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Old 04-28-2008, 06:03 PM
 
943 posts, read 3,977,893 times
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Wouldn't this be a smart plan for a college student.............. 1) Take out loans to fund the cost of everything at the best possible college that will accept you regardless of price. 2) upon graduation get an entry level job in a company with an opportunity for career growth. 3)apply for and accept about 3 to 4 credit card during college (every CC company is looking for a college sucker) 4) File for bankruptcy immediately after graduation. 5) Use the credit cards wisely and make every single payment on time. 6) Save as much money as possible (at least $100,000) 7) Live with parents for 10 years.

Assuming you have parents are willing to allow you stay, have a decent financial situation, and won't attempt to break your pockets this sounds like a solid financial plan. At the age of 33 you can kiss your mom on the cheek and walk out the door as you are reaching the prime of your career (10 years professional experience) and you have the world at the palm of your hands (six figures saved with great credit). By the way don't waste your time bashing me. I graduated college a few years ago and I live by myself without any financial assistance from anyone, but when you live in a country as corrupt as ours your mind tends to wander.
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Old 04-29-2008, 06:02 AM
 
Location: Los Angeles Area
3,306 posts, read 3,649,886 times
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There are a few reasons this plan won't work:

1.) Filing for bankruptcy isn't so easy anymore, they just don't let you run free when you have the ability to pay the debt. You have to prove to the court that you can't reasonably pay the debt in full, if you can pay part of it then they will make you pay part of it.

2.) Government sponsored student loans can't be wiped away with a bankruptcy. Since the loans are given out regardless of credit standing, you'd have many people that would have no motivation to pay them off (because their credit is already bad). Thus the laws do not allow them to be dissolved like other debt.

A better idea is to live with mom for a couple of years and get your debt paid off fast.
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Old 04-29-2008, 07:04 AM
 
Location: Southwest Missouri
1,921 posts, read 5,852,547 times
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Humanoid is exactly right, the plan wouldn't work.
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Old 04-29-2008, 09:47 AM
 
Location: Londonderry, NH
41,478 posts, read 54,145,586 times
Reputation: 24729
I thought removing ethics and morality was done in business preschool and a perquisite for executive promotion.

They have already figured out the college loan scam and taken measures to prevent it. I'd try financing a dope dealer at 100% interest per transaction. That actually works because you never personally handle any of the dope and you can always deny you knew what he was doing. Or buy a couple of freighters and smuggle good booze to New England during prohibition. That actually worked.
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Old 04-29-2008, 10:40 AM
 
Location: Wherabouts Unknown!
7,794 posts, read 17,543,601 times
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Just become a CEO, run your company into the ground, layoff your employees, rip off the stockholders, and walk away with millions. This method already has a proven track record. No need to re-invent the wheel with risky schemes?
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Old 04-29-2008, 12:48 PM
 
372 posts, read 796,327 times
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A couple of thoughts come to mind...

1) As mentioned earlier, student loans don't get wiped out by bankruptcy.

2) I'm assuming you're not looking to get married before you're 33... Living with your folks would probably put a damper on your love life.

3) What if property values go up, or if inflation continues to rise? That $100k later might not be worth as much.

To me, a better plan would be:

1) Go to college at the best possible VALUE.
2) Graduate from college and get an entry level job in a company with a high possibility of growth.
3) Continue to live like you're in college for 5+ years. Live as inexpensively as possible and invest and/or save as much as possible.
4) Buy a house with a high down payment in an established neighborhood.
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Old 04-29-2008, 01:42 PM
 
Location: America
6,993 posts, read 16,023,284 times
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I think ogp was being cheeky, could be wrong. I think instead of plans like this, it would be better to restructure how our government/society provides higher education. It is no where near as expensive to get a education in Canada as in America. Also our level of educational standards have gone down a LOT in universities (I work at one and speak from what I observe). The return on investment at this time is way out of wack
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Old 04-29-2008, 07:26 PM
 
943 posts, read 3,977,893 times
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Quote:
Originally Posted by DasNootz View Post
A couple of thoughts come to mind...

1) As mentioned earlier, student loans don't get wiped out by bankruptcy.

2) I'm assuming you're not looking to get married before you're 33... Living with your folks would probably put a damper on your love life.

3) What if property values go up, or if inflation continues to rise? That $100k later might not be worth as much.

To me, a better plan would be:

1) Go to college at the best possible VALUE.
2) Graduate from college and get an entry level job in a company with a high possibility of growth.
3) Continue to live like you're in college for 5+ years. Live as inexpensively as possible and invest and/or save as much as possible.
4) Buy a house with a high down payment in an established neighborhood.
It was just a hypothetical question. I said in the original post. I am done with college (unless I later decide to go to grad school) and I live by myself.
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Old 04-29-2008, 07:29 PM
 
943 posts, read 3,977,893 times
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Quote:
Originally Posted by Humanoid View Post
There are a few reasons this plan won't work:

1.) Filing for bankruptcy isn't so easy anymore, they just don't let you run free when you have the ability to pay the debt. You have to prove to the court that you can't reasonably pay the debt in full, if you can pay part of it then they will make you pay part of it.

2.) Government sponsored student loans can't be wiped away with a bankruptcy. Since the loans are given out regardless of credit standing, you'd have many people that would have no motivation to pay them off (because their credit is already bad). Thus the laws do not allow them to be dissolved like other debt.

A better idea is to live with mom for a couple of years and get your debt paid off fast.
Why would you have to take out a government sponsored loan? Wouldn't the person take a bank issued student loan if they knew they were filing for bankruptcy anyway? Are bank student loans hard to get?

If someone tried to file for bankruptcy right after they graduated college while they were unemployed wouldn't the judge grant the bankruptcy?
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Old 04-30-2008, 07:50 AM
 
Location: Southwest Missouri
1,921 posts, read 5,852,547 times
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Quote:
Originally Posted by ogplife View Post
If someone tried to file for bankruptcy right after they graduated college while they were unemployed wouldn't the judge grant the bankruptcy?
HIGHLY unlikely. Judges aren't stupid people, and would see right through this scam.
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