Another Month of Student Loan Relief!

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Seriously Serious said:
True, but there is freedom in not having income tax (I can weigh the pros/cons of property tax when I purchase a home). Moreover, the cost of living is much lower (for now).

I feel like there are more people flocking to CA than are people inheriting homes from their family.
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I would tend to agree that there are more people moving away now than waiting until they're in their 60s to inherit a home from their parents who were 80+ when they died.
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Seriously Serious said:
True, but there is freedom in not having income tax (I can weigh the pros/cons of property tax when I purchase a home). Moreover, the cost of living is much lower (for now).

I feel like there are more people flocking to CA than are people inheriting homes from their family.
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This accurate? Thank you algorithms and cookies for having this pop up on my Facebook feed, lol:

Outline.com

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ValeRx said:
I would tend to agree that there are more people moving away now than waiting until they're in their 60s to inherit a home from their parents who were 80+ when they died.
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Exodus is real, but it’s mostly lower income folks (small sampling from NextDoor and community FB groups I’m in for a few regions) who gripe about $2000 rent and don’t know the difference between their, there, and they’re, lol.

Ultra rich probably already have mechanisms in place to minimize CA tax and taxes in general. +$1/gal has prices and of the like are rounding errors.

California is great if you’ve got good income....$250k/yr minimum IMO and you’re comfortable, less if you have said inherited property on deck (ie no incentive/rush to buy a home in your 30s), even less if you live in CA Trump Country (at that point, just do yourself a favor and move to NV or TX).
 
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California also has a good chunk of multi-generational EBT crowd that won't move
 
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confettiflyer said:
This accurate? Thank you algorithms and cookies for having this pop up on my Facebook feed, lol:

Outline.com

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The article was a bit dramatic... compared a house in SD vs a house double the size in Austin lol... more importantly, Austin is not Texas, it's a small dot on our map.

I will say a big con to living in TX is there really is not anything super exciting to do outside restaurants and bars. We need a Disney theme park or something lol.
 
Seriously Serious said:
The article was a bit dramatic... compared a house in SD vs a house double the size in Austin lol... more importantly, Austin is not Texas, it's a small dot on our map.

I will say a big con to living in TX is there really is not anything super exciting to do outside restaurants and bars. We need a Disney theme park or something lol.
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I figured as much (dramatic/click bait), but are all the tv shows/movies true in that HS football is really a thing?

And I’m so used to so much public space/parks, that would be weird to me. There are still places I haven’t been to here.

Genuinely curious, I would be remiss in failing to mention that this Californian has always had a “Relocating to NV, TX, or FL” plan sitting in the drawer. I love my state, but I’m also rational.
 
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Biden Administration Weighs Forgiving Student Debt by Executive Action
The Biden administration is considering using executive action to forgive Americans’ federal student debt, the White House’s chief spokeswoman said Thursday, responding to pressure from Democratic lawmakers and progressive groups.

President Biden has previously questioned his ability to use executive action to forgive some or all of Americans’ federal student debt. He has instead urged Congress to pass legislation to write off $10,000 in student debt for every borrower.

The White House shifted Thursday, saying it was open to forgiving debt without a move by Congress. “Our team is reviewing whether there are any steps he can take through executive action and he would welcome the opportunity to sign a bill sent to him by Congress,” Jen Psaki, the White House press secretary, wrote on Twitter.

Mr. Schumer urged Mr. Biden to use his executive powers to eliminate $50,000 in student loan debt for all borrowers.

“This debt holds people back from buying cars, from going on vacation, from starting families, from getting the job they want to get. It’s a huge anchor on our entire economy. And there’s very little that the president could do with a flick of a pen that would boost our economy more than canceling $50,000 of student debt,” Mr. Schumer said.
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Here's to Omicron variation delaying student loans for this "final" deadline.
I think this is a sign from God or whatever higher/unknown power one believes in that student loans should just be erased for the sheer absurdity & irrational price of education in this country.

Now, next onto housing....pandemic wave freeing up supply via massive & swift body count finally making housing affordable for those starting out their adult lives, millennials and GenZ-ers rejoice & embrace their common grounds (I'm kidding)
 
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Rockinacoustic said:
Has anyone's Fedloans been moved to the new servicer yet? It sounds as if this will occur after interest and repayments resume on 2/1/22
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I haven't heard anything. I read about some people being notified that Navient was taking over their FedLoans but Navient is also getting out of federal loan servicing so no idea.
 
Rockinacoustic said:
Has anyone's Fedloans been moved to the new servicer yet? It sounds as if this will occur after interest and repayments resume on 2/1/22
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They changed their mind and will stay on after their contract expires…at least until a new servicer is identified and transitioned, most likely months and months after the 2/1/22 restart.
 
RxPreceptor said:
Here's to Omicron variation delaying student loans for this "final" deadline.
I think this is a sign from God or whatever higher/unknown power one believes in that student loans should just be erased for the sheer absurdity & irrational price of education in this country.

Now, next onto housing....pandemic wave freeing up supply via massive & swift body count finally making housing affordable for those starting out their adult lives, millennials and GenZ-ers rejoice & embrace their common grounds (I'm kidding)
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I was pumped and agreeing with everything I was reading then I got hit with the “I’m kidding” and realized how much of an a$$ I am …
 
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JustFillIt said:
I was pumped and agreeing with everything I was reading then I got hit with the “I’m kidding” and realized how much of an a$$ I am …
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Well, I'm not mean spirited. It's just that scenario is like a fantasy vs. reality on housing. Would be nice though (not the morbid part about home owners dying from COVID)
 
For those of you on Income Based Repayment who are curious when to "recertify" your IBR (which normally you are supposed to do every year if your salary changes significantly)...I called FedLoan Servicing and the lady told me there will be no "recertifying" your salary for awhile. She said not until 32 months from Feb 24 2020, which would be around October 24th 2022. So for those of you on IBR with a significant salary increase this is a good thing because when repayment starts in Feb 2022 you'll be paying the same amount you did before the pandemic halted payments. At least until Oct. 2022. If your salary has stayed consistently the same then I guess its a moot point
 
confettiflyer said:
Another $4500 I’ll never have to pay, this is great!
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Best part is - these past 2 years without paying a dime counts toward student loan forgiveness regardless of if we made a payment or not.

I’m over half way there at this point.
 
JustFillIt said:
Best part is - these past 2 years without paying a dime counts toward student loan forgiveness regardless of if we made a payment or not.

I’m over half way there at this point.
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Oh I’m fully aware, trust me. I paused for a bit to help build funds to buy a house, but it will be 2yrs and 2 months left (26 payments) once the payments restart again in May.

I’m also happy my forgiveness application will hit with the current administration and DOE appointed officials. I had concerns under the old administration.

Best part is my FFEL payments count now, so I’ll have full forgiveness in 26 months. I had a small amount under that program before I consolidated.

I think I calculated this and this loan pause was the equivalent of a $36,000 stimulus for me (26 x $1500/mo).
 



20 years is almost here…. I’ll bet BMBiology is turning over in his SDN internet grave right now with labored groans that sound something like, “tax bomb……. Tax bomb…..”

But no seriously - I have been door dashing lately because things have gotten So difficult financially. This is a good thing for me and my family.
 
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JustFillIt said:



20 years is almost here…. I’ll bet BMBiology is turning over in his SDN internet grave right now with labored groans that sound something like, “tax bomb……. Tax bomb…..”

But no seriously - I have been door dashing lately because things have gotten So difficult financially. This is a good thing for me and my family.
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If a high income earner has to resort to door dash to make ends meet or in general keep up it truly reflects on the sad state of affairs in America . Most people will never make $100k or more and live on far less money . If high income earners struggle , what kind of a world do we live in ? Damn . Normal people cannot even have children anymore at this rate - it’s ridiculous . We are becoming a country of “haves and have nots”.
 
DoctorRx1986 said:
If a high income earner has to resort to door dash to make ends meet or in general keep up it truly reflects on the sad state of affairs in America . Most people will never make $100k or more and live on far less money . If high income earners struggle , what kind of a world do we live in ? Damn . Normal people cannot even have children anymore at this rate - it’s ridiculous . We are becoming a country of “haves and have nots”.
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Becoming? We have one of the highest GINI coefficients in the developed world - right up there with Russia (if you count them in the developed world)
 
DoctorRx1986 said:
If a high income earner has to resort to door dash to make ends meet or in general keep up it truly reflects on the sad state of affairs in America . Most people will never make $100k or more and live on far less money . If high income earners struggle , what kind of a world do we live in ? Damn . Normal people cannot even have children anymore at this rate - it’s ridiculous . We are becoming a country of “haves and have nots”.
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I am very frugal financially and I am also smart enough to know how to budget and stick to it. However, I will admit that I have a few more children than is common these days. I have 5 children and my wife does not work - except for when she door dashes also.

Our family income is about 110 from work and about 130 by end of year with whatever extras we scrap up.

But damn - you are right - the next generation will not be able to buy a house, car, or much of anything if you do not have, at least, a 100+ income.

We, as pharmacists, have been cut off at the knees in the current economy. We can’t really afford much now.

Unless you bought your home/car pre-2019 and you make over 100k/year - you have some serious financial issues.
 
This will end up extended thru the midterms and I bet when it does resume that interest rates will be 0%
 
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I will still argue all this does is just kicking the can down the road- but then again, that is what our politicians are good at. Unless there is something meaningful done to control the cost of higher education, tuition will keep going up faster than wages/inflation (current inflation rate being the exception) and more and more people will be geting degrees that won't pay off their loans, and all the negatives that go along with that. I wouldn't be against 0% interest rate on student loans - assuming a reasonable payment plan is made.
 
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I would go so far as to say those people who this was meant to "help" really is just delaying the inevitable. It's not like your student loan balance is going down during all of this - it's just not going up. So those people who aren't wise enough to use that cash on investing wisely or getting out of other debts are just going to be back in the same position they were pre-COVID... and then just kicking the can further down the road as Dred Pirate mentioned.
 
Dred Pirate said:
I will still argue all this does is just kicking the can down the road- but then again, that is what our politicians are good at. Unless there is something meaningful done to control the cost of higher education, tuition will keep going up faster than wages/inflation (current inflation rate being the exception) and more and more people will be geting degrees that won't pay off their loans, and all the negatives that go along with that. I wouldn't be against 0% interest rate on student loans - assuming a reasonable payment plan is made.
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I mean, look at what we’ve (not) done with DACA and the Dreamers/immigration reform (or lack thereof). I mean, slightly different situation, but no one wants to expend capital to do anything.

I really think they should continue to extend the moratorium until the existing servicers exit their contracts and transition out, it’s too many moving parts with disinterested parties.
 
ValeRx said:
I would go so far as to say those people who this was meant to "help" really is just delaying the inevitable. It's not like your student loan balance is going down during all of this - it's just not going up. So those people who aren't wise enough to use that cash on investing wisely or getting out of other debts are just going to be back in the same position they were pre-COVID... and then just kicking the can further down the road as Dred Pirate mentioned.
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It’s a boon for us PSLF folks, though. Every month that passes is a permanent reduction in our total outlay. I’ll have had the equivalent of a ~$40,000 principal reduction of payments restart in September. Never in my wildest dreams was this scenario a remote possibility.
 
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Yeap. Every month counts towards PAYE, IBR, PSLF, or whatever federal program someone may be on. Keep kicking that can and who knows, we can be in a recession by the end of the midterms which could be another reason to keep going.
 
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confettiflyer said:
It’s a boon for us PSLF folks, though. Every month that passes is a permanent reduction in our total outlay. I’ll have had the equivalent of a ~$40,000 principal reduction of payments restart in September. Never in my wildest dreams was this scenario a remote possibility.
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That's why I refinanced about 4 years ago. I was at ~7% on my loans and refinanced to 3.5. Never in a million years thought all of this was a possibility. Oh well.
 
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ValeRx said:
That's why I refinanced about 4 years ago. I was at ~7% on my loans and refinanced to 3.5. Never in a million years thought all of this was a possibility. Oh well.
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You know what I never would have thought to see In a million was the legalization of pot. Party on!
 
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@mentos, wanna hang out in Hawaii driving lambos, dining at 5 star restaurants and snort cocaine off of hookers’ asses this weekend? I mean, a nice low key weekend…I just got a lot on my schedule lately and got to make some cut backs with this economy

oh sorry forgot, we can smoke $100 bills too for good measure
 
RxPreceptor said:
@mentos, wanna hang out in Hawaii driving lambos, dining at 5 star restaurants and snort cocaine off of hookers’ asses this weekend? I mean, a nice low key weekend…I just got a lot on my schedule lately and got to make some cut backs with this economy

oh sorry forgot, we can smoke $100 bills too for good measure
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An oldie but goodie.

 
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mentos said:
More free money for students to spend on luxury apartments, cars, fancy dinners and vacations!
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WorthlessOxygen said:
I mean, it was $2500. Not exactly living it up.
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Like totally…how financially responsible of settling for hostels vs expensive luxury suites! 😝
(Now with Sarcasm for those who have difficulty interpreting ellipses, emojis, and dry humor!)
 
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RxPreceptor said:
@mentos, wanna hang out in Hawaii driving lambos, dining at 5 star restaurants and snort cocaine off of hookers’ asses this weekend? I mean, a nice low key weekend…I just got a lot on my schedule lately and got to make some cut backs with this economy

oh sorry forgot, we can smoke $100 bills too for good measure
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Can I come?

Do the hookers need to wear masks on their ass?

Or - can we make an exception for this?
 
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RxPreceptor said:
Like totally…how financially responsible of settling for hostels vs expensive luxury suites! 😝
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Obviously financially irresponsible and I don't think anything aside from tuition payments should be even considered for forgiveness.

But I'm not a huge fan of it being used to defend the argument that people are living luxuriously on their student loans. Not only because it really wasn't a large amount of money but also because it was unusual enough to get a spot on a national TV program.
 
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WorthlessOxygen said:
Obviously financially irresponsible and I don't think anything aside from tuition payments should be even considered for forgiveness.

But I'm not a huge fan of it being used to defend the argument that people are living luxuriously on their student loans. Not only because it really wasn't a large amount of money but also because it was unusual enough to get a spot on a national TV program.
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Yes, simply how he spent tuition funds (irresponsibly) was a god damn joke
 
Doesn’t anyone want to discuss how those PharmDs who sat back working part time or the minimum 30 hours are likely to get 10k off student loans (safe to say this category is under 125k) vs those of us who have been more aggressive working 40+ hours (125+k) get no debt erasure?

I thought this was suppose to be a capitalist nation?
 
RxPreceptor said:
Doesn’t anyone want to discuss how those PharmDs who sat back working part time or the minimum 30 hours are likely to get 10k off student loans (safe to say this category is under 125k) vs those of us who have been more aggressive working 40+ hours (125+k) get no debt erasure?

I thought this was suppose to be a capitalist nation?
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They also likely have a lower effective tax rate yet you still come out ahead
 
RxPreceptor said:
Doesn’t anyone want to discuss how those PharmDs who sat back working part time or the minimum 30 hours are likely to get 10k off student loans (safe to say this category is under 125k) vs those of us who have been more aggressive working 40+ hours (125+k) get no debt erasure?

I thought this was suppose to be a capitalist nation?
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I know right? Can you imagine giving the poors a break? What is this, Europe? Make America great again, again.

I also love the idea of new grads refusing to work over 30 hours. Yeah I am sure there are sooo many new grads out there just refusing to work full time hours. Not the opposite of that with new grads looking for work, nope, no way.
 
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owlegrad said:
I know right? Can you imagine giving the poors a break? What is this, Europe? Make America great again, again.

I also love the idea of new grads refusing to work over 30 hours. Yeah I am sure there are sooo many new grads out there just refusing to work full time hours. Not the opposite of that with new grads looking for work, nope, no way.
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Sadly there are plenty in the mindset of already being burnt out working part time or hitting minimum hours, wanting even more time to pursue other passions, start families, etc. Plenty starting out slow as floaters before settling full time
Pretty common for those with new/young children actually

Owlegrad 4 prezident 2024
 
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