jaygee
Diamond
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Post by jaygee on Aug 24, 2022 13:11:44 GMT -6
Remember in the late 90s/early 2000s it was basically standard to see a credit card company or two on campus every day with free gifts enticing students to sign up. We had frat bros that basically had a side hustle to sign up their friends for credit cards and they would get a commission. They said just shred the card when it comes and don’t use it. Not understanding that it sat on our credit report. Oy. Those were wild times and I hope some of that had changed. People really don’t understand the bad financial advice students have been given by adults and companies for a really long time. i remember you could get a free subway sub if you signed up at my university subway. And that probably worked for a lot of people. Free food is like gold to college students.
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starbuck
Emerald
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Post by starbuck on Aug 24, 2022 13:13:25 GMT -6
Just got an alert that there is a confirmed case of monkeypox at an elementary school in Newton county, GA. Another student is also being tested. They're "thoroughly cleaning and disinfecting classroom at both schools" and the article lists two separate elementary schools. This is just awesome. NOOOOOOOOOOOOOO
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Peekaru
Sapphire
Posts: 2,518 Likes: 10,480
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Post by Peekaru on Aug 24, 2022 13:15:06 GMT -6
Our take at work:
The 10k/20k is great, but the IBRP is going to be the big win.
If you have more than 10 years left on your loan, go see if you can sign up for the new IBRP, this will adjust your payments down significantly and hypothetically shorten the repayment time frame.
I'm trying to de-identify our article on the PSLf. If you need details on it, PM me I can c&P it for you. Please don't come stalk me.
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Ls2012
Amethyst
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Post by Ls2012 on Aug 24, 2022 13:16:52 GMT -6
I’m sorry people are so disappointed with the plan and I TOTALLY get it. I was expecting nothing or the 10k only thing so I’m pleasantly surprised with some additional perks. I think the reality is we did not elect a candidate that campaign on this issue or really had much of a plan for it so I see that some of MVP’s people policies have been included (especially the earlier announcements of full cancellation for the fraud schools) and it is clear that activism pushed the plans more aggressively. I know it’s far from ideal but I’m feeling some optimism in the fact that it’s a start and there are leaders who will take it further when the time is right. I'm happy for those this helps. Truly. I'm upset for those this should help but doesn't. *Makes less than $125k *Has FFEL & Pell Grants That should mean relief across the board for those people. But it doesn't because of consolidation and that's utter bullshit. There are going to be a great many people who should be seeing relief and won't because of a technicality. A technicality that I have now zero hopes of being addressed in the future by anyone.
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Post by bunnyfungo on Aug 24, 2022 13:17:37 GMT -6
I know this is a very unpopular opinion at least forum-wide, but I don’t think I will encourage my children to go to college at all at this point. Or at least not until they are sure that they need a degree for their chosen career. DH works a job that doesn’t even require a degree yet has just so much freaking debt. And obviously, I’ve been a SAHM for 8 years and don’t need a degree for that. Poor decisions all around in my life.
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LaRo422
Platinum
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Post by LaRo422 on Aug 24, 2022 13:20:24 GMT -6
Just got an alert that there is a confirmed case of monkeypox at an elementary school in Newton county, GA. Another student is also being tested. They're "thoroughly cleaning and disinfecting classroom at both schools" and the article lists two separate elementary schools. This is just awesome. NOOOOOOOOOOOOOO I knowwwwwww! One school is in Mansfield and the other in Oxford. You can imagine the gross social media comments about how this has to be children of a same sex couple *eyeroll*
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Peekaru
Sapphire
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Post by Peekaru on Aug 24, 2022 13:21:14 GMT -6
I know this is a very unpopular opinion at least forum-wide, but I don’t think I will encourage my children to go to college at all at this point. Or at least not until they are sure that they need a degree for their chosen career. DH works a job that doesn’t even require a degree yet has just so much freaking debt. And obviously, I’ve been a SAHM for 8 years and don’t need a degree for that. Poor decisions all around in my life. Married to a airline pilot. They don't require a degree.
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athn64
Ruby
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Post by athn64 on Aug 24, 2022 13:21:40 GMT -6
Remember in the late 90s/early 2000s it was basically standard to see a credit card company or two on campus every day with free gifts enticing students to sign up. We had frat bros that basically had a side hustle to sign up their friends for credit cards and they would get a commission. They said just shred the card when it comes and don’t use it. Not understanding that it sat on our credit report. Oy. Those were wild times and I hope some of that had changed. People really don’t understand the bad financial advice students have been given by adults and companies for a really long time. My god. So much. I got an account with a local bank and they insisted I get a credit card with it when I was a freshman. I did use it a few times, but not much. It was such a pain in the ass to cancel too.
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willow
Ruby
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Post by willow on Aug 24, 2022 13:22:28 GMT -6
I'm wondering if next year we should file married separately, since I don't have loans anymore but my husband has 40k+ and he makes less than I do. Is this something an accountant can tell me? Would it make is IDR lower? My H and I file separately specifically because of my student loans. With his income added to mine in the income based plans, my monthly payment goes to $1200 a month even with 3 kids. If we file separately, I am paying less than $200. I also claim all the kids on my return to get the biggest deduction possible for my student loan payment. It sucks in some ways because we don't get all the same benefits like child care tax credit, etc. But the refund I get pays for the amount my H owes and it also just makes sense to keep my loan payment low. When mine are forgiven in 4 years, we'll go back to filing jointly. My parents do the same thing because my dad still has loans from his PhD program.
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cnf
Ruby
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Post by cnf on Aug 24, 2022 13:25:07 GMT -6
I know this is a very unpopular opinion at least forum-wide, but I don’t think I will encourage my children to go to college at all at this point. Or at least not until they are sure that they need a degree for their chosen career. DH works a job that doesn’t even require a degree yet has just so much freaking debt. And obviously, I’ve been a SAHM for 8 years and don’t need a degree for that. Poor decisions all around in my life. One of the perks of H working in higher ed is tuition exchange, so we can send two kids tuition free to college. We'd still have the cover room and board. That said, if they want to venture noncollege directions I will absolutely push for that. Or careers where college isn't totally necessary but is an option, like nursing. I know so many people who went to undergrad school first then went on to get their RN. But you could also do an RN prep program through large hospital systems and have guaranteed employment at the end. Nursing was my backup choice and I would have done the three year RN track through our major hospital system. If you do that then they'll guarantee you 5 years of employment afterwards too. And you're not bogged down in student loans.
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willow
Ruby
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Post by willow on Aug 24, 2022 13:26:46 GMT -6
I don't disagree with the sentiment that 18 year olds were conned into this racket but I also think it discounts the plight of people who either went to college later in life still needing loans, or people who got post-undergrad degrees. I was 21-24 when I was in law school but what choice did I have if I wanted to go further to get a career? I am sort of repeating myself from earlier but I think focusing the argument on uninformed 18 year olds weakens the important point that these interest rates are predatory regardless, and if we don't extend loans to people seeking professional degrees, then only the rich and elite will ever be able to get the degrees. So it is all just garbage and I hate everything. Still. lol. I guess I cannot be pleased here, sorry.
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athn64
Ruby
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Post by athn64 on Aug 24, 2022 13:28:11 GMT -6
I know this is a very unpopular opinion at least forum-wide, but I don’t think I will encourage my children to go to college at all at this point. Or at least not until they are sure that they need a degree for their chosen career. DH works a job that doesn’t even require a degree yet has just so much freaking debt. And obviously, I’ve been a SAHM for 8 years and don’t need a degree for that. Poor decisions all around in my life. I am going to ensure they are aware of their options. H has a great union job and no degree. Meanwhile, I have my masters and work freelance part time. He's definitely the top earner in the house. I could definitely earn more if I worked more hours, but I'm also home with the kids.
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Peekaru
Sapphire
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Post by Peekaru on Aug 24, 2022 13:28:17 GMT -6
I just saw this and it sounds like yes? (This is one of Ilhan's comms people so I was a bit surprised by the take.) Does any one know if the “forgive after 10 years instead of 20” counts for payments already made? Or is 10 years from when you switch to this new IDR plan? Because I’m pretty sure I’ve already made 10 years of payments. I was also a pell grant recipient so I think the $20k forgiveness might get me close to the under $12k remaining threshold. But again, I don’t know if that forgiveness counts towards that. We would need to read the documents, but it doesn't appear to be retroactive. In most cases, we would likely encourage you to apply for the new IBRP because the maximum payment would be lower; unless you were 2 years from forgiveness or something like that.
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athn64
Ruby
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Post by athn64 on Aug 24, 2022 13:31:42 GMT -6
I don't disagree with the sentiment that 18 year olds were conned into this racket but I also think it discounts the plight of people who either went to college later in life still needing loans, or people who got post-undergrad degrees. I was 21-24 when I was in law school but what choice did I have if I wanted to go further to get a career? I am sort of repeating myself from earlier but I think focusing the argument on uninformed 18 year olds weakens the important point that these interest rates are predatory regardless, and if we don't extend loans to people seeking professional degrees, then only the rich and elite will ever be able to get the degrees. So it is all just garbage and I hate everything. Still. lol. I guess I cannot be pleased here, sorry. Professional and graduate degrees are definitely even more exclusionary. The best advice my undergrad advisor ever gave me was not to go to grad school unless they paid me. Which was quite plausible for the field I'm in. Every student in my program either had a TA or RA position. But that's not possible for a lot of programs. And we still need lawyers and doctors in the world.
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jaygee
Diamond
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Post by jaygee on Aug 24, 2022 13:32:15 GMT -6
I know this is a very unpopular opinion at least forum-wide, but I don’t think I will encourage my children to go to college at all at this point. Or at least not until they are sure that they need a degree for their chosen career. DH works a job that doesn’t even require a degree yet has just so much freaking debt. And obviously, I’ve been a SAHM for 8 years and don’t need a degree for that. Poor decisions all around in my life. I will work to slow roll the whole thing unless he has an exact major and job in mind. Like definitely pushing community college for prerequisites and strong look at job training programs. Luckily here in CA we have great community colleges that are still a good value and we have a strong state school program that has several campuses where he could live at home and not break the bank on tuition at least for now. H is very much “traditional path” so I’ll have to work on him if I don’t see it being the best option.
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Peekaru
Sapphire
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Post by Peekaru on Aug 24, 2022 13:33:42 GMT -6
Excellent explanation as we have it:https://www.nytimes.com/2022/08/24/business/biden-student-loan-forgiveness.html?auth=login-email&login=email
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Post by bunnyfungo on Aug 24, 2022 13:37:46 GMT -6
I know this is a very unpopular opinion at least forum-wide, but I don’t think I will encourage my children to go to college at all at this point. Or at least not until they are sure that they need a degree for their chosen career. DH works a job that doesn’t even require a degree yet has just so much freaking debt. And obviously, I’ve been a SAHM for 8 years and don’t need a degree for that. Poor decisions all around in my life. I will work to slow roll the whole thing unless he has an exact major and job in mind. Like definitely pushing community college for prerequisites and strong look at job training programs. Luckily here in CA we have great community colleges that are still a good value and we have a strong state school program that has several campuses where he could live at home and not break the bank on tuition at least for now. H is very much “traditional path” so I’ll have to work on him if I don’t see it being the best option. My oldest wants to play violin in the symphony when she grows up. The thought of paying what will probably be $50k a year (or more) by the time she goes to college to get a music performance degree doesn’t feel like the right choice. But she’s also 10 so who knows what she’ll really do.
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sifl
Platinum
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Post by sifl on Aug 24, 2022 13:40:17 GMT -6
I don't disagree with the sentiment that 18 year olds were conned into this racket but I also think it discounts the plight of people who either went to college later in life still needing loans, or people who got post-undergrad degrees. I was 21-24 when I was in law school but what choice did I have if I wanted to go further to get a career? I am sort of repeating myself from earlier but I think focusing the argument on uninformed 18 year olds weakens the important point that these interest rates are predatory regardless, and if we don't extend loans to people seeking professional degrees, then only the rich and elite will ever be able to get the degrees. So it is all just garbage and I hate everything. Still. lol. I guess I cannot be pleased here, sorry. Right, I was a clueless 18yo too but the loans weren’t predatory so it worked out ok (I also had help from my parents).
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jaygee
Diamond
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Post by jaygee on Aug 24, 2022 13:41:01 GMT -6
I will work to slow roll the whole thing unless he has an exact major and job in mind. Like definitely pushing community college for prerequisites and strong look at job training programs. Luckily here in CA we have great community colleges that are still a good value and we have a strong state school program that has several campuses where he could live at home and not break the bank on tuition at least for now. H is very much “traditional path” so I’ll have to work on him if I don’t see it being the best option. My oldest wants to play violin in the symphony when she grows up. The thought of paying what will probably be $50k a year (or more) by the time she goes to college to get a music performance degree doesn’t feel like the right choice. But she’s also 10 so who knows what she’ll really do. There are some jobs that still require so much education and the upside earning potential just does not justify it. Especially in the arts. It sucks. My sister was a theater major and has never been able to afford to move to a big enough city where she could actually work in her field in a way that would be meaningful to her.
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Post by bunnyfungo on Aug 24, 2022 13:58:41 GMT -6
My oldest wants to play violin in the symphony when she grows up. The thought of paying what will probably be $50k a year (or more) by the time she goes to college to get a music performance degree doesn’t feel like the right choice. But she’s also 10 so who knows what she’ll really do. There are some jobs that still require so much education and the upside earning potential just does not justify it. Especially in the arts. It sucks. My sister was a theater major and has never been able to afford to move to a big enough city where she could actually work in her field in a way that would be meaningful to her. My sister was also a theater major! She moved to Chicago and decided to go another way. She got a masters in non-profit management and then worked for the ACLU. While very cool and rewarding, I think it’s kind of criminal to charge DePaul $$$$ tuition on a program when you know the recipient will spend the rest of their career making $30,000 a year. Because…non-profit. Woof.
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Minerva
Ruby
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Post by Minerva on Aug 24, 2022 14:03:32 GMT -6
Does anyone know if Parent Plus federal loans will qualify for forgiveness? I just saw this and it sounds like yes? (This is one of Ilhan's comms people so I was a bit surprised by the take.) I hope this is the case! My parents took out Parent Plus loans to help both my brother and I go to college. I’ve helped them to pay some of mine off over the years, but they definitely are still paying out for my brother as retirees.
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Ls2012
Amethyst
Posts: 7,364 Likes: 32,621
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Post by Ls2012 on Aug 24, 2022 14:04:05 GMT -6
When I graduated high school in 1999 it was hammered into us that we HAD TO GO TO COLLEGE. That student loan debt was GOOD DEBT. That college degrees would get us good jobs that would easily pay it off so don't worry our little heads about it. I'm so annoyed by all the bootstrap comments and boomers talking about how they had to pay for their own college and kids these days shouldn't get handouts. So much yes to that last part. I keep hearing this from my FIL…who just finished paying off his 41 year old daughter’s student loans (who by the way, never actually graduated). Like how hard is it for you to see that 1. not everyone has parents in the position to do this and 2. You are literally giving a “handout” to your adult child. I don't know if you meant this to be shitty, or only meant it to be shitty toward her, but "never actually graduated" is a shitty thing to say. Probably for the majority of people who don't graduate, it's because other shitty things happened to them that made continuing in college too difficult, impossible, or impractical. Those people don't deserve judgement, nor are they rendered unworthy of relief.
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Minerva
Ruby
Posts: 15,381 Likes: 67,036
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Post by Minerva on Aug 24, 2022 14:09:16 GMT -6
When I graduated high school in 1999 it was hammered into us that we HAD TO GO TO COLLEGE. That student loan debt was GOOD DEBT. That college degrees would get us good jobs that would easily pay it off so don't worry our little heads about it. I'm so annoyed by all the bootstrap comments and boomers talking about how they had to pay for their own college and kids these days shouldn't get handouts. The "good debt" was such a big thing. Like, even with all my grants and such, it was implied that I should take out some loans because it would help with my credit score. I still needed my loans to get by, but we were definitely sold a bill of goods that was not delivered. I definitely remember being told this. 😑
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Post by crimsonandclover on Aug 24, 2022 14:12:42 GMT -6
After my undergrad I applied to several top-tier schools in my field for an MA/PhD. I got in to them and one even offered a 50% tuition scholarship for the MA program - but I still would have had to pay 18k / year in tuition plus housing, books, etc. DH and I made the decision to stay in Germany because even though education debt was still being called "good debt," we just couldn't imagine having that much debt so early in life. I have regretted the decision a few times over the years bc it would have been nice to have that school name on my resume, but never have I been more grateful for our decision than reading everyone's stories about their debt. I hope this forgiveness program and interest change helps all of you in some way.
ETA: edited out a comment that I thought would be relevant but ended up just sounding show-offy
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RajahMD
Amethyst
Posts: 6,976 Likes: 41,672
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Post by RajahMD on Aug 24, 2022 14:38:49 GMT -6
I don't disagree with the sentiment that 18 year olds were conned into this racket but I also think it discounts the plight of people who either went to college later in life still needing loans, or people who got post-undergrad degrees. I was 21-24 when I was in law school but what choice did I have if I wanted to go further to get a career? I am sort of repeating myself from earlier but I think focusing the argument on uninformed 18 year olds weakens the important point that these interest rates are predatory regardless, and if we don't extend loans to people seeking professional degrees, then only the rich and elite will ever be able to get the degrees. So it is all just garbage and I hate everything. Still. lol. I guess I cannot be pleased here, sorry. Professional and graduate degrees are definitely even more exclusionary. The best advice my undergrad advisor ever gave me was not to go to grad school unless they paid me. Which was quite plausible for the field I'm in. Every student in my program either had a TA or RA position. But that's not possible for a lot of programs. And we still need lawyers and doctors in the world. *cries in med school loans* This new IBRP might be a life saver for me. I work for the state, but as an independent contractor, so I'm not eligible for PSLF (even though what I do is literally a public service). This might help me pay my loans off before I die, lol.
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dc2london
Admin
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Post by dc2london on Aug 24, 2022 14:47:14 GMT -6
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mc13
Sapphire
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Post by mc13 on Aug 24, 2022 15:06:20 GMT -6
So much yes to that last part. I keep hearing this from my FIL…who just finished paying off his 41 year old daughter’s student loans (who by the way, never actually graduated). Like how hard is it for you to see that 1. not everyone has parents in the position to do this and 2. You are literally giving a “handout” to your adult child. I don't know if you meant this to be shitty, or only meant it to be shitty toward her, but "never actually graduated" is a shitty thing to say. Probably for the majority of people who don't graduate, it's because other shitty things happened to them that made continuing in college too difficult, impossible, or impractical. Those people don't deserve judgement, nor are they rendered unworthy of relief. Oh, this is not a general comment towards anyone who doesn’t graduate just towards my Trumper SIL who thought she was smarter than her professors and said “f-you” I won’t graduate instead of completing the required work for her last semester of school. But then also tells everyone she has a degree from there. There’s a whole lot more to it, but 100% just a snarky comment towards her.
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richard
Emerald
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Post by richard on Aug 24, 2022 15:10:10 GMT -6
It's hard to pretend you didn't know you shouldn't have the documents when your own lawyers said you shouldn't...
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richard
Emerald
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Post by richard on Aug 24, 2022 15:19:48 GMT -6
Reading the stories from people who this will help was uplifting:
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dc2london
Admin
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Post by dc2london on Aug 24, 2022 15:35:11 GMT -6
Republican Twitter accounts' responses to the student debt relief are hilariously hypocritical
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