Some good news for a change, class-action lawsuit settlement check came in!

[u/Sidelines_Lurker]

So the check from a class-action lawsuit (Sweet vs Cardona) settlement finally came in, seems like "Christmas in June" and just in time for the start of summer too 🎊🥳🎊

For context, I (unknowingly) attended a scam school back in the 2000's/fresh out of high school. Went thru the usual "struggling to find a job" that so many millions of other scam school victims went thru, employers not really recognizing the "degree", bouncing from random job to random job, etc

This came at a good time too, car needs some work and I've been nursing a random toothache on the left-side of mouth

Anyways, it feels good to have some financial cushioning again. Cheers everyone 🙂

[u/NiceUD]

Nearly 29k?! $2,900 or $290 would be "good" news. This is freakin' amazing, excellent news.

Congrats.

[u/PNWoutdoors → u/[deleted]]

Bruh I make a pretty solid income these days and it would allow me to pay off my student loans and car loan and have some left over. I'd have like $6k cash to put in savings and save $500/mo. That's life changing for the vast majority of people.

[u/MasonP13 → u/[deleted]]

Same. That's buy a house and have no stresses for a decade if I stay with what I'm doing now

[u/[deleted] → u/MasonP13]

$29K is not buy a house and have no stress for a decade money, lol

[u/MasonP13 → u/[deleted]]

For me, it'd be enough to pay off all debt, have a decent down payment, and have enough leftover that I can just live on my income while keeping an emergency fund lol

[u/hellonameismyname → u/MasonP13]

For like a 150,000 dollar house?

[u/[deleted] → u/MasonP13]

No, it wouldn’t. Please show your math on this one. I’ll wait.

[u/Sireneyes537 → u/[deleted]]

Exactly. A decent down payment on a house is 20% or more. 28k may seem like a lot but it’s really not.

[u/boregon → u/Sireneyes537]

A brief look at that commenter's post history seems to indicate they live in Delaware. According to Redfin, the median house sale price in Delaware is a little over $337k. 20% of $337k is $67,400. Obviously significantly more than $29k.

[u/bcos224 → u/boregon]

You can get a mortgage with 3.5% down. By definition, there are homes available for less than the median sale price.

[u/Sireneyes537 → u/bcos224]

Yea but I wouldn’t call 3.5% a decent down payment

[u/Sireneyes537 → u/boregon]

Yea unfortunately 29k doesn’t get you too far nowadays

[u/tundra255 → u/[deleted]]

I'm sure a lot of people have already commented on this but 20% isn't really a norm anymore. FHA loans go as low as 3.5%.

Edit: 3 to 3.5

[u/Hats_back → u/[deleted]]

We’ll they did say “for me” so the math could easily go:

Current savings: 32K Settlement check: 29K Sum: 61K Minus Current debt: 8K Minus Desired emergency fund: 10K Sum -18k Potential down payment: <43K

Now I mean you can then ask for bank statements and proof of income…. I guess? Regardless, the overall point of their comment is that “for me, this provides this!” While the point of your comment is “nuh uhhhhh because I know you I guess.”

Bro.

[u/[deleted] → u/Hats_back]

Bad math, lmao. If their current savings were 32K, desired savings were 10K, and debt was 8K, they wouldn’t need the 29K windfall to pay down debt.

They also said they could maintain that lifestyle for a decade. So, do the math for 10 years, lol

[u/Hats_back → u/[deleted]]

They are working, they are presumably already maintaining their lifestyle. The new lifestyle just has overflow in the saving/emergency, while living in their new place.

No, they do not need the windfall to pay down the debt, they need to have a threshold of cash to handle the debt, maintain the savings (additional to their current savings, or adding a seperate “emergency fund) while also having enough for the down payment.

They can have enough to handle the debt currently, but not the down payment AND the debt. With the added 29k injection, they have surpassed the threshold that allows them to do the three things listed. Down payment, debt, maintain savings. Currently they would deplete savings to do any one one of those which would then make the other infeasible.

It’s called goal oriented savings, budgeting, or just generally paying attention to how cash flow works if you want to learn more about “money, why I only have certain amount and not all.”

[u/[deleted] → u/Hats_back]

No, it’s not. If they could currently pay down the debt while maintaining their safety net in savings, they would. It is idiotic not to because you pay interest on debt.

There’s literally no reason to wait.

[u/katatatat11 → u/[deleted]]

I got the same check (diff amount) from sweet v cardona!

[u/Titanium-Dong → u/[deleted]]

I fail to see how you came to that conclusion.

[u/lynxdaemonskye → u/[deleted]]

That is a real person who works at the US Treasury.

[u/Titanium-Dong → u/[deleted]]

Looks identical in everyway. How about you just actually say what the difference is between them.

[u/lynxdaemonskye → u/[deleted]]

The checks are being sent to 37,844 people. They do not handwrite the signature.

[u/Disheartend → u/NiceUD]

where does it say 29k?

[u/tgr31 → u/Disheartend]

they are like, the only numbers in the picture

[u/Disheartend → u/tgr31]

all i see is $**2882426

Didn't know that was them.

[u/lilroldy → u/Disheartend]

Read it as $28824.26

[u/Mok7 → u/lilroldy]

I thought the asterisks were number that were hidden on that place for confidentiality or whatever and that OP just got a check in the billion dollars range. Well 29k is still nice.

[u/Disheartend → u/Mok7]

thats why i was confused. lol

[u/philbar → u/NiceUD]

A big chunk of that is likely what they paid into the scam school. Basically getting a refund.

But it’s still great since many of these schools go bankrupt before paying out.