Loans with Trump

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I'm concerned that Trump is trying to get rid of subsidized loans.
 
personally, I plan on just paying my student debt. I borrowed it, I pay it back. I feel like too many people are relying on the forgiveness plans.
This is where being a responsible borrower comes into play imo. I understand things happen, but at the end of the day, banks don't forgive your mortgage after 15/30years.


Taxes: I believe you can make your loan payments a tax deductible/ or you can pay them, and then your income is taxed. ^this might be incorrect now days
 
ncide said:
Perkins, LDS, and HPSL are subsidized loans available to dental students.
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Perkins is for undergrads only. Hpsl and lds are the only ones that is available for people that is subsidized though and you have to fit a certain criteria to get them. You have to be poor/disadvantaged.
 
Likkriue said:
Perkins is for undergrads only. Hpsl and lds are the only ones that is available for people that is subsidized though and you have to fit a certain criteria to get them. You have to be poor/disadvantaged.
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Undergraduate students may receive up to $5,500 in Perkins funds per year with an aggregate maximum of $27,500, while graduate students are potentially eligible for up to $8,000 per year with a maximum, including undergraduate amounts, of $60,000.
 
ncide said:
Undergraduate students may receive up to $5,500 in Perkins funds per year with an aggregate maximum of $27,500, while graduate students are potentially eligible for up to $8,000 per year with a maximum, including undergraduate amounts, of $60,000.
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They are directed Unsubsidized loans. They removed subsidized loans for graduate students in 2012.

Federal Perkins Loan (no longer available) | Financial Aid
 
Scumbag_Steve said:
All of us are going to get slaughtered by federal income taxes over the course of our careers, proportionally bearing the burden in comparison to those who earn far less and those who earn far more and shelter/loophole all their money.
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Interesting to note that Trump's proposed income tax reductions would hugely benefit working dentists.
 
What I do is take subsidized student loans even if I don't need them and park them into a CD to earn interest.
 
Roy Williams said:
Is this sarcasm? Where are you getting better than 6%?
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Well, if they are subsidized, as I understand it you don't collect interest until you graduate. So in theory this is a good idea if the CD is liquid enough to the point that you could withdraw the funds the second you graduated, to be able to pay back into the loan so that interest doesn't accumulate. But the better question is what subsidized student loans are you getting and how?
 
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Panis et Circenses said:
We'll, if they are subsidized, as I understand it you don't collect interest until you graduate. So in theory this is a good idea if they are liquid enough to the point that you could withdraw the funds the second you graduated, to be able to pay back into the loan so that interest doesn't accumulate. But the better question is what unsubsidized student loans are you getting and how?
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I think you meant what subsidized* student loans are they getting and how. But yeah, I missed that in the first thing I replied to. I agree with you though.
 
WheatLom said:
personally, I plan on just paying my student debt. I borrowed it, I pay it back. I feel like too many people are relying on the forgiveness plans.
This is where being a responsible borrower comes into play imo. I understand things happen, but at the end of the day, banks don't forgive your mortgage after 15/30years.


Taxes: I believe you can make your loan payments a tax deductible/ or you can pay them, and then your income is taxed. ^this might be incorrect now days
Click to expand...
I really admire your attitude, just like mine
 
oralcare123 said:
I really admire your attitude, just like mine
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Thank you! And I admire that you also plan on paying your debt off!

It makes sense, like we take money and we give it back. The interest sucks, but we have some amazing earning potential and we should take advantage of that! Not taking advantage of patients, but working 6 days a week for a few years can offset a good chunk of loans
 
smurfeyD said:
Trump Education Budget Seeks Repeal of PSLF, PAYE, REPAYE, and IBR - Student Loan Planner

Thoughts?
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Looks like graduate and professional students would have to wait even longer for their debts to be forgiven with the 30 year Trump plan. It probably won't affect decisions for the large number of students who don't factor in cost when they pick a school. Maybe later on down the line it will big time, but who knows what the next president and congress in four to eight years will decide on with student debt.
 
Panis et Circenses said:
Interesting to note that Trump's proposed income tax reductions would hugely benefit working dentists.
Click to expand...

Unless I'm mistaken, I think the only solid information currently available from the White House is that they want three brackets of 10%, 25%, and 35% (per April 26th). So for example, single earners in the $91,900 to $191,650 range see a maximum tax rate of 28% right now, and single earners in the $191,650 to $416,700 range see a maximum tax rate of 33% right now. Depending on the new cutoffs for incomes, some of the 28% income people and many of the 33% income people could get bumped into the 35% category. It looks like the largest earning dentists who make more than $416,700 will see the biggest tax cut, but some average dentists could potentially see a tax increase. It looks like that would hold for married filers as well. Dental offices shouldn't be affected by the new, lower corporate tax rate since they aren't C-corps.

I think the Tax Policy Center projected that the overall plan would increase the deficit, so it will probably see some changes in Congress due to both sides of the aisle being unhappy with parts of it. So any analysis at this point might be pointless in the end.

Read the White House memo on President Trump's proposed tax plan

Tax Brackets in 2017 - Tax Foundation
 
WheatLom said:
Taxes: I believe you can make your loan payments a tax deductible/ or you can pay them, and then your income is taxed. ^this might be incorrect now days
Click to expand...

Unfortunately you will make too much money to deduct the loan payments from your taxes and there is no way to pay them with pre-tax money.
 
Fets said:
Unless I'm mistaken, I think the only solid information currently available from the White House is that they want three brackets of 10%, 25%, and 35% (per April 26th). So for example, single earners in the $91,900 to $191,650 range see a maximum tax rate of 28% right now, and single earners in the $191,650 to $416,700 range see a maximum tax rate of 33% right now. Depending on the new cutoffs for incomes, some of the 28% income people and many of the 33% income people could get bumped into the 35% category. It looks like the largest earning dentists who make more than $416,700 will see the biggest tax cut, but some average dentists could potentially see a tax increase. It looks like that would hold for married filers as well. Dental offices shouldn't be affected by the new, lower corporate tax rate since they aren't C-corps.

I think the Tax Policy Center projected that the overall plan would increase the deficit, so it will probably see some changes in Congress due to both sides of the aisle being unhappy with parts of it. So any analysis at this point might be pointless in the end.

Read the White House memo on President Trump's proposed tax plan

Tax Brackets in 2017 - Tax Foundation
Click to expand...
Yup, the idea behind it is simplification and tax reduction. Trump's a business guy, so he knows that there is negotiations to be made. He made it as simple as possible, knowing that if he proposed 3 brackets, there would be negotiations by congress to bring it up to the level he probably wants it (i.e. less than the 7 we currently have). 'Tis the art of the deal, it's a game of chess. We have to stay tuned, because of course changes are going to be made. His intentions are for everyone to pay less, not more.
 
Str82th said:
Unfortunately you will make too much money to deduct the loan payments from your taxes and there is no way to pay them with pre-tax money.
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im not an accountant or anything, but that does make sense. I also looked into it a littler more. Interest can be tax deductible to a certain extent, and that "refund"/deduction can easily be used to make an extra payment on the loans if you so wish to do so. However that does seem income dependent to a certain extent.
 
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WheatLom said:
im not an accountant or anything, but that does make sense. I also looked into it a littler more. Interest can be tax deductible to a certain extent, and that "refund"/deduction can easily be used to make an extra payment on the loans if you so wish to do so. However that does seem income dependent to a certain extent.
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Check out the income threshold. This has been an issue for a long time. You will make too much money to deduct loan payments.

Tell the ADA to lobby harder.
 
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