Comments: 271 • Responses: 35  • Date: 

citizenuzi143 karma

I read all of this at 43 comments and I don't buy it. I don't want to argue about it or try to suss you out but there's things that don't connect, whether you have a $370k loan or not. Anyways, if I'm wrong then... nothing. Suspicion runs high on the internet where fools are many and schemes are many-er. My question is, how's the weather?

LifeonLoan-15 karma

It rained here a bit earlier =) So nice.. I like the rain though.

How's the weather where you are?

And what doesn't connect?

whitemike4043 karma

at any point when you saw the debt accumulating did you think about cutting your loses and dropping out?

LifeonLoan-6 karma

I did. I tried. I actually deferred 2nd semester my first year because my father broke every disc in his back and my mother was stage 1 cancer then... he developed a pain med addiction and attacked her while I was at school. As an only I was left to take care of them and protect her... I began working immediately in leadership again and helped pay the rent.

However, my mother begged me to go back to law school, it was our family dream for me. So I did or I would have broken her heart forever. I repeated the 2nd semester of the 1st year (grueling and difficult). At this point (being at a 50k a year school) my loans had already started to balloon over $100k.

I was very promising however and had I not suffered from the surgery, I would have passed the bar and supported my mom indefinitely as I had many job offers.

That was the plan... Life doesn't always give us what we want though :)

TLDR: I did. I made a hard choice and in hindsight reasoning.. I stand by it.

EtaKuramNaSmekh20 karma

What is your plan (do you have a plan) to pay all that debt off? Does that cause additional stress or is it so large a number it doesn't resonate as reality?

LifeonLoan5 karma

I should add I almost paid my private loan off (15k out of 30k, now 45k). I was working very hard as an analyst and my health just couldn't take it.

I don't have a plan. Right now my plan is food/shelter. Then probably health insurance/physician.

The stress? It wavers from day to day. I would say the largest effect is the psychological. I hate debt. I very much care about my word as my honor and it bifurcates me in a strange way that it feels like part of me is lost in dishonor as I owe so much I cannot repay. I love the USA and had plans at one time to run as an honest politician (I know, right?). I try not to let its increasing value devalue my self-conception if that makes sense.

captainvye15 karma

Do you plan on practicing law?

LifeonLoan-5 karma

I truly want to :) This is my real dilemma. It was a family dream for me to practice law and help others who wouldn't normally get legal help.

I have taken the bar twice (one right after my surgery, the other time without studying and have come close both times... but never passed).

Having no funds or security makes it really hard to pass a test so I can use a degree I already earned (test costs 1k + hotel etc, time/energy to study).

Finally, I am in a difficult position... I have been told I should push for total disability to get loan forgiveness.. but if I do that I will be sacrificing that dream forever :( I am really pushing myself right now living this way... but I don't want to give up.

I start a new job tomorrow... so all things going forward I will do my best to save up and take the bar /pass hopefully. Likely now I will help people who have undiagnosed disabilities get the help they need.

TLDR: Yes, I hope so all things being equal.

captainvye16 karma

Med school grads have access to Public Service Loan Forgiveness (PSLF). Is there a law school equivalent? Wherein you serve x amount of years in an underserved area (not sure what the law equivalent would be), and the govt forgives the remaining portion of your loan. Law school sure seems like a financial gamble :-(

LifeonLoan-7 karma

Yes in a sense. I can practice law for 10 years in the public service arena, meaning I make 120 payments based on my income for that period and I will then have my federal loans forgiven tax free. My type is called the Income Based Repayment plan or IBR. This is an excellent route for some people.

For me I have a few issues:

  1. I have private loans over 45k too.
  2. IBR takes 15% of income.
    -Expected private loan payments of over 1k a month + IBR of 15%, means I don't have much to live on. (I have to eat very strictly or I can't function)
  3. There is no guarantee this loan program will be law for the next 10 years. It can be repealed at any time.
  4. I have to pass the Bar exam first.

TLDR: Yes, there are options that can help such as Pay as you Earn and Income Based Repayment. Google that if anyone is interested. Your payments are capped at 15% of discretionary income and after 10 years/120 payments in a public service job your federal loans are forgiven tax free.

captainvye14 karma

Still, definitely a worthwhile venture, if you do pass the bar. 15% of income for 10 years is FAR better off than the alternative.

LifeonLoan-4 karma

I don't disagree =) Thank you for the encouragement.

Ashleysdad12311 karma


LifeonLoan-12 karma

No I am not :) My moral character has already been approved based upon my extenuating circumstances. It was a nailbiter for 8 months though waiting to hear back.

TakemUp10 karma

I'm confused. Are you actively taking out more loans? Why is the amount increasing? I guess I don't really understand loans and forgiveness. I had my school paid for so I don't know what I'm looking at in the screen shot. Help me understand?

LifeonLoan-10 karma

The interest keeps the loans growing. They only give you so much time of deferment (no repayment, no accrual of interest).

redditor30000 karma

Have you thought about bankruptcy?

LifeonLoan-4 karma

I have. There's 2 types Chapter 7 and Chapter 13.

Chapter 7 is very tough on loans both private and federal. This is to totally eliminate debt. You have to prove extreme disability and inability to repay. I may be able to do that, but again that would mean probably not practicing law ever after declaring myself disabled. It's a toss up really and in many ways looks very poorly on one's record (I think it stays for 7 years).

Chapter 13 is more of an option for me right now. I don't have to prove disability for the next 5 years, the court will adjust loan payments according to my needs, which may be 0. This will be good if I get served by my private loan holder, to keep my wages from being garnished.

Also, if anyone is curious if you move to Pennsylvania or Texas your wages cannot be garnished.

TLDR: Yes, I have. Chapter 13 bankruptcy may help me if my wages get garnished.