Thursday, July 02, 2009

"You'll Never Be A Lawyer," Says Sallie Mae (Mwah ah ah)

This guy has absolutely no luck, and his case is sure to cause a deserved outcry.

Robert Bowman grew up in foster care, worked his way through community college, college and law school, and survived two accidents, on an ATV and a Jet Ski, the former of which nearly cost him a leg. Along the way he took out 32 separate student loans, both federal and private, which because of the medical deferments (and because of his private loans going into collection) ballooned from $270,000 to $435,000 over a period of four years.

Now the NYC bar is refusing to admit him because his loans are so crazy huge! But of course unless he can practice law he has little hope of ever paying them back.

Anyone who thinks that a crushing burden of debt is a sane way to offer opportunities to the disadvantaged, speak up.

8 comments:

Anonymous said...

He makes a claim that a 25% penalty was added to his debt twice. This seems suspicious. If a 25% penalty were added to his debt, then the interest rate for his debt would be about 6.6%. A second 25% penalty would mean that his interest rate was only about 2% assuming that the second penalty was not 25% of the already penalized amount. If it were to include the already penalized amount (which would be more likely), his interest rate would have been 0.75%.

The latter two rates are suspiciously low.

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Anonymous said...

To respond to Anonymous. Your comment speaks that you have never had student loan debt- or someone else paid it off for you. Once a loan goes into default, a 25% penalty is assessed right off the top. Also, they have the right to assess this fee EVERY time you go into default. So, if a person goes in/ out of default, they can slap that fee on each time. That doesn't even include the other fees and penalties that they can charge and nobody to ensure that they are equitable and fair. Such as in the case as this guy who they won't admit to the BAR. How pathetic. So, what do they want him to do for a living? hmmm?

segfault said...

He went to an out-of-state law school and then got his LLM from an international law school? Even without having medical expenses, it's no wonder he's up to his eyeballs in debt.

Personal Injury Houston said...

Really, you have nice sites. Moreover, I agree with the person above that the remaining two rates are suspiciously low.

Pavan sharma said...

about a month ago or so..there was this big arrest in my neighborhood in Newark where they even found several guns and arrested 6 individuals..up until yesterday, the neighborhood was calm..it kinda surprise me how quick these guys set up shop back out there in light of the attention of this killing/shootings else where..makes me wonder..is like these scums knows that Newark Police cant handle the drama in one neighborhood and keep them from hustling at the same time..by the way..the area that this young lady was slain, has alot of camera mounted out side that building..u mean that the camera didnt catch any of this shooting?

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DUI Attorney Portland said...

Poor guy, it will be very hard for him to repay it back.

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