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University of La Verne IBR bro laments his situation

http://www.nbcnews.com/better/money/ex-students-income-based...
Up-to-no-good bronze coffee pot shrine
  03/27/17
90k a year after LaVerne is like the top 1% of outcomes.
cheese-eating pit
  03/27/17
...
laughsome insanely creepy hissy fit
  03/27/17
I've been trolling the tax bomb for a decade. AFAIK bankrupt...
irradiated home
  03/27/17
He needs to change his name and move out of the country. Or ...
Walnut startled den
  03/27/17
Didn't know there was a school named after Verne Lundquist
mustard background story
  03/27/17
This guy makes 90 four years into shitlaw. That ain't bad
orange fortuitous meteor
  03/27/17
The rest of the article is pretty LJL too, with the "st...
mustard background story
  03/27/17
$175K will be enforced believe me.
irradiated home
  03/27/17
Agreed, only way it won't be enforced is if you literally ha...
Up-to-no-good bronze coffee pot shrine
  03/27/17
what if u transfer ur assets to ur wife
Cracking Rigpig Police Squad
  03/27/17
The IRS isn't stupid, bro.
Up-to-no-good bronze coffee pot shrine
  03/27/17
No doubt. The Temple professor tried to compare it to the IR...
mustard background story
  03/27/17
This is my favorite part: Joshua Cohen, a lawyer speciali...
Up-to-no-good bronze coffee pot shrine
  03/27/17
The optics of giving away $$ to white graduate degree holder...
irradiated home
  03/27/17
I hear commercials on the radio about wage garnishment over ...
irradiated home
  03/27/17
Lol
confused personal credit line
  03/27/17
If he invests $5,000/year for the next 20 years, so $100K, a...
Sickened Piazza
  03/27/17
Yeah, still save substantial moneys with the tax BOMB, which...
Up-to-no-good bronze coffee pot shrine
  03/27/17
There's no way this won't be resolved by then. At the very w...
iridescent genital piercing
  03/27/17


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Date: March 27th, 2017 3:38 PM
Author: Up-to-no-good bronze coffee pot shrine

http://www.nbcnews.com/better/money/ex-students-income-based-loan-payments-face-crushing-tax-bill-n517566

Michael Hulshof left the University of La Verne in 2012 with his law degree and $145,000 in student debt. Today, that figure is about $220,000 and, by the time he's 55, he figures it will be around $400,000. That's when his real problems could begin.

Hulshof, a 33-year-old attorney in Antioch, California, entered into a payment plan for graduates who took out federal student loans and who have low income-to-debt ratios. The plan, known as "income-driven repayment," is intended to help graduates who can't afford to pay off their loans within 10 years.

On his income of $90,000 a year, Hulshof pays about $575 per month toward his student loans. It's an affordable payment, but it doesn't come close to covering the $1,500 a month the loans accrue in interest at rates ranging between 6.5 and 8.5 percent.

Under the repayment plan, Hulshof's remaining debt will be forgiven after 25 years. But there's a catch: That forgiven debt is considered income by the Internal Revenue Service, which means he and his wife will face a big tax bill when they finally get out from under the debt cloud.

"Me and my wife talk about it all the time, how we'll deal with it at that point," Hulshof said, estimating that he could owe upward of $175,000 in taxes. "It's incredibly depressing to think about, that bankruptcy may be your only option … to start over at 55 when you worked so hard to get an education to better yourself and society."

(http://www.autoadmit.com/thread.php?thread_id=3565758&forum_id=2#32930346)



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Date: March 27th, 2017 3:44 PM
Author: cheese-eating pit

90k a year after LaVerne is like the top 1% of outcomes.

(http://www.autoadmit.com/thread.php?thread_id=3565758&forum_id=2#32930396)



Reply Favorite

Date: March 27th, 2017 3:45 PM
Author: laughsome insanely creepy hissy fit



(http://www.autoadmit.com/thread.php?thread_id=3565758&forum_id=2#32930400)



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Date: March 27th, 2017 3:45 PM
Author: irradiated home

I've been trolling the tax bomb for a decade. AFAIK bankruptcy does not make IRS debt go poof.

(http://www.autoadmit.com/thread.php?thread_id=3565758&forum_id=2#32930401)



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Date: March 27th, 2017 3:48 PM
Author: Walnut startled den

He needs to change his name and move out of the country. Or retire at 55 and go live in a cabin with no possessions. there is no way to "manage" a tax bill of $175,000 for a TTTT grad.

(http://www.autoadmit.com/thread.php?thread_id=3565758&forum_id=2#32930416)



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Date: March 27th, 2017 3:50 PM
Author: mustard background story

Didn't know there was a school named after Verne Lundquist

(http://www.autoadmit.com/thread.php?thread_id=3565758&forum_id=2#32930424)



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Date: March 27th, 2017 3:50 PM
Author: orange fortuitous meteor

This guy makes 90 four years into shitlaw. That ain't bad

(http://www.autoadmit.com/thread.php?thread_id=3565758&forum_id=2#32930429)



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Date: March 27th, 2017 4:02 PM
Author: mustard background story

The rest of the article is pretty LJL too, with the "student debt" lawyer basically advising clients "The IRS can't possibly have the manpower to enforce this. Don't worry about it!"

(http://www.autoadmit.com/thread.php?thread_id=3565758&forum_id=2#32930533)



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Date: March 27th, 2017 4:06 PM
Author: irradiated home

$175K will be enforced believe me.

(http://www.autoadmit.com/thread.php?thread_id=3565758&forum_id=2#32930567)



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Date: March 27th, 2017 4:08 PM
Author: Up-to-no-good bronze coffee pot shrine

Agreed, only way it won't be enforced is if you literally have $0 NW. But if you have anything, even 401K, it will be taken from you.

(http://www.autoadmit.com/thread.php?thread_id=3565758&forum_id=2#32930586)



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Date: March 27th, 2017 4:14 PM
Author: Cracking Rigpig Police Squad

what if u transfer ur assets to ur wife

(http://www.autoadmit.com/thread.php?thread_id=3565758&forum_id=2#32930654)



Reply Favorite

Date: March 27th, 2017 4:15 PM
Author: Up-to-no-good bronze coffee pot shrine

The IRS isn't stupid, bro.

(http://www.autoadmit.com/thread.php?thread_id=3565758&forum_id=2#32930657)



Reply Favorite

Date: March 27th, 2017 4:15 PM
Author: mustard background story

No doubt. The Temple professor tried to compare it to the IRS not recovering taxes on airline miles

(http://www.autoadmit.com/thread.php?thread_id=3565758&forum_id=2#32930659)



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Date: March 27th, 2017 4:19 PM
Author: Up-to-no-good bronze coffee pot shrine

This is my favorite part:

Joshua Cohen, a lawyer specializing in student debt, said that the high number of students in the program and the likelihood that few will be able to pay taxes suggests the IRS may just look the other way.

"How (is the IRS) going to get the manpower to collect on all this?" he said.

...

Cohen, the student-debt attorney, is himself is on an income-driven repayment plan and currently owes about $200,000 on a loan at a 6.3 percent interest rate.

(http://www.autoadmit.com/thread.php?thread_id=3565758&forum_id=2#32930695)



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Date: March 27th, 2017 4:52 PM
Author: irradiated home

The optics of giving away $$ to white graduate degree holders is not going to go over well with the Democratic base.

(http://www.autoadmit.com/thread.php?thread_id=3565758&forum_id=2#32930945)



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Date: March 27th, 2017 4:55 PM
Author: irradiated home

I hear commercials on the radio about wage garnishment over $10K.

(http://www.autoadmit.com/thread.php?thread_id=3565758&forum_id=2#32930979)



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Date: March 27th, 2017 4:08 PM
Author: confused personal credit line

Lol

(http://www.autoadmit.com/thread.php?thread_id=3565758&forum_id=2#32930585)



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Date: March 27th, 2017 4:26 PM
Author: Sickened Piazza

If he invests $5,000/year for the next 20 years, so $100K, and he averages 5% gains, he'll have $175K saved for the tax bomb.

So that's $420/month in tax bomb savings plus $575 he's already paying in student loans, so like $1,000/month. Cheaper than paying $1,500/month, which is what he's supposed to be paying.

(http://www.autoadmit.com/thread.php?thread_id=3565758&forum_id=2#32930779)



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Date: March 27th, 2017 4:38 PM
Author: Up-to-no-good bronze coffee pot shrine

Yeah, still save substantial moneys with the tax BOMB, which will provide a justification for keeping it around.

(http://www.autoadmit.com/thread.php?thread_id=3565758&forum_id=2#32930852)



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Date: March 27th, 2017 4:40 PM
Author: iridescent genital piercing

There's no way this won't be resolved by then. At the very worst he can cop a pslf jerb for the last 10 years to avoid

(http://www.autoadmit.com/thread.php?thread_id=3565758&forum_id=2#32930859)