Questionable, yet LEGAL ways to rid myself of student loans?
February 2, 2014 9:33 AM Subscribe
A close friend of mine has over $100k worth of private student loans. They make a decent living and are able to pay much more than the minimum monthly payment (and they do). When I first learned about this, I immediately began to think ways to discharge the debt with minimal effort.
I've posted a few ideas below, and would love to hear others
1. Buy a cheap house, take out a second mortgage to pay loans, default on house.
Cons: Will destroy credit.
2. Start a business (c-corp), get a business loan, pay your student loans, close business.
3. Start a business, write off everything, use extra money toward loans.
4. Online begging (remember "Save Karyn"?), etc.
Any more advice?
PS - Not interested in Peace Corps, joining the military, debt consolidation, etc. Just trying to use the system against itself.
1. Buy a cheap house, take out a second mortgage to pay loans, default on house.
Cons: Will destroy credit.
2. Start a business (c-corp), get a business loan, pay your student loans, close business.
3. Start a business, write off everything, use extra money toward loans.
4. Online begging (remember "Save Karyn"?), etc.
Any more advice?
PS - Not interested in Peace Corps, joining the military, debt consolidation, etc. Just trying to use the system against itself.
This post was deleted for the following reason: Sorry, this is running close enough to "help me do something unethical/fraudulent" that it's not going to work well on AskMe. -- LobsterMitten
Win the lottery. (Hey, it's as likely to work as some of the above ideas.)
posted by she's not there at 9:38 AM on February 2, 2014
posted by she's not there at 9:38 AM on February 2, 2014
Those ideas are not quite legal from my non-lawyer standpoint. Taking out loans for the express purpose of defaulting on them is fraud, I think. Or at least it's a horrible thing to do.
At any rate, there is a Teacher Student Loan Forgiveness program, but it only covers $17,500 of the debt.
posted by xingcat at 9:40 AM on February 2, 2014
At any rate, there is a Teacher Student Loan Forgiveness program, but it only covers $17,500 of the debt.
posted by xingcat at 9:40 AM on February 2, 2014
Get a job. Use some of the money you earn to pay your student loans.
posted by Rob Rockets at 9:41 AM on February 2, 2014 [5 favorites]
posted by Rob Rockets at 9:41 AM on February 2, 2014 [5 favorites]
Online begging is not enough. They have to make their financials so poor that people will want to give them lots of money. So job quitting/getting fired, I guess.
posted by ThePinkSuperhero at 9:44 AM on February 2, 2014
posted by ThePinkSuperhero at 9:44 AM on February 2, 2014
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posted by Etrigan at 9:38 AM on February 2, 2014 [6 favorites]