Student loans to gain bankruptcy protection?

[doctorcoug]

That is an argument put forth here:

http://m.cnn.com/primary/wk_article?category=cnnd_latest&pagenum=0&pagesize=10&articleId=urn:newsml:CNN.com:20120426:kamenetz-obama-higher-education:1

What a great idea. I'm gonna buy a house and then declare bankruptcy, as will most professional school graduates. Genius idea for the economy.

[Moliere]

It must be an election year. Obama's bringing out all the stops. Maybe next he can promise mountain dew to come out of every public water fountain.

[CardiacCoug]

That is an argument put forth here:

http://m.cnn.com/primary/wk_article?category=cnnd_latest&pagenum=0&pagesize=10&articleId=urn:newsml:CNN.com:20120426:kamenetz-obama-higher-education:1

What a great idea. I'm gonna buy a house and then declare bankruptcy, as will most professional school graduates. Genius idea for the economy.

Probably only would be possible if you were unemployed. I would guess your debt won't come close to being "unreasonable" in relationship to your income (from the article).

Doctor debt really isn't the issue. You can always go work in a rural area for loan forgiveness or pay it off by being frugal for a few years. It's the people going $50 to $100K in debt for liberal arts degrees or ITT Tech degrees that can't get a job any better than they could as a high school kid that are the issue.

[Joe Public]

It must be an election year. Obama's bringing out all the stops. Maybe next he can promise mountain dew to come out of every public water fountain.

It's got what plants crave!

[doctorcoug]

Probably only would be possible if you were unemployed. I would guess your debt won't come close to being "unreasonable" in relationship to your income (from the article).

Doctor debt really isn't the issue. You can always go work in a rural area for loan forgiveness or pay it off by being frugal for a few years. It's the people going $50 to $100K in debt for liberal arts degrees or ITT Tech degrees that can't get a job any better than they could as a high school kid that are the issue.

If Americans had any brains they would be doing income based repayment. The rural loan repayment is a thing of the past, I predict this is totally gone in three-four years.

[creekster]

It must be an election year. Obama's bringing out all the stops. Maybe next he can promise mountain dew to come out of every public water fountain.

Can he do that? If so I am changing my vote.

[CardiacCoug]

If Americans had any brains they would be doing income based repayment. The rural loan repayment is a thing of the past, I predict this is totally gone in three-four years.

What would income based repayment look like?

So rural loan repayment is NOT a thing of the past is what you're saying?

[doctorcoug]

What would income based repayment look like?

So rural loan repayment is NOT a thing of the past is what you're saying?

I'm confused about what you are saying.

[San Juan Sun]

It's the people going $50 to $100K in debt for liberal arts degrees or ITT Tech degrees that can't get a job any better than they could as a high school kid that are the issue.

Thousands of massage therapists are nodding their heads right now.

[Slim]

It's got what plants crave!

It's got electrolytes!

[Surfah]

Thousands of massage therapists are nodding their heads right now.

You mean they don't make $100 an hour? I had a brief roommate post-mission that was non-Mo from Idaho. He came to Provo to go to massage therapy school. He used to tell me all the time how he was going to be making gobs of money working on a cruise ship and banging hot chicks all over the world. I wonder what he's doing these days.

[CardiacCoug]

I'm confused about what you are saying.

Just teasing you for saying rural loan repayment is a "thing of the past" and then saying that you predict it will be gone in a few years. Which is it?

And I just have no idea what the phrase "income-based repayment" means. Would people still have to repay everything they borrow but they can do it more slowly if they have low income? I think that's pretty much what happens now anyway.

[doctorcoug]

Just teasing you for saying rural loan repayment is a "thing of the past" and then saying that you predict it will be gone in a few years. Which is it?

And I just have no idea what the phrase "income-based repayment" means. Would people still have to repay everything they borrow but they can do it more slowly if they have low income? I think that's pretty much what happens now anyway.

IBR has two forgiveness options. One is after 25 years of IBR. The other is after 10 years of IBR if you pay 10 years of IBR payments while working for a not for profit. Yup, most residents in America work for not for profits. So, you make monthly payments of 1 dollar for your 6 years of residency and fellowship, then you have four years left of repayment if you work for a not for profit. For me, the net present value of this payoff is over $200K. Even 10 years at an attending salary reduces the total loan repayment for most primary care physicians and most "any type" of physician with a family.

It is the largest distribution of wealth I've ever been personally involved in.

[Uncle Ted]

It must be an election year. Obama's bringing out all the stops. Maybe next he can promise mountain dew to come out of every public water fountain.

Yes, it seems that Obama is going to make this a big issue...

[YOUTUBE]wfG3fAWhFxY[/YOUTUBE]

He may not get the votes he is hoping for...

Hank Brown, a former United States Senator and ex-president of CU said in a telephone conference call that Obama has flunked out with college students.
"He failed them because we have the highest level of unemployment for youth in this country in recorded history," Brown said. "I predict that the president will have substantially less support among college students this election compared to four years ago."

Four years after generating the largest youth vote turnout in history, somewhere between 22 and 24 million people between the ages of 18-29 voted in 2008, the Obama re-election campaign finds itself trying to recapture that magic for the November election.

In 2008, 66 percent of young voters cast their ballot for Obama; today, there's a chance those numbers may have dwindled. According to a report released last week by the Public Religion Research Institute and Georgetown University's Berkley Center, 61 percent of college-age millennials — those aged 18-24 — are registered to vote, but only 46 percent say they are absolutely certain whom they'll vote for this November.

[Mormon Red Death]

You mean they don't make $100 an hour? I had a brief roommate post-mission that was non-Mo from Idaho. He came to Provo to go to massage therapy school. He used to tell me all the time how he was going to be making gobs of money working on a cruise ship and banging hot chicks all over the world. I wonder what he's doing these days.

He's making gobs of money working on a cruise ship and banging hot chicks all over the world.