Youth and Law Final Project Jacob Ostroff



Undergraduate Degree in economics from UMASS Amherst

College Pricing

  • Tuition: $14,596/yr ($61,584/4yr)
  • Loan: $30,800 loan at a 6.8% interest rate paid off in 4 years at $748/month
  • Military: After high school I would join the military and become an active duty Navy soldier serving 8-10 years and have half my college paid off by the military

Entrepreneurial Plan

Online Stock Exchange Website

I would make an online stock exchange website in which users would pay money to get credits on the website and could use the credits to invest in real stocks to earn (or lose) more credits. The users could then exchange the credits for cash or other online goods. With this, I would project to make a $250,000/yr salary ($20,833/month) after paying employees, maintenance, etc.

Buying a Car

2017 Range Rover Autobiography

  • Price: $175,000
  • Place of Purchase: Land Rover/Jaguar Norwood
  • Loan: $75,000 at a 5% interest rate paid over 60 months at $1415 a month
  • Warranty: 4 year or 50,000 mi and 6 year unlimited mile corrosion perforation warranty
  • Insurance: $1172/year

Buying a Home

256 Watertown St., Newton MA, 02458

  • Type of Home: Condo
  • Price: $699,900
  • Mortgage: $559,920 loan with a $139,980 down payment, at a 3.48% interest rate, $3998/month paid over 15 years
  • Home Information: 2 bed, 2 bath, 2224 sqft


You have missed several payments on your student loan and you are now in default.

  • What is default: To default means you have failed to make payments on your student loan on terms of your promissory note.
  • When do you default: You are considered to be defaulted on your student loan if you fail to make a monthly payment after 270 days.
  • Consequence: Full loan plus interest is due immediately, credit will go down, you lose eligibility for repayment plans.

Personal Effect

  • Credit: My credit score will drop and take several years to build back up. This will make it very hard for me to receive loans for things like a new car or house.
  • What to do: I would contact the agency billing me and explain my situation to then fully then explore options to pay off the loan.
  • Paying off the Loan: Having already payed $10,000 of the $30,800 I would only be required to pay off $28,000. If I failed to pay of the full loan in a reasonable amount of time, the agency that loaned me the money would have the right to garnish my income and take my money to pay it off.
  • What is Garnish: Garnishing allows a loaning agency (or something of the sort) to intercept a persons or businesses income and use the money to forcefully pay off debts

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