May 28 - Toronto man pays off $100,000+ student loan in cash

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 6 years ago '05        #21
Fresh|B 997 heat pts997
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...n*gga Did That sh*t Like A Boss
 05-29-2012, 06:46 PM         #22
BLOCK19871  OP
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boss status
 6 years ago '05        #23
Micheal C. Will 21 heat pts21
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The sad part of this story is that his student loan is 6 figures to begin with
 6 years ago '05        #24
Flatbush85 55 heat pts55
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 iQon said:
He couldn't just... open a checking account?

Where I'm from, you'd be dumb to carry 1400 on you. Much less 114k.
Apparently where your from, illiteracy is at an all time high.
 05-29-2012, 07:01 PM         #25
p imperial  OP
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 Killamike79 said:
The sad part of this story is that his student loan is 6 figures to begin with
It was for Law school, not an undergrad

U of T is the best law school in this country (and more expensive..liek double the tuition of almost every other law school) and pretty much a guaranteed six figure job after graduation if you want it...I mean he paid it off afterall

I think people are criticizing him (least in the original toronto star article) cause it was kinda a d!ck move making the bank employees go to all that extra trouble for a vanity move...he even admitted it was kind of thoughtless himself

course he could just be saving face, and the boss a.ss feelin of throwing tuition down like that could've made it all worth it
 6 years ago '04        #26
RETURNOFTHEKING 10 heat pts10
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$5,982 | Props total: 6930 6930
community college for two years a.ssisted by financial aid

bachelor's degree for two years a.ssisted by financial aid and scholarships

=

$0 in college loans

bust your a.ss in school and you'll never need a loan.
 6 years ago '11        #27
GrindPOWER$ 400 heat pts400
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he did it
its done
good for him
hope he can make it back
 6 years ago '05        #28
Micheal C. Will 21 heat pts21
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 p imperial said:
It was for Law school, not an undergrad

U of T is the best law school in this country (and more expensive..liek double the tuition of almost every other law school) and pretty much a guaranteed six figure job after graduation if you want it...I mean he paid it off afterall

I think people are criticizing him (least in the original toronto star article) cause it was kinda a d!ck move making the bank employees go to all that extra trouble for a vanity move...he even admitted it was kind of thoughtless himself

course he could just be saving face, and the boss a.ss feelin of throwing tuition down like that could've made it all worth it
Well I understand that racking up that type of tuition, your most likely going to end up with a good paying job. But if he didn't sell his venture to get the money to pay it off, he was looking at least 10 or more years before paying that off normally.


[pic - click to view]



Last edited by Micheal C. Will; 05-29-2012 at 07:11 PM..
 6 years ago '04        #29
killadre 230 heat pts230
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 iQon said:
He couldn't just... open a checking account?

Where I'm from, you'd be dumb to carry 1400 on you. Much less 114k.
Sound like you need a better location to live
 05-29-2012, 07:22 PM         #30
p imperial  OP
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 Killamike79 said:
Well I understand that racking up that type of tuition, your most likely going to end up with a good paying job. But if he didn't sell his venture to get the money to pay it off, he was looking at least 10 or more years before paying that off normally.


[pic - click to view]

It depends...I'm starting law school this semester so I've been asking a lotta recent law grads these types of questions. Most of them pay off their debtload (ranging from 60 k to 100k) within 3 years. I spoke to one guy who paid it off in 10 months

course these guys are all working corporate law and that life style isn't for everyone, but its ridiculous what their earning potential is....the debt is pretty much like gambling on yourself and your ability to succeed given the opportunity. Course the odds are dependent on a lot of things (I would probably never go to law school in the US outside of a few exceptions for example, given the job market for lawyers down there)
 6 years ago '04        #31
deziking 98 heat pts98
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$5k left and I'm free like a bird...
 6 years ago '07        #32
RJ96 8 heat pts
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 6 years ago '05        #33
jgar030283 
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 p imperial said:
It depends...I'm starting law school this semester so I've been asking a lotta recent law grads these types of questions. Most of them pay off their debtload (ranging from 60 k to 100k) within 3 years. I spoke to one guy who paid it off in 10 months

course these guys are all working corporate law and that life style isn't for everyone, but its ridiculous what their earning potential is....the debt is pretty much like gambling on yourself and your ability to succeed given the opportunity. Course the odds are dependent on a lot of things (I would probably never go to law school in the US outside of a few exceptions for example, given the job market for lawyers down there)
Even with the 160k large firm salaries I don't know anyone including a few of my classmates that are in Texas Biglaw where your take home pay is essentially 8k per month that have paid off their loans in 3 years. You can take a huge chunk out of them if you use half your take home pay monthly toward debt service but even then you are k!lling yourself to bill and job stability just ain't what it was during the pre-recession boom times.

I'm in house at one of the largest exploration and production companies in the country (major Texas city). Best advice I can give to any law student now is try the best you can to limit your debt load. Large firm class sizes ain't as large as they used to be so the golden ticket isn't promised to you and your classmates will be crawling over each other trying to get into the top 10% of the class. God speed.
 6 years ago '08        #34
EMER1TUS 11 heat pts11
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I'm reminded of song that should be hitting shelves for purchase in the next few days.

"fu*k this haters fu*k this hoes" Krit
 6 years ago '07        #35
ttime236 38 heat pts38
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Some have accused him of bragging, and rubbing his debt-free status in the face of other students still heavily burdened by loans. (In his defence, he told ABC, the Facebook post was a reaction to a spontaneously happy moment.)
Definition of haters gone hate

Dude looked at sallie mae like then
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 05-29-2012, 10:19 PM         #36
p imperial  OP
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 jgar030283 said:
Even with the 160k large firm salaries I don't know anyone including a few of my classmates that are in Texas Biglaw where your take home pay is essentially 8k per month that have paid off their loans in 3 years. You can take a huge chunk out of them if you use half your take home pay monthly toward debt service but even then you are k!lling yourself to bill and job stability just ain't what it was during the pre-recession boom times.

I'm in house at one of the largest exploration and production companies in the country (major Texas city). Best advice I can give to any law student now is try the best you can to limit your debt load. Large firm class sizes ain't as large as they used to be so the golden ticket isn't promised to you and your classmates will be crawling over each other trying to get into the top 10% of the class. God speed.
Though it's not as rock solid as it used to be, the law market is in a different place in Canada right now in Calgary (especially Calgary which is in an absolute economic boom due to oil exploration) and Toronto, but I should admit I'm working with a small sample size and I didn't feel comfortable asking for specific number in terms of what their actual amount debt was...I'm estimating between that range though.

Tuition is only around 10 k a year up here for anywhere besides U of T and Osgoode, so they may have needed less than the full amount of their 60k line of credit (which I was offered) for all I know but I'd a.ssume with living expenses and such for 3 years that it'd be around 60 at least. The guy who paid off his full amount in 10 months who was doing class action work at a top 7 toronto firm struck me as a very low key, nonflashy type (would've thought this guy was a substitute teacher on first impression) so I guess it could be attributed to both a low expense lifestyle as well as a lower initial debtload

I guess my original point is relating to the article is that taking on student debt is a risk/reward game, and even if the guy from the story didn't cash out on his big break he'd still be a U of T law grad, which to Canadian firms is pretty much equivalent to being a HYS grad....as expensive as a Harvard Law education is, if your heart is set on white shoe law and you're confident in your ability to be a competitive student, then the reward is easily worth the risk

I do appreciate the advice about managing debt of course...law is a safer bet in canada than the states since we don't pump out as much of a surplus of grads from TTT's, but nothing is a guaranteed meal ticket. I'm definitely looking to take advantage of scholarships and bursaries and watch my expenses, especially since I'm not sure if big corporate law is what I want to be doing anyway
 6 years ago '04        #37
NAKHI ALLAH 1 heat pts
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 Rawse Bawse said:
This man deserves a round of applause


true indeed
 6 years ago '05        #38
Based_One 87 heat pts87
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straight cash homie prolly did it with this face
 6 years ago '12        #39
Carib Breeze 28 heat pts28
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Live the dream n*gga..................... Live the dream
 6 years ago '06        #40
Manny05 1 heat pts
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Good for him. I'm in my 3rd year and got 14000 in loans.
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