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Thread: Student Loan Kings

  1. #21
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    It seems reasonable to me that she pay the tax on her loans. She got a great deal.

  2. #22
    Senior Member iris lilies's Avatar
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    Quote Originally Posted by Teacher Terry View Post
    It seems reasonable to me that she pay the tax on her loans. She got a great deal.
    Do you think UL and Zoe got great deals?

  3. #23
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    Sure they did. However, they have much less earning potential then the doctor does but both chose to take out the loans. That is why we paid cash as we went. My DH worked a lot of overtime to make that happen.

  4. #24
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    Quote Originally Posted by iris lilies View Post
    Can we expect those discharged from 10 years of servitude to then go out on the open market in private industry and nab well paying jobs? They would be doing a public good to open up their position to other indentured servants, and also could pay back into the tax base what they used.

    Or even better, they could start up successful companies to employ people, generating wealth for our country.



    And a pool. One family member was, on her behalf, complaining that she has to pay some sort of tax bill when her student loans are forgiven. I dont know what exactly is the tax issue, but I do know a whining attitude of outrage accompanied the information. To be fair, she herself was not complaining, it was a SJW on her behalf.

    privileged spendy pants + sniveling complainy pants=annoyance to Iris
    I would love to start a company or business when I am done. I am not sure that I would have the option of going into hiring earning public sector actually. By the time I am done my career experience will have me set in this career. I am more than willing to take the risk of starting a company as long as I have a reasonable business and back up plan. One idea is to start an after school programming company with my experience, that gives me a chance to put my beliefs in action by paying a fair wage and supporting staff.

    As far as the tax bill, I may have that situation and I am not arguing it. You still get a great deal by exchanging public service for the balance to be forgiven. I have had times I didn't plan very well and ended up on a payment plan for taxes. They got paid, I figure if I am on the liberal side then I should be okay with paying my taxes after all.

  5. #25
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    Here is just a simple article about student loan and forgiveness. Always subject to change at any time but helps to aid in planning. (the IRS website was not very helpful.) https://www.usnews.com/education/blo...-student-loans

  6. #26
    Senior Member Ultralight's Avatar
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    Quote Originally Posted by Teacher Terry View Post
    This is why so many people have defaulted on their student loans because their would be no money left after paying that amount.
    I don't know how the private loans work, as all mine are public. So that is what I will talk about.

    But if you cannot afford your monthly payment (as is very often the case) you fill out some paperwork and they put you on income-based repayment. So my $1,600 monthly payment was thereby brought down to about $300 a month.

    If you lose your job they will suspend payments as long as you tell them you lost it. Or if you lose your job and get a much lower paying job you can get your payment amount adjusted even lower. You just have to do the paperwork.

    So defaulting on your public student loans requires a lot of negligence.

    You can even make your payments 14 days late with no penalty. And most of us get a year or two worth of delays where you can simply stop paying or not pay for a year, again, as long as you do the paperwork.
    的 came from a real tough neighborhood. I put my hand in some cement and felt another hand." -- Rodney Dangerfield

  7. #27
    Senior Member Ultralight's Avatar
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    Quote Originally Posted by Alan View Post
    And yet, if someone buys too much house or too expensive vehicles or incurs too much credit card debt we think they over extended themselves. Why are student loans different?
    I don't think student loans are necessarily different in the sense you are saying.

    But if someone buys too much house or car the items can be repossessed. An education cannot be repossessed (yet!).

    Buying a Ferrari is seen as a luxury. Education is seen as an investment in your future career and such, usually. The sports car seems even more frivolous than the underwater basket weaving degree.
    的 came from a real tough neighborhood. I put my hand in some cement and felt another hand." -- Rodney Dangerfield

  8. #28
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    Quote Originally Posted by iris lilies View Post
    Can we expect those discharged from 10 years of servitude to then go out on the open market in private industry and nab well paying jobs? They would be doing a public good to open up their position to other indentured servants, and also could pay back into the tax base what they used.

    Or even better, they could start up successful companies to employ people, generating wealth for our country.

    We shall see if that happens. What do ya値l think?

    oh this reminds me: one of our young relatives is a physician and lives in a $500,000+ house with a stay at home spouse. And grounds. And a pool. One family member was, on her behalf, complaining that she has to pay some sort of tax bill when her student loans are forgiven. I dont know what exactly is the tax issue, but I do know a whining attitude of outrage accompanied the information. To be fair, she herself was not complaining, it was a SJW on her behalf.

    privileged spendy pants + sniveling complainy pants=annoyance to Iris
    Iris:

    I actually plan to leave my public service job literally the day I get my letter of forgiveness (if it ever happens). Someone else can jump in there for the PSLF. I have said from day one I will leave when my loans are forgiven. I will have done my tour of duty!

    But much like I lack the talent and ability to be a concert pianist, I lack the ability to create some successful business.

    I plan to just get some laid-back, non-serious job and live my minimalist life, preferably on a coastal state. But I am also open to going back to work for the unions (if they still exist then), if I need the money and benefits.
    的 came from a real tough neighborhood. I put my hand in some cement and felt another hand." -- Rodney Dangerfield

  9. #29
    Senior Member Ultralight's Avatar
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    Quote Originally Posted by Zoe Girl View Post
    I would love to start a company or business when I am done. I am not sure that I would have the option of going into hiring earning public sector actually. By the time I am done my career experience will have me set in this career. I am more than willing to take the risk of starting a company as long as I have a reasonable business and back up plan. One idea is to start an after school programming company with my experience, that gives me a chance to put my beliefs in action by paying a fair wage and supporting staff.
    I luff ya, ZG, but please reconsider this.
    的 came from a real tough neighborhood. I put my hand in some cement and felt another hand." -- Rodney Dangerfield

  10. #30
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    Quote Originally Posted by Ultralight View Post
    Do you know how much my payment would be per month without the income-based repayment (which is part of PSLF)?

    It would be about $1,600 a month, perhaps more. I have not had it calculated in a long time.

    I get about $2,500 a month in take home pay.

    So if I paid the unassisted payment I would have $900 a month left.

    What do you think about that Yppej?
    I think you could have looked at other options such as refinancing the debt or spreading out the payments over more years. What do people not on your gravy train do when they cannot make the payments?

    You say you drive a beater and live in a small apartment. Surely you can pay more than $300 a month. Lots of people pay more than that for a car payment. You can pay more instead of jetting around the world, you just don't want to. Did you pay for your conpanion's travel expenses also?

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