How to save over $100k on your student loans

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It would be smart for employers to check credit before hiring. Bad credit = NOT dependentable and most likely lazy, unorganized, sloppy and forgetful too. (sorry to be so blunt) It would benefit the company to check that out before hiring anyone.

So what's your threshold with derogs? bk? foreclosure? both only? Ok after 3 years?

And what score do you use? FICO 2004? Vantage? CreditXpert? PLUS? What's your cutoff?

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So what's your threshold with derogs? bk? foreclosure? both only? Ok after 3 years?

And what score do you use? FICO 2004? Vantage? CreditXpert? PLUS? What's your cutoff?

The last time I got my credit checked was when I was applying for a Chase credit card. The guy on the phone told me my score was 793.

I only heard of CreditXpert and FICO. LOL...
 
I'll call my mom's accountant and ask about all the other stuff. LOL...No foreclosure. That sounds like bad news.
 
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I'll call my mom's accountant and ask about all the other stuff. LOL...No foreclosure. That sounds like bad news.

So what do you do about strategic default by an investor? You can argue that doing that is a lot more savvy/smarter than continuing to pay on an upside down property.
 
So what do you do about strategic default by an investor? You can argue that doing that is a lot more savvy/smarter than continuing to pay on an upside down property.

Do not mind her - SHC still plays with her barbies and drinks from sippy cups.
 
I'll call my mom's accountant and ask about all the other stuff. LOL...No foreclosure. That sounds like bad news.

I think my point though was that there are tons of scores used internally and for consumers so at the heart of it, what methodology would you use to screen candidates for employment?

Like do you allow high utilization of credit cards but disregard candidates who have charge-offs/collections active? Or do you disregard bankruptcies but allow foreclosures that are older than 2 years?

This doesn't even get into the fact that credit/consumer reports often have errors. Credit scores also don't report bad check writers.

The main reason these reports were used initially were to ensure people didn't have a financial interest in throwing their employer under the bus. Like high level government security clearance -- if you have financial issues, it was reasoned that you may be susceptible to bribery.
 
Do not mind her - SHC still plays with her barbies and drinks from sippy cups.

LOL...have bad credit? :laugh::laugh::laugh: People with good credit would agree with checking credit before employment.

I think my point though was that there are tons of scores used internally and for consumers so at the heart of it, what methodology would you use to screen candidates for employment?

Like do you allow high utilization of credit cards but disregard candidates who have charge-offs/collections active? Or do you disregard bankruptcies but allow foreclosures that are older than 2 years?

This doesn't even get into the fact that credit/consumer reports often have errors. Credit scores also don't report bad check writers.

The main reason these reports were used initially were to ensure people didn't have a financial interest in throwing their employer under the bus. Like high level government security clearance -- if you have financial issues, it was reasoned that you may be susceptible to bribery.

Just look at the score? If it's 720 you are average. Anything above that I would hire you.

I would not hire anyone with bankrupticies, foreclosures, writes bad checks, don't know when to pay their bills, don't know how to manage their money, goes months and months without paying their bills (and NOT sure if that's a bad thing), etc.

WHY?

Well, if a person doesn't know that they NEED/SHOULD pay their bills every month, if a person is so bad at managing their money that they have to declare bankrupcy or have a foreclosure etc. Then I really do not think they will be a very dependentable or responsible person in general.

Just like why shouldn't we accept a student with a PCAT of 20 and GPA of 0.4? Same deal.

Some traits like BAD credit, shows that you are not a very responsible or dependable person, so therefore it's not a smart idea to hire you.

Most employers want a smart person, that makes GREAT decisions (not buy something they can't afford and then file for bankrupcy), is very organized, dependable, clean and hardworking. Bad credit folks do not have the qualities that makes a good employee.

Yes I know folks with bad credit will disagree. Just like the folks with bad stats think they should get into Med school. :laugh::laugh::laugh: Too funny.
 
LOL...have bad credit? :laugh::laugh::laugh: People with good credit would agree with checking credit before employment.

Mine hovers around 750 - I would not consider this bad credit, but really I never cared much. I have never even checked it until this year after my identity was stolen by some computer hackers that broke into my medical insurance company database. I have two medical bills that were out of control from a few years ago that were impossible to pay back with my income. I was not able to pay enough to keep the bill out of collections. The bill was eventually paid in full, but it was not easy. Does this mean I am a lazy, unorganized slob that you illuded to earlier? I would venture to say that 90% of people in America do not have spotless credit.

Anyways - go back to your playpen.
 
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LOL...have bad credit? :laugh::laugh::laugh: People with good credit would agree with checking credit before employment.

Just look at the score? If it's 720 you are average. Anything above that I would hire you.

I would not hire anyone with bankrupticies, foreclosures, writes bad checks, don't know when to pay their bills, don't know how to manage their money, goes months and months without paying their bills (and NOT sure if that's a bad thing), etc.

So the bad check thing, you're gonna have to pull more than a credit report.

And score is irrelevant, 720 isn't the same FICO vs. Vantage vs. Industry.

Also - what if you are a crappy employer? Crappy employers can't be choosy. I guess if you are the top employer in your field you can put in restrictions, probably not for others.

The other problem is if you get sued and get a judgment against you and have to file bankruptcy. And didn't you tell us you didn't have health insurance? What if you're hospitalized and your physician sues for nonpayment/goes to collection?

You also didn't answer my question about strategic default & foreclosure. Any accountant in a non-recourse state would agree that paying the mortgage is financially stupid. I wouldn't hire that person.

Bottom line: too many variables to do a credit score cutoff and too few good candidates to hire to be restrictive. Best to consider the job description, your labor market, and review credit reports accordingly.


EDIT: though I am curious what the best predictor of job performance is, just like how schools struggle to find the best predictor of student success when looking at their applicant pool. credit scores are "too dumb" to derive a whole lot of meaning out of them...they're good at predicting consumer behavior, but that's not what I'd be interested in as an employer.
 
The bill was eventually paid in full, but it was not easy. .

Why didn't you use medicaid? (But thanks for NOT using it...there are too many of those already in this country!)

So the bad check thing, you're gonna have to pull more than a credit report.

And score is irrelevant, 720 isn't the same FICO vs. Vantage vs. Industry.

Also - what if you are a crappy employer? Crappy employers can't be choosy. I guess if you are the top employer in your field you can put in restrictions, probably not for others.

The other problem is if you get sued and get a judgment against you and have to file bankruptcy. And didn't you tell us you didn't have health insurance? What if you're hospitalized and your physician sues for nonpayment/goes to collection?

You also didn't answer my question about strategic default & foreclosure. Any accountant in a non-recourse state would agree that paying the mortgage is financially stupid. I wouldn't hire that person.

Bottom line: too many variables to do a credit score cutoff and too few good candidates to hire to be restrictive. Best to consider the job description, your labor market, and review credit reports accordingly.


EDIT: though I am curious what the best predictor of job performance is, just like how schools struggle to find the best predictor of student success when looking at their applicant pool. credit scores are "too dumb" to derive a whole lot of meaning out of them...they're good at predicting consumer behavior, but that's not what I'd be interested in as an employer.

Sorry man, I don't know anything about foreclosure. I just know I won't do it. LOL...I do own a house (parents put my name on a house), but I don't know anything about it since I didn't buy it. lol...

Fair enough, I agree it would to TOO MUCH WORK to look into everything (bad checks etc.) from everyone. You could assume someone with GOOD credit are less likely to write bad checks than people with BAD credit though...but YES, I agree it would be TOO MUCH WORK to look into everything about everyone.

I grew up without health insurance, but I had health insurance ever since my P2 year when they started checking everyone hardcore and REQUIRED everyone to have it. So I have it now. But I didn't my entire life. I could always use Medicaid and get everything handed to me! :D So no big deal there! :laugh:

Not sure what is the best thing to use for screening a good employee...but I would think someone that always pay everything on time, NEVER wrote a bad check, had a bankruptcy, foreclosure etc. would be a dependable candiate. But no studies were done so can't say for sure.

For school? Def GPA and test scores are very good indictators of a good student.

However, good GPA and test scores does not always mean good pharmacist. There are plenty of people with lower GPA and test scores than me, but know a lot more on rotations due to MORE work experience. The two girls I am rotating with now went to a brand new pharmacy school but one of them is very smart...knows a lot more than me when it comes to drug doses....She worked retail for 7 or 8 years though. So yeah...I would say work experience is more important there.

I wish I know more...especially since I am almost done with rotations!!! :eek::eek::eek:



This thread has turned unexpectedly hilarious. SHC, I can't believe you would make fun of people for not being good at managing money... $3000 dress on a credit card, anyone? Plenty of people experience money problems at one time or another.

I got that balance transfered to my chase credit card with 0% interest till Feb 2014! :D

Christmas is coming up....I'll use my Christmas money to pay it down. :rolleyes:

Good money management just means ALWAYS paying ON TIME. You can buy whatever you want to..as long as you can pay for it YOU are good! hehe...
 
Why didn't you use medicaid? (But thanks for NOT using it...there are too many of those already in this country!)



Sorry man, I don't know anything about foreclosure. I just know I won't do it. LOL...I do own a house (parents put my name on a house), but I don't know anything about it since I didn't buy it. lol...

Fair enough, I agree it would to TOO MUCH WORK to look into everything (bad checks etc.) from everyone. You could assume someone with GOOD credit are less likely to write bad checks than people with BAD credit though...but YES, I agree it would be TOO MUCH WORK to look into everything about everyone.

I grew up without health insurance, but I had health insurance ever since my P2 year when they started checking everyone hardcore and REQUIRED everyone to have it. So I have it now. But I didn't my entire life. I could always use Medicaid and get everything handed to me! :D So no big deal there! :laugh:

Not sure what is the best thing to use for screening a good employee...but I would think someone that always pay everything on time, NEVER wrote a bad check, had a bankruptcy, foreclosure etc. would be a dependable candiate. But no studies were done so can't say for sure.

For school? Def GPA and test scores are very good indictators of a good student.

However, good GPA and test scores does not always mean good pharmacist. There are plenty of people with lower GPA and test scores than me, but know a lot more on rotations due to MORE work experience. The two girls I am rotating with now went to a brand new pharmacy school but one of them is very smart...knows a lot more than me when it comes to drug doses....She worked retail for 7 or 8 years though. So yeah...I would say work experience is more important there.

I wish I know more...especially since I am almost done with rotations!!! :eek::eek::eek:





I got that balance transfered to my chase credit card with 0% interest till Feb 2014! :D

Christmas is coming up....I'll use my Christmas money to pay it down. :rolleyes:

Good money management just means ALWAYS paying ON TIME. You can buy whatever you want to..as long as you can pay for it YOU are good! hehe...

Foreclosure isn't all bad, it's a contractual tool you can use to improve your financial position and long term health. I've advised people to walk away from their mortgage many times.

Anyway - I just realized, if you hired all squares with perfect credit scores and no missing payments or anything, you lose out on the crazy/creative types that aren't so good with money. Sometimes you need the diversity on your team wherein the squares keep the others on track but the creative/crazy people help everyone think outside the box.

If you can juggle both types, you'd be an amazing manager with an unstoppable department.
 
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Would I qualify for Pay as you earn if I just enrolled at a local CC for one course and took out a direct loan?

Then I would have a disbursement on or after Oct. 2011.

I have $120K debt from one year of graduate school between 2010-2011.

I meet the first eligibility (no loans before 2007), but I don't meet the second one (Disbursement on or after oct. 2011).
 
Would I qualify for Pay as you earn if I just enrolled at a local CC for one course and took out a direct loan?

Then I would have a disbursement on or after Oct. 2011.

I have $120K debt from one year of graduate school between 2010-2011.

I meet the first eligibility (no loans before 2007), but I don't meet the second one (Disbursement on or after oct. 2011).
Just consolidate your loans, then you'll qualify based on date of consolidation disbursement.
 
Would I qualify for Pay as you earn if I just enrolled at a local CC for one course and took out a direct loan?

Then I would have a disbursement on or after Oct. 2011.

I have $120K debt from one year of graduate school between 2010-2011.

I meet the first eligibility (no loans before 2007), but I don't meet the second one (Disbursement on or after oct. 2011).

Just consolidate your loans, then you'll qualify based on date of consolidation disbursement.

The rules are very specific. There's really no way around it. I would call the department of education and ask, rather than asking on this forum.
 
I have $120K debt from one year of graduate school between 2010-2011.

Just curious, how did you borrow 120 k for just one year?

If you can't pay it back, I would suggest you ask for forbearance. If you fall behind, your credit score is going down the tube and it will take years to rebuild it. Your credit card company is going to limit your ability to borrow and increase its interest rate.

Call the department of education directly. Don't base your decision on this forum alone.
 
Just curious, how did you borrow 120 k for just one year?

The reason why I asked this is because IBR or PAYE only applies to federal loans, not private loans.
 
i dont know if this is allowed in the discussion, but i like to make an attempt nonetheless. :)

would anyone be willing to enter a contract to loan me $100,000 + zero interest? your check will go directly to the department of education to pay off my student loan, and i will pay you monthly all that i have. this will reduce the number of years i have to pay off my loan from 10 to 2. i need a loan with zero interest. :laugh:

last year i paid every month but did not make a dent in the principal. it all went to interest. the living expense here in the northeast, and the high tax rate, is making it difficult to pay off this loan anytime soon. -_-
 
Noob post, but wouldn't this encourage students to borrow even more money?
 
For those comrades stressed about student loan burdens there is hope.

http://kingworldnews.com/kingworldnews/KWN_DailyWeb/Entries/2013/3/12_Gold,_Destructive_Hyperinflation_%26_The_Final_End_Game.html

"Re-monetizing gold would be popular within indebted advanced economies and therefore politically expedient. While net savers of US dollars would be harmed from the devaluation, net debtors would be helped. (The burden of repaying existing debts would be greatly diminished vis-à-vis inflated wages and asset prices.) Thus, those holding cash and bonds would suffer and those with mortgage, school, auto, and consumer debt would benefit. On balance, a policy- administered USD devaluation would be greatly welcomed within advanced economies. It would position politicians and central banks as economic saviors."
 
For those comrades stressed about student loan burdens there is hope.

http://kingworldnews.com/kingworldnews/KWN_DailyWeb/Entries/2013/3/12_Gold,_Destructive_Hyperinflation_%26_The_Final_End_Game.html

"Re-monetizing gold would be popular within indebted advanced economies and therefore politically expedient. While net savers of US dollars would be harmed from the devaluation, net debtors would be helped. (The burden of repaying existing debts would be greatly diminished vis-à-vis inflated wages and asset prices.) Thus, those holding cash and bonds would suffer and those with mortgage, school, auto, and consumer debt would benefit. On balance, a policy- administered USD devaluation would be greatly welcomed within advanced economies. It would position politicians and central banks as economic saviors."
Yeah, I guess hyperinflation would make $100k debt seem like nothing.
 
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