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"Dynamic Student Loan Repayment Act" expands PAYE to 30 years

http://abovethelaw.com/2014/07/bipartisan-plan-to-screw-poor...
iridescent learning disabled cruise ship
  07/23/14
jfc. a fixed threshold of $10k is below 150% of poverty leve...
Misunderstood locus
  07/23/14
LJL
Multi-colored mildly autistic meetinghouse boistinker
  07/23/14
that's alright. i'm locked in to PAYE 20-10 already
bonkers boiling water field
  07/23/14
Looks to include all borrowers, no grandfather provision -- ...
iridescent learning disabled cruise ship
  07/23/14
lol i'm not reading that but i'm sure it's flame anyway
bonkers boiling water field
  07/23/14
Right bro... Too bad dept of edu has already confirmed that ...
trip love of her life
  07/23/14
lol@this.
slippery laughsome ceo property
  07/23/14
After Congress caps all PAYE forgiveness at $57.5K, "...
iridescent learning disabled cruise ship
  07/23/14
wasn't dept of edu FAQ bro. There's some website dedicated ...
trip love of her life
  07/23/14
I love all these vague hearsay assertions from people with n...
iridescent learning disabled cruise ship
  07/23/14
They can't confirm anything. Most of the Department can't ev...
Black soul-stirring mother
  07/23/14
IBR, at least, is contained in the PLUS MPN http://www.di...
Topaz doobsian legend
  07/23/14
titcr
Electric Sepia Messiness Selfie
  07/23/14
(Pace law at sticker grad)
iridescent learning disabled cruise ship
  07/23/14
haha im going to personally enjoy watching you get so fuckin...
slippery laughsome ceo property
  07/23/14
stern but fair
trip love of her life
  07/23/14
...
iridescent learning disabled cruise ship
  07/24/14
When does this bullshit kick in, assuming it passes?
Maize nibblets school
  07/23/14
July 1, 2015 It won't pass.
jade bearded library
  07/23/14
Bipartisan support from all sides.
iridescent learning disabled cruise ship
  07/23/14
3L here. Can I still get the 20 year one?
racy casino windowlicker
  07/23/14
haven't read this particular one, but the one in the bama pr...
trip love of her life
  07/23/14
better cop dat PAYE contract now
Topaz doobsian legend
  07/23/14
This is so awesome! Screw all the debtor bums. Pay your loan...
Dark twinkling uncleanness
  07/23/14
(Boomer who paid for college working part-time at mcdonalds)
Mustard house party of the first part
  07/23/14
There are still tons of cheap in-state options if you're not...
Dark twinkling uncleanness
  07/23/14
no one lives in those states. more people live in L.A. Count...
Electric Sepia Messiness Selfie
  07/23/14
LA county has 10 million people, which is the same as Michig...
Dark twinkling uncleanness
  07/23/14
kids can't choose what state their parents live.
Electric Sepia Messiness Selfie
  07/23/14
Move to a new state at 18 for one year. Get a job. Cop in-st...
Dark twinkling uncleanness
  07/23/14
states with good college systems have bumped this up to like...
Massive Heaven Fat Ankles
  07/23/14
Odd act. Very dynamic.
abnormal stirring lodge
  07/23/14
So what happens to the fuckers who are already signed up for...
Maize nibblets school
  07/23/14
nothing
Topaz doobsian legend
  07/23/14
This applies retroactive from July 1, 2015
iridescent learning disabled cruise ship
  07/23/14
the flame is strong with you
trip love of her life
  07/23/14
Nothing breh, you're in contract with lender (government) wh...
trip love of her life
  07/23/14
Lol at being locked in to having the tax payers eat hundreds...
iridescent learning disabled cruise ship
  07/23/14
Odds of this passing?
Dashing athletic conference
  07/23/14
0%
Multi-colored mildly autistic meetinghouse boistinker
  07/23/14
Based on? Obamas expansion of PAYE seems more generous to...
Dashing athletic conference
  07/23/14
correct
Multi-colored mildly autistic meetinghouse boistinker
  07/23/14
Why do you think it won't pass though? Because Rubio is a c...
Dashing athletic conference
  07/23/14
Because there's something that already does the same thing e...
Vibrant Primrose Place Of Business Becky
  07/23/14
He already signed the exec order. This would have to go thro...
dull business firm
  07/23/14
What exec order? I'm an IBR bro just trying to get some hope...
duck-like shrine halford
  07/23/14
Bro get educated: http://www.usnews.com/news/blogs/ken-wa...
Dashing athletic conference
  07/23/14
Sweet tyft
duck-like shrine halford
  07/23/14
I'm currently (barely) on IBR waiting for PAYE expansion to ...
Dashing athletic conference
  07/23/14
barely how?
Multi-colored mildly autistic meetinghouse boistinker
  07/23/14
my payments under IBR (15% version) are pretty close to my r...
Dashing athletic conference
  07/23/14
80%. This is a more realistic version of PAYE. You cannot ...
iridescent learning disabled cruise ship
  07/23/14
yeah, if it does passes i'll have to get on it, buckle down ...
Dashing athletic conference
  07/23/14
One way or another, all forgiveness will be capped at $57.5K...
iridescent learning disabled cruise ship
  07/23/14
that's all I need really. I just don't want to wait 30 years...
Dashing athletic conference
  07/23/14
lol
bonkers boiling water field
  07/23/14
what do you tell people like me that owe $250K or more? you ...
Electric Sepia Messiness Selfie
  07/23/14
do you have biglaw? I guess my question is how you could ...
Dashing athletic conference
  07/23/14
$20K of that is undergrad, and about $20K is interest. law s...
Electric Sepia Messiness Selfie
  07/23/14
HAHAURFUKD
Titillating idiot sex offender
  07/23/14
he's flaming
Topaz doobsian legend
  07/23/14
They'll just keep extending it out. You'll be fine, just do...
iridescent learning disabled cruise ship
  07/23/14
i think this is a likely prediction. they wont remove the f...
slippery laughsome ceo property
  07/23/14
PAYE was designed exactly for that, and many people signed u...
sick home
  07/23/14
The typical PAYE target is an underpaid public interest type...
iridescent learning disabled cruise ship
  07/23/14
There is no such thing as a "PAYE target". Plenty ...
sick home
  07/23/14
Oh HAI Me. This guy is flaming anyway, they can't change ...
trip love of her life
  07/23/14
show a contract with names/identifying info redacted that ha...
slippery laughsome ceo property
  07/23/14
no way I'm going through that much work, but if you look up ...
trip love of her life
  07/23/14
(citing random FAQ as evidence that taxpayers are locked in ...
iridescent learning disabled cruise ship
  07/23/14
is that a response to the extensive discussion on auto admit...
trip love of her life
  07/23/14
Congress is the one proposing the bills, man. Not the dept ...
iridescent learning disabled cruise ship
  07/23/14
I understand that, however basic contract principles still a...
trip love of her life
  07/23/14
Were these repayment plans contractual obligations?
Black soul-stirring mother
  07/23/14
they were specific terms of repayment in the MPN itself for ...
Electric Sepia Messiness Selfie
  07/23/14
So they can't cut pensions, SSI, or Medicaid either???
Titillating idiot sex offender
  07/23/14
tucker act, bro. Government's hands are tied as fuck.
iridescent learning disabled cruise ship
  07/23/14
SSI and medicaid aren't contracts I'm not sure the fed go...
Topaz doobsian legend
  07/23/14
(guy who is unfamiliar with US history regarding respecting ...
Flesh odious half-breed
  07/24/14
Thank god some people in congress have read my hundreds of l...
magical pit
  07/23/14
*earl not satisfied with only 30 years of repayment* "...
bonkers boiling water field
  07/23/14
why would Obama sign off on this when he just signed that ex...
Multi-colored mildly autistic meetinghouse boistinker
  07/23/14
Obama wants to cap forgiveness at $57.5K also. Everybody is...
iridescent learning disabled cruise ship
  07/23/14
love your passion bro
Multi-colored mildly autistic meetinghouse boistinker
  07/23/14
There's a reason the exec order doesn't kick in until the en...
Black soul-stirring mother
  07/23/14
Does the bill apply retroactively
Chestnut hairraiser forum community account
  07/23/14
no
Topaz doobsian legend
  07/23/14
Yeah, it overwrites previous rules, no grandfathering.
iridescent learning disabled cruise ship
  07/23/14
no
trip love of her life
  07/23/14
OFS - why would it allow just the last couple of years of la...
Dark twinkling uncleanness
  07/23/14
Basic Fairness won't allow some dude graduating from Boalt t...
iridescent learning disabled cruise ship
  07/23/14
like how a bro who started college in october, 2007 can get ...
Misunderstood locus
  07/24/14
tucker act waives fed immunity on contract claims
Topaz doobsian legend
  07/23/14
(guy citing 19th century act as evidence that he must get hi...
iridescent learning disabled cruise ship
  07/23/14
...
Black soul-stirring mother
  07/23/14
...
duck-like shrine halford
  07/23/14
...
supple nursing home queen of the night
  07/23/14


Poast new message in this thread



Reply Favorite

Date: July 23rd, 2014 12:37 PM
Author: iridescent learning disabled cruise ship

http://abovethelaw.com/2014/07/bipartisan-plan-to-screw-poor-student-borrowers-is-actually-kind-of-good/

Senators Marco Rubio and Mark Warner introduced a bipartisan student loan bill yesterday aimed at reducing default rates. The bill, called the “Dynamic Student Loan Repayment Act,” would limit all student loan repayment to 10% of discretionary income.

The plan is terrible for the poorest students. Currently, the federal income-based repayment program, called Pay as You Earn or PAYE, also requires 10% of discretionary income, but it calculates “discretionary” at 150% of the poverty line. The Rubio/Warner plan kicks in at $10,000… which is a lot less than 150% of the poverty line.

Also under PAYE, if you have more than $57,500 of debt after 20 years of repayment, PAYE forgives your loan. Under Dynamic Repayment, that goal post is moved to 30 years out. I guess the upside is that under Dynamic Repayment, there’s a better chance that you’ll die still owing money.

Again, if you are poor, this new plan isn’t great. But since when do Republicans or even Democrats care about the truly poor?

(http://www.autoadmit.com/thread.php?thread_id=2626049&forum_id=2#25987234)



Reply Favorite

Date: July 23rd, 2014 12:40 PM
Author: Misunderstood locus

jfc. a fixed threshold of $10k is below 150% of poverty level now, imagine how horrible it will be after 20 years of inflation eats away at it.

(http://www.autoadmit.com/thread.php?thread_id=2626049&forum_id=2#25987244)



Reply Favorite

Date: July 23rd, 2014 12:40 PM
Author: Multi-colored mildly autistic meetinghouse boistinker

LJL

(http://www.autoadmit.com/thread.php?thread_id=2626049&forum_id=2#25987245)



Reply Favorite

Date: July 23rd, 2014 12:42 PM
Author: bonkers boiling water field

that's alright. i'm locked in to PAYE 20-10 already

(http://www.autoadmit.com/thread.php?thread_id=2626049&forum_id=2#25987247)



Reply Favorite

Date: July 23rd, 2014 1:17 PM
Author: iridescent learning disabled cruise ship

Looks to include all borrowers, no grandfather provision --

http://www.scribd.com/doc/234127671/Dynamic-Repayment-Act

(http://www.autoadmit.com/thread.php?thread_id=2626049&forum_id=2#25987390)



Reply Favorite

Date: July 23rd, 2014 1:18 PM
Author: bonkers boiling water field

lol i'm not reading that but i'm sure it's flame anyway

(http://www.autoadmit.com/thread.php?thread_id=2626049&forum_id=2#25987401)



Reply Favorite

Date: July 23rd, 2014 4:18 PM
Author: trip love of her life

Right bro... Too bad dept of edu has already confirmed that those currently enrolled in PAYE are under some form of contract which the government can't unilaterally change.

Nice flame tho.

(http://www.autoadmit.com/thread.php?thread_id=2626049&forum_id=2#25988459)



Reply Favorite

Date: July 23rd, 2014 4:33 PM
Author: slippery laughsome ceo property

lol@this.

(http://www.autoadmit.com/thread.php?thread_id=2626049&forum_id=2#25988564)



Reply Favorite

Date: July 23rd, 2014 4:54 PM
Author: iridescent learning disabled cruise ship

After Congress caps all PAYE forgiveness at $57.5K,

"But, but, the Dept of Edu webpage FAQ written by some intern," he lisped.

Page Not Found

(http://www.autoadmit.com/thread.php?thread_id=2626049&forum_id=2#25988720)



Reply Favorite

Date: July 23rd, 2014 4:56 PM
Author: trip love of her life

wasn't dept of edu FAQ bro. There's some website dedicated to student loan shit and the guy who runs the website interview several people with the dept of edu regarding this issue when obama first published his proposed student loan reform. They confirmed that those already enrolled in PAYE are locked in.

(http://www.autoadmit.com/thread.php?thread_id=2626049&forum_id=2#25988730)



Reply Favorite

Date: July 23rd, 2014 4:58 PM
Author: iridescent learning disabled cruise ship

I love all these vague hearsay assertions from people with no relevant authority.

(http://www.autoadmit.com/thread.php?thread_id=2626049&forum_id=2#25988740)



Reply Favorite

Date: July 23rd, 2014 4:59 PM
Author: Black soul-stirring mother

They can't confirm anything. Most of the Department can't even explain the various repayment programs and who they apply to. And no one has linked to any language in the loan documents that treats these repayment plans as contractual obligations. Anything can change.

(http://www.autoadmit.com/thread.php?thread_id=2626049&forum_id=2#25988744)



Reply Favorite

Date: July 23rd, 2014 5:05 PM
Author: Topaz doobsian legend

IBR, at least, is contained in the PLUS MPN

http://www.direct.ed.gov/pubs/plusmpn.pdf

Unless otherwise restricted by loan type, you must

repay all of your Direct Loans under the same

repayment plan. You may choose one of the

following repayment plans to repay your Direct

PLUS Loan:

[List of repayment plans]



(http://www.autoadmit.com/thread.php?thread_id=2626049&forum_id=2#25988771)



Reply Favorite

Date: July 23rd, 2014 5:25 PM
Author: Electric Sepia Messiness Selfie

titcr

(http://www.autoadmit.com/thread.php?thread_id=2626049&forum_id=2#25988857)



Reply Favorite

Date: July 23rd, 2014 5:31 PM
Author: iridescent learning disabled cruise ship

(Pace law at sticker grad)

(http://www.autoadmit.com/thread.php?thread_id=2626049&forum_id=2#25988888)



Reply Favorite

Date: July 23rd, 2014 5:02 PM
Author: slippery laughsome ceo property

haha im going to personally enjoy watching you get so fucking pwned

(http://www.autoadmit.com/thread.php?thread_id=2626049&forum_id=2#25988754)



Reply Favorite

Date: July 23rd, 2014 5:05 PM
Author: trip love of her life

stern but fair

(http://www.autoadmit.com/thread.php?thread_id=2626049&forum_id=2#25988766)



Reply Favorite

Date: July 24th, 2014 10:39 AM
Author: iridescent learning disabled cruise ship



(http://www.autoadmit.com/thread.php?thread_id=2626049&forum_id=2#25992968)



Reply Favorite

Date: July 23rd, 2014 12:49 PM
Author: Maize nibblets school

When does this bullshit kick in, assuming it passes?

(http://www.autoadmit.com/thread.php?thread_id=2626049&forum_id=2#25987273)



Reply Favorite

Date: July 23rd, 2014 12:54 PM
Author: jade bearded library

July 1, 2015

It won't pass.

(http://www.autoadmit.com/thread.php?thread_id=2626049&forum_id=2#25987292)



Reply Favorite

Date: July 23rd, 2014 1:14 PM
Author: iridescent learning disabled cruise ship

Bipartisan support from all sides.

(http://www.autoadmit.com/thread.php?thread_id=2626049&forum_id=2#25987378)



Reply Favorite

Date: July 23rd, 2014 1:19 PM
Author: racy casino windowlicker

3L here. Can I still get the 20 year one?

(http://www.autoadmit.com/thread.php?thread_id=2626049&forum_id=2#25987405)



Reply Favorite

Date: July 23rd, 2014 4:20 PM
Author: trip love of her life

haven't read this particular one, but the one in the bama proposal applied to new borrowers, so those who haven't taken out any loans yet. Basically just fucks everyone under the age of 25 even harder.

(http://www.autoadmit.com/thread.php?thread_id=2626049&forum_id=2#25988469)



Reply Favorite

Date: July 23rd, 2014 1:01 PM
Author: Topaz doobsian legend

better cop dat PAYE contract now

(http://www.autoadmit.com/thread.php?thread_id=2626049&forum_id=2#25987321)



Reply Favorite

Date: July 23rd, 2014 1:11 PM
Author: Dark twinkling uncleanness

This is so awesome! Screw all the debtor bums. Pay your loans deadbeats.

(http://www.autoadmit.com/thread.php?thread_id=2626049&forum_id=2#25987360)



Reply Favorite

Date: July 23rd, 2014 1:18 PM
Author: Mustard house party of the first part

(Boomer who paid for college working part-time at mcdonalds)

(http://www.autoadmit.com/thread.php?thread_id=2626049&forum_id=2#25987396)



Reply Favorite

Date: July 23rd, 2014 1:37 PM
Author: Dark twinkling uncleanness

There are still tons of cheap in-state options if you're not a narcissistic prestige whore. In-state tuition in most states is under 10k a year for undergrad. Why should taxpayers pay for your $50k/yr LAC degree and $50k/yr JD?

http://trends.collegeboard.org/college-pricing/figures-tables/tuition-and-fees-sector-and-state-over-time



(http://www.autoadmit.com/thread.php?thread_id=2626049&forum_id=2#25987533)



Reply Favorite

Date: July 23rd, 2014 2:09 PM
Author: Electric Sepia Messiness Selfie

no one lives in those states. more people live in L.A. County alone than in all of the blue states in this map:

http://i.imgur.com/zkt2BLq.jpg

in-state tuition in California is something like $20K per year.

(http://www.autoadmit.com/thread.php?thread_id=2626049&forum_id=2#25987740)



Reply Favorite

Date: July 23rd, 2014 2:23 PM
Author: Dark twinkling uncleanness

LA county has 10 million people, which is the same as Michigan, just one of the states on your map. NJ has 9 million, WI has 5 million, MD has 5 million, VA has 8 million.

(http://www.autoadmit.com/thread.php?thread_id=2626049&forum_id=2#25987802)



Reply Favorite

Date: July 23rd, 2014 2:25 PM
Author: Electric Sepia Messiness Selfie

kids can't choose what state their parents live.

(http://www.autoadmit.com/thread.php?thread_id=2626049&forum_id=2#25987809)



Reply Favorite

Date: July 23rd, 2014 2:27 PM
Author: Dark twinkling uncleanness

Move to a new state at 18 for one year. Get a job. Cop in-state tuition the next year. Done.

(http://www.autoadmit.com/thread.php?thread_id=2626049&forum_id=2#25987818)



Reply Favorite

Date: July 23rd, 2014 4:52 PM
Author: Massive Heaven Fat Ankles

states with good college systems have bumped this up to like 4 years before you can cop instate.

(http://www.autoadmit.com/thread.php?thread_id=2626049&forum_id=2#25988717)



Reply Favorite

Date: July 23rd, 2014 1:19 PM
Author: abnormal stirring lodge

Odd act. Very dynamic.

(http://www.autoadmit.com/thread.php?thread_id=2626049&forum_id=2#25987408)



Reply Favorite

Date: July 23rd, 2014 1:28 PM
Author: Maize nibblets school

So what happens to the fuckers who are already signed up for PAYE?

(http://www.autoadmit.com/thread.php?thread_id=2626049&forum_id=2#25987468)



Reply Favorite

Date: July 23rd, 2014 1:34 PM
Author: Topaz doobsian legend

nothing

(http://www.autoadmit.com/thread.php?thread_id=2626049&forum_id=2#25987508)



Reply Favorite

Date: July 23rd, 2014 1:36 PM
Author: iridescent learning disabled cruise ship

This applies retroactive from July 1, 2015

(http://www.autoadmit.com/thread.php?thread_id=2626049&forum_id=2#25987528)



Reply Favorite

Date: July 23rd, 2014 4:23 PM
Author: trip love of her life

the flame is strong with you

(http://www.autoadmit.com/thread.php?thread_id=2626049&forum_id=2#25988493)



Reply Favorite

Date: July 23rd, 2014 4:22 PM
Author: trip love of her life

Nothing breh, you're in contract with lender (government) which locks in the terms of PAYE. This has already been covered repeatedly when Bama set forth his new paye proposal which was just a slightly better version of this and all us current PAYE bros were STRESSING that it might apply retroactively.

Dept of Edu confirmed that those enrolled in PAYE are actually some form of contract which cannot be retroactively changed by gov't or any other party and we're locked into our current terms.

PSLF on the other hand... LJL

(http://www.autoadmit.com/thread.php?thread_id=2626049&forum_id=2#25988489)



Reply Favorite

Date: July 23rd, 2014 4:43 PM
Author: iridescent learning disabled cruise ship

Lol at being locked in to having the tax payers eat hundreds of thousands of dollars of your debt. GL with that.

(http://www.autoadmit.com/thread.php?thread_id=2626049&forum_id=2#25988649)



Reply Favorite

Date: July 23rd, 2014 1:58 PM
Author: Dashing athletic conference

Odds of this passing?

(http://www.autoadmit.com/thread.php?thread_id=2626049&forum_id=2#25987676)



Reply Favorite

Date: July 23rd, 2014 1:59 PM
Author: Multi-colored mildly autistic meetinghouse boistinker

0%

(http://www.autoadmit.com/thread.php?thread_id=2626049&forum_id=2#25987684)



Reply Favorite

Date: July 23rd, 2014 2:03 PM
Author: Dashing athletic conference

Based on?

Obamas expansion of PAYE seems more generous to borrowers.

(http://www.autoadmit.com/thread.php?thread_id=2626049&forum_id=2#25987706)



Reply Favorite

Date: July 23rd, 2014 2:05 PM
Author: Multi-colored mildly autistic meetinghouse boistinker

correct

(http://www.autoadmit.com/thread.php?thread_id=2626049&forum_id=2#25987718)



Reply Favorite

Date: July 23rd, 2014 2:07 PM
Author: Dashing athletic conference

Why do you think it won't pass though? Because Rubio is a co-sponsor?

(http://www.autoadmit.com/thread.php?thread_id=2626049&forum_id=2#25987728)



Reply Favorite

Date: July 23rd, 2014 4:33 PM
Author: Vibrant Primrose Place Of Business Becky

Because there's something that already does the same thing except is more favorable to students (and schools)? So why would Dems support this?

(http://www.autoadmit.com/thread.php?thread_id=2626049&forum_id=2#25988565)



Reply Favorite

Date: July 23rd, 2014 2:07 PM
Author: dull business firm

He already signed the exec order. This would have to go through Congress and be signed into law, and "bipartisan" or not, it may very well fail or be torpedoed for whatever reason. Obama would basically give a big fuck-you to all of the borrowers who jumped into IBR on the premise that PAYE as it stood was going to be expanded, if he signed it.

Could pass, this issue has always been so off the radar I am not sure they'd all of a sudden decide they need to save a few bucks by making it 30 years to the chagrin of all the people the bill is designed to "help".

(http://www.autoadmit.com/thread.php?thread_id=2626049&forum_id=2#25987727)



Reply Favorite

Date: July 23rd, 2014 2:08 PM
Author: duck-like shrine halford

What exec order? I'm an IBR bro just trying to get some hope of PAYE.

(http://www.autoadmit.com/thread.php?thread_id=2626049&forum_id=2#25987736)



Reply Favorite

Date: July 23rd, 2014 2:11 PM
Author: Dashing athletic conference

Bro get educated:

http://www.usnews.com/news/blogs/ken-walshs-washington/2014/06/09/obama-to-expand-pay-as-you-earn-student-debt-plan

Everyone will be entitled to PAYE in 2015.

(http://www.autoadmit.com/thread.php?thread_id=2626049&forum_id=2#25987747)



Reply Favorite

Date: July 23rd, 2014 2:12 PM
Author: duck-like shrine halford

Sweet tyft

(http://www.autoadmit.com/thread.php?thread_id=2626049&forum_id=2#25987757)



Reply Favorite

Date: July 23rd, 2014 2:09 PM
Author: Dashing athletic conference

I'm currently (barely) on IBR waiting for PAYE expansion to come into effect. I want the PSLF from it

I want that PAYE (Obama's version).

(http://www.autoadmit.com/thread.php?thread_id=2626049&forum_id=2#25987743)



Reply Favorite

Date: July 23rd, 2014 2:11 PM
Author: Multi-colored mildly autistic meetinghouse boistinker

barely how?



(http://www.autoadmit.com/thread.php?thread_id=2626049&forum_id=2#25987750)



Reply Favorite

Date: July 23rd, 2014 2:14 PM
Author: Dashing athletic conference

my payments under IBR (15% version) are pretty close to my regular payment amount.

PAYE would bring payments down a third (10% version).



(http://www.autoadmit.com/thread.php?thread_id=2626049&forum_id=2#25987764)



Reply Favorite

Date: July 23rd, 2014 2:08 PM
Author: iridescent learning disabled cruise ship

80%. This is a more realistic version of PAYE. You cannot have people making under $50K paying almost nothing on their loans forever. And you can't have people getting $100K+ in forgiveness. This bill just ensures that nobody will be getting TOO GOOD of a deal with PAYE. Includes retroactive also.

(http://www.autoadmit.com/thread.php?thread_id=2626049&forum_id=2#25987737)



Reply Favorite

Date: July 23rd, 2014 2:12 PM
Author: Dashing athletic conference

yeah, if it does passes i'll have to get on it, buckle down and pay my loans off asap.

no pslf provision in there so i'd be kinda fucked that way. I have 3 1/2 years left to get forgiveness

(http://www.autoadmit.com/thread.php?thread_id=2626049&forum_id=2#25987758)



Reply Favorite

Date: July 23rd, 2014 2:13 PM
Author: iridescent learning disabled cruise ship

One way or another, all forgiveness will be capped at $57.5K. Nobody is ever getting more than that amount forgiven.

(http://www.autoadmit.com/thread.php?thread_id=2626049&forum_id=2#25987762)



Reply Favorite

Date: July 23rd, 2014 2:15 PM
Author: Dashing athletic conference

that's all I need really. I just don't want to wait 30 years to be able to get it when I could get it in 3 1/2.

(http://www.autoadmit.com/thread.php?thread_id=2626049&forum_id=2#25987767)



Reply Favorite

Date: July 23rd, 2014 2:17 PM
Author: bonkers boiling water field

lol

(http://www.autoadmit.com/thread.php?thread_id=2626049&forum_id=2#25987777)



Reply Favorite

Date: July 23rd, 2014 2:18 PM
Author: Electric Sepia Messiness Selfie

what do you tell people like me that owe $250K or more? you can't deny bankruptcy and also provide no other out.

(http://www.autoadmit.com/thread.php?thread_id=2626049&forum_id=2#25987782)



Reply Favorite

Date: July 23rd, 2014 2:25 PM
Author: Dashing athletic conference

do you have biglaw?

I guess my question is how you could rack up so much debt for law school?

(http://www.autoadmit.com/thread.php?thread_id=2626049&forum_id=2#25987808)



Reply Favorite

Date: July 23rd, 2014 2:27 PM
Author: Electric Sepia Messiness Selfie

$20K of that is undergrad, and about $20K is interest. law school was about $210K total. $20K living expenses + $40K tuition + interest accumulated during school. law school costs even more than that now, nearly $300K by most school's own estimates. no biglaw.

(http://www.autoadmit.com/thread.php?thread_id=2626049&forum_id=2#25987821)



Reply Favorite

Date: July 23rd, 2014 5:41 PM
Author: Titillating idiot sex offender

HAHAURFUKD

(http://www.autoadmit.com/thread.php?thread_id=2626049&forum_id=2#25988930)



Reply Favorite

Date: July 23rd, 2014 2:25 PM
Author: Topaz doobsian legend

he's flaming

(http://www.autoadmit.com/thread.php?thread_id=2626049&forum_id=2#25987810)



Reply Favorite

Date: July 23rd, 2014 2:37 PM
Author: iridescent learning disabled cruise ship

They'll just keep extending it out. You'll be fine, just don't expect to get $300K written off. PAYE was never designed for that, and it won't ever happen.

(http://www.autoadmit.com/thread.php?thread_id=2626049&forum_id=2#25987861)



Reply Favorite

Date: July 23rd, 2014 2:39 PM
Author: slippery laughsome ceo property

i think this is a likely prediction. they wont remove the forgiveness, theyll just keep lengthening the amount of time it takes

(http://www.autoadmit.com/thread.php?thread_id=2626049&forum_id=2#25987875)



Reply Favorite

Date: July 23rd, 2014 2:52 PM
Author: sick home

PAYE was designed exactly for that, and many people signed up for high-interest government loans, rather than lower-interest private loans specifically because of the protection PAYE offers.

(http://www.autoadmit.com/thread.php?thread_id=2626049&forum_id=2#25987935)



Reply Favorite

Date: July 23rd, 2014 2:58 PM
Author: iridescent learning disabled cruise ship

The typical PAYE target is an underpaid public interest type with $40K debt and $45K in loans. Not some ridiculous $300K debt nonsense.

(http://www.autoadmit.com/thread.php?thread_id=2626049&forum_id=2#25987970)



Reply Favorite

Date: July 23rd, 2014 3:18 PM
Author: sick home

There is no such thing as a "PAYE target". Plenty of lawyers, grad students, etc., took out federal loans specifically because this repayment option existed.

(http://www.autoadmit.com/thread.php?thread_id=2626049&forum_id=2#25988077)



Reply Favorite

Date: July 23rd, 2014 4:26 PM
Author: trip love of her life

Oh HAI Me.

This guy is flaming anyway, they can't change the terms of those of us already enrolled in PAYE since contract law governs.

(http://www.autoadmit.com/thread.php?thread_id=2626049&forum_id=2#25988515)



Reply Favorite

Date: July 23rd, 2014 4:34 PM
Author: slippery laughsome ceo property

show a contract with names/identifying info redacted that has PAYE.

(http://www.autoadmit.com/thread.php?thread_id=2626049&forum_id=2#25988575)



Reply Favorite

Date: July 23rd, 2014 4:43 PM
Author: trip love of her life

no way I'm going through that much work, but if you look up the previous PAYE threads you should find the one discussing Obama's budget proposal where this shit was discussed at length. Dept of Edu has also confirmed that they could not change the terms of those currently enrolled in PAYE. I know there's a website that was asking these questions to dept of edu and publishing their responses but I'm also not gonna do that work for you bro.

I believe PAYE was actually explicitly mentioned as a repayment option in some of our loan paperwork in 2012/2013, therefore we relied on the promise of that repayment plan when we took out the loan. Therefore contract law governs.

However, I'm pretty sure that it was also confirmed that simply signing up for PAYE actually constitutes some form of contract with the lender that you'll abide by the terms of the repayment plan or some shit.

(http://www.autoadmit.com/thread.php?thread_id=2626049&forum_id=2#25988648)



Reply Favorite

Date: July 23rd, 2014 4:50 PM
Author: iridescent learning disabled cruise ship

(citing random FAQ as evidence that taxpayers are locked in to eating hundreds of thousands of dollars of his debt)

(http://www.autoadmit.com/thread.php?thread_id=2626049&forum_id=2#25988700)



Reply Favorite

Date: July 23rd, 2014 4:52 PM
Author: trip love of her life

is that a response to the extensive discussion on auto admit or the website that's purely focused on student loans and got information direct from the dept of edu on several occasions confirming that those currently enrolled in PAYE cannot have their terms changed unless they choose to opt into the new PAYE proposed by the Obama administration or any subsequent repayment plans.

(http://www.autoadmit.com/thread.php?thread_id=2626049&forum_id=2#25988714)



Reply Favorite

Date: July 23rd, 2014 4:55 PM
Author: iridescent learning disabled cruise ship

Congress is the one proposing the bills, man. Not the dept of edu and whatever $12 an hour phone operator they have reassuring you.

(http://www.autoadmit.com/thread.php?thread_id=2626049&forum_id=2#25988727)



Reply Favorite

Date: July 23rd, 2014 4:57 PM
Author: trip love of her life

I understand that, however basic contract principles still apply. If I enter into contract with the federal gov't, the gov't can't just unilaterally change the terms of that contract after I've relied on it, to terms that dramatically favor them.

(http://www.autoadmit.com/thread.php?thread_id=2626049&forum_id=2#25988735)



Reply Favorite

Date: July 23rd, 2014 5:03 PM
Author: Black soul-stirring mother

Were these repayment plans contractual obligations?

(http://www.autoadmit.com/thread.php?thread_id=2626049&forum_id=2#25988758)



Reply Favorite

Date: July 23rd, 2014 5:31 PM
Author: Electric Sepia Messiness Selfie

they were specific terms of repayment in the MPN itself for loans originated at that time

(http://www.autoadmit.com/thread.php?thread_id=2626049&forum_id=2#25988890)



Reply Favorite

Date: July 23rd, 2014 5:57 PM
Author: Titillating idiot sex offender

So they can't cut pensions, SSI, or Medicaid either???

(http://www.autoadmit.com/thread.php?thread_id=2626049&forum_id=2#25989000)



Reply Favorite

Date: July 23rd, 2014 6:03 PM
Author: iridescent learning disabled cruise ship

tucker act, bro. Government's hands are tied as fuck.

(http://www.autoadmit.com/thread.php?thread_id=2626049&forum_id=2#25989026)



Reply Favorite

Date: July 23rd, 2014 6:15 PM
Author: Topaz doobsian legend

SSI and medicaid aren't contracts

I'm not sure the fed gov has ever tried to cut a vested pension

(http://www.autoadmit.com/thread.php?thread_id=2626049&forum_id=2#25989076)



Reply Favorite

Date: July 24th, 2014 11:27 AM
Author: Flesh odious half-breed

(guy who is unfamiliar with US history regarding respecting contracts with another group obsessed with wampum)

(http://www.autoadmit.com/thread.php?thread_id=2626049&forum_id=2#25993169)



Reply Favorite

Date: July 23rd, 2014 3:01 PM
Author: magical pit

Thank god some people in congress have read my hundreds of letters.

(http://www.autoadmit.com/thread.php?thread_id=2626049&forum_id=2#25987991)



Reply Favorite

Date: July 23rd, 2014 3:32 PM
Author: bonkers boiling water field

*earl not satisfied with only 30 years of repayment*

"Hm, for now on I'll write 2 letters a week instead of 1."

(http://www.autoadmit.com/thread.php?thread_id=2626049&forum_id=2#25988172)



Reply Favorite

Date: July 23rd, 2014 3:53 PM
Author: Multi-colored mildly autistic meetinghouse boistinker

why would Obama sign off on this when he just signed that exec order?

(http://www.autoadmit.com/thread.php?thread_id=2626049&forum_id=2#25988266)



Reply Favorite

Date: July 23rd, 2014 4:04 PM
Author: iridescent learning disabled cruise ship

Obama wants to cap forgiveness at $57.5K also. Everybody is on the same page here.

(http://www.autoadmit.com/thread.php?thread_id=2626049&forum_id=2#25988364)



Reply Favorite

Date: July 23rd, 2014 4:15 PM
Author: Multi-colored mildly autistic meetinghouse boistinker

love your passion bro

(http://www.autoadmit.com/thread.php?thread_id=2626049&forum_id=2#25988437)



Reply Favorite

Date: July 23rd, 2014 4:55 PM
Author: Black soul-stirring mother

There's a reason the exec order doesn't kick in until the end of 2015. It's merely a bargaining position.

(http://www.autoadmit.com/thread.php?thread_id=2626049&forum_id=2#25988722)



Reply Favorite

Date: July 23rd, 2014 3:29 PM
Author: Chestnut hairraiser forum community account

Does the bill apply retroactively

(http://www.autoadmit.com/thread.php?thread_id=2626049&forum_id=2#25988151)



Reply Favorite

Date: July 23rd, 2014 3:54 PM
Author: Topaz doobsian legend

no

(http://www.autoadmit.com/thread.php?thread_id=2626049&forum_id=2#25988269)



Reply Favorite

Date: July 23rd, 2014 4:03 PM
Author: iridescent learning disabled cruise ship

Yeah, it overwrites previous rules, no grandfathering.

(http://www.autoadmit.com/thread.php?thread_id=2626049&forum_id=2#25988360)



Reply Favorite

Date: July 23rd, 2014 4:27 PM
Author: trip love of her life

no

(http://www.autoadmit.com/thread.php?thread_id=2626049&forum_id=2#25988520)



Reply Favorite

Date: July 23rd, 2014 4:55 PM
Author: Dark twinkling uncleanness

OFS - why would it allow just the last couple of years of lazy deadbeat graduates screw Uncle Sam out of his green? Art. I, Sec. 10, Clause 1 contract clause doesn't bind the Feds.

(http://www.autoadmit.com/thread.php?thread_id=2626049&forum_id=2#25988724)



Reply Favorite

Date: July 23rd, 2014 4:57 PM
Author: iridescent learning disabled cruise ship

Basic Fairness won't allow some dude graduating from Boalt to get $340K forgiven while another dude graduating a year later is capped at $57.5K.

(http://www.autoadmit.com/thread.php?thread_id=2626049&forum_id=2#25988732)



Reply Favorite

Date: July 24th, 2014 11:21 AM
Author: Misunderstood locus

like how a bro who started college in october, 2007 can get PAYE.

(http://www.autoadmit.com/thread.php?thread_id=2626049&forum_id=2#25993143)



Reply Favorite

Date: July 23rd, 2014 5:00 PM
Author: Topaz doobsian legend

tucker act waives fed immunity on contract claims

(http://www.autoadmit.com/thread.php?thread_id=2626049&forum_id=2#25988747)



Reply Favorite

Date: July 23rd, 2014 5:03 PM
Author: iridescent learning disabled cruise ship

(guy citing 19th century act as evidence that he must get his $325K debt from Touro discharged)

(http://www.autoadmit.com/thread.php?thread_id=2626049&forum_id=2#25988759)



Reply Favorite

Date: July 23rd, 2014 5:06 PM
Author: Black soul-stirring mother



(http://www.autoadmit.com/thread.php?thread_id=2626049&forum_id=2#25988776)



Reply Favorite

Date: July 23rd, 2014 5:14 PM
Author: duck-like shrine halford



(http://www.autoadmit.com/thread.php?thread_id=2626049&forum_id=2#25988806)



Reply Favorite

Date: July 23rd, 2014 6:28 PM
Author: supple nursing home queen of the night



(http://www.autoadmit.com/thread.php?thread_id=2626049&forum_id=2#25989149)