Failed out of med school. $10k in the bank, 380k federal student

>>1442113
>While I make alot of money

So, do you make alot of money or will you be forced to declare bankruptcy?

Knee pads

You can either suck 380k dicks for $1 each,
or 380 million dicks for 1/10 of a cent each.

I'd went with the second one

You can even hire professional dick suckers and create a dick sucking business. I've already started a dick sucking hedgefund. I pimp 5 million people and take 90% of their profits in exchange for 72 virgins in their afterlife.
Best decision my entire life.

i would just kill myself to be honest

>>1442117
Theres no bankruptcy on student loans. There are options though, listed below.


>Public Service Loan Forgiveness. 10 years of payments while working in a public service job. Pros: Loan forgiven NOT considered taxable income. So entirely debt free in ten years
Cons:PSLF jobs usually dont pay much, and congress has tried to end or cap it, but each time they fail at blocking it because lawyers stand to gain alot from this program
>Income-based repayment, which is 10% of disposable income for 20 years,then the remaining loan is forgiven but considered taxable income. (so lets say 600k remains after 20 yrs of IBR, i could move abroad for a year and not work along with my wife, so first 200k doesnt count (each USA citizen living abroad is not taxed for first 100k him and his dependents each make each year), but then I would be owing the IRS 125k, on which I can be either bankrupt or capable of repaying
Pros:Ample time to make a large amount of money (20-25 years!), inflation means 125k is worth then about the same as about 75k now
Cons: Balance grows, run risk of a new Capitalization happening if I ever need to defer a year. However, once forgiven will only have to pay about a quarter of it, but IRS are notoriously forgivng in student loans disposed (I know IRS are cunts, but im this they usally accept bankruptcy if a person cant pay)

>inb4 PAY IT BACK IN FULL MY TAXPAYER MONEY BLAH BLAH TRUMP BUILD A WALL

Im not here to discuss politics, and If had 380k plus 5 dollars I would repay the 380k and keep the five dollars. But its too large a loan and I have no choice but to do IBR and get forgiveness. Its a matter of means at my disposal, not principle

>>1442134
>>1442113

Yourr fucked, you lost, get over it. Fake your death or go live abroad and hope student loan defaulting doesnt become a crime and extradition for student loan default doesnt become a meme in your lifetime.

Just give up
If illegal immigrants can make it in this country without credit then so can you

>>1442193
What do you mean?

>>1442113

Thanks to IBR you will never pay a dime on those loans

>>1442113
Look like Darwin was right.

>>1442201
how so?

>>1442113
I dropped out of med school, have nowhere near that debt. You must have done 3 or 4 years and repeated at least 1 year. You were also probably caught cheating multiple times and got kicked out. Those schools will do literally anything to keep a student once you're in, including one year suspensions when you're caught cheating the first time

Sign up through fed loan servicing and consolidate and do an income based repayment plan. They won't come after you if you auto debit and pay on time.

Get a real job and bartend on weekends for cash. Pay taxes on the 9 to 5 and live off it.

Pay down your principal with your bartending income.

You cheating piece of shit

>>1442209
This desu. OP had one fucking job. Pass his classes and he couldn't even do that.

>>1442209
Fuck off. Never cheated in my life. Im from a Carribean Med School. and reaidencies arent guranteed like USA students, even for US citizens who study at the accredited Carribean med schools. I owe 380k because I had loans from undergrad, and needed the maximum amount of loans for rent,expenses, etc. while I study. Also, tuition was about 60k a yr

>>1442215
Forgot to mention, I failed Step 2 CS.

>>1442219
You can fail boards multiple times. You must have fucked up something else.

>>1442215
You had to have fucked up royally to fail a fake medical school.

I know people at Barry and AUC . Those programs are especially incentivized to keep you in and out of an official failure from an offshore school because of their already poor reputations.

So you cheated or failed something like 4 times in a row with literally no improvement

>>1442197
the biggest downside to carrying that much debt is having garbage credit

illegal immigrants don't have credit period but they can still survive

learn from them

>>1442215
USA med schools don't guarantee residency or residency placement.

>>1442225
I failed CS once,The point of med school is securing a residency, not getting the degree. I didnt get residency, even graduating with an MD is worthless without a residency spot. Im an honorable man who never cheated, stop calling me a cheater.So no, even with an MD, it would be considered a failure, by the fact that I didnt get a residency

>>1442229
Elaborate pls

>>1442231
They dont "guarantee" but if you are a US grad from a US med school, you are virtually guaranteed a spot. Something like 98% of US med students match into a residency on their first try.

>>1442208

To qualify for even the minimum yearly payments you will need to earn $100k+ per year. And that qualifier will only increase every year.

So you won't owe anything, probably ever, assuming you never make great money.

>>1442311
Who said so? Some people start paying off thr loan as residents, and they usually earn 50-60k a year. Where are you getting this figure from?

>>1442312

I'm on IBR.

The loan is usually at 7%. The minimum payment is usually enough to cover the interest growth plus about 50% more than that amount. So at 300k the minimum payments you would be paying about 30k a year. Under IBR you only need to pay if your income level would allow such a payment.

So I'm guessing you would need to be making like 80k+ per year to even qualify for minimum payments.

This assumes you file for IBR.

>>1442351
But the minimum payment is based on your income and dependents. For example, someone earning 40k and with a dependant spouse etc... would have a much smaller minimum payment than someone making 100k and single. With the simple interest, the total balance would go up 30k a year, so the balance would grow, but the interest would not have interest on it. So basically 20 yrs of 30k being added to the loan

380k...you may as well just kill yourself now or flee the country

>>1442215
It's beyond me how you could take more loans for rent and expenses when you were already in deep debt. Why didn't you go live with your parents at that time or something like that?

I don't want to say it, but you're done man. 380k, just damn.

>>1442113
>failed out
Do you mean you went to the carribean and got no match?

95% of med students graduate.

>>1442468
My parents live abroad and aren that rich. I has to live in the caribbean two years

>>1442473
yeah, thats what I meant

>>1442215
>Caribbean "school".
There's your mistake.

>>1442475
I'm sorry for asking but why the hell did you go to the Caribbean? From what country do you come from? I really hope it's not a Western country because you going to the Caribbean for any sort of education is just shooting yourself in the foot.

>>1442526
USA born and raised. Did undergrad in a foreign country (looking back, big, BIG BIG mistake). That severely limited my chances to get a US Med school

>>1442113
Dude you fucked up, kill yourself

So I mentioned some paths to forgiveness that would allow me to live a relatively normal life....also there is so much time and opportunity and loopholes, as long as I stay true to the IBR, I could still make enough money to live well and have a family...What are some good ideas to make alot of money over that time period? Anyone know any MD's who didnt match and still got good jobs?

>>1442548
I gather you do have an MD. You should try getting a job in some 3rd world country and settle there. Are you white? that would be a plus

>>1442544
>USA born and raised.

Literally why. Anyway, there isn't much I can't suggest you, but I just wanted to tell you this.

Ignore all the anons saying to give it up. Sure, you're in deep shit, but most people in the world have it way harder and survive. Don't waste a single second, go find some job right now and start cutting out on most of your expenses (including Internet, if you need it, go to a library or something). You're going to have to fight everyday for survival now. Don't take the easy-way out. Good luck bro, and believe in yourself. I'll be praying for you.

>>1442548
An MD from a 3rd world shithole wont help you get any good jobs in the USA. That plus bad credit. Your best bet is to settle in the 3rd world...where are your parents from?

>>1442569
My MD would be from on of the "Big 3" in the carribean. My dad is from spain and mom is russian, they live in spain. Even If I lived abroad, I would still do an IBR

>>1442574
Cant you do residency in the Caribbean if your degree is from the "Big 3" And then try for a job in the USA

French Foreign Legion. Tell them your story about medschool. It could be an asset. 5 years french passport and new identity.

>>1442113
loanconsolidation.gov forgiven in 25 years. you can literally pay $0 it's income based

>>1442215
he gave you the answer to your problems and you tell him to fuck off

>>1442625
But a person can only do IBR if they have an income, which would mean its not a zero dollar minimum payment. Deferring for financial hardship is allowed only for a maximum of three years. You cant do IBR if your income is zero, nor can one live without working

>>1442626
first off, he didnt say anything knew, he just rehashed my earlier post >>1442134

Then, he accused me of being a "cheating piece of shit" for no reason

>>1442645
yes, it can.
you would pay nothing.

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>tfw was thinking of going to Caribbean Med school

Welp, this is turning me off. Guess i'm going to Ireland instead. Also made the mistake of not going to school in the USA (Canadafag).

>>1442243

I can smell the curry and street shitting in this post

>>1443206
>tfw was thinking of going to Caribbean Med school

Ten minutes of googling will tell you why that's a horrible idea.

It's the equivalent of going to a "for profit" university that isn't even accredited.

OP might as well have spent all of his loan money on anime figurines

>>1443256
The thing is 50% do get residencies and I believe i'd be in the top 50%. I made it through pharmacy school with a 3.63 GPA so unlike a lot of the people applying I have a depth of medical knowledge and have been through a difficult program.

>>1443262

You can do whatever you want, but that's a lot of money for what effective comes down to a coin flip.

OP said the same thing and look at him.

>>1443270
OP is isn't that smart though. He failed the major test he couldn't have failed. I've passed board exams once already.

>>1442113
move to europe, they cant touch you in some cuntries. Move back again when you are rich and pay back your loans

Wow, now I don't feel bad owing 50k for a Bachelor's. You might as well flee to Europe like all those other bums do to escape payments.

>>1443256
to be fair they HAVE made big strides in the past 10 years, but they're by and far still jokes professionally.

>>1442611
If OP doesn't gruelling 10 slow years, how about 1 month of extreme survival training, parading, training championship competitions later on and at the end of 5 years, respect and good reputation, with the Legion ready to help you where ever you stuck.

>>1442134
>>inb4 PAY IT BACK IN FULL MY TAXPAYER MONEY BLAH BLAH TRUMP BUILD A WALL
Spotted the liberal retard. I hope you traitors hang.

>>1443709
you literally took out that line then ignored the rest of my post saying I literally dont have the means to pay it off all at once and want to repay it on a plan, wow ur an idiot, even for a cuckservative

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>have roughly $23k in debt
>owed to different debtors
>most of it unsecured

If I can find a job, I should be able to negotiate right? Or will they try to take my paid-for home?

>>1443980
sell your house, move to florida and buy a new one there

in FL your primary residence cannot be seized by creditors, its the only state that does that

>>1444011


You don't think I can use a debt settlement service or something?

>>1444035
worth a shot, but if you can't just remember that moving to FL is an option if you're worried about your house getting taken

>>1444035
Save up cash.

Call creditor. Tell them your on the verge of bankruptcy. Would they take a settlement or would they rather go to bankruptcy court.
The will take a setlement.

This is bullshit if it's true, how are they going to give $380,000 worth of tax dollars to a person with no ability to pay it off?

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>>1442113
I'm surprised (well not really, this is 4chan after all) no one mentioned this:

Finish school you dumb fuck. Then leave the country. Work as a doctor somewhere in Europe, disregard loans.