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  1. #21
    Join Date
    Apr 2007
    Location
    Southeastern Michigan
    Posts
    1,226

    Default Re: Man Passed Bar Exam - Rejected for 400K in Student Loans

    Don't you think that his ability to repayment of the loan, under the terms and conditions of the loan, should have come into play BEFORE forging ahead? He knows what is being lent him, and he knows the payment plan and interest upon securing the loan. If he didn't, then shame on him.

    It's akin to earning 50k annually minus the mortgage, bills, car payment, etc., then securing a loan for a 60k luxury vehicle on a 5 year payment plan. You look at the repayment options and decide from there if you can afford it or not.

    The only GOOD thing about the auto loan is the ability to declare bankruptcy should you 'make a mistake' and are unable to repay. Student/Government loans, on the other hand, don't have that option.

    And if you're earning a living thanks to the funds lent you and are not paying them back...all bets are off at that point!

  2. #22
    Join Date
    Oct 2009
    Posts
    217

    Default Re: Man Passed Bar Exam - Rejected for 400K in Student Loans

    Well what he did might be a stupid thing but not neceserily immoral. Technically, WHILE in school he does not need to repay any loans, and it did take him some time to finish all his studies.
    The story doesn't point out too many details but since he was able to recieve those loans it means he never really defaulted.
    Not letting him practice doesn't really do anyone any good. It seems like that judge is simply trying to make an example out of him. On the other hand, lawyers are stressed to begin with and having a 400k loan + other expenses could put a lot of pressure on him concentrating on practicing law.

  3. #23
    Join Date
    Apr 2007
    Location
    Southeastern Michigan
    Posts
    1,226

    Default Re: Man Passed Bar Exam - Rejected for 400K in Student Loans

    Jarno

    Well what he did might be a stupid thing but not neceserily immoral. Technically, WHILE in school he does not need to repay any loans, and it did take him some time to finish all his studies.
    I agree completely - absolutely no arguement there! Yet there comes a time where dues must be paid - he knew that day was coming and it was going to be a biggie (IT 101 terminology )

    Also, he never defaulted on receiving the loans; he defaulted when payment was due and it wasn't done - no matter the circumstance. And to your post; everyone is stressed. I'm an IT systems engineer and paid my loan off years ago. But working for the auto industry... you get the gist of it. Nonetheless, I had to make arrangements to pay off my loan even though it was WAY short of 400k.

    And forgive my ignorance, but when does a JD degree cost 400K?

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