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re: Student Loan Repayment Options Explained
Posted on 4/15/15 at 5:02 pm to Teddy Ruxpin
Posted on 4/15/15 at 5:02 pm to Teddy Ruxpin
She went to law school as well, a private one in NYS, tuition was 35k+/year. She maxed out the public loans then got the rest privately.
This post was edited on 4/15/15 at 5:03 pm
1
Posted on 4/15/15 at 6:37 pm to NYNolaguy1
quote:
She maxed out the public loans
With the numbers I've seen (graduated 2011) I didn't even know that was possible. Tulane's tuition was similar overall and I know people took out all of that in Fed loans.
Still confusing to me but I'll take your word for it. Bummer
Posted on 4/16/15 at 6:40 am to Teddy Ruxpin
Maybe he means all the subsidized loans. I am pretty sure their is no limit to the grad plus (un subsidized) loan from Feds
Posted on 4/16/15 at 9:00 am to GreenTrout
Yeah, that's about what I've found. This from IRS Pub. 970:
doesn't exactly give me a warm feeling, but I suppose it's the best out there. I'll be very interested to see what happens in 2017 when the first of the PSLF participants hit their 120 payment mark.
And yes, that studentaid.gov is a government site - Department of Education. I fully indend to make that studentaid.gov page part of my appeal to the IRS should I get hit with a "tax bomb" after the balance of my debt is forgiven under PSLF.
quote:
To qualify for tax-free treatment, for the cancellation of your loan, your loan must have been made by a qualified lender to assist you in attending an eligible educational institution and contain a provision that all or part of the debt will be canceled if you work:
•
For a certain period of time,
•
In certain professions, and
•
For any of a broad class of employers.
doesn't exactly give me a warm feeling, but I suppose it's the best out there. I'll be very interested to see what happens in 2017 when the first of the PSLF participants hit their 120 payment mark.
And yes, that studentaid.gov is a government site - Department of Education. I fully indend to make that studentaid.gov page part of my appeal to the IRS should I get hit with a "tax bomb" after the balance of my debt is forgiven under PSLF.
Posted on 4/16/15 at 10:23 am to DaBeerz
quote:
Maybe he means all the subsidized loans. I am pretty sure their is no limit to the grad plus (un subsidized) loan from Feds
Pretty sure it's ~40k cap per year for direct loans and ~22k cap per year for grad plus loans.
quote:
How much can I borrow?
The maximum PLUS loan amount you can borrow is the cost of attendance (determined by the school) minus any other financial assistance received.
Just found it. It was ~20k at my school but the price is determined by your school. No one should have to take out private loans unless they choose to because they think it's better or lower interest rate
This post was edited on 4/16/15 at 10:26 am
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