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Law School is a sham

Oh, so Charlotte School of Law isn't affiliated with UNCC?
 
Good article. You'd think that this would qualify as waste, fraud, and abuse.

Of course it doesn't mention how student loans are a scam that the federal government makes good money on as well.
 
"Among students who graduated from InfiLaw schools in 2013, for instance, the percentage who obtained federal clerkships or jobs with large law firms was slightly below 1 percent—0.92 percent, to be exact. In other words, the odds of a graduate of one of these schools getting a job that arguably justifies incurring the schools’ typical debt level are essentially 100 to 1"

Almost criminal.
 
DeaconCav06 said:
caveat emptor
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would be fine, except we're all paying for it when the students inevitably default on their loans.

kind of like smoking. I don't have much sympathy for people who choose to smoke, but then i remember I'm paying for their Medicaid/Medicare.
 
It's bigger than that. On average a significant chuck of the potential economic participation of a large percentage of people ages 18-50 is being syphoned away for student loans.

Starting a small business selling cogs? Wanna know why people aren't buying? They've got too much money tied up in student loans.
 
PhDeac said:
It's bigger than that. On average a significant chuck of the potential economic participation of a large percentage of people ages 18-50 is being syphoned away for student loans.

Starting a small business selling cogs? Wanna know why people aren't buying? They've got too much money tied up in student loans.
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As I said several years ago, we bailed out the wrong people. We incentivized people's bad decisions by paying banks to eat foreclosures to help people that had no business buying the houses they bought, yet we gave no help to people who allegedly made good decisions by taking similar stifling loans to get an education. We should have paid the banks to forgive student loans to reinforce good choices that ended poorly, not reinforce bad housing choices that ended poorly (and which also had a big hand in causing the good education choices to end poorly).
 
19% of my Gross Salary goes towards the payment of debt from school and unemployment.

I would like to use that money otherwise.
 
i still say that you should be able to pay down student debt from pre-tax income
 
2&2 Slider To Leyritz said:
As I said several years ago, we bailed out the wrong people. We incentivized people's bad decisions by paying banks to eat foreclosures to help people that had no business buying the houses they bought, yet we gave no help to people who allegedly made good decisions by taking similar stifling loans to get an education. We should have paid the banks to forgive student loans to reinforce good choices that ended poorly, not reinforce bad housing choices that ended poorly (and which also had a big hand in causing the good education choices to end poorly).
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Or paid students to pay off their debts.

Buckets, agreed.
 
DeaconCav06 said:
19% of my Gross Salary goes towards the payment of debt from school and unemployment.

I would like to use that money otherwise.
Click to expand...

b0qsb.jpg
 
buckets said:
i still say that you should be able to pay down student debt from pre-tax income
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Agreed. We incentivize all the wrong actions. Buy a giant house you can't afford? Tax Deduction. Have to pay points up front because nobody in their right mind would give you a market-rate loan for said house otherwise? Deduct that cost as well. Default on said loan such that the bank forgives it? That would normally be taxable income in any other situation, but don't worry about it here. Have another kid? Deduction. Live an unhealthy lifestyle and rack up huge medical bills? Deduction. Went to school to improve yourself and society? Meh, we'll let you the deduct the interest. Go to school and actually improve yourself to the point of doing well? Fuck you, you don't even get to deduct the interest, sucker.
 
And if you make anything close to resembling decent money then you can't even deduct the imterest
 
2&2 Slider To Leyritz said:
Agreed. We incentivize all the wrong actions. Buy a giant house you can't afford? Tax Deduction. Have to pay points up front because nobody in their right mind would give you a market-rate loan for said house otherwise? Deduct that cost as well. Default on said loan such that the bank forgives it? That would normally be taxable income in any other situation, but don't worry about it here. Have another kid? Deduction. Live an unhealthy lifestyle and rack up huge medical bills? Deduction. Went to school to improve yourself and society? Meh, we'll let you the deduct the interest. Go to school and actually improve yourself to the point of doing well? Fuck you, you don't even get to deduct the interest, sucker.
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+1, and I'll add on, build a giant house on a barrier island doomed to be washed away repeatedly by hurricanes? Deduct the interest, AND the taxpayers pick up the tab for your flood insurance.
 
Is anyone still considering going to law school unless they do joint MBA/JD and can do it without borrowing money? The profession is screwed for a long time. Stay away.
 
2&2 Slider To Leyritz said:
Agreed. We incentivize all the wrong actions. Buy a giant house you can't afford? Tax Deduction. Have to pay points up front because nobody in their right mind would give you a market-rate loan for said house otherwise? Deduct that cost as well. Default on said loan such that the bank forgives it? That would normally be taxable income in any other situation, but don't worry about it here.  Have another kid?  Deduction.  Live an unhealthy lifestyle and rack up huge medical bills?  Deduction.  Went to school to improve yourself and society? Meh, we'll let you the deduct the interest.  Go to school and actually improve yourself to the point of doing well?  Fuck you, you don't even get to deduct the interest, sucker.
Click to expand...

buckets said:
And if you make anything close to resembling decent money then you can't even deduct the imterest
Click to expand...

Don't forget we're going to raise your tax rate as well.
 
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