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Yeah why not
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Jul 7, 2023 02:56
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hot cocoa on the couch posted:are we really gonna let leon get away with posting about anotehr student loan thing...... Leon? A trifle!
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Jul 7, 2023 03:27
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Is there any reason to *not* be on an IDR plan? It's not like you can't pay additional money sooner if you are able, right?
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Jul 7, 2023 17:34
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There Bias Two posted:Is there any reason to *not* be on an IDR plan? It's not like you can't pay additional money sooner if you are able, right?
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Jul 7, 2023 17:36
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FilthyImp posted:If you're making bank they might ask you to pay more? Pretty much. There are some edge cases (you have a high-income or your original loan balance was over $13,000, but is very low now) where it wouldn't make as much sense economically, but the vast majority of people would be better off on it. That is part of the reason they announced they are effectively phasing out the other income-based repayment loan types
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Jul 7, 2023 18:06
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Income driven repayment? A trifle!
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Jul 7, 2023 19:38
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There Bias Two posted:Is there any reason to *not* be on an IDR plan? It's not like you can't pay additional money sooner if you are able, right? may have to consolidate non direct loans to include them, that can potentially lead to increasing even so much as doubling your interest rate if not careful as all your loans including direct will be changed to a new interest rate if you pay on repaye for 25 years or so you can end up paying so much interest the amount being forgiven at the end is mostly interest having doubled the principal from taking so long to pay. and I don't mean capitalized interest which the government is now going to pay for you, I mean the amount interest you've paid over 10-20 years. that's just how loans work in general though. credit card companies are happiest when you fill up your credit balance and are essentially making payments only to cover interest and keep the balance as high as possible for as long as possible. like others are pointing out once if you started making repaye payments at say 50k a year salary but worked your way up to above 100k a year in less than 10 years, due to interest your loans will not have reduced very much but your discretionary income will be high enough can end up paying more per month than doing the standard 10 year plan. And in that case you get very little out of the plan, and probably nothing will be left to forgive. you can go onto student aid .gov and use their loan repayment simulator to see what the monthly payments change based on your income and loan balance to see for yourself most people cannot look forward and say 'i will be making way more money later' so it's basically impossible to actually plan this, most people are just better off on repaye
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Jul 7, 2023 20:10
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skooma512 posted:Yup, fascism is a reaction to socialism, and the US fully took up the mantle of reaction from Nazi Germany after WW2. If geopolitics didn't intervene, the US would have happily been fascist itself. It had de jure apartheid until 1965 and US troops demanded apartheid be in effect in random UK pubs because they were there now, spreading freedom and democracy. Korematsu is still on the books and I fully expect that should China and the US go to war, I will be going into a camp, and I'm not even Chinese. When the Kent State shooting happened, the national guard enjoyed a 70-80% approval rating for their actions. Korematsu was overruled in Trump v Hawaii
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Jul 8, 2023 03:46
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I have graduate loans and currently am on the PSLF track with no intent to leave (halfway done, fed job) and am on PAYE. Neither married nor will be soon. Is switching to REPAYE a good idea or no? I’m seeing conflicting info online. My income increases yearly. Not substantially but it does depending on what the administration decides that year. I don’t want to gently caress myself and I know if I ask MOHELA I run the risk of them giving me bad advice.
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Jul 12, 2023 18:37
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KIT HAGS posted:I have graduate loans and currently am on the PSLF track with no intent to leave (halfway done, fed job) and am on PAYE. Neither married nor will be soon. Is switching to REPAYE a good idea or no? I’m seeing conflicting info online. It is going to depend on a few specific things. Are you married? Do you file jointly if so? What is your income? How much does your income increase each year? Are you going to stay at the fed job for the next 5 years for sure? Are you going to stay under the PAYE income limit for almost/all of the rest of the 5 years you need for PSLF forgiveness? In general, PAYE will be better for you most of the time. If you have been benefiting from any unpaid interest, then switching will recapitalize it. tl;dr: Most likely not worth it to switch to REPAYE for you unless you are in some fairly specific circumstances.
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Jul 12, 2023 20:36
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if you make enough that 10% of your discretionary income is more than your payments would have been on the standard 10 year plan, you probably aren't eligible for PAYE anyways. and will have to use repaye. i admit i don't know really understand what the benefits of paye are. mainly that your payments can never exceed the standard 10 year plan? but you would need to have something like 30-50k in loans and be making well over 100K a year to have your PAYE payments be more than paying the loan in 10 years of monthly payments. im also on pslf and I plan on paying a little per month as possible (5%) and have what is left forgiven. if I pay 10% of my income (relatively high income) the amount leftover to be forgiven in 7 years isn't going to be all that much. especially with pay raises and stuff. but my monthly payment on the 10 year plan is still substantially higher than using repaye (even at 10%), like 100% higher. it's a bit of a gamble to do this because more interest accrues, if I were to quit PSLF (or be denied for some reason) I would be in a worse position than continuing to pay more per month. Making a high income but with a lot of student loans my monthly payments on 10 years are still roughly double what I will pay on REPAYE until the 2024 discretionary income drop to 5%, the payments on paye or repaye are exactly the same for me and most borrowers I think in short, if 10% of your income minus the 225% (or whatever the number is whether you're married or not etc) of the poverty line exceeds your monthly payments on the standard 10 year plan or you expect you will make that much about halfway into your repaye plan, you're not going to see a lot of benefit out of these plans no matter how you do it because you'll be paying your loans off faster than 10 years. Most people are not in that scenario ethanol fucked around with this message at 00:01 on Jul 13, 2023 |
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Jul 12, 2023 23:47
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I technically have enough to pay off my loans right now but I'm in a spot where it feels like it'd be really dumb to do anything but pay the minimum, given that loan forgiveness seems likely to continue being a relevant political wedge issue. Might gently caress myself in the longer term by not zeroing out now, but man would I feel dumb to pay thousands and then it turns out it was all forgiven a year later.
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Jul 13, 2023 00:04
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aniviron posted:I technically have enough to pay off my loans right now but I'm in a spot where it feels like it'd be really dumb to do anything but pay the minimum, given that loan forgiveness seems likely to continue being a relevant political wedge issue. Might gently caress myself in the longer term by not zeroing out now, but man would I feel dumb to pay thousands and then it turns out it was all forgiven a year later. I made a huge lump sum payment on my loans once, before I had any indication I would have a shot at PSLF, essentially that money is wasted if I get PSLF. I would maybe need to run the numbers on how much interest would have accrued in the meantime to know how much money I truly threw away if any. But 99% of PSLF applications used to be denied. So who could count on it? Can we now? I have no idea, they claim it is actually possible to use it now. With the one off 10k/20k thing I think there might be some sort of refund process in mind for payments made while it's being politically navigated. But not sure. I don't actually think the 10/20k is ever going to happen. ethanol fucked around with this message at 00:32 on Jul 13, 2023 |
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Jul 13, 2023 00:25
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It won’t ever happen. The same people who fought it the first time will fight the next permutation just as hard, and it will end up in the Supreme Court again, who has demonstrated that they’ll do mental gymnastics to rule against it.
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Jul 13, 2023 01:48
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hattersmad posted:It won’t ever happen. The same people who fought it the first time will fight the next permutation just as hard, and it will end up in the Supreme Court again, who has demonstrated that they’ll do mental gymnastics to rule against it. There's nothing to rule against here. The mechanism they're using gives them explicit permission to cancel debt IIRC.
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Jul 13, 2023 18:27
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will be cool to see biden cancel 100% of student debt since with this mechanism he's totally able to. obviously since this is a slam dunk he's not going to focus on a pittance when he can make a big change in a lot of peoples lives with such an executive action. and that's definiely what he wants and he's certainly not throwing the proles a bone while remembering who acually runs america. anyway happy that my american neighbours are gonna have 100% of their student debt cancelled wuithout means testing or exception. truly a momentous occasion 
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Jul 13, 2023 18:31
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I’ve had a small balance remaining on a loan for years and my automatic payment gave me perfect credit rating despite never financing a new car or house in my life, thanks Obama
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Jul 13, 2023 19:42
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Biden is cancelling student debt twice!
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Jul 13, 2023 19:47
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Due to a change in loan servicers my student loans dropped off my credit report (briefly) last month, and it absolutely tanked my credit rating LOL. Once they showed up again my score shot right back up to where it had been previously.
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Jul 13, 2023 21:11
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There Bias Two posted:There's nothing to rule against here. The mechanism they're using gives them explicit permission to cancel debt IIRC. And Biden didn’t use that foolproof mechanism the first time because…?
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Jul 13, 2023 21:55
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CaptainSarcastic posted:Due to a change in loan servicers my student loans dropped off my credit report (briefly) last month, and it absolutely tanked my credit rating LOL. Once they showed up again my score shot right back up to where it had been previously. My score went up 16 points last month, then went back to where it was prior as of a week ago. Just this really weird reporting blip that I have no idea the source of. My servicer is still the same, though. The age and the total # of accounts my student loans are load bearing to my credit score, since a crazy amount of it is weighted on credit age.
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Jul 13, 2023 22:08
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Sophy Wackles posted:And Biden didn’t use that foolproof mechanism the first time because…? he didnt want to reveal his full power levels. but now playtime is over
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Jul 13, 2023 22:12
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hot cocoa on the couch posted:he didnt want to reveal his full power levels.
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Jul 13, 2023 23:41
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buglord posted:My score went up 16 points last month, then went back to where it was prior as of a week ago. Just this really weird reporting blip that I have no idea the source of. My servicer is still the same, though. The age and the total # of accounts my student loans are load bearing to my credit score, since a crazy amount of it is weighted on credit age.  Luckily mine are so huge I don't have to worry too much about forgiveness of any kind wiping them out completely any time soon.
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Jul 15, 2023 04:20
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My wife got a letter toast saying that all of her student loans were forgiven today. The reason (I’m paraphrasing) is that she had the loans for more than twenty years. Checked her EdFinancial account and sure enough the outstanding balance was zero. Lol that it specifically said that the Biden-Harris administration made this happen.
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Aug 25, 2023 23:32
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ncumbered_by_idgits posted:Lol that it specifically said that the Biden-Harris administration made this happen. Donald Trump set a precedent, why not
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Aug 25, 2023 23:41
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I can’t afford my monthly payments
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Aug 26, 2023 00:01
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To be fair, the trump administration was fighting against honoring those time defined forgiveness plans.
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Aug 26, 2023 00:03
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is the automatic 3 month additional forbearance if you don't pay first month thing real
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Aug 26, 2023 00:15
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pencilhands posted:I can’t afford my monthly payments Lol same. Gunna get wreckt next month.
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Aug 26, 2023 00:43
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the government says i owe no money and my new servicer says i do, so i guess i'm making some phone calls tomorrow 
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Aug 27, 2023 16:45
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Maybe a silly question, but if I apply for SAVE or whatever, what happens if I make "too much"? I'd assume that nothing happens and I just pay whatever I've been paying, but I guess my concern is if I'd end up locking myself into an accelerated rate (above and beyond what I'd pay if I had done literally nothing). I'd like to think that's not a thing but hell idk
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Aug 30, 2023 07:50
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I would call and ask if I were you. I did and found out I don’t have to re-cert income or apply for a different IBR until March and in that time I’d be paying less than the lowest rate plan available (I make about 20k more now than my last recert due to locality pay).
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Aug 30, 2023 10:53
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Zarin posted:Maybe a silly question, but if I apply for SAVE or whatever, what happens if I make "too much"? If you go through the application, it shows you the final amount you’ll be paying under the plan. You can then choose if you want to actually sign up for it or not (basically choosing your preferred payback plan). So no harm in at least going through the application to see your options.
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Aug 30, 2023 12:06
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just in case people are thinking there is no change (and therefore no reason to apply) until the 10 to 5% discretionary cut next year, the already in effect bump in 150 to 225% of your agi in the calculation does make a sizable difference in your payment. then supposedly that will also get cut in half in summer '24 when the 10 to 5% discretionary income rule takes effect
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Aug 30, 2023 12:58
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I am hearing a lot of questions about how the interest capitalization works under different plans. Will people be seeing their principal balances increase under these plans? My sister thinks that she can use any plan and pay that amount and her interest won’t apply; but I’ve also seen people saying you just don’t have to pay the first year, so there’s a lot of misinformation out there
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Aug 30, 2023 14:00
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poisonpill posted:I am hearing a lot of questions about how the interest capitalization works under different plans. Will people be seeing their principal balances increase under these plans? My sister thinks that she can use any plan and pay that amount and her interest won’t apply; but I’ve also seen people saying you just don’t have to pay the first year, so there’s a lot of misinformation out there The new IBR/SAVE plan will have the government cover all of your unpaid interest if your minimum payment is too low. That is not the case for the existing income driven plans. If you are on a REPAYE plan right now, then it will be automatically converted into a SAVE plan. Other income based plans will not.
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Aug 30, 2023 14:03
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Just to give you all an idea, on a ~$69k (nice) AGI, my payments were calculated as follows: IBR - $531 REPAYE - $409 SAVE - $317
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Aug 30, 2023 14:10
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My friend said he had a big chunk of his student loan forgiven. Or at least got a letter stating that. I thought the powers that be said Biden couldn’t do that? Is this legit?
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Aug 30, 2023 14:36
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Piggy Smalls posted:My friend said he had a big chunk of his student loan forgiven. Or at least got a letter stating that. I thought the powers that be said Biden couldn’t do that? Is this legit? this is because your friend probably has been paying for over 20 years, and payments that didn't used to count before certain IDR plans existed are now being counted, yes this is a biden change there is also a significant system failure for years to accurately track eligible payments or servicers to actually act on the forgiveness (many cases of people being outright ignored). this is also being redone ethanol fucked around with this message at 14:41 on Aug 30, 2023 |
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Aug 30, 2023 14:38
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