- Joined
- Aug 22, 2011
- Messages
- 20
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- 2
Has anyone heard anything about this tax bill that is being worked out right now? As we all know, it initially intended to tax graduate student tuition waivers, but word got out, people spoke up, and that has been taken out. However, I did some digging and there are still some major issues for students. I do not see the media talking about this and I am worried that there will be no voice for us since we do not know what is going on. From what I can tell, this is what could change:
-Lowering of the aggregate loan amount
At first glance, this seems like a great idea and going forward, it probably is. However, for students who are already financially invested in their programs, I am worried they'll suddenly hit their aggregates before they expected and will not be able to finish their programs. Then what do they do? Graduate with a ton of debt but no degree?
-Elimination of PSLF
A lot of students, such as myself, decided to go back to graduate school with the understanding that PSLF was there and that upon graduation, if we worked for qualifying employers, we would be able to have our loans forgiven after 10 years of repayment, tax-free. It was a determining factor for me, but I am not enrolled yet because I am still in school. So does this mean I'd have to either quit my program, leaving in debt but without a degree, or finish and not have the PSLF option? What about my husband, who is currently paying on his federal loans under PSLF, but is also taking out loans for his PhD? So as of June 2018, the rest of his loans won't qualify for PSLF? And since he chose to go back to graduate school under these rules, how is it fair for them to change when he has invested so much financially?
-Elimination of payment options such as REPAYE
Same issue as PSLF. And how are loans going to be repaid if they are astronomical and a person's income is not taken into consideration?
I am deeply concerned about this. I feel like we need to speak up or alert the media or something because if all of this goes through, some of us are going to be in trouble.
Can anyone better clarify my understanding? I realize I could be wrong about anything.
-Lowering of the aggregate loan amount
At first glance, this seems like a great idea and going forward, it probably is. However, for students who are already financially invested in their programs, I am worried they'll suddenly hit their aggregates before they expected and will not be able to finish their programs. Then what do they do? Graduate with a ton of debt but no degree?
-Elimination of PSLF
A lot of students, such as myself, decided to go back to graduate school with the understanding that PSLF was there and that upon graduation, if we worked for qualifying employers, we would be able to have our loans forgiven after 10 years of repayment, tax-free. It was a determining factor for me, but I am not enrolled yet because I am still in school. So does this mean I'd have to either quit my program, leaving in debt but without a degree, or finish and not have the PSLF option? What about my husband, who is currently paying on his federal loans under PSLF, but is also taking out loans for his PhD? So as of June 2018, the rest of his loans won't qualify for PSLF? And since he chose to go back to graduate school under these rules, how is it fair for them to change when he has invested so much financially?
-Elimination of payment options such as REPAYE
Same issue as PSLF. And how are loans going to be repaid if they are astronomical and a person's income is not taken into consideration?
I am deeply concerned about this. I feel like we need to speak up or alert the media or something because if all of this goes through, some of us are going to be in trouble.
Can anyone better clarify my understanding? I realize I could be wrong about anything.