Student Loans

Now with the internet, you don’t even need to spring for a nice plate to panhandle.

In the before times, in the long, long ago, there was no internet. There was no Shark Tank. There were banks and capitalists. You had to go to them with your business ventures, beg them for start-up money, and that’s the way the world worked.

Now, anybody can beg anybody else for money. There’s no dignity anymore. There aren’t eight Jewish bankers who control everything. You don’t have to borrow money for your house from Mr. Potter. You don’t need to promise eternal salvation before passing the hat around. Now, any idiot with a dream and a keyboard can go on the internet and beg people for money.

Kickstarter is at least a place where ideas beg for money. A tipster sent us a link to “Upstart,” where individuals ask you to fund them in exchange for a percentage of their future earnings. So far, four people with J.D.s think they’re so special you should give them money so they can do what they want…

double red triangle arrows Continue reading “Upstart: Where Law Grads Try To Convince You To Pay Their Debts For Them”

Regular readers of this blog know that you cannot discharge student loan obligations through bankruptcy absent a showing of undue hardship. If you go broke borrowing money for expensive cars, houses, and monkeys/butlers, no problem, file for bankruptcy and start over. But if you go broke trying to better yourself through education, the government will make you beg and prove that you are sad and hopeless. Wonderful system we’ve got here.

We’ve also talked about how many people who might be eligible for undue hardship on their student debts don’t even try. The system is daunting and complicated, and I’ve argued that prostrating yourself in front of a bankruptcy court and letting them invade your life to the point of telling you how much you should be spending on your cell phone is not something that comes naturally to people with pride and dignity. This might be hard to understand for people who have never been in this situation, but I’d much rather be a “deadbeat” and have my wages garnished with the discretion on how I spend the rest than have some old judge tell me how much money I should be spending on breakfast.

When trying to get your debts discharged through bankruptcy, there seems to be no limit to what a judge can take into account to see if you are really desperate. But a recent Ninth Circuit opinion upholding a discharge by reversing the district court put one boundary on what a court can look at to determine if you’ve tried to pay your debts in “good faith.”

The court can’t look at your household and suggest that you pimp out your wife. So at least that’s something…

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* NY Attorney General investigating fast food restaurants for shorting their employees. This is a worthwhile cause, but what he should be looking into is who ate the bones? [CNN]

* Two schools, University of Mary Hardin-Baylor and York College of Pennsylvania admit they gave false information to U.S. News resulting in better rankings. Those were their BETTER rankings? [TaxProf Blog]

* To keep “misleading statistics” in perspective, the Department of Education leveled one of its steepest fines on Yale for covering up multiple “forcible sex offenses” to keep its campus safety statistics down. [Chronicle of Higher Education]

* A measure of resource governance finds the U.S. has the second best governance of its oil, gas and mining sectors. Give yourself a hand regulators. And we’re gunning for you Norway! [Breaking Energy]

* The Honorable Felicia Mennin does not grasp how time works. Thinks artist should have been more conscious of the public fear surrounding the Boston bombings… back in February. [New York Times]

* Congratulations readers for helping the profile of a White House petition to reform student loan policy. Here are a couple more if you feel like making more reforms to the process… or at least more suggestions for reforms that will sit on someone’s desk. [Whitehouse.gov and Whitehouse.gov]

* Is political intelligence practice too risky? Is political intelligence an oxymoron? An interview with Robert Walker of Wiley Rein LLP after the jump [Bloomberg Law]

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* A White House petition started by a young lawyer asking that at least student loan interest be tax deductible like interest on a mortgage to help out those folks like, frankly, most lawyers, who make too much money to deduct their student loans. [WhiteHouse.gov]

* Antoinette “Toni” Bush, partner-in-charge of Skadden’s communications group, is leaving the firm to become global head of government affairs for Rupert Murdoch’s News Corp. Free tip: brush up on your hacking law. [Am Law Daily]

* The Department of Energy may adopt a new “commercial maturity test” to get rolling on the backlog of liquid natural gas export license requests. And that, of course, will spur the inevitable lawsuits. [Breaking Energy]

* Apparently, President Obama dreams of “going Bulworth and resents the “Harry Potter theory of the presidency,” that the President can wave a wand and make things happen. So he’s pro Pras, Maya, and ODB, and anti-Hagrid. Who’s anti-Hagrid??? [New York Times]

* Lois Lerner, the manager at the center of the IRS “scandal,” has backed out of delivering the keynote at the WNEU Law commencement. I’m pretty sure Staci would do a better job… of running the IRS. [Boston Herald]

* Overlawyered blasts the Daily Caller for trying to tie Lerner to Obama via her husband, Michael Miles of Sutherland, Asbill & Brennan because the large firm had some ties to Obama. Blerg. Meanwhile, this “partisan scandal” is turning out to be bipartisan entirely based on which IRS office the groups dealt with. [Overlawyered]

* Congratulations to this guy. Must have been a hell of a feast. [WDRB]

As many of you know, I went straight through from college to law school without taking any time off. And many of you know that I count this as one of my many mistakes. The people I know who took time off between college and law school came back to law school with an appreciation of school and a focus on what skills they needed to succeed in the real world.

People like me who went straight through tended to start out with a “College II” mentality, got book-raped first semester, and muddled through law school kind of wondering why everything was so boring. In my anecdotal experience, these people disproportionately ended up in Biglaw, because people who get on only one train tend to end up at the same destination.

Given that experience, I think this new pilot program from Harvard Law School could be a very good idea. Harvard Law will now admit Harvard undergraduates after their junior year of college, provided they agree to an automatic, two-year, post-graduation deferment. That’s two years after college where you can work, earn money, and experience the real world outside the ivory tower, all the while knowing that you have Harvard Law to fall back on.

At least, that’s the positive view of the program. Our tipsters point out the cynical side….

double red triangle arrows Continue reading “Harvard Law School Agrees To Start Accepting Harvard Students Early IF They Promise To Go Get A Life First”

‘Another tuition hike? Time for a new car!’

If liberals are to be true to our professed values, we must critically examine our own conduct, however painful and embarrassing it might be. We cannot speak truth to power yet not to ourselves. [P]rogressive law professors, I charge, have profited from a system of legal education with harmful consequences to individuals and society — while claiming (and believing) that they were fighting the system.

– Professor Brian Tamanaha of the Washington University of St. Louis School of Law, criticizing his colleagues for remaining silent while law school tuition has soared. His remarks can be found in a forthcoming essay that will be published in the Stanford Law & Policy Review.

New Rule: The next law school person who wants to bitch about the unfairness of the “employed nine months after graduation” metric must offer to make loan payments for all students who don’t have a job at nine months until they find one. If law schools are going to knock up their recent graduates they should at least have to throw in some child support.

Oh, wait, NO law school dean wants to actually be on the hook for student loans from when they come due six months after graduation until… whenever this unnamed point in the future comes when students can expect to have jobs. Given that, I don’t really want to hear about how your school is so freaking “unfairly” treated because CONSUMERS of legal education need to know if they will be employed within shouting distance of when they will start having to pay back their loans.

Fine, you want a compromise? It looks like we’re moving to ten months anyway…

double red triangle arrows Continue reading “Could Law Schools PLEASE Stop Whining About The Nine Months After Graduation Statistic? You Sound Like Babies.”

“I saw the best minds of my generation destroyed by madness, starving hysterical naked.”

– Allen Ginsberg, Howl

I am supposed to be paying something on the order of $2,500 a month in student loan repayments. I currently make a shade over $55,000 a year which, after taxes, comes out to a tick under $3,200 a month. Please don’t mistake me for a braggart, dear reader, as I am a man much like yourself. I get up every morning and slip my cheap suit on one pant leg at a time. Just like you! It’s just that, after my threadbare suit is hanging from my gaunt frame, I have dozens of dollars to my name. Dozens.

If you are reading this website, you are well-acquainted with the state of student debt in this country. Above The Law, once a bastion for bottles, models, bonuses, and benefits, covers the hangover now too. The hangover is a useful start for any consideration of debt in this country, as it turns out. Shot through with the morality that only the descendants of Puritans can muster, debt in this country is treated not unlike a sexually transmitted disease or pleated pants: it’s moral turpitude that led you here.

Remember kids, banks will never ever ever forget your student loans. They may forgive them, though. As if they’re handing out papal dispensations from on high, banks are passing moral judgment even when your duties as a debtor may be discharged.

This is the moral universe we currently reside in. And it’s one that has seriously warped consequences.

This story is about Nazis and sex slavery…

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With graduation fast approaching, maybe people are coming to the startling realization (what took you so long?) that they’re going to have to figure out a way to pay off their student loans. Sure, it was fun to have government monopoly money to play with while you were in law school — maybe you had a weekly shoegasm at DSW; maybe you repeatedly blew your wad at Game Stop — but now it’s time to face the music.

Unfortunately, when it comes to debt repayment, the soundtrack that’s playing on an infinite loop in your mind is from the shower scene in Psycho.

Whether or not you’ve got a job lined up, you know for sure that your starting salary is nowhere near high enough to allow you to both live indoors and make monthly payments to your loan servicer. You’re scared that you’re going to have to moonlight in retail, or worse yet, move back in with your parents.

All you know is that you really, really don’t want to default on your loans. Your credit will be shot. Your phone number will be scrawled on the bathroom walls at collections agencies. Your life’s work will be all for naught. What the hell are you going to do?

Don’t worry, friends. Your loan servicer has a secret to share on how to avoid the disaster of default….

double red triangle arrows Continue reading “If You Don’t ‘Like’ Your Student Loan Servicer on Facebook, You Will Default”

It doesn’t have to be this way.

If someone asks you whether they should go to law school, here is a very safe response: “Sure, provided that you get into a top law school and can go for free.” Even the biggest critics of legal education would admit that, assuming you want to be a lawyer, going for free to an elite law school is not a bad idea. See, e.g., Professor Paul Campos, Don’t Go To Law School (Unless) (affiliate link).

How can this be achieved? It’s not impossible. As we’ve mentioned before, more than 10 percent of law students graduate with zero debt, and another 5 percent or so graduate with less than $20,000 in student loans. Some of these students receive generous scholarships from their schools; others have savings or come from well-to-do families.

But there are other options. For example, does your employer offer tuition reimbursement?

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