Making $275K as a dentist, $400K owed in Federal Student Loans, $120K behind on Taxes

[no_such_reality]

Working at the prison instead of in the prison.

Priceless!

For dentist with student debt, repaying is like pulling teeth

[UCGal]

If he’d been astute – he would have declared bk before the laws changed a while back… Student loan debt used to be dischargable.

And there’s a lesson to learn from this for astute piggs…. Don’t cosign student loans with your kids. They can and DO garnish your social security when you’re retired if your kids default on the loans. I’m not saying don’t help you kids in college… But there are ways to do it that won’t involve eating cat food in retirement because you’re not getting the soc sec. you expected.

[no_such_reality]

Astute he isn’t.

The article is just one OMG after another for financial incompetence.

But hey, good to know the Dentist that couldn’t make $15K in private practice can pull in $275K working for the prisons.

[bearishgurl]

[quote=UCGal]If he’d been astute – he would have declared bk before the laws changed a while back… Student loan debt used to be dischargable.

And there’s a lesson to learn from this for astute piggs…. Don’t cosign student loans with your kids. They can and DO garnish your social security when you’re retired if your kids default on the loans. I’m not saying don’t help you kids in college… But there are ways to do it that won’t involve eating cat food in retirement because you’re not getting the soc sec. you expected.[/quote]

Good advice, UCGal.

[spdrun]

He mistakenly made payments to the university — what happened to THAT money: it didn’t just evaporate. Someone was a gonef here.

I’m surprised that he doesn’t just bug out and head back to his birth country — I’d be surprised if they’d extradite a native-born citizen and he could live very cheaply there.

[no_such_reality]

Why would he? He’s making $275K a year not including his wife’s income that is also working at the prison.

[spdrun]

$275k less 50% for taxes = $137.5k/yr = $11.5k/mo

$11.5k/mo – $3k (loan) – $6k (back tax) = $2.5k/mo

Looks a bit less good, no?

[no_such_reality]

[quote=spdrun]$275k less 50% for taxes = $137.5k/yr = $11.5k/mo

$11.5k/mo – $3k (loan) – $6k (back tax) = $2.5k/mo

Looks a bit less good, no?[/quote]

OMG, he needs a pay raise!

[bearishgurl]

I don’t know about the state, but county public law in CA provides for “mandatory retirement” at the age of 72. Since this SL debtor is already 71, I see his state pension (of which a portion is already offset by SS) AND his SS garnished until he dies. Not sure it will come to $3K per month, though.

There is absolutely no excuse for a person who has been a dentist for ~30 years to still be carrying any kind of personal student debt at all.

[ucodegen]

One of the best ways to ‘help your student’ when going to college, particularly if they are in a different location, is to buy rental property in that area. Kid is responsible for the roommates. In the 4 to 8 years that it takes to complete (depending upon degree and field of study), you come out ahead on the property, monthly payments help defer cost and it allows you to cover one of the largest costs of education these days – living costs.

[UCGal]

[quote=spdrun]He mistakenly made payments to the university — what happened to THAT money: it didn’t just evaporate. Someone was a gonef here.

I’m surprised that he doesn’t just bug out and head back to his birth country — I’d be surprised if they’d extradite a native-born citizen and he could live very cheaply there.[/quote]
I read and reread that section (which was poorly written). He didn’t make payments for the student loans in question (which were only a part of his total student debt.) The student loans in question were $50k, and he had another $50k in other student debt.
Presumably the payments to the university were for this other debt.

He also had quite a path to becoming a dentist… was a bit of a perma-student… Got a masters in public health before starting the dentistry program. That increased his debt load some, I’m sure.

[ucodegen]

After borrowing $50,000 in the 1980s and ignoring payment notices, Gyaami owes more than $500,000 with penalties and interest.

I wonder what those penalties/fees are.. because with interest, it should be about 150,000.. not 500,000.

[bearishgurl]

[quote=ucodegen]One of the best ways to ‘help your student’ when going to college, particularly if they are in a different location, is to buy rental property in that area. Kid is responsible for the roommates. In the 4 to 8 years that it takes to complete (depending upon degree and field of study), you come out ahead on the property, monthly payments help defer cost and it allows you to cover one of the largest costs of education these days – living costs.[/quote]

I agree and am looking into this ….

[scaredyclassic]

was looking at a tiny 400 square foot house witha nice porch area in Pomona. listed at 89,000. maybe he could get a roommate…probably be better to see if he actually got in…and see if he made it through the first year..

[Coronita]

[quote=bearishgurl]I don’t know about the state, but county public law in CA provides for “mandatory retirement” at the age of 72. Since this SL debtor is already 71, I see his state pension (of which a portion is already offset by SS) AND his SS garnished until he dies. Not sure it will come to $3K per month, though.

There is absolutely no excuse for a person who has been a dentist for ~30 years to still be carrying any kind of personal student debt at all.[/quote]

Pensions probably do not get garnished because I believe they fall under retirement accounts and usually creditors can’t go after retirement accounts. But there are ways around it…

http://online.wsj.com/article/SB124379784128669905.html

Learn my friends. You never know when you might need the knowledge…

[Author]

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