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Nah Canada is a dump. They are mean there.
What truly happens if you simply CANNOT pay your loans?
Started by sozetone
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The folks in Vancouver seemed nice enough.
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Lol man im just gonna pay as little as possible until this bubble blows up and they eventually try to negotiate for 1/10 of original principle lol Good luck govt
Correct. Again, who ever is responsible for collecting it, this is much cheaper than paying it all off.
yes i did! in 2003 when i started pre-reqs it was booming. So dont blame me pal. Ive been a tech since 97' and Rph since 2012. i am no lightweight. But price is price and there is no haggling....so I am not in the position these kids are in today where you have research and statistics to show its a poor investment. ya know? so take it easy....
That's smart, most people are throwing EVERYTHING they have at it right now ya know? bad move. They will be left with no savings, and in the end yes this will blow up and deals will have to be cut. IT may be 3-5 years or more, but it's coming. When you have 50-70% of pharmacists defaulting, you need to collect whatever you can. simple economics. you cant get blood from a stone....lol
It took you 9 years to do prereqs plus pharmacy?
Even when pharmacy was booming taking much more then 1x annual salary is just dumb student loan wise.
"They" will never forgive the student loans. They will create a 30 year SUPERREPAYE. But they are never ever going to forgive the balance. They will just bleed you for the interest month after month. Come after your social security. But remember, the indentured servitude is part of the plan.
Back in the days, it was actually pretty difficult to get accepted but once you have graduated, there is a job waiting for you. Now it is like the opposite. That is the trade off.
I feel bad for these pharmacists. There is no easy solution.
It was legitimately the second hardest professional school to get into after medicine for a while in the mid 00s. Man I miss those days. Free dinners at the drop of a hat if you had a hiring manager think they had a shot at you.
I don't think that's so insane. My path was about 9 years because I attended undergrad part-time while working. It was the leisurely path for sure, but it made sense with my life's circumstances.
and thats exactly what happened, I started as an assistant manager, did that 4 years, now managing a WM for a little over 2. but i had connections, letters of rec from friends....etc. now a days those same letters wont go far, there simply is not anything available.
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yeah man, i started years after high school , non traditional , from the ground up. 4 years for under grad , 4 for graduate school. pretty standard. The one extra year was due to not having some class done or something stupid like that ya know? now a days they would probably say no big deal, you can do it later! come on in! lol...back then you had to be competitive and pushing hard, there was no room for a class you were in the middle of taking ya know? they just said sorry try again next year. whatever...
Also, i worked FULL time AND went to school FULL time....try that for dedication. never a day off from anything....
Yeah...9 years to get both a true bachelors degree (not one of those ones they tack on as a freebie in a HS to PharmD program) and a PharmD isn’t outrageous at all. There are shorter routes, but they won’t work or aren’t for everyone.
Yeah bro i had like 100+ credits after those first 4 years by the way! I took everything to get into almost any school and meet their requirement. And worked full time....i think thats pretty impressive...unfortunately i think i was just completing micro or orgo 2 at the end along with everything else. And back when they actually cared , they wanted this course done before application, or by a a certain deadline. I got in next year, the break was nice. I also had an A average , a few B's here and there, but you know how that goes. I wasnt like these brain dead newbies asking how to reconstitute NYSTOP powder as of today....lmao. then again i knew the money was good, but it was certainly NOT my soul reason for becoming a pharmacist, and i never wanted to be a doctor or anything with a prestigious title like that....lol...really. I just wanted to give people their medicine, counsel, be comfortable and take care of my family. i had been a tech for 10 years prior, i think it was time for career advancement, no? lol
Well that the whole point though, right? Loan forgiveness? Haha they are forgiving the balance after 25 years. Yes, we would have to pay the tax on the forgiven amount but that would be significantly less than what you wouldve have paid in full amount plus interest over 10+ years. They dug the whole on their own with this loan forgiveness programs although, without it no one wouldve taken out the loan in the first place haha
Hell, if possible i wouldnt pay a dime of the loan back and just take it to my grave.
I have a strong sense of deja vu in this thread.
did you just ask me that? lol
The real problem is when we reach the point where 50-70% are defaulting. That is where i think the government will realize they have to recoup some of this money and take a bit of a loss, or lose it all in an economic collapse......I think lawyers will find creative ways to negotiate or the Govt may just come straight out with offers to settle the debt for a lot less. They have done something VERY similar to the housing crisis. Loaned HUGE amounts of money at HIGH interest rates to kids who many had no business being in this field anyway. And they continue to do this year after year. Doesn't someone, somewhere have a clue whats happening and whats coming of all this?
I dont think they will ever "forgive and forget" these loans. wipe everyone slate clean? no way. but when faced with an economic crisis, they may have to settle on taking a lump sum that is far less than what you owe. May be they only way too stave off the crisis. I look forward to seeing this all play out.
Actually i knew something was wrong in 2009 (i started pharm school 2008) when BOA, CHASE, SALLIE MAE...etc. all pulled out and sold the debt to the government. MY school said now your loans will be direct from the Gov! yay! I was like , yeah because these banks dont want anything to do with this money 10 years from now! they all knew this would happen around 2008---2009 and cut these loans loose. also, private loans were basically stopped. I took one out in 2008, but as far as i know you cant get one anymore....These were the indicators that this would be BAD debt in the future....so i never really cared much and put them off a long time, pocketed my money, and saved it! i told them i had no job, forbearance, deferment, Even said i had 0$ on IDR for 2 years. i did this for prob 7 years! it seems irresponsible, but if im right, i will throw them a bone and they will go away by maybe 2025? i see these poor kids coming out of school and not understanding this and they throw their entire paycheck at their loan hoping to one day pay it off, but in 2-5 they will have NO savings, house, nothing at all really, and then if the govt starts settling for less, it's gonna suck for them.....i try to explain, but once again...they just dont get it.
FYI i do pay honestly on my loans at this point. lol. i just started because i did feel a little guilty....but man our savings is great and i could pay them every dollar if i wanted to right now and still have tons of cash. But I WONT! lol...they will get the bare minimum until the crash comes. its a gamble i know, but i feel its gonna work out....
FYI i do pay honestly on my loans at this point. lol. i just started because i did feel a little guilty....but man our savings is great and i could pay them every dollar if i wanted to right now and still have tons of cash. But I WONT! lol...they will get the bare minimum until the crash comes. its a gamble i know, but i feel its gonna work out....
You keep talking about this "lump sum". Anyone who defaults isn't going to be able to come up with any sort of "lump sum". The much, much more likely course of action is refinancing the loans to a 25 or 30 year payment with an income based component, perhaps with a lower interest rate. Something like that I could see getting passed, hell we already have it with PAYE, REPAYE, PSLF, etc.
Why does that sound familiar...
Isn't the statistic like 1% for those who applied for PSLF and successfully got their student loans forgiven?
They got gypped.
Your wrong, i had 88K in private loans (borrowed 50k to start maybe in 2008) (between 2 loans), ok? i was paying , but the interest was ridiculous, they spiked it to 9%. was getting nowhere. Since i have money. I hired a lawyer. We planned a strategic default, and settled for 25 cents on the dollar!. Done, loans gone.....yes you sacrifice your credit to do this before you start whining, so buy a new car, rely on your spouse for certain things and hunker down for a few years. youll be ok as long as you have money. if you have been dumping EVERYTHING you earn into your loans, NO you cannot afford to do this. As you have read before, i do plan ahead, and will be at least attempting to open a medicinal dispensary by years end. ( i think it will do great), that said, i will be all cash off the books doing this...the best part is the federal government wants NOTHING to do with marijuana money, so it all goes under your mattress (safe) lol. Its like the wild west and no one monitors these businesses as of yet. I'll pay a little here and there on federal loans to keep them at bay, and strike when the iron is hot.....see if im wrong 5 years from now...Now if you know the start up cost for a dispensary, then you have an idea of how much cash flow i can safely lose and still be ok, so that should spark some idea of what i have been doing with my money since graduation 2012. lol. Hey i could die tomorrow, im not gonna live my life in fear of these loans. I sleep well at night and never give them a thought.
The funniest thing is, its the principle of paying them that i hate the most.....i could dump the little i owe right now with the click of a mouse. But i want to have fun with this and test the system.
The standard mode of thinking for most people is "pay these loans off as quickly as possible"....i have a different viewpoint.
Tax fraud = lose your pharmacist license. But hey, it is your life.
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You sacrificed more than your credit score. You also sacrificed your ability to get a mortgage. Credit score is also used when you try to rent a house. Some jobs even check your credit score.
What did i just say? rely on your spouse.......listen...you can make it work if you think and try. And like i said , CASH is king. I'm perfectly set because i planned it out....
#1 who said tax fraud? I'm not operating like that......i do nothing illegal. perhaps unethical to some, not illegal.
#2 lose my pharmacy license? who wants one anyway?
Good luck trying to get a mortgage on just one reported income. Even if you can, the house has to be under her name. If there is a divorce, it is HER house. Look, everyone has a plan until they get hit in the mouth.
We own 2 homes. outright. Anything else?
Oh BTW, any "forgiven" amount is counted as "income" by the IRS. So if 60 k is forgiven and your tax bracket is 30%, you will need to $60 k x 0.3 = $18 k in additional taxes.
Sure "we". Your loan would not be forgiven if that is the case.
i'm not asking forgiveness, your not listening. I will pay EVENTUALLY, just not what they are expecting. And it's solely based on the PRINCIPLE of this whole student loan crisis THEY created. I dont expect you to understand, but im trying. ya dont even know how much i owe, its laughable. and my credit will be back faster than you expect. once again, thanks to lawyers and money. a few years tops and im back over 800. Dont you think i thought that through?
This fool just have a plan. Well, good luck. Get back to us when you are done and you are clear.
BTW, any lawyer is going to tell you have a case. They don't get pay unless you go forward.
Hey it's all in good fun......the private loans are gone and THEY were the big problem.......no hard feeling man......
Lets say for some miraculous reason your private lenders settled 25 cents on the dollar on 88 k. So, 88 k x 0.25 = $22 k. Therefore, 66 k is "forgiven". Since you gotta pay tax on the forgiven amount (assume 30% tax bracket), 66 k x 0.30 = $20 k.
$22 k + $20 k + lawyer fees (lets assume $20 k) = $62. All that work for what? $26 k in saving? Lets not forget your credit score would be destroyed and the cost associated with a rock bottom credit score.
I am only posting this not because I don't want you to do but because I don't want others to do dumb things. But go ahead..do it. So you can come back and tell us all how you did it.
You did. The banks want nothing to do with the money because they are worried about getting assets frozen because MJ is a schedule 1 and therefore illegal. There are lots of people in jail for defrauding the IRS. I suggest you tred carefully in your future endeavors.
Settling your loans because you can’t pay one thing, but not paying because you don’t want to is another.
I’m fully in support of disbanding the federal student loan program, but the idea that people who took out student loans shouldn’t be liable for their own actions is another thing entirely.
pharmdguy18
Full Member
Yes, the guy that has been "forgiven" for billions in losses because he's such a "brilliant" businessman and knows everything. Your president has ripped off thousands of people, and this doesn't include that sham Dump University he setup. This country elected a scam artist as the president. Shows you the below-average IQ throughout this country.
Salty much?
You're off the books, "the government wants none of your money" so it all goes under your mattress? Sounds like tax fraud to me. Regardless of how you earned it, income from a medical dispensary is still income, and the federal government definitely still wants it.
Additionally, there are a lot of taxes associated with marijuana. There's a tax on the manufacturer, a tax on sales from a processor/wholesaler to a retail business, then finally there's a sales tax depending on whether you're selling it for recreational or for medical use (I assume most dispensaries will do both). Then there's a application fees and renewal fees. If anything, I would imagine the state is looking very closely at the books for every dispensary for their tax money.
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I’ve never heard of the government turning down or looking away from recouping cash
It's a federally illegal schedule 1 substance. They cannot be involved in the money in any way. not the FEDS....get it? until they completely unschedule it to alcohol status or tobacco and tax it, they will have no part. a medicinal shop owner HAS to have a special area to keep large amounts of CASH. No banks will take it or have anything to do with it. thats one of the biggest problems for shop owners actually! lol... where to put all your cash. beleive it or not, there are people out there who specialize in setting you up with a money "depository" of sorts (and security). But i think i can handle it...lol
your NOT listening. I will pay my taxes!!! jeez man...and i will pay my loan......whats so hard to understand here? no breaking of the law or rules. But that said, IT is a CASH business. This cash is not federally accepted for the very reason you stated, you cannot store it in a bank. You MUST have off-site secure safe storage. There are several different ways in which i can be paid as well, resulting in different tax situations. Any way it goes, if i owe IRS something, they will get it. You dont mess with the IRS and i know that well.
and like i said, you may not agree with what i do, but its the principle issue here that is upsetting me to this point. the student loan "crisis" if you want to call it that. May not be here yet, but i think we can safely assume something is coming, no?
Just do it...why go online and talk about doing this and that. Do it and then come back to us and tell us how you did. Stop playing the victim card. You got into this mess. No one forced you to borrow a boatload of money. No one forced you to go to pharmacy school. Deal with it.
It's NOT forgiveness!!! listen carefully....it's a settlement! period. paid and done. No tax liabilty...etc. This has nothing to do with "forgiveness". You are basically threatening them with bankruptcy ok? now follow me before you explode. since these types of "private" loans are considered more like a bank loan...etc right? it can be discharged in most cases...most people dont know this. So after you set yourself up and brace for impact, you default ok? then your lawyer says "were filing bankruptcy". (your not really though). Then your lawyer and their lawyer get together and say hey this guy has a little cash from some recent dead uncle, family inheritance...whatever, ok? he can pay you 15K, they say no, usually....ok we can see if he can pay 23K? (or he has to file chapter whatever). They cave in and take what they can get. your still paying essentially what you borrowed, plus a little interest (which they deserve). end of story. thats how it works. A decent lawyer can get this done for around 2500$. ok? it worked for me. but as i stated above, it's NOT for everybody, unless you have a good liquid cash position.
and what do you mean go ahead and do it? It's done as of last month my man. Debt gone. Now i told you there are ways of using lawyers to bring your credit score back from the dead. sometimes within just 1-2 years. back to 800+. That is whats happening now....expand your mind a little, the system has flaws, you sometimes need to utilize them. Don't blame me, blame the system if you dont like it. Not everything is black and white, learn to live in the grey and life will be easier.
FYI as of now, this CANNOT be done with federal loans.
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