Spent 7 years at college, pays less than the interest payments each month. Loans aren’t hard if you only pay the minimum amount your debt goes up. Just like credit cards. This looks more like a major failure in educating our kids about finances
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Quick! Another tax cut for the wealthy will solve this
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How are these two items related?
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I have no sympathy for this man whatsoever. If he’s smart enough to be an orthodontist then he should be smart enough to know how to borrow money responsibly. I HATE the student loan business but I cannot comprehend how he could be so blatantly ignorant about money.
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It’s just math, this guy needs to be paying at least $3000/month to get ahead. He has a low 6 figure income, so it is doable.
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Or just pay a grand per month until he dies and stiff Uncle Sam -
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That’s not a good plan for him; a $1M loan forgiveness will result in a $300k tax bill. With a $225k income, he could renegotiate the loan and pay it off in 10 years.
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I was assuming that the debt would be null and void upon death but that’s probably not the case if he had assets to pay it off. Uncle Sam always gets his
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I’m assuming he will have an estate, unless he does some fancy planning to make sure he dies broke. It’s probably easier to just bite the bullet for 10 years.
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maybe he should have gone to Devry
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While their extended family resold the property's. . Like in the. Movie. Poltergeist.
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