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School Loans
Started by wasatch
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I would say rather uncommon. (outside of military)
of 20-25 groups Im familiar with, ZERO payback loans. Of all the HMOs I know, none do.
It doesnt matter though. The IRS cracked down on loan forgiveness of all sorts and its considered taxable income regardless. I love how the government screws the little guy...time and time again.
Meanwhile Ibankers found a loop where they can declare their fees as capital gains and only 15% EFT rather than the 35% EFT we all pay in the 150+ bracket.
Before a salary of 150K and 50K of loan forgiveness was >>>200K salary, now they are equivalent.
Educational loans are really a total screw job. Figuring for every 1 buck you borrow, you need to earn 2 dollars to pay down the principal and another 2 bucks to pay off the compounding interest on a 30 year fixed, thats a ratio of 4:1. 200K borrowed today will cost you 800K in income down the road.
It doesnt matter though. The IRS cracked down on loan forgiveness of all sorts and its considered taxable income regardless. I love how the government screws the little guy...time and time again.
Meanwhile Ibankers found a loop where they can declare their fees as capital gains and only 15% EFT rather than the 35% EFT we all pay in the 150+ bracket.
Before a salary of 150K and 50K of loan forgiveness was >>>200K salary, now they are equivalent.
Educational loans are really a total screw job. Figuring for every 1 buck you borrow, you need to earn 2 dollars to pay down the principal and another 2 bucks to pay off the compounding interest on a 30 year fixed, thats a ratio of 4:1. 200K borrowed today will cost you 800K in income down the road.
