then you calculate the interest based on the new, higher principal and so on...Lizhttps://www.blogger.com/profile/11765709902686717379noreply@blogger.com