^A median starting salary of $63,135 is on the lower end for engineering.
And that counts all those chemical engineers working on oil platforms making more than $100k so for everyone of those there is an engineer making $40k. It doesnât count those who make nothing because they donât have a job.
Personally, I never was bothered by the debt I was taking on going to college. However, dear mother would throw a fit every time we talked about it. I mean Iâm borrowing money for a personal investment. Plus anyway, if ever you canât repay it, just file for Chapter 11 Bankruptcy and any good lawyer can get you out of that pickle.
@MrThatcher student loan debt is almost never dischargeable in bankruptcy. So I hope you can pay your loans.
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Keyword: âalmostâ doesnât mean you canât discharge them. All it takes is the right setup with the right circumstances. @itsgettingreal17
Proof: Blog on nerdwallet.com
All you gotta do is take out more than you actually make in a year in your field and youâll prove to the courts that if you only make 50k a year but your loans are upwards of 200k, no way you can make the payments without going into poverty. Just gotta find the strong enough lawyer.
@MrThatcher youâre citing nerd wallet to a bankruptcy lawyer. Good luck with that.
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@itsgettingreal17 Your point? Obviously with your pessimistic viewpoints no clients of yours would succeed in discharging student loans. You need the right image and if you donât manufacture that image, well youâre right, good luck with discharging the debts.
@MrThatcher Chapter 11 is for businesses. Chapter 7 is for individuals, or chapter 13 who are paying under a plan for 3+ years. One also has to show a good faith attempt to pay and that the employment situation is unlikely to change. Not many non-disabled 25 year olds can show there is no hope of employment in the future.
You could also pay the student loans with another loan like a credit card, wait for the appropriate time to pass (3 months? 6 months?), and then file bankruptcy and discharge the unsecured debt. Trick is geting another bank to lend you the money to pay the student loans.
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@twoinanddone Well, that is another way to do it. As they say, if there is a will, there is a way.
^ Oh for the love of Pete. Stop wasting readersâ time with this nonsense.
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Or one could sell their fancy schmancy car and pay their debts, that is if one actually has one to sell.
Yeah, the car has a $500 monthly payment, no?
The real point is no one should be overconfident, even if they hope to go into tech or medicine. Bad luck can disable prospects pretty fast.
My D1 pays 335/mo on autopay. No, itâs not easy, even on her good salary (and not a stem major, either.) Sheâs very adult about fin decisions. But in, say, five years, that amount alone could have been 20k, not even counting the right investments along the way.
One plan to eliminate college loan debt. http://mailview.bulletinmedia.com/mailview.aspx?m=2019072501nacac&r=8151263-af33&render=y
I hear you. Iâm stressing right now. The only college my son was accepted in os teh one where he is required to pay $81K per year. And I cannot afford that. What are my options?