PAYE to be extended to pre-2007 borrowers
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Poast new message in this thread
Date: May 9th, 2013 9:29 PM Author: hateful floppy dog poop
Please tell me this is real
I can't bear to click on these links only to have my heart broken by vicious flame
(http://www.autoadmit.com/thread.php?thread_id=2251973&forum_id=2#23167830) |
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Date: May 9th, 2013 9:44 PM Author: hateful floppy dog poop
Man maybe I'm just exhausted but I'm not seeing that this is definite. From the third article:
A Department of Education official, Carmel Martin, said Wednesday that instead of capping interest rates, the administration wants to expand a program that allows borrowers to tie monthly student loan payments to income.
That program, which pegs loan payments to 10 percent of discretionary income, now only affects borrowers who took out loans after 2007. The administration's plan would expand the program to all student borrowers.
"The pay-as-you-earn initiative is to ensure that regardless of what interest rate is on the loan, no borrower has to pay back an unmanageable amount of money," said Martin, the assistant secretary of education for planning, evaluation and policy development.
__
so it sounds like this is just something that they want? Or was it agreed upon? idfk man I'm fucking tired as hell right now
(http://www.autoadmit.com/thread.php?thread_id=2251973&forum_id=2#23167924) |
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Date: May 9th, 2013 9:41 PM Author: Medicated buck-toothed set
By JOSH MITCHELL and DOUGLAS BELKIN
The White House proposes that the government forgive billions of dollars in student debt over the next decade, a plan that cheers student advocates, but critics say it would expand a program that already encourages students to borrow too much and stick taxpayers with the bill.
The proposal, included in President Barack Obama's budget for next year, would increase the number of borrowers eligible for a program known casually as income-based repayment, which aims to help low-income workers stay current on federal student debt.
Enlarge Image
Michal Czerwonka for The Wall Street Journal
Liliana Rodriguez-Marshall, a recent graduate of Southwestern Law School in Los Angeles, owes more than $300,000 in federal loans.
Borrowers in the program make monthly payments equivalent to 10% of their income after taxes and basic living expenses, regardless of how much they owe. After 20 years of on-time payments—10 years for those who work in public or nonprofit jobs—the balance is forgiven.
Under the program, most borrowers with loans issued since October 2007 are eligible to participate. The budget proposal—which requires congressional approval—would let all borrowers with pre-2007 loans participate and would make tax exempt any debt forgiven through the program. (Loan forgiveness can be considered taxable income.)
Recent research by economists cautions that a college degree is no guarantee of promising employment, Brenda Cronin reports on MoneyBeat. Photo: Getty Images.
Administration officials and student advocates say the expansion is needed to stem rising defaults on federal loans and prevent the related damage to households and the economy.
Abraham White of Campus Progress, part of the liberal think tank Center for American Progress, said Mr. Obama's plan "ensures that monthly payments are affordable" for all borrowers and "creates a reasonable pathway to paying off their debt, which benefits the whole economy."
Enlarge Image
Thursday, the debate over federal student loans intensified with House Republicans and Senate Democrats introducing dueling bills that would replace the current fixed rates with variable rates tied to the government's borrowing costs.
A bill by House Education Committee Chairman John Kline (R., Minn.) would set rates higher than those proposed by the No. 2 Senate Democrat, Richard Durbin of Illinois, but also cap rates so they don't exceed a certain threshold. The measures are designed to prevent rates on certain new federal loans from doubling to 6.8% starting July 1.
Related
Video: Grading Colleges By Student Debt
It isn't clear whether Congress will approve Mr. Obama's proposal. Lawmakers have been gridlocked over budget issues and some GOP lawmakers and private analysts have criticized the current income-based repayment program. In their view, it encourages students to take on big debt, knowing much of it will be forgiven, and enables schools to raise tuition, relying on the government to pick up the tab.
Critics also see debt forgiveness as a taxpayer gift for those who need it the least: white-collar graduate-degree holders, such as lawyers and doctors.
"I think of it as a ticking time bomb," Rep. Tom Petri (R., Wis.), a senior member of the House Education Committee, said of the current program.
Liliana Rodriguez-Marshall, a 30-year-old mother of three who graduated from Southwestern Law School in Los Angeles in December owing more than $300,000 in federal loans, plans to take advantage of the current program.
"Without it [my debt] would be unmanageable," she said.
Ms. Rodriguez-Marshall said she racked up the debt by spreading her degree over 4½ years from the normal three and taking out student loans to cover living expenses, which the government allows.
During her studies her husband was laid off and she twice had to take out emergency student loans totaling more than $30,000 to make home repairs, pay unexpected medical costs and keep up with the family's $1,000-per-month health-insurance bills, she said.
She now is applying for government jobs that pay about $55,000 a year. According to a repayment calculator created by the New American Foundation, a Washington-based think tank, Ms. Rodriguez-Marshall would pay $273 per month in her first year under the program; without it, she would owe $3,562 a month. Under the program, she would pay about $102,000 over 10 years, and the government would forgive about $639,000, which includes interest.
The two sides disagree about the costs of loan forgiveness. The Education Department estimates that under the current program, 400,000 borrowers will have an average $41,000 in student debt forgiven through 2021, totaling $16.4 billion. The department says the cost will be covered in part by interest payments on student loans.
Department spokesman Daren Briscoe said it didn't have an estimate of the cost of the proposal to expand the program.
Critics say the administration underestimates the costs. Economists at Barclays PLC said the current program, along with loan defaults, could cost the government $300 billion between now and 2020. Barclays hasn't released an estimate of the Obama proposal's costs.
The income-based repayment program was created by law in 2007 during the Bush administration, with payments limited then to 15% of income and continuing for 25 years before the balance was forgiven.
In 2010, as part of Mr. Obama's health-care overhaul, the income limit was to be lowered to 10% and the repayment period shortened to 10 years for public-service workers and 20 years for private-sector workers, beginning with loans made in July 2014. Mr. Obama, through an executive action, moved up the start date of these rules to December and covered loans made since October 2007.
The government caps the amount that an undergraduate student can borrow, at $57,500. However, graduate students essentially have no cap—the so-called "Grad Plus" program allows them to borrow up to whatever their respective college charges.
Mr. Petri said some congressional staffers are staying in government jobs, rather than go into the private sector, specifically to take advantage of the program's terms. "Some of them are very aware they've taken out big student loans and then they're deciding where they're going to work" based on how much debt would be forgiven.
(http://www.autoadmit.com/thread.php?thread_id=2251973&forum_id=2#23167897) |
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Date: May 10th, 2013 10:03 AM Author: talking umber crackhouse persian
They need to address the real problem, which is a system that permits this:
'Liliana Rodriguez-Marshall, a 30-year-old mother of three who graduated from Southwestern Law School in Los Angeles in December owing more than $300,000 in federal loans, plans to take advantage of the current program.
"Without it [my debt] would be unmanageable," she said.
Ms. Rodriguez-Marshall said she racked up the debt by spreading her degree over 4½ years from the normal three and taking out student loans to cover living expenses, which the government allows.
During her studies her husband was laid off and she twice had to take out emergency student loans totaling more than $30,000 to make home repairs, pay unexpected medical costs and keep up with the family's $1,000-per-month health-insurance bills, she said.'
(http://www.autoadmit.com/thread.php?thread_id=2251973&forum_id=2#23170841)
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Date: May 9th, 2013 11:35 PM Author: irradiated bistre library
THank you for the links.
We've all been saying that these interest rates are BS because of the historic lows in rates for borrowing in other areas, so I"m glad that's a consideration now.
I'm also glad that they are considering expanding PAYE, but they really, really, really need to do something to help limit tuition costs.
The lower interest rates and payment plans are a stopgap measure--the eventual endpoint on this trajectory is that schools will keep increasing tuition that the gov't will keep paying the costs through PAYE without regard to what outcomes the schools have for students and what value they add.
(http://www.autoadmit.com/thread.php?thread_id=2251973&forum_id=2#23169043) |
Date: May 10th, 2013 12:36 AM Author: Razzmatazz primrose degenerate
Hell no
Write my congressman.
(http://www.autoadmit.com/thread.php?thread_id=2251973&forum_id=2#23169624) |
Date: May 10th, 2013 7:15 AM Author: hateful floppy dog poop
It's a new dawn
It's a new day
It's a new life, for me
And I'm feeling, good
(http://www.autoadmit.com/thread.php?thread_id=2251973&forum_id=2#23170563) |
Date: May 10th, 2013 9:09 AM Author: vigorous cordovan range indirect expression
As taxpayer, I thought I felt my ass get FUCKED last night..
BOALT TO 694K.
(http://www.autoadmit.com/thread.php?thread_id=2251973&forum_id=2#23170684) |
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Date: May 10th, 2013 9:48 AM Author: hateful floppy dog poop
Boomers: grew up in a world where employers wanted their employees to spend an entire career with them
Boomers: become violent, incomprehensible lunatics if they see a millenial in a secure, 9-5 job with benefits
"Some of them are very aware how fucked they'd be if they left, but for some reason they don't, " he said. "It's almost as though they're onto us. Like, they know we don't give a fuck about tuiton costs rising, and we certainly don't fucking care about their trying to pay back $1,000 or more a month for the next 25 years. These dickheads just need to gtfo, even if it means they'll starve. I mean seriously, fuck those cocksuckers."
(http://www.autoadmit.com/thread.php?thread_id=2251973&forum_id=2#23170778) |
Date: May 10th, 2013 1:41 PM Author: Balding Liquid Oxygen Casino
Taxpayers must be loving this:
We have one example of someone who might look similar to an MBA student. He starts out with a starting salary of $90,000 and by the end of 20 years is making $243,360. Under the old IBR program, he’ll have paid $409,445 by year 25 and be forgiven $23,892 of his loan balance. Under the new IBR repayment plan he’ll pay less than half of that, or $202,299, and be forgiven $208,259 by year 20. The old IBR plan was punitive if you borrowed a lot of money, made you pay more over time and trapped you, so there were serious consequences to doing that. It was a downside and a pretty big risk, which is why you didn’t see people borrowing without regard to how much it will cost. The new plan essentially eliminates any downside or risk for that type of behavior, and cuts payments in half and then some.
(http://www.autoadmit.com/thread.php?thread_id=2251973&forum_id=2#23171902) |
Date: May 10th, 2013 2:17 PM Author: Nofapping comical school
In most European countries students don't have to pay anything at all for college. This just puts the US in kind of a happy medium between that and the old punitive rules.
Of course it's a subsidy, but if it keeps a smart 18 year old interested in liberal arts from having to go to plumbing school instead of college then it's a good thing. There's a whole lot worse things we could and do subsidize, such as quadruple bypasses for 85 year olds.
(http://www.autoadmit.com/thread.php?thread_id=2251973&forum_id=2#23172098) |
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Date: May 10th, 2013 2:32 PM Author: Nofapping comical school
"The smart 18 year olds should be going into plumbing or constructing, not getting a 200k degree in english."
I just disagree. I think it just makes a country better to have smart students who are educated in things like the liberal arts. Call me elitist, but I think this country will be going backwards if the kids who went to study history 10 years ago suddenly have to spend their lives hanging sheetrock.
If we have to give subsidies to allow smart kids to study liberal arts, I don't mind my tax money going for that purpose. Our universities are the envy of the world for a reason. This country is going downhill in so many ways, we ought to be holding on to this rare bright spot, and subsidizing it where necessary.
(http://www.autoadmit.com/thread.php?thread_id=2251973&forum_id=2#23172158) |
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Date: May 10th, 2013 2:36 PM Author: Balding Liquid Oxygen Casino
Let's just be clear- your tax money isn't being used to pay for intelligent students to learn liberal arts. That probably costs about 10k a year per intelligent student. The extra 40k (and soon to be 90k, i'm sure) is being used to fund endowments, huge construction projects, state of the art gyms and sports facilities, etc., so that the students can have a 4 year booze fest, graduate without jobs, and then get the gov't to pay. Additionally, a large portion of the bill is to fund the permanent tenure for ultra-liberal professors, essentially creating ultra-liberal thinktanks that have no connection to public will. There are no controls on the quality of education or how it links to productivity or intelligence, or how it tracks general public sentiment.
The European model you cited is completely different.
(http://www.autoadmit.com/thread.php?thread_id=2251973&forum_id=2#23172180) |
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Date: May 10th, 2013 2:49 PM Author: Balding Liquid Oxygen Casino
"that he no doubt is aware of."
Disagree. Our whole system pushes these kids through college. Not it will do so even more.
What we are saying is that it would be better if kids were funneled into careers that actually were in need.
(http://www.autoadmit.com/thread.php?thread_id=2251973&forum_id=2#23172253) |
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Date: May 10th, 2013 2:53 PM Author: Nofapping comical school
I agree with that. But you can still look at the hard data about what is being subsidized and decide whether you agree with it or not.
One reason I agree with it is that every dollar of our national resources that is funneled to young smart kids and their universities is a dollar that can't be funneled to keep some 85 year old geezer alive a few more days.
This is a rare instance in which the gravy train is being diverted to the smart members of the younger generation.
(http://www.autoadmit.com/thread.php?thread_id=2251973&forum_id=2#23172270) |
Date: May 10th, 2013 4:32 PM Author: lavender useless faggotry
what if you took your loans from 2008-2010?
dat donut?
(http://www.autoadmit.com/thread.php?thread_id=2251973&forum_id=2#23172919) |
Date: May 31st, 2013 2:19 PM Author: Flirting chocolate garrison
LJL @ me
I took out $60k to go to UT instead of picking CCN
Unless this faggot 6.8% interest rate gets lowered, I don't see this helping at all...it's probably just better to pay the loans. It's likely that I'd pay more total on PAYE due to early payments not covering interest, and then me making enough later on that I end up paying the entire balance and not getting anything forgiven.
It's fucking stupid to completely unlink repayments from the amount of loans taken out. People with $300k deserve to be punished.
(http://www.autoadmit.com/thread.php?thread_id=2251973&forum_id=2#23305248) |
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Date: May 31st, 2013 8:04 PM Author: irradiated bistre library
the schools are the ones that need to be punished for allowing tuition to get to $300k. Boalt is $300k in total COA (including tuition increases and interest, not including summer costs). That is criminal.
Overall, students are fucked if they do and fucked if they don't. The gov't created/allowed this problem to happen, necessitating these payment plans.
I agree that it's stupid to unlink repayments to amoutn of loans taken out, not because people with high loans should be punished, but schools need to be held accountable for their tuition increases--there should be requirements they have to meet in order to receive gov't loan dollars, and they should also have tuition capped
(http://www.autoadmit.com/thread.php?thread_id=2251973&forum_id=2#23307205) |
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Date: September 2nd, 2013 10:37 AM Author: geriatric theatre
i hate that this garbage website is the number one most accessible source for information on something like this, which matters a lot to a lot of people. and most people just endlessly blankbump the topics or deliberately seed misinformation. like i've told many children before, it was funny once.
~*~ THE DEFINITIVE HISTORY OF PAYE EXPANSION ~*~
here's the deal for real. the PAYE extension was originally included in Obama's education budget, but the main policy proposed by that budget was a move to variable interest student loan pricing, so the PAYE extension got put in the sidecar during the congressional shitshow that surrounded the bill to move to variable student loans. the final bill involved no language modifying PAYE.
then some senator started pitching PAYE hard right before the bill was to be signed. this resulted in nothing.
then, suddenly, obama mentioned it in some student-support rabblerousing thing about a week ago as part of a package of necessary proposed reforms to stop the horrible train of agony that student debt has become.
as of this date, PAYE has not been extended to all borrowers. but it looks like it's on the mind of at least some important people, and what's beautiful is that it's such a fringe issue that might be enough to make it real
(http://www.autoadmit.com/thread.php?thread_id=2251973&forum_id=2#23979442) |
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