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Thursday, July 2, 2009

26 years of student loans

This guy's a little behind on his $435,000 of education debt.

Comments (10)

Doesn't this sound achingly familiar to a PDX blogger we know.

You would think that he would have gotten some sort of settlement from his two accidents such that he would be able to pay his debt down a little bit. 430K in debt is crazy, but there is no doubt he was the victim of bad circumstances. Sallie Mae stepping in to complain to the NY Bar about him becoming a lawyer sure sounds like a classic "cutting off the nose to spite the face" kind of move. Stupidity on both sides of the equation on this one.

I think bar examiners should dispense with the 'moral fitness' requirement. It is never used to exclude those who turn out to be the most reprehesible members of the profession. These days, I think it is very easy for a law student to rack up that kind of debt.

You would think that he would have gotten some sort of settlement from his two accidents such that he would be able to pay his debt down

That may be exactly why Sallie Mae did what they did.

On one point, I feel sympathy for the guy and the rough row he's had to hoe in the past. On the other hand, 26 years and he hasn't made a single payment? At all?

I'm also honestly not surprised at his being denied a license, as the number of entitlement brats who refuse to pay their loans because "I didn't get enough from college to justify paying for it" make it hard for everyone else. Right now, you can pretty much kiss goodbye any chance of a government job if you've defaulted on a student loan, and the IRS has happily garnisheed income tax refunds for repayment of student loans for the last decade. (I found out the last one the hard way, when my now-ex-wife decided that she no longer owed any money when the collectors stopped calling. The best part is not having any way for a spouse to know how much is still owed until a refund check arrives that isn't a big fat zero.)

That is just wrong. Because he is errant in paying his debts doesn't mean he cannot be a good lawyer. If his credit history deters large, lucritive firms from hiring him, so be it. But give him his license and let him hang his shingle and try to make a living. Denying him his law license is as much a punishment to his creditors as it is to him. How does denying this man his best chance at earning an income that would enable him to pay off his debts help anyone?

So the NY committee thinks that the best solution to this guy's problems is denying him the right to earn a good living to, I don't know . . . maybe make some money available for the debt collectors? He didn't even hit any of the cardinal sins for disbarment or suspension (sleeping with a client, stealing their money, or lying to the judge). Too bad.

The tool could still try to practice law in another state, or work as a paralegal.

He sounds like a candidate for Mayor of Portland.

I can't believe I totally agree with Butch. The guy has avoided bankruptcy which would not discharge the loans but cram down all those penalties and collection costs. In practice, a few good personal injury claims, and he's debt free and creditors paid. Oh well don't spurn Sally, she'll throw you in debtors prison.

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