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9 replies to this topic

#1 IndyPoolPlayer

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Posted 16 April 2017 - 11:16 AM

Not really related to student loans but bear with me I will get to that...

 

At a family function yesterday, S-I-L was talking about her daughter and soon to be son-in-law. Talking about their upcoming nuptials and of course what they are going to do afterward for money, home, etc.

 

This couple has been an item since grade school. I kid you not. I think 6th and 7th grade is when they met. No breaks to see other people or anything like that. So when it came time for high school graduation and both were good athletes. She got a full ride athletic volleyball scholarship to a Missouri Valley Conference school. He got a full ride athletic baseball scholarship to a school in Florida. They couldn't bear the thought of being apart, so they both turned down their scholarships and enrolled together at the local university campus. She graduated with a bachelors degree in do you want fries with that (Psychology) and he is about to be dismissed for academic performance after his 3rd year.

 

So when SIL was asking her daughter how they planned to make ends meet and address the student loans they took out to pay for nothing to show for it education, the daughter replied they can either work for the government or just work for minimum wage for 10 years and pay nothing for their student loans and they will be forgiven. "This is how everyone does student loans now" is what she said.

 

*Bangs head against wall*

 

 


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#2 hegemony

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Posted 16 April 2017 - 11:58 AM

send them this story... https://creditboards...howtopic=590761


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#3 Kat58

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Posted 16 April 2017 - 12:09 PM

So when SIL was asking her daughter how they planned to make ends meet and address the student loans they took out to pay for nothing to show for it education, the daughter replied they can either work for the government or just work for minimum wage for 10 years and pay nothing for their student loans and they will be forgiven. "This is how everyone does student loans now" is what she said.

 

Is this correct?

 

(following)


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#4 IndyPoolPlayer

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Posted 16 April 2017 - 01:34 PM

I know there are some jobs in Indiana state government that are advertised as "Qualifies as Public Service Student Loan Forgiveness", and I would presume there are some Fed jobs in that same category. The latter statement I presume is referring to IBR. From my reading on here (Lynn and Hodap please correct me if I'm wrong) is IBR is for those on disability or somehow "unable to work" - working for low wages on purpose just to avoid student loans doesn't cut it.

 

My (and SIL's) moral to this story is if someone is offered a full ride scholarship somewhere for college education - TAKE IT!!! It's the biggest gift in a lifetime a young adult will EVER receive. So what if they will be apart for a few years. There's Skype, Facetime, etc. 


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#5 tiggerlgh

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Posted 17 April 2017 - 10:14 AM

IBR I believe is for anyone that qualifies but if they go that route to keep their payments down for 10 years they can really hurt their future potential earning as they started off so slow.  I you stay in entry level jobs that is where you most likely remain.

 

Agree 1000% always take the full rides.  Also sad he won't even have a  degree at the end but have a ton of SL debt but that is all on him.  I am sure there are groups of kids that think like your niece does and there are some like my family friends who are working through college did all their basic classes at a local community college prior to transferring to the university and have a plan to pay off their few loans in the next 5-10 years.  So as always YMMV what kids are doing.


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#6 mendelssohn

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Posted 17 April 2017 - 02:53 PM

It is not SL are not forgiven after 10 years unless you work in a government job.  It takes 20-25 years of IBR payments for the balance to be forgiven without any special qualifying employment, so if that is plan B if they don't get a government job, they need to stay poor for much longer.

 

It's government job + 120 payments (can be IBR) OR 240-300 payments if on IBR.

 

Please don't tell them about the program for teachers. It sounds like they shouldn't be in the classroom.  :swoon:


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#7 hodap2001

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Posted 17 April 2017 - 05:27 PM

Ask them how they will pay their tax bill on the "forgiven portion"?
Uncle Sam will get his money back...especially with this new Administation.
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#8 IndyPoolPlayer

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Posted 17 April 2017 - 08:04 PM

Right ... and even if someone does come along later and promise to forgive federal student loans and make college free for all ... you can picture how that will end


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#9 ICANHASMUNY?

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Posted 17 April 2017 - 08:25 PM

qualified job?

 

the balance is forgive only after you make 120 on time payments ( 10 years) 

and maybe not even them. 

 

there's currently a lawsuit in the works

 

https://www.washingt...m=.d9deca011fca


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#10 mendelssohn

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Posted 18 April 2017 - 09:48 AM



qualified job?

 

the balance is forgive only after you make 120 on time payments ( 10 years) 

and maybe not even them. 

 

there's currently a lawsuit in the works

 

https://www.washingt...m=.d9deca011fca

 

Without qualifying employment (employment that shortens the timeframe), it is 20-25 years.

 

The article you posted pertains to public service loan forgiveness (qualifying employment), not just making IBR payments alone.

 

How long will I be in repayment under each plan?

 

Income-driven repayment plans have different repayment periods.

 

Income-Driven Repayment Plan / Repayment Period

 

REPAYE Plan

  • 20 years if all loans you’re repaying under the plan were received for undergraduate study
  • 25 years if any loans you’re repaying under the plan were received for graduate or professional study

PAYE Plan

  • 20 years

IBR Plan

  • 20 years if you’re a new borrower on or after July 1, 2014
  • 25 years if you’re not a new borrower on or after July 1, 2014
ICR Plan
  • 25 years

 

Under all four plans, any remaining loan balance is forgiven if your federal student loans aren't fully repaid at the end of the repayment period. For any income-driven repayment plan, periods of economic hardship deferment and periods of repayment under certain other repayment plans will count toward your total repayment period. Whether you will have a balance left to be forgiven at the end of your repayment period depends on a number of factors, such as how quickly your income rises and how large your income is relative to your debt. Because of these factors, you may fully repay your loan before the end of your repayment period.

 

If you’re making payments under an income-driven repayment plan and also working toward loan forgiveness under the Public Service Loan Forgiveness (PSLF) Program, you may qualify for forgiveness of any remaining loan balance after you've made 10 years of qualifying payments, instead of 20 or 25 years. Qualifying payments for the PSLF Program include payments made under any of the income-driven repayment plans.

 

 

https://studentaid.e...epayment-period


Edited by mendelssohn, 18 April 2017 - 09:53 AM.

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