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  1. #1

    Default Will Student Loan Defaults Affect a FINRA Series 7 License

    My question involves collection proceedings in the State of: Florida, but soon to be delaware

    I am a graduated student debt serf with 100k in loans both private and public at about 50k each.

    Even though I learned nothing from my experience, I am not here to contest that, merely to ask for advice which would cost me a LOT of money.


    I am currently in deferment on all my loans and make about 49k per year. I am considering default. My monthly payments should be 1k per month but I am right now going to be shelling out about 500 a month. This means that soon I will be screwed financially with barely enough to eat after bills.The kicker is that my new position means I will have to be pursuing my series 7. If I get my 7, then default but do not pursue bankruptcy, can I

    A: Lose my job
    B: Lose my license
    C: have a chance in hell of paying less than I am forced to pay now

    I am considering defaulting on the private and public loans and letting them garnish me on the public and putting off the private garnishment til the 11th hour. I realize this will tarnish my credit however I do not care for credit and have others who can care for that need.

    Regards

  2. #2
    Join Date
    Apr 2009
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    Somewhere near Canada
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    35,894

    Default Re: To Default or Not to Default

    This isn't so much a legal question, as a question for your financial adviser.

    Oh - you don't have one? Get one.

    FWIW, you need to look at the Brunner Test. Discharging student loans is not easy.

  3. #3
    Join Date
    Sep 2012
    Posts
    1,991

    Default Re: To Default or Not to Default

    have you looked at doing an IBR (Income Based Repayment?)

    If not check what your payments would be http://studentaid.ed.gov/repay-loans...sed/calculator

  4. #4

    Default Re: To Default or Not to Default

    Quote Quoting Dogmatique
    View Post
    This isn't so much a legal question, as a question for your financial adviser.

    Oh - you don't have one? Get one.

    FWIW, you need to look at the Brunner Test. Discharging student loans is not easy.
    Financial advisors do not give this kind of advice, bankruptcy lawyers do. I work for a bank. Secondly I didn't mention discharge. Please stick to the topic

  5. #5
    Join Date
    Apr 2009
    Location
    Somewhere near Canada
    Posts
    35,894

    Default Re: To Default or Not to Default

    Please find yourself an attorney.

    You're welcome.

  6. #6

    Default Re: To Default or Not to Default

    Quote Quoting Dogmatique
    View Post
    Please find yourself an attorney.

    You're welcome.
    Thanks. Can't afford one

  7. #7
    Join Date
    Sep 2005
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    Behind a Desk
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    98,846

    Default Re: Will Student Loan Defaults Affect a FINRA Series 7 License

    Having good credit is not a requirement for FINRA licensing (bankruptcy being another matter). What might your employer do? You would have to ask your employer.

  8. #8

    Default Re: Will Student Loan Defaults Affect a FINRA Series 7 License

    Quote Quoting Mr. Knowitall
    View Post
    Having good credit is not a requirement for FINRA licensing (bankruptcy being another matter). What might your employer do? You would have to ask your employer.
    Would I be garnished badly? How much are they allowed for private and public

  9. #9
    Join Date
    Sep 2011
    Location
    OH10
    Posts
    17,019

    Default Re: Will Student Loan Defaults Affect a FINRA Series 7 License

    ROFL, first bad credit may disqualify you from licensing. Second, you are not even close to a hardship situation. Many families live on half of what you will have left. Thx for playing though.

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