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new REPAYE regs released
Poast new message in this thread
Date: July 10th, 2015 12:03 PM Author: Useless Ceo Income reporting will be tied to income information from IRS -- no more under-reporting.
See http://www.gpo.gov/fdsys/pkg/FR-2015-07-09/pdf/2015-16623.pdf
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Date: July 10th, 2015 12:18 PM Author: Bull headed pit cuckold (http://www.autoadmit.com/thread.php?thread_id=2931789&forum_id=2#28299118) |
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Date: July 10th, 2015 1:59 PM Author: brindle ape public bath shit i've just been copping dat self statement "uh yea i make thsi amount of money no need to look at tax records, thank" (http://www.autoadmit.com/thread.php?thread_id=2931789&forum_id=2#28299825) |
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Date: July 10th, 2015 2:15 PM Author: arousing place of business theater I'm not sure that people have been to send in a note scribbled in crayon that says "I Haz $45k per yearz. Thanx." (http://www.autoadmit.com/thread.php?thread_id=2931789&forum_id=2#28299914) |
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Date: July 10th, 2015 2:26 PM Author: Fuchsia pea-brained market How does that work for people that receive bonuses? You just resubmit a change in status form every year or something? (http://www.autoadmit.com/thread.php?thread_id=2931789&forum_id=2#28299998) |
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Date: July 10th, 2015 2:29 PM Author: brindle ape public bath you have to re-certify annualy (http://www.autoadmit.com/thread.php?thread_id=2931789&forum_id=2#28300020) |
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Date: July 10th, 2015 2:32 PM Author: Fuchsia pea-brained market So do they base that on your AGI or on your monthly income statements? (http://www.autoadmit.com/thread.php?thread_id=2931789&forum_id=2#28300038) |
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Date: July 10th, 2015 2:33 PM Author: brindle ape public bath easiest option is to just link to your prior year's tax return through IRS website. If you haven't filed taxes (?) you can submit pay stubs and shit (http://www.autoadmit.com/thread.php?thread_id=2931789&forum_id=2#28300053) |
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Date: July 10th, 2015 2:39 PM Author: Fuchsia pea-brained market Yeah, but I'm just thinking about my compensation package. I get a salary then a bonus. Both are reported together on my AGI. Let's say I make $70k and then get a $30k bonus. So if my payments are based on a $100k AGI, that would be bad if I was only receiving a monthly income based on a $70k salary and maybe didn't get a bonus the following year. (http://www.autoadmit.com/thread.php?thread_id=2931789&forum_id=2#28300111) |
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Date: July 10th, 2015 2:42 PM Author: arousing place of business theater the one weird trick is to check the "my income is significantly different box" when you recertify and submit your paystabs that are based on your salary. (http://www.autoadmit.com/thread.php?thread_id=2931789&forum_id=2#28300134) |
Date: July 10th, 2015 12:08 PM Author: contagious tantric gunner therapy johnsmeyer are u going to send in a comment to the proposed reg? (http://www.autoadmit.com/thread.php?thread_id=2931789&forum_id=2#28299061) |
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Date: July 10th, 2015 1:15 PM Author: beady-eyed institution No I'm coppin day PSLF so I don't care (http://www.autoadmit.com/thread.php?thread_id=2931789&forum_id=2#28299517) |
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Date: July 10th, 2015 12:09 PM Author: bearded violent stead old irish cottage xo should collectively submit a comment (http://www.autoadmit.com/thread.php?thread_id=2931789&forum_id=2#28299063) |
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Date: July 10th, 2015 12:09 PM Author: Useless Ceo The 25 years and marriage penalty provision seem fair tho. (http://www.autoadmit.com/thread.php?thread_id=2931789&forum_id=2#28299067) |
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Date: July 10th, 2015 12:11 PM Author: contagious tantric gunner therapy 25 years yes. marriage well IDK that seems fucked up (http://www.autoadmit.com/thread.php?thread_id=2931789&forum_id=2#28299080) |
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Date: July 10th, 2015 12:49 PM Author: bronze sneaky criminal its hilarious how fast the total balances under IBR and PAYE are exploding. i was just combing through the numbers and thought "jesus this is pretty big year on year growth" then i looked at the A column and realized it was broken out BY QUARTER
2013 Q3 $50.9 $1.3 2013 Q4 $58.0 $2.0 2014 Q1 $67.9 $4.1 2014 Q2 $80.6 $7.4 2014 Q3 $91.2 $9.8 2014 Q4 $102.5 $12.2 2015 Q1 $116.0 $16.9 2015 Q2 $130.6 $21.8
IBR on left, PAYE on right. This is in billions. Its going to be real hilarious when the government has to start actually funding the forgiveness they promised. |
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Date: July 10th, 2015 12:50 PM Author: khaki boiling water set but all those houses millennials can now afford to buy! (http://www.autoadmit.com/thread.php?thread_id=2931789&forum_id=2#28299346) |
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Date: July 10th, 2015 12:59 PM Author: Useless Ceo They aren't forgiving shit man. They will just extend it out with Tax Bombs. (http://www.autoadmit.com/thread.php?thread_id=2931789&forum_id=2#28299426) |
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Date: July 10th, 2015 1:10 PM Author: bronze sneaky criminal every time they hold one of these meetings and publish 500 pages of documents they're just creating 20 exhibits for the inevitable class action lawsuit if they try to reneg on the forgiveness. they keep EXPLICITLY referring to the fact that all these kids are locked into forgiveness and even EXPLICITLY saying that the various scams people are using to minimize their payments are TOTALLY FINE.
REPAYE and the entire circus around designing and implementing it is basically a gift from fucking heaven to anybody who was on PAYE or IBR before, and wanted to pursue PSLF. it has basically laid out the golden path for getting nearly 100% forgiveness without paying a cent.
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Date: July 10th, 2015 1:17 PM Author: Disgusting azn dopamine We'll see. Suits against the government for the "earned" benefits of government programs that are later amended or eliminated typically fail. Look at the drastic changes made to programs like TANF (welfare) by the Feds and various state governments. (http://www.autoadmit.com/thread.php?thread_id=2931789&forum_id=2#28299534) |
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Date: July 10th, 2015 1:21 PM Author: bronze sneaky criminal well as ive said before i am NOT a lawyer but it seems to me like debt forgiveness attached to a payment plan chosen among alternatives (including otherwise attractive shit like forebearance) is very very very close to a Normal Financial Contract where the government just happens to be a counterparty
tanf reform type shit sounds a little shakier. in what way were these benefits earned? did the plaintiffs have a compelling 'alternate best choice' that they sacrificed in reliance on the govt promise? was the govt promise explicit? |
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Date: July 10th, 2015 1:39 PM Author: Disgusting azn dopamine Right, but you'd have to argue that the payment plan was part of the loan agreement. Is there evidence that is the case? The way the program was created, implemented (applicants meeting certain criteria to qualify for benefits), and then referenced in the budget shows that it was a government program, not a clause in an agreement.
There is a distinction between the government acting in its sovereign capacity (estoppel/reliance do not lie against gov) and the government acting as a market participant. There's typically no affirmative duty on the government's part to continue a program. |
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Date: July 10th, 2015 2:06 PM Author: arousing place of business theater I know that this is some 1L contracts shit, but isn't there a clear argument that the people are working the public service jobs in consideration for the forgiveness? Seems to me that the government wanted to ensure that people were still willing and able to work these shit jobs so they offered up PSLF to make it happen. (http://www.autoadmit.com/thread.php?thread_id=2931789&forum_id=2#28299864) |
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Date: July 10th, 2015 1:11 PM Author: Disgusting azn dopamine "Its going to be real hilarious when the government has to start actually funding the forgiveness they promised."
The GOP's starting position is the elimination of any forgiveness. The president is proposing the reforms that donny and Johnsmeyer have linked to. The numbers are too big for this not to be negotiated in the annual circus that is congressional budget negotiations. |
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Date: July 10th, 2015 1:13 PM Author: bronze sneaky criminal yes, but by the time they get around to "fixing" it, they're going to be on the hook for half a trillion (or more) grandfathered balances.
i really don't see there being enough political will to push a reversal through the inevitable legal battle. and i'm not a lawyer, but its hard for me to see how the government wins that case. |
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Date: July 10th, 2015 1:16 PM Author: beady-eyed institution Wtf have I linked to? (http://www.autoadmit.com/thread.php?thread_id=2931789&forum_id=2#28299532) |
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Date: July 10th, 2015 2:03 PM Author: Confused odious area goyim (http://www.autoadmit.com/thread.php?thread_id=2931789&forum_id=2#28299841) |
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Date: July 10th, 2015 2:32 PM Author: Useless Ceo you haven't likened to anything. (http://www.autoadmit.com/thread.php?thread_id=2931789&forum_id=2#28300043) |
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Date: July 10th, 2015 12:50 PM Author: mewling comical roast beef pistol man wtf (http://www.autoadmit.com/thread.php?thread_id=2931789&forum_id=2#28299348) |
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Date: July 10th, 2015 1:44 PM Author: Clear Principal's Office All this shit is for REPAYE. It seems like REPAYE is a worse deal than IBR now. (http://www.autoadmit.com/thread.php?thread_id=2931789&forum_id=2#28299728) |
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Date: July 10th, 2015 2:14 PM Author: Light Generalized Bond Hairy Legs No more married filing sep trick either :( (http://www.autoadmit.com/thread.php?thread_id=2931789&forum_id=2#28299905) |