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LOL got screwed...took out UG loan in August 2007...no PAYE
Poast new message in this thread
Date: March 18th, 2013 2:19 PM Author: Angry Abode My dad took out a loan for me for UG that originated on August 2007. LOL not instead of 20/10% I'm 25/15%.
What should I do bros?
Should I try to pay this thing off? 150k debt including UG. No biglaw but making about 70k |
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Date: March 18th, 2013 2:28 PM Author: adventurous windowlicker LOL, 70k with 150k loans.. lol u are faucked (http://www.autoadmit.com/thread.php?thread_id=2208854&forum_id=2#22839034) |
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Date: May 31st, 2014 8:20 PM Author: Charcoal federal hell mediation lol (http://www.autoadmit.com/thread.php?thread_id=2208854&forum_id=2#25664209) |
Date: March 18th, 2013 2:27 PM Author: supple high-end associate You act like you have a real choice. (http://www.autoadmit.com/thread.php?thread_id=2208854&forum_id=2#22839030) |
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Date: March 18th, 2013 2:29 PM Author: Angry Abode (http://www.autoadmit.com/thread.php?thread_id=2208854&forum_id=2#22839041) |
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Date: March 18th, 2013 2:27 PM Author: khaki low-t haunted graveyard stage seems like it would be hard to pay it down on 70k in MFH.
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Date: March 18th, 2013 2:29 PM Author: Angry Abode IBR? Just enjoy my life and worry about it later? (http://www.autoadmit.com/thread.php?thread_id=2208854&forum_id=2#22839046) |
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Date: March 18th, 2013 2:32 PM Author: khaki low-t haunted graveyard stage I think it depends on how much money your SO could contribute also, or if you even want to. IBR payments would be minimal and you could just sit back and let it do for 25 years, just paying a monthly payment without having to worry if you're making headway and cutting through the high interest rate.
I mean having to pay the tax bomb at 25 years, if it even comes to that, is a much better option than paying the full balance over 15-20 years which it would likely take you anyway right? |
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Date: March 18th, 2013 2:37 PM Author: Angry Abode What about this option: do IBR and put aside a little in a savings account each month for the tax bomb?
My biggest problem is that I really expect to make decent money one day. I'm in a decent position with my firm and I'm pretty good at greasing clients.
I have no idea what will happen if I let the balance balloon and then have enough $ one day. |
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Date: March 18th, 2013 2:42 PM Author: khaki low-t haunted graveyard stage You'll never have to pay off the full balance, regardless of how much money you make. and once you're on ibr you never lose eligibility
You could make $3MM a year and never have to pay more than what the ten year standard monthly payment would've been, which for you sounds like its probably somewhere between 1000-1500 a month.
You may have to pay tax on the forgiven amount though if the law is the same as it is now. you can put a lot in 401k to keep your agi down I think, so your monthly payment is less. you'll have time to figure out how to deal with the tax bomb, but like others have said you only have to pay up to your net worth. not necessarily ideal but perhaps better than trying to pay off thousand bucks a month on 70k in MFH? You have a lot of options to try to pay it down later...the money is much more valuable to you now then it will be then. |
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Date: March 18th, 2013 2:47 PM Author: Angry Abode Fuck man. You are a great poaster and made me feel much better about myself. You're 100% right.
Thanks a lot bro. Has this been ur moniker always? |
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Date: March 18th, 2013 2:53 PM Author: khaki low-t haunted graveyard stage It's st paddy's day-a-fied right now.
post as donny/donnydelorean, and others
It sucks that you're not eligible for PAYE because it actually is a really good deal. Just the government's way of subsidizing higher education really.
You could always start on IBR and pay more than the minimum if you feel like it, or if you come into more money. It just seems silly to really strain yourself to pay 1000+ a month for 15-20 years to pay it down, but of course if your circumstances change you may consider paying it down because you really don't have THAT much in loans.
Hope it works out for you man. you're a top poaster
But double-check what I said about the max payment on IBR and eligility while i'm fairly certain that's correct you may just want to double-check the details because I've been reading more about PAYE lately. |
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Date: March 18th, 2013 2:33 PM Author: Galvanic Fantasy-prone Feces School Did you ever consolidate the UG loan (http://www.autoadmit.com/thread.php?thread_id=2208854&forum_id=2#22839062) |
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Date: March 18th, 2013 2:37 PM Author: Angry Abode nope (http://www.autoadmit.com/thread.php?thread_id=2208854&forum_id=2#22839077) |
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Date: March 18th, 2013 2:37 PM Author: Galvanic Fantasy-prone Feces School And the 2007 loan is a federal loan? (http://www.autoadmit.com/thread.php?thread_id=2208854&forum_id=2#22839081) |
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Date: March 18th, 2013 2:46 PM Author: Angry Abode yep stafford (http://www.autoadmit.com/thread.php?thread_id=2208854&forum_id=2#22839123) |
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Date: March 18th, 2013 2:48 PM Author: Galvanic Fantasy-prone Feces School I think you're fucked then. Call your congressmen. (http://www.autoadmit.com/thread.php?thread_id=2208854&forum_id=2#22839136) |
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Date: March 18th, 2013 2:49 PM Author: Angry Abode yeah I mean I guess I should pretend that the PAYE doesn't exist and be grateful that I have the 15% option (http://www.autoadmit.com/thread.php?thread_id=2208854&forum_id=2#22839137) |
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Date: June 4th, 2014 3:53 PM Author: Charcoal federal hell mediation (http://www.autoadmit.com/thread.php?thread_id=2208854&forum_id=2#25686988) |
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Date: August 2nd, 2014 6:34 PM Author: Charcoal federal hell mediation (http://www.autoadmit.com/thread.php?thread_id=2208854&forum_id=2#26048625) |