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1
Posted on 9/19/16 at 5:01 pm to PairofDucks
quote:
Pics of sister? Will send to PoD for his next avi if you have them.
Posted on 9/19/16 at 5:04 pm to zacata88
quote:
My sister's boyfriend who is $150,000 in debt from private art school makes a bare minimum payment every month, arguing that under Obama's student loan act if a person makes their monthly payment for 20 years the rest of the amount is forgiven. I can't find solid information about this online. Is this true?
Your sister's boyfriend is going to have a 30 year rude awakening. Another example of why Millenials get criticized. Doing the bare minimum anything doesn't equate to full filling your obligations.
Posted on 9/19/16 at 5:06 pm to zacata88
quote:
private art schoo
quote:
My sister's boyfriend who is $150,000 in debt
:rotflmao: :rotflmao: :rotflmao:
Posted on 9/19/16 at 5:06 pm to Fewer Kilometers
quote:
Overheard a hipster doofus talking about how the entire student loan system will fall apart due to nonpayment, so he doesn't plan on repaying his loan.
Encourage him to do it. It'll be pretty funny when he can't get credit for a pack of gum in 5 years.
Posted on 9/19/16 at 5:10 pm to zacata88
quote:
My sister's boyfriend who is $150,000 in debt
Pay your bills baw
Posted on 9/19/16 at 5:12 pm to zacata88
quote:
My sister's boyfriend who is $150,000 in debt from private art school makes a bare minimum payment every month, arguing that under Obama's student loan act if a person makes their monthly payment for 20 years the rest of the amount is forgiven. I can't find solid information about this online. Is this true?
It's 25 years assuming he makes all payments for that long under income based repayment or IBR.
The big nasty catch?
When 25 years rolls around he has to pay taxes on all debt cancelled.
So assuming he pays interest only, he'll likely have a $15k+ tax bomb to look forward to in addition to whatever his income was.
Posted on 9/19/16 at 5:27 pm to NYNolaguy1
FWIW, he does some kind of technical drawing and makes like 50k a year. Better than most art majors. Still doesn't justify taking on that much debt just so you can live the big city Chicago life for a few years. Based on this thread I don't think he'll qualify for any of these plans, and I don't think the plan he's banking on exists.
Posted on 9/19/16 at 5:28 pm to zacata88
My $45k went away after 8 years of payments
Posted on 9/19/16 at 5:33 pm to zacata88
quote:Technically your sister is a Lesbian.
My sister's boyfriend who is $150,000 in debt from private art school
Posted on 9/19/16 at 5:42 pm to zacata88
It does. Make the minimum payments for 20 years and it goes away. Under some circumstances the minimum payment is 0.
Posted on 9/19/16 at 5:44 pm to zacata88
quote:
$150,000 in debt from private art school
Posted on 9/19/16 at 5:45 pm to TexasTiger89
quote:
It is forgiven if he dies
Not always true. If he has private loans (probably not government loans since it is a private school) and he has a cosigner, then they go after the cosigner because private lenders rarely forgive loans. Even if there is a death.
quote:
Private student loans are not funded or subsidized by the federal government; instead, they are funded by banks, credit unions, or other types of lenders. The bank or lender – not the federal government – sets interest rates, loan limits, terms, and conditions of private student loans.
Your friend is right. The loan is forgiven after 20 years!
quote:
Private student loans typically come with a 20-year repayment period
Posted on 9/19/16 at 6:02 pm to ATL-TIGER-732
The most interesting fact so far is that not one persons loan has been forgiven yet, because he law was started in 2008 or something, and x number of years has not passed yet . So who knows if in another x amount of years there will still be the funding for this program.
Posted on 9/19/16 at 6:12 pm to zacata88
HELL NO IT DOES NOT---I only wish!
Posted on 9/19/16 at 6:18 pm to zacata88
They can be forgiven in 10 years if you work for the government.
Posted on 9/19/16 at 6:24 pm to Kino74
quote:
Doing the bare minimum anything doesn't equate to full filling your obligations.
Actually, under those programs it does, since its part of the contract for the student loans that you can take those options. It is the very definition of "fulfilling your obligations."
Anywho, Public Service Loan Forgiveness (PSLF) can be had after working 10 years for a "non-profit" generally. This is a VERY BROAD category of employers and any job, even janitor, for those employers counts. After 10 years, the loan if FULLY forgiven, no tax consequences.
IBR and PAYE, etc, go for 25/20 years depending on when you took out the loan. Payment amount is based on income/family size (15%/10%) and then the forgiven amount is taxable. Depending on how much you owe, going this route and then paying the taxable rate on the balance may provide a huge "windfall" to high income/high debt earners rather than paying off the balance. Hence, they may add some limits to this program in the future.
IBR/PAYE can be used at the same time you do PSLF. In that scenario, it is entirely fathomable that you pay almost nothing towards your loans and have them fully forgiven, as there is currently no cap to loan forgiveness, though, this may change in the future.
This post was edited on 9/19/16 at 6:27 pm
Posted on 9/19/16 at 6:31 pm to Epic Cajun
Yep. Teaching is also one where it is forgiven after so many years.
Posted on 9/19/16 at 6:36 pm to zacata88
What wut.
Posted on 9/20/16 at 12:57 am to jmcwhrter
I didn't end up paying a dime of interest for my loans since I was working under 30 hours. I aggressively paid them off before working over 30.
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