New bill caps PAYE forgiveness at $57.5K
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Poast new message in this thread
Date: July 18th, 2014 6:41 PM Author: Violent forum
Figured this was coming.
http://www.slate.com/blogs/moneybox/2014/07/17/marco_rubio_and_mark_warner_student_loan_bill_great_legislation_but_does.html
All federal loan borrowers would be enrolled in an income-based program where they paid 10 percent of their earnings each month, with a $10,000 annual exemption. Meanwhile, the government would collect the money directly from workers’ paychecks, just like tax withholding. One potentially controversial part: It would forgive up to $57,500 worth of loans after 20 years, but anything above that amount wouldn’t be forgiven for 30 years.
(http://www.autoadmit.com/thread.php?thread_id=2622517&forum_id=2#25960123) |
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Date: July 18th, 2014 6:46 PM Author: Doobsian persian
wait does this mean that student loans would be pre-tax now?
if so it's about god damn time.
boomers bought houses they couldn't afford but got tax deductions and were able to escape the crushing debt when the bubble burst. millenials took out student loans and get neither of these benefits.
(http://www.autoadmit.com/thread.php?thread_id=2622517&forum_id=2#25960144) |
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Date: July 18th, 2014 7:16 PM Author: Doobsian persian
this seems to me to suggest that you get a tax deduction. there is currently no tax deduction for student loans unless you make something under 70k (someone confirm?).
ive never personally qualified for the benefit so i have no idea.
but if the money is pre-tax deduction, then that means your tax basis is lowered. which means it will work like a 401k contribution. that'd be a serious benefit.
(http://www.autoadmit.com/thread.php?thread_id=2622517&forum_id=2#25960308) |
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