Quote: (05-17-2015 02:16 PM)MidWest Wrote:
I've been guilty of spending some of the loan money myself. Where do you guys think I get money to travel to Mexico and those other wonderful places haha.
@Merenguero:
I never read some of the posts about paying off loans but I would love to see that link you're talking about. You've always strike me as a guy who has his shit together when it comes to making money and saving money which is very admirable. I'll be keeping an eye on Mayweather from now on, I was thinking of betting on him in his last fight but Pac Man scared me, realized after the fight you were right all along. I think he has two more fights left in the tank.
What happened was this. My parents paid for my college. Law school was all paid for in loans, which totaled about $100,000. When I finished law school, I had a lot of money saved, the source of which I don't want to post about. I didn't work for a year after law school, for reasons which I also don't want to post about. I made timely monthly payments on my student loans for about a year and a half. I was mostly paying interest and basically the entire principal was still owed at that time. When I eventually went to work, I took the wrong job from the wrong person. I got a ton of experience there, but it was mostly because I was completely thrown in, made tons of mistakes, learned from my mistakes, and never made the same mistake again. Due to problems which that job caused me, my savings was eventually all gone and what I was making there was insufficient to make any more student loan payments, so I eventually stopped paying altogether. I didn't have a choice. After five years there, it got to the point that I had no bank account, owed basically the entire principal of my student loans, and had ten one-hundred dollar bills to my name, all of which were in my pocket. I took eight of those hundred dollar bills and rented an office with them. The other two hundred was for food and gas for a few days and I didn't have a Plan B at that point. Within forty eight hours, I had my first client come in and I never really looked back. A year after I opened, I got a big case, one which the vast majority of lawyers could only dream of their whole careers. After I settled that, I made a deal with the student loan companies, who had been trying to contact me for years with no success. They basically thought I disappeared off the face of the earth. I gave them a lump sum payment (or maybe multiple lump sum payments. I don't even remember right now), to basically forgive all of my student loan debt. My credit was wrecked, but I didn't owe anybody anything, so I couldn't have been any happier.