richard
Emerald
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Post by richard on Aug 24, 2022 15:36:45 GMT -6
Republican Twitter accounts' responses to the student debt relief are hilariously hypocritical I just read this too which adds another flavor of hypocritical to it.
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fatpony
Amethyst
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Post by fatpony on Aug 24, 2022 15:38:22 GMT -6
Republican Twitter accounts' responses to the student debt relief are hilariously hypocritical Especially since every one I've seen so far had their PPP loans forgiven. Amazing so many congress people had the loans or had a spouse who did.
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elle
Ruby
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Post by elle on Aug 24, 2022 15:46:58 GMT -6
I appreciated this analysis/insight and thought others might too.
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Post by PandaWatch on Aug 24, 2022 16:23:02 GMT -6
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. I’m working on getting that changed in the new PSLF regulations coming out this fall. I think the dept of Ed will change it, but I don’t know if they’ll make it retroactive.
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elle
Ruby
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Post by elle on Aug 24, 2022 16:48:43 GMT -6
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addymac
Emerald
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Post by addymac on Aug 24, 2022 16:52:59 GMT -6
Good. POS. Can she appeal? I know nothing about the legal system in general and surrounding this fuckery.
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RajahMD
Amethyst
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Post by RajahMD on Aug 24, 2022 17:20:39 GMT -6
*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. I’m working on getting that changed in the new PSLF regulations coming out this fall. I think the dept of Ed will change it, but I don’t know if they’ll make it retroactive. Now that would be amazing! Thank goodness for people like you.
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Post by notblanche on Aug 24, 2022 17:58:42 GMT -6
I had a similar convo with my mom. She thinks if you committed to paying the loan back you should have to pay it back. But it’s been a long time since we took out my student loans, and I explained how the cost is so much higher now and interest is insane, and people are making their payments and not able to pay it down. Idk, I think it’s hard to see outside your own experience sometimes. Yes the cost of college alone is so much higher now then when we went and for sure when our parents went I was talking with my mom today who told me about the difference in tuition between me and my youngest brother, because they recently did the math. He graduated from the same school eight years after I did and the cost for his education was 350% higher. It's absurd.
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fatpony
Amethyst
Posts: 5,589 Likes: 30,863
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Post by fatpony on Aug 24, 2022 18:13:33 GMT -6
PandaWatch, what I don't understand about PSLF and the waiver, is that if they are doing the waiver because they knew they screwed up, why not just make the things in the waiver permanent? Or is that mabye what is happening this fall?
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clucky
Opal
Posts: 7,837 Likes: 32,919
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Post by clucky on Aug 24, 2022 18:52:23 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. But you could get a FREE TSHIRT!
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dc2london
Admin
Press Secretary
Posts: 61,789 Likes: 420,252
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Post by dc2london on Aug 24, 2022 19:12:54 GMT -6
Republican Twitter accounts' responses to the student debt relief are hilariously hypocritical Especially since every one I've seen so far had their PPP loans forgiven. Amazing so many congress people had the loans or had a spouse who did. I heard the application and approval process was a mess and I'd bet a dollar some names and staff of Members of Congress were used to make sure those businesses got loans
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clucky
Opal
Posts: 7,837 Likes: 32,919
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Post by clucky on Aug 24, 2022 19:13:06 GMT -6
Good. POS. Can she appeal? I know nothing about the legal system in general and surrounding this fuckery. Good news! Edit. Apparently there are enough cases that they could be getting mixed up.
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dc2london
Admin
Press Secretary
Posts: 61,789 Likes: 420,252
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Post by dc2london on Aug 24, 2022 19:17:38 GMT -6
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dc2london
Admin
Press Secretary
Posts: 61,789 Likes: 420,252
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Post by dc2london on Aug 24, 2022 19:23:47 GMT -6
I've been making like a lot of bread but here's a good breakdown of this memo
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dc2london
Admin
Press Secretary
Posts: 61,789 Likes: 420,252
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Post by dc2london on Aug 24, 2022 19:33:33 GMT -6
This is all ridiculous. Who defines what is "offensive"? Because for me a TFG shirt would be offensive? I mean I could pick this apart ad nauseam but I'm sure we're all on the same page. Really tho, fuck calling out elementary aged kids like that. THEY'RE BABIES. Parent are pissed (rightly so). I also heard a gym teacher called someone out 😡 this is so not our school or school culture. This my DD1’s 5th year at the school so it felt like we had a good handle on that. We are so confused. "Send home any kid with holes in their clothes" because kids who can't afford to replace clothes with a small tear don't deserve an education? I hate him.
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dc2london
Admin
Press Secretary
Posts: 61,789 Likes: 420,252
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Post by dc2london on Aug 24, 2022 19:43:27 GMT -6
I have never heard of a statewide dress code. Is this a thing states are doing now? I don’t know, our school presented this as a new “Code of Virginia” I can't easily find anything about this being statewide and I've heard nothing from my district. I'm very curious now what's going on. 🤔 (I'm not suggesting any subterfuge, I just mean I can't find a new law regarding dress code)
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sterling
Global Moderator
GD
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Post by sterling on Aug 24, 2022 20:05:18 GMT -6
I am just going to go ahead and assume since none of my loans were eligible for the payment pause that they aren’t eligible for forgiveness. Yes I am super salty about it because I made certain decisions regarding consolidation and repayment programs that allowed me to eat and have a roof over my head which now appear to have been the wrong ones. I haven’t read the whole thread but is this true? If you consolidated to private borrowers there’s no forgiveness?
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sterling
Global Moderator
GD
Posts: 15,054 Likes: 130,375
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Post by sterling on Aug 24, 2022 20:09:24 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. Yes! And consolidating to private companies was CHEAPER than the federal government’s rates!!! Why wouldn’t people consolidate? And now we get nothing for trying to make ends meet and pay it all off? Ugh, it sucks.
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Post by enchanted on Aug 24, 2022 20:47:47 GMT -6
Sadly, there are quite a few states where corporal punishment at school is legal. Some states you have to opt in (Fuck the parents who choose that.) and--I believe--there are some where you have to actually opt out. It's fucked all the way around.
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Post by bitsandpieces on Aug 24, 2022 21:39:39 GMT -6
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. I have a theater degree that I don't use. I went the path of "get a degree in whatever you can commit to for four years." I went in state on a National Merit scholarship, so I didn't actually have to take loans to do it. I focused on stage management, used my degree traditionally for a bit after college, and then ended up in management in another field. The skills I learned in college were very beneficial in management, and my degree program was almost like a trade school because it was so practical and aligned with actual work in the real world. I didn't leave theater because of the earning potential, but rather because the lifestyle didn't mesh with other goals in my life and because I didn't see a single female who was successful in theater production and also had a balanced family life. However, I know so many of my classmates definitely borrowed more money than the earning potential of the jobs they took. I hope they benefit from this program.
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Post by PandaWatch on Aug 24, 2022 21:49:53 GMT -6
PandaWatch, what I don't understand about PSLF and the waiver, is that if they are doing the waiver because they knew they screwed up, why not just make the things in the waiver permanent? Or is that mabye what is happening this fall? the new regs will make some of the waiver flexibilities permanent, but not all. Some require an act of Congress.
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jaygee
Diamond
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Post by jaygee on Aug 24, 2022 23:31:10 GMT -6
Yes the cost of college alone is so much higher now then when we went and for sure when our parents went I was talking with my mom today who told me about the difference in tuition between me and my youngest brother, because they recently did the math. He graduated from the same school eight years after I did and the cost for his education was 350% higher. It's absurd. After I left my in state school, tuition went up 30% each year for at least 3 years. No joke, I likely wouldn’t have been able to go if I was born 2-3 years later. As it was I only went because I got free money from the government.
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jaygee
Diamond
Posts: 28,393 Likes: 220,591
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Post by jaygee on Aug 24, 2022 23:44:26 GMT -6
Let’s give it about 12 more hours until we see this take in non satire form. Lol
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Post by blurnette989 on Aug 25, 2022 6:13:29 GMT -6
Peekaru and PandaWatch do you guys think when we are able next year to apply for the new Income based program from this change that it will be like switching between IBR and ICR or will it reset the clock? I've got the 25 year 15% IBR and have paid for 12 years. From what has been released do you think I'd have to start over and pay for 20 more years to take advantage of the no interest compounding? Or do you think no interest compounding would be added to existing income based programs? *No interest above my approved payment, even at 15% of my income that one rule would be huge.
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willow
Ruby
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Post by willow on Aug 25, 2022 6:18:15 GMT -6
blurnette989 I am wondering that too. If I apply for the new plan will my PSLF payment be altered in anyway by resetting the payment clock, etc. I don’t want that for sure.
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Post by blurnette989 on Aug 25, 2022 6:23:44 GMT -6
blurnette989 I am wondering that too. If I apply for the new plan will my PSLF payment be altered in anyway by resetting the payment clock, etc. I don’t want that for sure. for you it likely wouldn't be worth it because the amount forgiven when you hit your ten years isn't counted as taxable income right? For me, even if it would suck to pay longer, it would mean such a smaller amount to forgive when I'm done paying because of ballooning interest. This stuff is so frustrating. It's so hard to know if you've made good decisions even when you've done everything people told you was the "right" thing. It should not be so damn complicated.
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willow
Ruby
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Post by willow on Aug 25, 2022 6:26:57 GMT -6
blurnette989 I am wondering that too. If I apply for the new plan will my PSLF payment be altered in anyway by resetting the payment clock, etc. I don’t want that for sure. for you it likely wouldn't be worth it because the amount forgiven when you hit your ten years isn't counted as taxable income right? For me, even if it would suck to pay longer, it would mean such a smaller amount to forgive when I'm done paying because of ballooning interest. This stuff is so frustrating. It's so hard to know if you've made good decisions even when you've done everything people told you was the "right" thing. It should not be so damn complicated. I believe you are correct that the amount forgiven is not taxable income. It better not be because it will be in the ballpark of 360-380k lol. I have changed repayment plans once during pslf and it hasn’t effected how my payments are counted. So we’ll see.
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trueblue
Sapphire
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Post by trueblue on Aug 25, 2022 6:29:05 GMT -6
Re: changes to the income dependent repayment plan, there’s no guarantee that a future president (or congress) won’t change the rules and eliminate the % of disposable income and/or loan forgiveness at the end of X years?
With 11 years left on the 30 year mortgage I took out for my education I am loathe to make any changes to the way I have it now.
I will apply for forgiveness when the application period opens and then just hope for the best, knowing they will probably just reject me.
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Post by PandaWatch on Aug 25, 2022 6:35:00 GMT -6
Peekaru and PandaWatch do you guys think when we are able next year to apply for the new Income based program from this change that it will be like switching between IBR and ICR or will it reset the clock? I've got the 25 year 15% IBR and have paid for 12 years. From what has been released do you think I'd have to start over and pay for 20 more years to take advantage of the no interest compounding? Or do you think no interest compounding would be added to existing income based programs? *No interest above my approved payment, even at 15% of my income that one rule would be huge. I don’t know for sure since the regs aren’t out yet, but my best guess is it will be structured like it is now re: moving between plans.
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Post by PandaWatch on Aug 25, 2022 6:35:30 GMT -6
for you it likely wouldn't be worth it because the amount forgiven when you hit your ten years isn't counted as taxable income right? For me, even if it would suck to pay longer, it would mean such a smaller amount to forgive when I'm done paying because of ballooning interest. This stuff is so frustrating. It's so hard to know if you've made good decisions even when you've done everything people told you was the "right" thing. It should not be so damn complicated. I believe you are correct that the amount forgiven is not taxable income. It better not be because it will be in the ballpark of 360-380k lol. I have changed repayment plans once during pslf and it hasn’t effected how my payments are counted. So we’ll see. Forgiveness under PSLF is not taxable income.
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