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Message
2
Posted on 11/30/16 at 10:58 am to GetCocky11
quote:
Yes, you will.
Ok, no worries. I wouldn't have taken the loans out and gone back to school if I didn't think I could afford to repay them back.
See millennials.....see how that concept works. You take out what you need and with the mindset that you will have to pay it back at some point.
Fwiw...I was reckless as hell with money/credit cards in my 20s before and after college. I learned you can VERY easily defer student loans...and multiple times at that. Just call and tell them you are experiencing financial hardship and boom....6 months deferred. Paying for that now(literally) because I still have a small amount in student loans to pay off the first time I went to school. But it's at like a 1-2% interest rate so not too stressed over it.
Posted on 11/30/16 at 10:59 am to upgrayedd
quote:
it needs to be in trade skills, not mass communication.
I'm not sure why you picked that major. Mass communication is one of the few humanities programs that does lead directly to a career path (mostly in PR or institutional communication these days).
Compared to sociology or gender studies, mass comm is fricking great.
Posted on 11/30/16 at 10:59 am to LSU Tiger 216
No, it can apply to any student who has borrowed under the direct loan program or has consolidated under the direct loan program (mid-2000s and beyond).
The loans would have to be paid under an eligible program (pay as you earn, income based repayment, etc) that offers forgiveness.
Effectively, you make 20-25 years of on-time payments at a reduced monthly note (10-15% of discretionary income) and the rest is forgiven. Typically, the amount forgiven is just a ton of interest that has accrued. The amount forgiven counts as income on that year's tax return and you are taxed accordingly.
The loans would have to be paid under an eligible program (pay as you earn, income based repayment, etc) that offers forgiveness.
Effectively, you make 20-25 years of on-time payments at a reduced monthly note (10-15% of discretionary income) and the rest is forgiven. Typically, the amount forgiven is just a ton of interest that has accrued. The amount forgiven counts as income on that year's tax return and you are taxed accordingly.
Posted on 11/30/16 at 10:59 am to someLSUdoosh
Well most business majors won't qualify since they should be able to get jobs that keep them above the qualifying income.
Posted on 11/30/16 at 10:59 am to CorporateTiger
quote:
That was exactly my point. Hence my comparison to the ACA
Fair enough.
Posted on 11/30/16 at 11:00 am to RLDSC FAN
quote:
Most of it—$108 billion—will be forgiven because of borrowers fulfilling their obligations under income-driven repayment plans. T
Correct me if I am wrong, but I thought the forgiven portion is taxable as income?
Posted on 11/30/16 at 11:00 am to AUCE05
quote:
I don't see a problem in investing in education for Americans. We, as a country, will see a higher ROI than spending 20 Billion in the Middle East fighting wars.
You're playing fast and loose with the word 'education'.
Posted on 11/30/16 at 11:01 am to RLDSC FAN
When the cost of a state school goes from $2,500/yr to $10,000/yr in a lil over a decade ...
...there's a serious frick up somewhere . But crippling citizens with debt is part of the "rules for radicals" Saul Alinsky/ HRC teaches , son of surprised it happened
...there's a serious frick up somewhere . But crippling citizens with debt is part of the "rules for radicals" Saul Alinsky/ HRC teaches , son of surprised it happened
Posted on 11/30/16 at 11:01 am to someLSUdoosh
Because society as a whole benefits from well educated Engineers, Doctors, teachers, etc. Last thing we need is to flood the market with economic/BA majors, lawyers, etc.
Posted on 11/30/16 at 11:02 am to Forkbeard3777
quote:
Correct me if I am wrong, but I thought the forgiven portion is taxable as income?
Mostly, it is - under the 20/25 year repayment plans.
Some plans (PSLF) will not make the forgiven portion taxable (and is only 10 years, to boot).
This post was edited on 11/30/16 at 11:03 am
Posted on 11/30/16 at 11:02 am to AUCE05
You are a bloody moron. I hope those engineers have fun practicing with your engineering with no companies to employ you or commercial contracts to support your work:
Posted on 11/30/16 at 11:03 am to GetCocky11
quote:
I think they have something like this for a commitment to work in poor areas. Same with teachers.
They have this for nurses that work in hospitals that are considered "safety net" hospitals. However, it's really difficult to actually qualify for this. Soooo many apply and they only have a limited amount of funds for the program. So they usually will only award it to those nurses with the greater amount of student loan debt to income ratio. So basically you are out of luck if you tried to be financially responsible and only take out loans for what you needed.
Posted on 11/30/16 at 11:03 am to CorporateTiger
quote:
Well most business majors won't qualify since they should be able to get jobs that keep them above the qualifying income.
The guys original post said "I hope this is degree specific such as Medical or Engineering. Arts and Business need not apply"
So i took it as he was saying business degree is as worthless as an Art degree.
should have quoted his entire post.
This post was edited on 11/30/16 at 11:06 am
Posted on 11/30/16 at 11:03 am to lsunurse
quote:
See millennials.....see how that concept works. You take out what you need and with the mindset that you will have to pay it back at some point.
This isn't a millennial problem, airhead. Millenials aren't even 30 yet.
Posted on 11/30/16 at 11:04 am to Ace Midnight
quote:
Some plans (PSLF) will not make the forgiven portion taxable (and is only 10 years, to boot).
Any other plans, other than public service, are not taxable?
I'm wondering if I should really help out a relative or not.
eta: she has federal loans by the way.
This post was edited on 11/30/16 at 11:05 am
Posted on 11/30/16 at 11:04 am to upgrayedd
quote:
agree. If we're going to fund this stuff, it has to be based on market demand, not fantasy.
Perhaps that's the answer. Kill student aid as you know it now. Instead, offer full rides to those most likely to succeed in programs that are in high demand by industry. Medicine, finance, accounting, trades, engineering, computer science.... Make sure graduates have adequate job placement, and you'll have a much higher ROI per tax dollar.
For any students that wants to go outside of this, let them major in gender studies and pay full price.
Posted on 11/30/16 at 11:05 am to AUCE05
quote:
Because society as a whole benefits from well educated Engineers, Doctors, teachers, etc. Last thing we need is to flood the market with economic/BA majors, lawyers, etc.
So you are saying society doesnt benefit from well educated business men/women or lawyers or economists?
What are you smoking, because I want some.
Posted on 11/30/16 at 11:05 am to RLDSC FAN
Am I millennial if I was born in 1988?
so these income payment plans essentially erase debt for those who aren't incentivized to make any money.
But someone like me who does well for himself at 28 will pay back every penny?
Am I correct?
so these income payment plans essentially erase debt for those who aren't incentivized to make any money.
But someone like me who does well for himself at 28 will pay back every penny?
Am I correct?
Posted on 11/30/16 at 11:05 am to DesignTiger
quote:
Forgiving the loans all together is a bad way to go. I had about 50k in loans from undergrad and graduate school that I am still paying off every month.
What I would like to see instead of full forgiveness is a decrease in the interest rates on the loans. Maybe take the loans from 6-8% interest rate down to 1.5-3%.
I knew when I was taking them out that I would be paying it back someday, but what I failed to see was the amount that would go towards principle v. amount that goes towards interest.
Long-term, that's actually exactly opposite to a solution that would work.
Interest rates are simply a measure of risk. A subsidized student loan with no collateral is already severely distorting that measure of risk, thus the bloat in tuition, administration, and facilities.
There probably needs to be some measure of mixed collateral between the students (besides future earnings) and the school (they need to be on the hook as well). Let rates float more freely.
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