Why I Defaulted on My Student Loans

He hurt the reporters who reported inaccurate information. And the fans who received inaccurate information.

 

Typical Republican.

I mean, hey YF!

 

They should sue for irreperable damages.

I bet Warriors fans forgive him.

I wonder if Steve Kerr ever tells his wife her dress doesn't make her look fat.

 

Isn't that how the guy described his choice in the NYTimes?

 

Playin' ... Republicans ... anti-abortion (choose life ... )

 

So in the Dear Abby scenario, what should mom do that makes the best moral and business decision?

A) Pay off the loan that ungrateful daughter won't; it's legally her debt
B) Sue daughter to take over loan, saying they had a verbal agreement
C) Stop paying the loan; at 60 the credit hit is not such a burden
D) Pay hitman $20K to take out daughter and pay off everyone with long-held $100K Gerber life insurance policy

 

BTW, this scenario is one reason I have steadfastly refused to take PLUS loans (hint: the P in PLUS stands for parents) for my kids' college, even though the schools put a lot of pressure on parents to do so.

I'm paying some of their costs, they're working which covers some, and the rest comes from grants/scholarships and loans in their name. We're working very hard to minimize the loans, but we are very clear that whatever loans there are are the students' responsibility, not mine.

 

E) go to daughter's place "in the hope of a reconciliation" and somehow "slip and fall" on her property. Hire a lawyer and sue, for an amount that is coincidentally the same as the loan.

 

I like it. Creative thinking.

 

You're a slippery one, BS.

 

If you can line up an air-tight alibi while framing the hitman, then D is clearly the best business decision.

 

If Lee Siegel had walked away, per the terms of his contract, with a debt from a bank, a business, etc. then most people would not, and should not, be worked up about it. There are two problems with what he did, and how he has defended it.
1. Student loans ae not the same as a normal business transaction. The bank does not have to write me a mortgage. The guy across the street does not have to open a restaurant with me. Student loan money is not lent at ordinary market rates. Someone was doing you a favor, not making a business decision, to make this loan. And if the bank writes me a mortgage that they should not have written, yeah, boo hoo for them. But the ramifications of Siegel's actions, and those like him, are not merely felt by the "sophisticated party" who entered into the deal with him. Siegel is not (insert business person here), nor is he (insert hard luck story here). Siegel is the guy who goes on disability when he is not disabled, because he can get away with it, and the penalties for doing so, even if caught, make it worth it to him.

2. Siegel is perhaps the worst spokesperson imaginable for his "cause". Optimism bias causes you to borrow $100,000, degree in creative writing didn't go as you planned, and now you work part-time at Starbucks? I feel for you, and wouldn't oppose helping you. Siegel could pay his loan back, chooses not to, and is smug about it.