The end/changes to Federal Student Loan Forgiveness?

[Blueshirts]

---

Members don't see this ad.

Trump Proposes To End Student Loan Forgiveness Program

Opinions?

 

[321931]

And this is why I advise anyone going into the field that you should pay back your debts as soon as possible. Alot of people believe that they can do the loan forgiveness thing 25 years into your career and take a tax bomb. According to this article- they are extending it to 30 years for loan forgiveness. So basically you are enslaved to your job for 30 years. You better love dentistry buddy. I could see myself doing dentistry for 10-20 years but 30? Dam...that's rough.

So you end up living a bit out of your budget, chill relax, let the debt pile on, and then one day you wake up and the law has changed and there's no more student loan forgiveness.

So bottom line? Take care of your debts, manage it well, and pay it off as soon as possible. Don't rely on big brother to help you out.

 

[AppalachianDentalBoy]

\You better love dentistry buddy. I could see myself doing dentistry for 10-20 years but 30? Dam...that's rough.

My grandfather is still practicing and teaching in his late seventies. Not sure if he does it because he loves it or if it allows him to get away from my grandma for a few days a week lol.

Lots of people on here seem to romanticize working. At the end of the day it is still just a job.

 

[321931]

My grandfather is still practicing and teaching in his late seventies. Not sure if he does it because he loves it or if it allows him to get away from my grandma for a few days a week lol.

Lots of people on here seem to romanticize working. At the end of the day it is still just a job.

Working when you have your bills paid off... house paid off... kids taken off is more of a hobby, do something to pass the time.

When you are 50-60 and saving up for a big tax bomb from loan forgiveness is a different story. That’s the way I sees it...

 

[Blueshirts]

I'd like to see how this shakes out and what type of mandates would be included in whatever the new policy ends up being. This was inevitable, I'm also interested in how Dental schools will approach this or if they will avoid the situation. If I get a chance after work today I'll search through the white house proposal for details.

 

[Likkriue]

In 5 years it will be extended to 40 years when the average dental school is 650k a year and average dentists income becomes 100k a year.

 

[Blueshirts]

Directly from the proposal:

"The Budget proposes to streamline student loan repayment by consolidating multiple IDR plans into a single plan. The Single IDR plan would cap a borrower’s monthly payment at 12.5 percent of discretionary income. For undergraduate borrowers, any balance remaining after 180 months of repayment would be forgiven. For borrowers with any graduate debt, any balance remaining after 30 years of repay- ment would be forgiven."

I assume 'forgiven' is the same as it is now, which means the tax bomb. 12.5% of DISCRETIONARY INCOME is pretty good for young professionals starting off, this is actually not so bad so long as you work to still pay off loans fast.

 

[rk1229]

Another part of the budget says "All student loan proposals would apply to loans originating on or after July 1, 2020, except those provided to borrowers to finish their current course of study" ..... so this should mean that students enrolling this year wouldn't be affected, right? Only those enrolling in 2020 and later?

 

[Blueshirts]

Another part of the budget says "All student loan proposals would apply to loans originating on or after July 1, 2020, except those provided to borrowers to finish their current course of study" ..... so this should mean that students enrolling this year wouldn't be affected, right? Only those enrolling in 2020 and later?

It is would seem like this is the case

 

[potential_fut_doc]

This from the man who personally makes more than a quarter million dollars each time he hosts a meeting at his personal property in FL.