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This makes no sense. (Student loans forgiveness)
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This makes no sense. (Student loans forgiveness) - January 25, 2010, 01:51 PM

Ok so the federal government has a program to forgive student loan debt. You have to make 120 consecutive payments and work in certain public sector jobs for 10 years. Any principle or interest after 120 payments is forgiving.

The problem is that after 120 payments wouldn't all your loan be paid. You'd be forgiven for $0.00

Now you can extend your payments past 10 years only if you qualify for the income based repayment plan.

To qualify you have to make less than $10,216 if you're single. Any additional family member adds about $3k to youre total income. If you are married, then your spouses' income counts towards your income too.

How many people with college degrees that make $10,216 a year and can pay for a loan for 10 years?

Who came up with the math for this?


Quote:
Originally Posted by vonstallin View Post
Stinky:
.........
Im so excited im about to pre-blast in my pants.....then....it hits me...
I smell her arm pits and i damn near threw up!!!!
..........
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January 25, 2010, 01:53 PM

Quote:
Originally Posted by hfam95 View Post
Ok so the federal government has a program to forgive student loan debt. You have to make 120 consecutive payments and work in certain public sector jobs for 10 years. Any principle or interest after 120 payments is forgiving.

The problem is that after 120 payments wouldn't all your loan be paid. You'd be forgiven for $0.00

Now you can extend your payments past 10 years only if you qualify for the income based repayment plan.

To qualify you have to make less than $10,216 if you're single. Any additional family member adds about $3k to youre total income. If you are married, then your spouses' income counts towards your income too.

How many people with college degrees that make $10,216 a year and can pay for a loan for 10 years?

Who came up with the math for this?
A gov't worker just out of college LOL!


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I'll also thank them for proving that you don't need the force to get a woman to make you a sammich.
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January 25, 2010, 01:55 PM

This is the same Government that taxes you into a homeless shelter and food stamps, then asks you for money to help out Haiti...
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January 25, 2010, 01:55 PM

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Originally Posted by n2sport View Post
A gov't worker just out of college LOL!
Nope. A GS1, Step 1 (lowest govy salary) makes $22,115 (Washington DC). Thats gross, but adjusted I think it would still be over $10,216. Plus they'd have to be working for 10 years to even qualify.

Who works public sector for 10 years and still only makes $10,216

Try again.


Quote:
Originally Posted by vonstallin View Post
Stinky:
.........
Im so excited im about to pre-blast in my pants.....then....it hits me...
I smell her arm pits and i damn near threw up!!!!
..........
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January 25, 2010, 01:56 PM

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Originally Posted by hfam95 View Post
Nope. A GS1, Step 1 makes $22115. Thats gross, but adjusted I think it would still be over $10,216.

Try again.
I meant who's math was it!
It was a joke!


To punish and enslave!
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2008 HD Night Train
religion is just a misspelling of superstition

Quote:
Originally Posted by Rossi
Once again I forgive you for your self-righteousness, bigotry and prejudice.
Quote:
Originally Posted by Stillie View Post
I'll also thank them for proving that you don't need the force to get a woman to make you a sammich.
"They who would give up an essential liberty for temporary security, deserve neither liberty or security."
-Benjamin Franklin
http://www.youtube.com/watch?v=VYpOF...embedded#at=36
http://www.bachbio.com/gunsavelives.htm
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January 25, 2010, 02:00 PM

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Originally Posted by n2sport View Post
I meant who's math was it!
It was a joke!
Oh I get it. Yeah. Virtually impossible to do. Actually im trying to figure this out and its impossible.

update:

There are some situations where if you teach in low income areas, you can be forgiven.


Quote:
Originally Posted by vonstallin View Post
Stinky:
.........
Im so excited im about to pre-blast in my pants.....then....it hits me...
I smell her arm pits and i damn near threw up!!!!
..........

Last edited by hfam95; January 25, 2010 at 02:14 PM..
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January 25, 2010, 02:14 PM

I consolidated my loans 2 years ago. Now I have 20 years to pay them off and I made way more than $10k when I consolidated. 20 years equals 240 payments
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January 25, 2010, 02:17 PM

fuck! I tried to extend mine when I got mine. They said I didnt qualify to extend it past 10. BTW the income they forgive, its counted as additional income to the IRS.


Quote:
Originally Posted by vonstallin View Post
Stinky:
.........
Im so excited im about to pre-blast in my pants.....then....it hits me...
I smell her arm pits and i damn near threw up!!!!
..........
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January 25, 2010, 02:18 PM

Quote:
Originally Posted by hfam95 View Post
Oh I get it. Yeah. Virtually impossible to do. Actually im trying to figure this out and its impossible.

update:

There are some situations where if you teach in low income areas, you can be forgiven.
I think if you teach in low income areas you should be held to an even higher standard. Those kids need your help more not less! While I see the humor in your statement the humor in real life isn't so funny!


To punish and enslave!
2003 GSXR1K
2008 HD Night Train
religion is just a misspelling of superstition

Quote:
Originally Posted by Rossi
Once again I forgive you for your self-righteousness, bigotry and prejudice.
Quote:
Originally Posted by Stillie View Post
I'll also thank them for proving that you don't need the force to get a woman to make you a sammich.
"They who would give up an essential liberty for temporary security, deserve neither liberty or security."
-Benjamin Franklin
http://www.youtube.com/watch?v=VYpOF...embedded#at=36
http://www.bachbio.com/gunsavelives.htm
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January 25, 2010, 02:19 PM

I am going back to school soon so I hope they will let me extend mine out to 20 years when I am all done. I should have them paid off by the time I am 60





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January 25, 2010, 02:34 PM

Ok, I dicked up the numbers cause I was reading and pissed, but basically the article is here:
http://www.finaid.org/loans/publicservice.phtml
http://www.finaid.org/loans/ibr.phtml


Im screwed anyways cause:
Generally, a debt-to-income ratio of 1.5 or more will result in forgiveness after 25 years except for borrowers with six figure incomes, and a debt-to-income ratio of 1.0 or more will result in forgiveness after 10 years.


Please forgive my ignorance and stirring of the masses. But it would still be nice for people in my situation to still be able to "forgive" my loans cause I have served so long in the military and in support of public sector.

Talked to a single friend. She makes 50k. Still made too much to extend more than 10 years. ...So im screwed.

Thank you bush, thank you obama (for not changing this).

oh and good news. Like a foreclosure on a primary home...the forgiven amount is not included as additional income.


Quote:
Originally Posted by vonstallin View Post
Stinky:
.........
Im so excited im about to pre-blast in my pants.....then....it hits me...
I smell her arm pits and i damn near threw up!!!!
..........

Last edited by hfam95; January 25, 2010 at 02:42 PM..
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January 25, 2010, 02:42 PM

I've already accepted the fact that I will be paying student loans for FOREVARRRRRRRRRRR

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January 25, 2010, 02:47 PM

So the moral of the story boys and girls is to get in debt (although student loan is good debt) and make sure your income is much lower than debt (on purpose) and Uncle Sam (the rest of us slubs) will take care of you.


Quote:
Originally Posted by vonstallin View Post
Stinky:
.........
Im so excited im about to pre-blast in my pants.....then....it hits me...
I smell her arm pits and i damn near threw up!!!!
..........
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January 25, 2010, 02:52 PM

why are you always crying about the same shit? in essence your mad at the world because you are what's supposedly considered successful with your big money job but you don't qualify for any form of assistance.


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January 25, 2010, 02:57 PM

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why are you always crying about the same shit? in essence your mad at the world because you are what's supposedly considered successful with your big money job but you don't qualify for any form of assistance.
yeah yeah. here we go with this.

No. If you read everything I have ever posted on the subject my complaint is that everyone should be able to benefit from these types of plans. Especially this one. Its asking people who work for the public sector for 10 years in lieu of paying the remaining balance of a student loan after those 10 years. Why does this have to be based on income.

What I make is not the point. Im giving something back to my country (in 2 separate instances for a total period of 14 years now) and all Im asking is something in return. Hell Ill take interest free, but I cant even get that.


Quote:
Originally Posted by vonstallin View Post
Stinky:
.........
Im so excited im about to pre-blast in my pants.....then....it hits me...
I smell her arm pits and i damn near threw up!!!!
..........

Last edited by hfam95; January 25, 2010 at 03:00 PM..
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