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re: Student Loan Repayment Options Explained
Posted on 4/15/15 at 11:42 am to Teddy Ruxpin
Posted on 4/15/15 at 11:42 am to Teddy Ruxpin
It can certainly be exploited.
Say I am a MD making $150k with $250k in student loans.
My standard payment is $1,342 for 30 years ($483,120), or $2,651 for 10 years ($318,120).
But under PAYE, my payment is $1,000 and in 20 years ($240,000), the balance is forgiven
Say I am a MD making $150k with $250k in student loans.
My standard payment is $1,342 for 30 years ($483,120), or $2,651 for 10 years ($318,120).
But under PAYE, my payment is $1,000 and in 20 years ($240,000), the balance is forgiven
This post was edited on 4/15/15 at 11:48 am
1
Posted on 4/15/15 at 1:03 pm to anc
quote:
the balance is forgiven
Not entirely accurate. While it is forgiven, you pay the balance forgiven as taxable income. Hence the tax bomb.
High income/high debt people have very tough decisions on how to handle this problem.
The information you provided in OP is great and this thread should be stickied.
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