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With PAYE, I feel sorry for bros trying to pay off high debt
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Date: April 24th, 2014 2:05 PM Author: electric pit quadroon I can't even imagine what 7+% interest on $150k++ looks like when it is like a real loan that you actually have to pay back. (http://www.autoadmit.com/thread.php?thread_id=2550778&forum_id=2#25438919) |
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Date: April 24th, 2014 2:06 PM Author: cruel-hearted startled ratface partner try $275K. it's horrifying. without IBR, i would be better off leaving the country than trying to pay it back, and i make nearly six figures. (http://www.autoadmit.com/thread.php?thread_id=2550778&forum_id=2#25438927) |
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Date: April 24th, 2014 2:11 PM Author: electric pit quadroon PAYE bro. There is absolutely no difference between 150k, 275k, or 500k. You are going to pay the same (i.e. not much) in any case. (http://www.autoadmit.com/thread.php?thread_id=2550778&forum_id=2#25438954) |
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Date: April 24th, 2014 2:12 PM Author: Sadistic rusted giraffe Which is a handout to boomers at BigStateU and "prestigious" lax. (http://www.autoadmit.com/thread.php?thread_id=2550778&forum_id=2#25438963) |
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Date: April 24th, 2014 2:13 PM Author: Tripping orchestra pit keepsake machete Except that Obama has wised up to this scam and will be laying down the hammer. (http://www.autoadmit.com/thread.php?thread_id=2550778&forum_id=2#25438969) |
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Date: June 4th, 2014 4:56 PM Author: Slippery newt As long as they grandfather me in, I do not give a fuck. (http://www.autoadmit.com/thread.php?thread_id=2550778&forum_id=2#25687332) |
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Date: April 24th, 2014 2:14 PM Author: cruel-hearted startled ratface partner even with IBR (not eligible for PAYE) i'll end up paying a lot. around $300K.
what if they cap forgiveness for IBR / PAYE though? then i'm fucked. i'll be forced to pay 15% of my post-tax income towards it for the rest of my life (the interest outpaces the payments, even if i make $100K per year). that's like paying an additional 20% income tax. |
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Date: April 24th, 2014 2:15 PM Author: Sooty Legend I would just accumulate a $100-150k and leave the country. (http://www.autoadmit.com/thread.php?thread_id=2550778&forum_id=2#25438981) |
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Date: April 24th, 2014 2:15 PM Author: Beady-eyed Address no one forced you to take out a loan. pay up (http://www.autoadmit.com/thread.php?thread_id=2550778&forum_id=2#25438985) |
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Date: April 24th, 2014 2:20 PM Author: cruel-hearted startled ratface partner i can't.
for all other kinds of debt, when the borrower can no longer service it, they are allowed to go bankrupt. this principle is so fundamental to our economy and system of property rights that it goes back to the founding of the country and is available to all people and corporations. it's a function essential for our capitalistic economy to work.
but ignorant 22 year olds? the government (both the federal government and public universities) actively push hundreds of thousands of dollars at a high interest rate on them and then by law prevent them from ever being able to get out from under it.
without some other legal mechanism to alleviate the debt, at that point, the only rational decision for the borrower is to leave the country. |
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Date: April 24th, 2014 2:21 PM Author: Soul-stirring stain nursing home because if you were allowed to go bankrupt no lender would give a 22 year old a six figure unsecured loan for less than 20%. (http://www.autoadmit.com/thread.php?thread_id=2550778&forum_id=2#25439032) |
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Date: April 24th, 2014 2:24 PM Author: cruel-hearted startled ratface partner no private lender did. the federal government did. it's subsidized because access to education has been the explicit policy goal of the Dept. of Ed. for the last 30 years. the underwriting hit by lending to borrowers that are poor credit risks should be part of the subsidy calculation. either that or they need to bite the bullet and have some actual underwriting standards and accept that that means that not everyone will have "access". (http://www.autoadmit.com/thread.php?thread_id=2550778&forum_id=2#25439051) |
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Date: April 24th, 2014 2:29 PM Author: Soul-stirring stain nursing home then why not just subsidize higher education for poors at state schools but make schools that jack up costs ineligible. (http://www.autoadmit.com/thread.php?thread_id=2550778&forum_id=2#25439099) |
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Date: April 24th, 2014 3:15 PM Author: cruel-hearted startled ratface partner i'm all for ending all government involvement in higher ed except for subsidizing public universities directly.
just don't fuck me by eliminating IBR in the process, because i already have the debt and it would be grossly unfair. |
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Date: April 24th, 2014 3:19 PM Author: Soul-stirring stain nursing home I'm okay capping your payments so you dont starve to death, but why should the debt ever be forgiven? (http://www.autoadmit.com/thread.php?thread_id=2550778&forum_id=2#25439435) |
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Date: April 24th, 2014 3:20 PM Author: Tripping orchestra pit keepsake machete Agreed. (http://www.autoadmit.com/thread.php?thread_id=2550778&forum_id=2#25439440) |
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Date: April 24th, 2014 3:22 PM Author: cruel-hearted startled ratface partner because those were the terms i was offered when i took the loan? why don't mortgage holders get to just increase the payment amount whenever the owner of the house's income rises, because they can afford it? (http://www.autoadmit.com/thread.php?thread_id=2550778&forum_id=2#25439443) |
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Date: April 24th, 2014 3:24 PM Author: Costumed Sapphire Point earl done here (http://www.autoadmit.com/thread.php?thread_id=2550778&forum_id=2#25439457) |
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Date: April 24th, 2014 3:24 PM Author: Soul-stirring stain nursing home if the forgiveness provision was in your note, then that's fine for you, but should be immediately ended.
Also shame on you for signing a note with the expectation that you were never going to make enough to actually pay it. |
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Date: April 24th, 2014 4:24 PM Author: shimmering irradiated karate state pretty fucked up that we treat 18-23 year olds as responsible for the complexities of contracts, loans, and interest rates especially when there is great social pressure to pursue higher education as it has so much "Added value" to their employment lives.
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Date: April 24th, 2014 2:26 PM Author: Sadistic rusted giraffe Which would make tuition affordable again. (http://www.autoadmit.com/thread.php?thread_id=2550778&forum_id=2#25439066) |
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Date: April 24th, 2014 2:15 PM Author: Tripping orchestra pit keepsake machete Why the fuck do you have so much debt? (http://www.autoadmit.com/thread.php?thread_id=2550778&forum_id=2#25438989) |
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Date: April 24th, 2014 2:20 PM Author: electric pit quadroon That is how much law school costs. (http://www.autoadmit.com/thread.php?thread_id=2550778&forum_id=2#25439018) |
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Date: April 24th, 2014 2:21 PM Author: cruel-hearted startled ratface partner law school costs almost $300K now. i went when it was cheaper: i "only" borrowed $230K to go to law school. i had another $20K in loans from undergrad. that + interest. (http://www.autoadmit.com/thread.php?thread_id=2550778&forum_id=2#25439031) |
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Date: April 24th, 2014 2:17 PM Author: electric pit quadroon That would be like drastically changing the terms of your loan. They just won't do it.
Paying 300k on a 275k loan over 25 years is not actually that bad. That's like free money. Not as good as PAYE but still. And that 300k figure assumes you'll be making good money and can afford it. If you can't, then you'll pay less. That's a big safety net. |
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Date: April 24th, 2014 2:26 PM Author: cruel-hearted startled ratface partner don't get me wrong, i'm not complaining at all if i get to keep IBR. i am pissed off that i made the poor financial decision to pay that much money for a J.D., but that's my fault. like you said, with IBR / PAYE the loans are a very fair deal (and the one i agreed to when i borrowed the money). (http://www.autoadmit.com/thread.php?thread_id=2550778&forum_id=2#25439069) |
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Date: April 24th, 2014 3:13 PM Author: electric pit quadroon (http://www.autoadmit.com/thread.php?thread_id=2550778&forum_id=2#25439400) |
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Date: April 24th, 2014 2:22 PM Author: rough-skinned spot azn Aren't you forgetting about dat tax bomb? (http://www.autoadmit.com/thread.php?thread_id=2550778&forum_id=2#25439037) |
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Date: April 24th, 2014 2:27 PM Author: cruel-hearted startled ratface partner fuck, yes i am. i will pay $300K, then owe another $100K in taxes when my balance is forgiven (amount forgiven even after $300K of payments will be around $400K). fuck me. (http://www.autoadmit.com/thread.php?thread_id=2550778&forum_id=2#25439080) |
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Date: April 24th, 2014 2:28 PM Author: Tripping orchestra pit keepsake machete Uh, income tax on $400K is not $100K, let alone in 25 years. (http://www.autoadmit.com/thread.php?thread_id=2550778&forum_id=2#25439088) |
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Date: April 24th, 2014 3:16 PM Author: cruel-hearted startled ratface partner it's not about 25%? what is a more realistic number? (http://www.autoadmit.com/thread.php?thread_id=2550778&forum_id=2#25439415) |
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Date: April 24th, 2014 3:18 PM Author: Tripping orchestra pit keepsake machete 175K (http://www.autoadmit.com/thread.php?thread_id=2550778&forum_id=2#25439429) |
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Date: April 24th, 2014 3:23 PM Author: cruel-hearted startled ratface partner fuck. (http://www.autoadmit.com/thread.php?thread_id=2550778&forum_id=2#25439447) |
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Date: April 24th, 2014 4:19 PM Author: rough-skinned spot azn But $175k in 2039 dollars is more like $87.5k in 2014 dollars (assuming 3% inflation) (http://www.autoadmit.com/thread.php?thread_id=2550778&forum_id=2#25439800) |
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Date: April 24th, 2014 3:19 PM Author: Soul-stirring stain nursing home lol tax on $290K is $100K. (http://www.autoadmit.com/thread.php?thread_id=2550778&forum_id=2#25439437) |
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Date: April 24th, 2014 2:28 PM Author: electric pit quadroon Nobody will ever pay a tax bomb. Mark it. (http://www.autoadmit.com/thread.php?thread_id=2550778&forum_id=2#25439086) |
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Date: June 4th, 2014 5:07 PM Author: wonderful federal field factory reset button (guy who said dems will never cut IBR/PSLF) (http://www.autoadmit.com/thread.php?thread_id=2550778&forum_id=2#25687371) |
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Date: April 24th, 2014 2:11 PM Author: Soul-stirring stain nursing home why bother going to school if you are committed to poverty? (http://www.autoadmit.com/thread.php?thread_id=2550778&forum_id=2#25438959) |
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Date: April 24th, 2014 2:12 PM Author: Sooty Legend PAYE/IBR don't really incentivize you to stay in poverty (http://www.autoadmit.com/thread.php?thread_id=2550778&forum_id=2#25438967) |
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Date: April 24th, 2014 2:15 PM Author: electric pit quadroon This is not an accurate analysis. If you have a high debt load, with how generous PAYE is, you'd probably have to be banking on making biglaw partner money within 10-12 years to make it worth paying down. (http://www.autoadmit.com/thread.php?thread_id=2550778&forum_id=2#25438980) |
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Date: April 24th, 2014 3:18 PM Author: Snowy Puppy Parlor (http://www.autoadmit.com/thread.php?thread_id=2550778&forum_id=2#25439425) |
Date: April 24th, 2014 3:06 PM Author: electric pit quadroon (http://www.autoadmit.com/thread.php?thread_id=2550778&forum_id=2#25439367) |
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Date: April 24th, 2014 3:15 PM Author: buff liquid oxygen office (http://www.autoadmit.com/thread.php?thread_id=2550778&forum_id=2#25439413) |
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Date: April 25th, 2014 10:29 AM Author: electric pit quadroon (http://www.autoadmit.com/thread.php?thread_id=2550778&forum_id=2#25444473) |
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Date: May 31st, 2014 10:41 PM Author: buff liquid oxygen office (http://www.autoadmit.com/thread.php?thread_id=2550778&forum_id=2#25665015) |
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Date: June 4th, 2014 4:00 PM Author: Snowy Puppy Parlor Seriously there has to be a way for me to get on PAYE...5 less years of payments and $200 less a month? R u kidding me (http://www.autoadmit.com/thread.php?thread_id=2550778&forum_id=2#25687038) |