GL Advisors scandal... What now? Student Loan Firms

[BIGphysician]

The group I've been using to manage my student loans apparently was raided by the FBI and the CEO was arrested over the past two weeks for stealing funds. I was actually happy with how they were managing my student loans though, I didnt have them doing anything with any other funds. Anyone have any suggestions of for a firm to manage my loans now every year? This basically just means submitting my income based repayment form each year. I'm also trying to jockey for position to have my loans forgiven after 10 years of repayment at a non-profit hospital. Check out this article from the web:

http://bostonstudentloanlawyer.com/gl-advisor-collapses-ceo-arrested/

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[deleted162650]

The IBR thing has been discussed at length here before. The general consensus is to not count it (the feds giveth, and the feds taketh away).

 

[loveumms]

If anyone thinks the federal government (who is broke as a dope) is going to forgive doctors (who are perceived as rich like sultans) student loans debt is insane.

 

[Postictal Raiden]

If anyone thinks the federal government (who is broke as a dope) is going to forgive doctors (who are perceived as rich like sultans) student loans debt is insane.

Yeah, but doctors aren't the only professionals that take out huge amounts of loans. Don't you think that lawyers will fight nail and tooth for the survival of these forgiveness plans?

 

[IlDestriero]

Two things will likely happen, a limit and an income phase out.
Considering Maobama and the left leaning consider an income of ~$100k as wealthy, physicians are ****ed.
This will be the lowest hanging fruit to cut in a few years when things start to get ugly and people wake up and look at Greece and think that's going to be us.
Wait until a bridge or 2 collapse and kill a few dozen people, then we will be another trillion or 2 in debt overnight for the long forgotten failing infrastructure. The tipping point is coming eventually.
Who is going to support tax breaks for the rich when we're broker than broke and China et al don't want what we're offering.

 

[BIGphysician]

If anyone thinks the federal government (who is broke as a dope) is going to forgive doctors (who are perceived as rich like sultans) student loans debt is insane.

Ever hear the expression dont look a gift horse in the mouth?

 

[Surfer]

It's highly dishonest of you to take out loans then try to dump them on the American taxpayer. F you. I hope you get screwed in your dishonest attempts. You signed the loan papers. You spent the money. You got the education. You get to pay it back now.

 

[BIGphysician]

It's highly dishonest of you to take out loans then try to dump them on the American taxpayer. F you. I hope you get screwed in your dishonest attempts. You signed the loan papers. You spent the money. You got the education. You get to pay it back now.

Hey loser boy. No one is being dishonest.

 

[DPTMD]

What did you need their services for? The IBR form can be done online and takes less than 10 minutes. The loans for PSLF would take maybe 30 minutes including tracking down the right person to send the form to. Is there something else that these companies offer?

 

[somedumbDO]

I agree with surfer, you took out loans you should repay them it's a moral obligation however and it shows to your character.

 

[BIGphysician]

I agree with surfer, you took out loans you should repay them it's a moral obligation however and it shows to your character.

More reflective of your IQ actually

 

[IlDestriero]

There's nothing wrong with loan forgiveness. That's the government program. If you qualify, good for you!
However, I suspect that they will realize at some point that the 10 years should start after training and that residency/fellowship years shouldn't count.
That's a likely easy and fair change as well. Maybe make the repayment period longer for physicians?

 

[somedumbDO]

 

[caligas]

If you can find a legal way out of repayment, more power to ya. With the financial future of medicine the way it is don't let anybody convinve you that you owe anyone anything on moral or ethical grounds.

 

[loveumms]

Well smart one ... guess who winds up paying for your loans to be repaid ... YOU dummy. I tell all my residents, just wait until you start making that attending salary and realize how much is taken away so you can pay for all those who are feeding off the system (because it's certainly not going into the infrastructure just like Il said). The government is not going to forgive anyone making 6 figures who CAN pay their loans like physicians (at least for now - who knows where salaries are headed). I'm sure they will change the program when that first group hits 10 years.

 

[risnwb]

It's highly dishonest of you to take out loans then try to dump them on the American taxpayer. F you. I hope you get screwed in your dishonest attempts. You signed the loan papers. You spent the money. You got the education. You get to pay it back now.

Seriously? f u. Don't be a dick because someone is trying to figure out how to make the system work for them. We have had multiple threads dedicated to the ridiculous cost of medical education on here. There's no disagreement there. There's no dishonestly in looking for a job that will be rewarding for other reasons (student loan repayment , underserved patient population etc) rather than the highest paying one. It might not all work out that way but I commend the O.P. for thinking ahead unlike so many naive medical students these days. Seems like you have some sort of personal issue you need to work out.

 

[AlbinoHawk DO]

It's highly dishonest of you to take out loans then try to dump them on the American taxpayer. F you. I hope you get screwed in your dishonest attempts. You signed the loan papers. You spent the money. You got the education. You get to pay it back now.

There's nothing dishonest with taking advantage of a program that the government has used to be able to stimulate the economy. People will have more discretionary funds which will end up in the hands of businesses from where people purchase. It's not different than when people get married and are able to pay at different tax brackets.

 

[CaliCatheter]

Why can't the gov just allow us to deduct the interest paid from our taxes!!!!

 

[deleted162650]

Why can't the gov just allow us to deduct the interest paid from our taxes!!!!

Take out a HELOC to pay off your studnt loans. Interst is now tax deductible and loan can be forgiven in case of bankrupcy.

This is my plan, I just need to first buy a house, and then accrue sme equity.

 

[DPTMD]

Salty, do you plan on having 200k in equity immediately? If so, please let me know where you're buying, I want in.

 

[deleted162650]

Salty, do you plan on having 200k in equity immediately? If so, please let me know where you're buying, I want in.

Haha I wish. No. That's why I said "then accrue some equity". I consolidated my loans and got the rate down to a reasonable level which I can tolerate paying for a while until I'm in a position cover the remaining balance with a HELOC.