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re: How would you prepare/save for a $200k tax bill you will have 25 years from now?
Posted on 3/19/15 at 1:36 pm to Ace Midnight
Posted on 3/19/15 at 1:36 pm to Ace Midnight
quote:
On a side note, the Public Service Loan Forgiveness program is only a 10-year payback and taxes on the amount forgiven is waived.
Public service loan forgiveness covers a huge swath of borrowers....you can be working in government (state, fed, or local), for an educational institution, or for ANY not for profit organization. Yes, any 501 c 3 no matter the service/mission/purpose, whether it's Harvard University, the local food bank, or the New Orleans Museum of Art. So many, many people qualify for this sort of repayment that has NO tax consequences.
Literally thousands of jobs in the legal field (both degreed/licensed attorneys and paralegals) in the education and nonprofit sector. Not only DAs, public defenders, and other governmental attorneys, but nonprofit legal aid clinics, etc. You don't have to be working IN your field to qualify, just working in some capacity for gov't/ed/nonprofit.
I personally know at least a dozen university faculty who are going to have loan forgiveness in 2017 (the first 10 year/120 payment qualifying period began in July 2007). Know bunches of attorneys who qualify as well.
Louisiana also has loan repayment assistance for both district attorneys and public defenders; money is awarded by judicial district through the John R. Justice program. Repays about $5K annually, can be re-awarded for up to 3 years in a row. More info here: LINK
There is a glut of attorneys, but I don't know ANY in Louisiana (who didn't struggle to pass the bar and/or aren't borderline dumb/incompetent) who struggle to make over $35K. Hell, part-time public defenders in rural areas make more than that, and contract PDs in better paying parishes can make twice that. No, a law degree isn't a guarantee of six figures, but they're damn sure making more than $35K. Administrative assistants with no degrees in major metro areas in LA make more than $35K. Anyone with a grad degree who can't swing more than that needs to relocate to a different area.
1
Posted on 3/19/15 at 2:08 pm to hungryone
Ya, if you got one of those famous "liberal arts" degrees your options are endless for forgiveness.
For a lawyer, its a little narrower if you want to continue to practice/keep your license, but still some opportunity there.
For a lawyer, its a little narrower if you want to continue to practice/keep your license, but still some opportunity there.
Posted on 3/19/15 at 2:18 pm to Teddy Ruxpin
quote:
For a lawyer, its a little narrower if you want to continue to practice/keep your license, but still some opportunity there.
?? "Keeping your license" has nothing to do with your daily job. Once you've passed the bar in LA, you simply need to keep current with your CLE requirements, pay your bar dues, and you have active status. This is entirely independent of whatever you do for a living. Plenty of non-practicing attorneys with active status...why would you ever let that lapse after working so hard to achieve it?
The vast majority of successful law school graduates first earn, as you call it, one of those famous "liberal arts" degrees. English, history, poli sci, "prelaw" are all liberal arts disciplines....
Again, the loan forgiveness for public service has absolutely NOTHING to do with the field of study, grad vs undergrad, what you do in your daily job. It is solely whether your employer is governmental or 501 c 3. Ochsner Health System, for example, is a nonprofit employing plenty of docs, lawyers, and other professionals who would be eligible for loan repayment under the public sector forgiveness program. There are at least four legal jobs currently open in Ochsner's labor listings right now. I think the idea that legal jobs are hard to get (or vastly underpaying) in LA is not an accurate one at the moment.
Posted on 3/19/15 at 4:10 pm to hungryone
You missed the point of what I was trying to say. Its OK, the internet isn't the best method of communication.
This post was edited on 3/19/15 at 4:11 pm
Posted on 3/19/15 at 11:22 pm to Teddy Ruxpin
Work two jobs, pay your loans back. Better yet, don't take them out without the payment plan. Finally, if you get $200,000 debt forgiven years from now, NEVER make a post online talking about low life free loaders betting the system.
Not saying you would of course.
Not saying you would of course.
Posted on 3/19/15 at 11:42 pm to jondavid11
You feel better Jon?
Posted on 3/20/15 at 9:38 am to Teddy Ruxpin
Nope. I feel worse now that I've gone back and reread all of the post in this thread to see the white collar systematic approach of getting hundreds of thousands of dollars in debt forgiven while also saving for retirement instead of the systematic approach of paying the debt and then saving for retirement. Just a personal opinion.
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