Student Loan Forgiveness

[philomycus]

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Changes are being suggested to the repayment plan for non-profit/public service that affect our future. PLEASE sign the petition.


https://petitions.whitehouse.gov/pe...orm-forgiving-all-qualifying-student/wkqnqBCH

 

[twelvetigers]

What, seriously? This is something that's happening?

 

[Minnerbelle]

It was just a matter of time...

 

[AuburnVet]

Yeah public service was never designed for loans as big as ours. On the plus side, IBR forgiven balances will no longer be taxed. They will however raise the amount we pay per month over the life of the loan.

 

[deleted498041]

Yeah public service was never designed for loans as big as ours. On the plus side, IBR forgiven balances will no longer be taxed. They will however raise the amount we pay per month over the life of the loan.

So, once it's forgiven, it's forgiven? No more $30,000 payment at the end because of taxes?

 

[TooLove]

If that's the case, it's almost better to have this go through. Way more people will take advantage of IBR loan forgiveness than public service repayments.

 

[TooLove]

Yeah public service was never designed for loans as big as ours. On the plus side, IBR forgiven balances will no longer be taxed. They will however raise the amount we pay per month over the life of the loan.

Where did you find this info?

 

[AuburnVet]

Where did you find this info?

http://www.edcentral.org/obama-administration-announces-major-reforms-income-based-repayment/

 

[dovelover]

Yeah public service was never designed for loans as big as ours. On the plus side, IBR forgiven balances will no longer be taxed. They will however raise the amount we pay per month over the life of the loan.

That is awesome. Like totally life changingly awesome.

 

[that redhead]

If that's the case, it's almost better to have this go through. Way more people will take advantage of IBR loan forgiveness than public service repayments.

There's a lot more bad to it, though, and I personally don't think they outweigh the no tax at the end part. Not to sound patronizing or condescending, but I encourage everyone to read about it thoroughly. The no tax at the end is pretty much the only good thing and there are many other very bad things.

 

[DVMDream]

There's a lot more bad to it, though, and I personally don't think they outweigh the no tax at the end part.

It is bad for anyone that is married. And bad for anyone that wants the public services loan forgiveness. But it is quite good for single people looking for just IBR. There are definitely pluses and minuses to it. Hopefully they can correct some of the negatives.

 

[that redhead]

It is bad for anyone that is married. And bad for anyone that wants the public services loan forgiveness. But it is quite good for single people looking for just IBR. There are definitely pluses and minuses to it. Hopefully they can correct some of the negatives.

It's also bad for people who want to ever get married, people with loans above a certain threshold or who end up making more money :\

 

[WhtsThFrequency]

I still have not gotten a straight answer on whether working as a clinical prof at a vet school counts for public service in IBR. Anyone know for sure?

 

[DVMDream]

It's also bad for people with loans above a certain threshold or who end up making more money :\

Yeah, for the public service forgiveness... looks as though IBR has no cut-off. But correct me if I am wrong in that.

 

[that redhead]

Yeah, for the public service forgiveness... looks as though IBR has no cut-off. But correct me if I am wrong in that.

Sorry, what do you mean by no cut off?

 

[WhtsThFrequency]

I also consider it complete BS that you cannot separate your incomes for IBR calculations if you are married, even if you file separately. WW should not have to pay for my loans. They are my responsibility and should be based on my income.

Also what they say is somewhat faulty - even now, you will have a higher IBR payment if you are married, period. It is the lowest if single, goes up if you are married filing separately, and up again if married filing jointly. At least, that is what the calculators I have used have taught me.

Cap Public Service Loan Forgiveness at $30,000? Are they ****ing serious?

 

[DVMDream]

Sorry, what do you mean by no cut off?

There is no loan limit on IBR.

If you hit the $57,500 (I think this is the correct amount) then you can't get public service forgiveness (which would be almost all of us in vet school).

But just doing IBR, there is no limit like that.

 

[DVMDream]

I also consider it complete BS that you cannot separate your incomes for IBR calculations if you are married, even if you file separately. WW should not have to pay for my loans. They are my responsibility.

I agree with this. That part is BS.

 

[that redhead]

There is no loan limit on IBR.

If you hit the $57,500 (I think this is the correct amount) then you can't get public service forgiveness (which would be almost all of us in vet school).

But just doing IBR, there is no limit like that.

Ah okay, I understand what you were trying to say. Yes and yes.

 

[that redhead]

I also consider it complete BS that you cannot separate your incomes for IBR calculations if you are married, even if you file separately. WW should not have to pay for my loans. They are my responsibility and should be based on my income.

Also what they say is somewhat faulty - even now, you will have a higher IBR payment if you are married, period. It is the lowest if single, goes up if you are married filing separately, and up again if married filing jointly. At least, that is what the calculators I have used have taught me.

Cap Public Service Loan Forgiveness at $30,000? Are they ******* serious?

This really frustrates me too. It would make it better for my family (current and future) if I were to die or divorce my husband? How is that any kind of right?

 

[wildcatj]

I still have not gotten a straight answer on whether working as a clinical prof at a vet school counts for public service in IBR. Anyone know for sure?

Someone just posted recently that they were able to use their intern year working at a teaching hospital toward public service...
Here it is:

I'm currently paying under Pay As You Earn and it works the way it is supposed to. I took some initiative on my part to make sure I had turned all the right paperwork on time, but the result is I am making payments to keep the government happy(even though it doesn't even cover my interest).
I'm currently 3 payments in with 117 to go towards Public Service Loan Forgiveness. With 3 years of residency ahead of me it will be a while before I could make any significant payment beyond the minimum.

Over from the government vs private loans thread. Posted by David594 in case who the quote is from isn't showing up for anyone.

Edit: Actually by his other posts in that thread I'm not sure if he's working at a teaching hospital or a large non-profit hospital.
Double edit: he goes on to say that he believes most vet schools should qualify.

 

[TooLove]

This really frustrates me too. It would make it better for my family (current and future) if I were to die or divorce my husband? How is that any kind of right?

I thought the exact same thing when I read that part.

 

[deleted498041]

I still have not gotten a straight answer on whether working as a clinical prof at a vet school counts for public service in IBR. Anyone know for sure?

I was under the impression that it depended on the school.

 

[DickVetPlease]

Any word on the timeline of all this? If I qualify thru my residency, I was planning to enroll in Public Service Loan forgiveness starting this summer...

 

[AuburnVet]

Any word on the timeline of all this? If I qualify thru my residency, I was planning to enroll in Public Service Loan forgiveness starting this summer...

This won't pass. It's tied to a massive tax increase that will never make it through the house. However, this does kind of let you know where IBR is going. I wouldn't count on the public service loophole being around in ten years.

 

[DVMDream]

This won't pass. It's tied to a massive tax increase that will never make it through the house. However, this does kind of let you know where IBR is going. I wouldn't count on the public service loophole being around in ten years.

I really just want the part about IBR forgiven balances not being taxed to go through... 🙂

The rest of it, no.