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Post by PandaWatch on Aug 25, 2022 6:40:34 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. A new Congress or President could create a new plan, but they are loathe to end programs that borrowers are currently relying on. It would not only be politically disastrous, it would also open up legal claims by borrowers. For example, House Rs have proposed IDR plans that are much worse, but it would be for new borrowers. They would stop new borrowers from enrolling in the existing plans, but allow already enrolled people to continue. Also, when Rs proposed eliminating PSLF a few years ago, it was for new borrowers only. If you took out loans before a certain date, you could get PSLF.
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willow
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Post by willow on Aug 25, 2022 6:41:54 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. Possible, yes. But it would be a hugely terrible political move. Loan forgiveness and better loan terms etc are so popular that changing even these small-ish changes would result in huge backlash.
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Post by bunnyfungo on Aug 25, 2022 6:44:22 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. It’s switching to 10 years instead of 20 for forgiveness though, right? So then it would still save you 3 years even if the clock resets. **I have zero expertise so maybe don’t listen to me 🤣🥴
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trueblue
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Post by trueblue on Aug 25, 2022 7:04:43 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. Possible, yes. But it would be a hugely terrible political move. Loan forgiveness and better loan terms etc are so popular that changing even these small-ish changes would result in huge backlash. Given the current state of the GQP, I trust nothing. My governor released a statement yesterday stating they announced loan forgiveness is destroying the American dream. So that’s my baseline.
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kbw
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Post by kbw on Aug 25, 2022 7:11:18 GMT -6
I’m seeing in one news article that if you are dependent student currently you would get relief based on your parents income and not yours. I don’t like that. I feel like it could disqualify a lot of people whose parents are over the threshold.
I’m also seeing that if you made payments during the pause since March 2020 (I paid off mine during that time) you technically are entitled to a refund of those payments because weren’t required at that time. I’m hopeful that helps some people.
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Minerva
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Post by Minerva on Aug 25, 2022 7:35:56 GMT -6
I’m seeing in one news article that if you are dependent student currently you would get relief based on your parents income and not yours. I don’t like that. I feel like it could disqualify a lot of people whose parents are over the threshold. I’m also seeing that if you made payments during the pause since March 2020 (I paid off mine during that time) you technically are entitled to a refund of those payments because weren’t required at that time. I’m hopeful that helps some people. Interesting. I also continued paying mine during the pause. I won’t be holding my breath, but it would be nice to be able to rebuild our emergency fund quickly after a month of large unexpected expenses. Honestly, if my debt is discharged, it would remove a lot of the financial pressure we’re currently feeling from having to replace our car after it broke down in spectacular fashion a few weeks ago. The discharged monthly loan payment would be about equal to the car payment. 😬
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fatpony
Amethyst
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Post by fatpony on Aug 25, 2022 7:46:24 GMT -6
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jaygee
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Post by jaygee on Aug 25, 2022 8:13:01 GMT -6
There is a long ass thread of these and it’s so delicious.
Here’s my fav;
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Minerva
Ruby
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Post by Minerva on Aug 25, 2022 8:39:25 GMT -6
jaygee, so fucking many of them. 😳 I love that there is a public record of PPP loans for this purpose.
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LaRo422
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Post by LaRo422 on Aug 25, 2022 8:39:30 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. It was allowed in Alabama when DS1 and DS2 were going to elementary. I can't remember if I had to opt in or opt out. I was a little shocked when I saw it in the handbook.
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kbw
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Post by kbw on Aug 25, 2022 8:42:05 GMT -6
I just read that article on corporal punishment. What the on Earth makes an employee a certified employee to oversee something like that? Like seriously are they sending people to training for this?
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LaRo422
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Post by LaRo422 on Aug 25, 2022 8:44:28 GMT -6
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dc2london
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Post by dc2london on Aug 25, 2022 9:54:20 GMT -6
That is peak boomer mentality. "I suffered so you should too."
Nevermind the two global financial crises or escalating costs of living with wage stagnation.
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jaygee
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Post by jaygee on Aug 25, 2022 10:03:02 GMT -6
That is peak boomer mentality. "I suffered so you should too." Nevermind the two global financial crises or escalating costs of living with wage stagnation. This absolute Karen of all Karen’s called in to our local talk radio yesterday and was near tears just wailing about how unfair it all was because she and her H had saved up and paid for their daughters college. It was unreal. Like seriously go to therapy and heal yourself if relief for others is so upsetting to you on a personal level.
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Post by SweetPotato on Aug 25, 2022 10:08:33 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. My parents always signed the form to opt in and showed us. They told us years and years later that they didn’t really turn them in. 🤣
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LaRo422
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Post by LaRo422 on Aug 25, 2022 10:09:01 GMT -6
I saw another post that said "I don't know who needs to hear this but if you have a problem with student debt cancellation because you already paid off your loans, just pretend it's a tax cut for big corporations that you also never got but mysteriously didn't complain about."
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richard
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Post by richard on Aug 25, 2022 10:13:54 GMT -6
I forgot their response was due today.
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Peekaru
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Post by Peekaru on Aug 25, 2022 10:25:05 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. Based on what we currently know, I think you would wind up resetting the clock to the new 10 year repayment plan. BUT, there is significant ground work being laid for other stuff. I think, when there is more time and resources, they may be able to go back an audit to see how long you've paid in the past. We are waiting on the exec order itself to read through, and then I will have more answers.
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athn64
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Post by athn64 on Aug 25, 2022 10:36:35 GMT -6
Someone posted this on FB and I really want to tell them that both are entirely a thing we want. But I have to stay nonpolitical. ARGH
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richard
Emerald
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Post by richard on Aug 25, 2022 10:59:29 GMT -6
Just sworn enemies Amy and Pete hanging out at the fair.
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dc2london
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Post by dc2london on Aug 25, 2022 11:08:18 GMT -6
Someone posted this on FB and I really want to tell them that both are entirely a thing we want. But I have to stay nonpolitical. ARGH And who do these people think the doctors and surgeons and treatment development teams are??!
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richard
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Post by richard on Aug 25, 2022 11:11:17 GMT -6
That's more like it, lol.
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origami
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Post by origami on Aug 25, 2022 11:14:51 GMT -6
Three of my coworkers found out today they will either have their student debt wiped out or so drastically altered that they can start saving for retirement/emergency fund/vacations etc. The mood in my office is jubilant and it's making me emotional
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dc2london
Admin
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Posts: 62,649 Likes: 429,219
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Post by dc2london on Aug 25, 2022 11:34:24 GMT -6
Three of my coworkers found out today they will either have their student debt wiped out or so drastically altered that they can start saving for retirement/emergency fund/vacations etc. The mood in my office is jubilant and it's making me emotional I am so happy for them!
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dc2london
Admin
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Post by dc2london on Aug 25, 2022 11:37:51 GMT -6
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byjove
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Post by byjove on Aug 25, 2022 12:08:16 GMT -6
dc2london I don’t know what’s going on. I’m hearing our principal might be going the most crazy with things in the city. I’m very confused. We are also out of town and so happy to be missing this drama in real time. Also got an email about Covid exposures in after care… can’t say I regret the kids missing the first week at all. And we are having major drama with the VP about DD’s 504 plan and our request for additional testing, and we are having a meeting next week. Wheee!
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athn64
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Post by athn64 on Aug 25, 2022 12:11:12 GMT -6
The drought sucks, but this is really exciting for the scientific community.
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fatpony
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Post by fatpony on Aug 25, 2022 12:46:54 GMT -6
Here's a real hot take.
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jkjacq
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Post by jkjacq on Aug 25, 2022 12:49:56 GMT -6
saying the quiet part aloud again....
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starbuck
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Post by starbuck on Aug 25, 2022 12:54:25 GMT -6
So like, folks only go into the military for the $$? Is that what you 're saying Jimbo?
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