Date: April 4th, 2008 5:31 PM
Author: TTT grad with a ton of debt & a plan
$240k after undergrad plus 3 years of Seton Hall law school. Can't get a good job, so I'm doing an LLM for another $55k. With interest I'll owe over $315K after the LLM. If I still don't get a good job after the LLM, I'm going to defer loans due to unemployment and travel the world on my $50k credit line. Ultimately, if I don't get a good legal job, I'll take a bad job, consolidate, declare bankruptcy after making an "attempt" to pay, and let them garnish my bad wage. They can only take about 15% of my wages, due to the CCPA, so they're basically screwed.
A way to pwn the lenders?
Edit: I see there are a number of people who don't get it, so I'm going to add to my post.
Option 1 = Take crappy $50k job now and pay over half my income to banks.
Option 2 = Either
(a) Get good job with LLM or
(b) Spend two years getting LLM, partying, and traveling the world in style. Then get $50k job, consolidate and declare bankruptcy. Under option two, federal law prevents banks from taking more than about 15%. As icing, the judge might even use his discretion to dismiss some of my loans or provide me other relief to protect my law license.
Thus option two = me dealing with bad situation by f-ing banks in the ass.
What's funny is that due to travel, I may even find a job in another country. That would be the ultimate assfucking for the banks.