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Started 501(c)(3). Not paying loans.

Only about 10 months in but this has been working out well.
.,,.,.,.,.,.,.,.,.,.,.,.,,....,,,,,....,.,.,.,.,.,  05/30/12
explain
Bundy Sunday Gunday  05/30/12
there's not much to explain. if you work for a 501(c)(3) you...
.,,.,.,.,.,.,.,.,.,.,.,.,,....,,,,,....,.,.,.,.,.,  05/30/12
'splain
.,.,..,,.,,,..,:,,:....,:::,..,:,.,.:..:.,:.::,.,  05/30/12
xplain
no limit azn  05/30/12
Probably flame, but your answers to the following will be de...
...,,.,..,,..........,,,.,.,....,,....,.........,  05/30/12
you don't need to do any of that stuff. the only requirement...
.,,.,.,.,.,.,.,.,.,.,.,.,,....,,,,,....,.,.,.,.,.,  05/30/12
Uh, you have to be "employed" "full time"...
...,,.,..,,..........,,,.,.,....,,....,.........,  05/30/12
i took on the debt because i originally planned to work in t...
.,,.,.,.,.,.,.,.,.,.,.,.,,....,,,,,....,.,.,.,.,.,  05/30/12
So wait, do you still work in biglaw? Or when did you quit a...
...,,.,..,,..........,,,.,.,....,,....,.........,  05/30/12
no, i quit biglaw about a year ago. i do not pay myself.
.,,.,.,.,.,.,.,.,.,.,.,.,,....,,,,,....,.,.,.,.,.,  05/30/12
well done brother, I know another bro who did this
and when i started to squeeze the bar brother  05/30/12
...
.,,..,..,.,..:,,:,...,:::,.,.,:,.,.:.,:.,:.,:,  05/30/12
Might have to cop this scheme after my clerkship is over.
.,,..,..,.,..:,,:,...,:::,.,.,:,.,.:.,:.,:.,:,  05/30/12
I love that their own website includes the following: &qu...
;;.;.;,;,;,;;...  05/30/12
Isnt this fraud?
: ^)  05/30/12
...
.,.,....,.,.,.,:,,:,...,:::,....,,:,.,.:...,:.:.  05/30/12
...
.,.,....,.,.,.,:,,:,...,:::,....,,:,.,.:...,:.:.  05/30/12
enjoy getting audited bro
.,.,...,;..,.,.,:,,:,.;..,:::,....,:,.,.:.:.,:::,.  05/30/12
Definitely flame. Too thin on details. Not that it can't...
...,,.,..,,..........,,,.,.,....,,....,.........,  05/30/12
the plan is subject to the approval of your application for ...
;.,.;;.;;.,.;;;.,;.,.,..,.;;.;.;;.;.;  05/30/12
plus he better not actually get another job in those 10 yrs ...
,,,...,,......,,....  05/30/12
if you have your own business/law firm, you could do this th...
;.,.;;.;;.,.;;;.,;.,.,..,.;;.;.;;.;.;  05/30/12


Poast new message in this thread



Reply

Date: May 30th, 2012 9:29 AM
Author: .,,.,.,.,.,.,.,.,.,.,.,.,,....,,,,,....,.,.,.,.,.,

Only about 10 months in but this has been working out well.

(http://www.autoadmit.com/thread.php?thread_id=1959712&forum_id=2#20791655)



Reply

Date: May 30th, 2012 9:29 AM
Author: Bundy Sunday Gunday (Shocked by Silkk)

explain

(http://www.autoadmit.com/thread.php?thread_id=1959712&forum_id=2#20791657)



Reply

Date: May 30th, 2012 9:33 AM
Author: .,,.,.,.,.,.,.,.,.,.,.,.,,....,,,,,....,.,.,.,.,.,

there's not much to explain. if you work for a 501(c)(3) you basically automatically qualify for IBR and PSLF.

(http://www.autoadmit.com/thread.php?thread_id=1959712&forum_id=2#20791666)



Reply

Date: May 30th, 2012 9:29 AM
Author: .,.,..,,.,,,..,:,,:....,:::,..,:,.,.:..:.,:.::,.,

'splain

(http://www.autoadmit.com/thread.php?thread_id=1959712&forum_id=2#20791658)



Reply

Date: May 30th, 2012 9:30 AM
Author: no limit azn

xplain

(http://www.autoadmit.com/thread.php?thread_id=1959712&forum_id=2#20791662)



Reply

Date: May 30th, 2012 10:23 AM
Author: ...,,.,..,,..........,,,.,.,....,,....,.........,

Probably flame, but your answers to the following will be determinative:

Your hours need to be 30 hours a week 9 months a year right?

What do you do, and how much do you inflate your work time?

How the hell do you come up with non-profit work to do?

How the hell do you get funding?

How the hell do you support yourself?

(http://www.autoadmit.com/thread.php?thread_id=1959712&forum_id=2#20791862)



Reply

Date: May 30th, 2012 11:27 AM
Author: .,,.,.,.,.,.,.,.,.,.,.,.,,....,,,,,....,.,.,.,.,.,

you don't need to do any of that stuff. the only requirement is that you're "employed"

i saved a ton of money through various business ventures prior to law school.

(http://www.autoadmit.com/thread.php?thread_id=1959712&forum_id=2#20792077)



Reply

Date: May 30th, 2012 11:30 AM
Author: ...,,.,..,,..........,,,.,.,....,,....,.........,

Uh, you have to be "employed" "full time". That means a certain amount of hours.

I doubt you could be an unpaid employee. Are you saying that you can, and if so, do you have a source for that claim?

Lol so you are making zilch and just sitting around? You have a ton of money yet so much debt that you are doing this scheme? What's your plan, I'm assuming you're not rich and set for life?

(http://www.autoadmit.com/thread.php?thread_id=1959712&forum_id=2#20792094)



Reply

Date: May 30th, 2012 11:37 AM
Author: .,,.,.,.,.,.,.,.,.,.,.,.,,....,,,,,....,.,.,.,.,.,

i took on the debt because i originally planned to work in the government after law school, so i knew that i wouldn't have to pay the loans back.

i ended up working in biglaw, paying minimums and saving like a madman.

i had like 100k in the bank prior to law school too. i would've put it toward tuition, but like i said, it was basically free money.

anyway, i am "employed full time". my 501(c)(3) has a website and crap but i don't actually do anything.

i'm not set for life but i do own a house free and clear so money really isn't an issue. i am single.

(http://www.autoadmit.com/thread.php?thread_id=1959712&forum_id=2#20792121)



Reply

Date: May 30th, 2012 11:40 AM
Author: ...,,.,..,,..........,,,.,.,....,,....,.........,

So wait, do you still work in biglaw? Or when did you quit and why/how?

Do you have any money in your non-profit, where did it come from, and do you pay yourself as an employee?

(http://www.autoadmit.com/thread.php?thread_id=1959712&forum_id=2#20792138)



Reply

Date: May 30th, 2012 4:28 PM
Author: .,,.,.,.,.,.,.,.,.,.,.,.,,....,,,,,....,.,.,.,.,.,

no, i quit biglaw about a year ago.

i do not pay myself.

(http://www.autoadmit.com/thread.php?thread_id=1959712&forum_id=2#20793779)



Reply

Date: May 30th, 2012 11:38 AM
Author: and when i started to squeeze the bar brother (service guarantees citizenship)

well done brother, I know another bro who did this

(http://www.autoadmit.com/thread.php?thread_id=1959712&forum_id=2#20792125)



Reply

Date: May 30th, 2012 11:42 AM
Author: .,,..,..,.,..:,,:,...,:::,.,.,:,.,.:.,:.,:.,:,



(http://www.autoadmit.com/thread.php?thread_id=1959712&forum_id=2#20792145)



Reply

Date: May 30th, 2012 11:55 AM
Author: .,,..,..,.,..:,,:,...,:::,.,.,:,.,.:.,:.,:.,:,

Might have to cop this scheme after my clerkship is over.

(http://www.autoadmit.com/thread.php?thread_id=1959712&forum_id=2#20792229)



Reply

Date: May 30th, 2012 2:17 PM
Author: ;;.;.;,;,;,;;...

I love that their own website includes the following:

"The Department cannot make any guarantees regarding the future availability of PSLF. The PSLF Program was created by Congress, and, while not likely, Congress could change or end the PSLF Program. (March 14, 2012)"

(http://www.autoadmit.com/thread.php?thread_id=1959712&forum_id=2#20793033)



Reply

Date: May 30th, 2012 2:19 PM
Author: : ^)

Isnt this fraud?

(http://www.autoadmit.com/thread.php?thread_id=1959712&forum_id=2#20793043)



Reply

Date: May 30th, 2012 11:12 PM
Author: .,.,....,.,.,.,:,,:,...,:::,....,,:,.,.:...,:.:.



(http://www.autoadmit.com/thread.php?thread_id=1959712&forum_id=2#20796412)



Reply

Date: May 30th, 2012 11:44 PM
Author: .,.,....,.,.,.,:,,:,...,:::,....,,:,.,.:...,:.:.



(http://www.autoadmit.com/thread.php?thread_id=1959712&forum_id=2#20796728)



Reply

Date: May 30th, 2012 2:19 PM
Author: .,.,...,;..,.,.,:,,:,.;..,:::,....,:,.,.:.:.,:::,.

enjoy getting audited bro

(http://www.autoadmit.com/thread.php?thread_id=1959712&forum_id=2#20793050)



Reply

Date: May 30th, 2012 2:26 PM
Author: ...,,.,..,,..........,,,.,.,....,,....,.........,

Definitely flame. Too thin on details.

Not that it can't be done.

(http://www.autoadmit.com/thread.php?thread_id=1959712&forum_id=2#20793101)



Reply

Date: May 30th, 2012 2:48 PM
Author: ;.,.;;.;;.,.;;;.,;.,.,..,.;;.;.;;.;.; ( )

the plan is subject to the approval of your application for loan forgiveness in 10 years. it's all up to them, and it's 10 years away.

(http://www.autoadmit.com/thread.php?thread_id=1959712&forum_id=2#20793243)



Reply

Date: May 30th, 2012 11:12 PM
Author: ,,,...,,......,,....

plus he better not actually get another job in those 10 yrs or they will absolutely claim he didn't work for the non profit full time

(http://www.autoadmit.com/thread.php?thread_id=1959712&forum_id=2#20796408)



Reply

Date: May 30th, 2012 11:15 PM
Author: ;.,.;;.;;.,.;;;.,;.,.,..,.;;.;.;;.;.; ( )

if you have your own business/law firm, you could do this though.

example: you have a consumer bankruptcy firm. setup a 501c3 that counsels debtors on debt relief info. law firm pays this org for "marketing services" or just donates to the 501c3. you pay yourself with the 501c3 in salary. this is your full time employment

(http://www.autoadmit.com/thread.php?thread_id=1959712&forum_id=2#20796439)