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PSLF only takes 10 years so if he could get onto that program he’d save himself a lot of money. PSLF forgiven debt is not taxable.

by sykh 8y ago

nononope 8y ago
I borrowed $32k was expected to pay near $700/mo on the 10 yr plan. Graduated in 2009 when everyone lost their jobs, nobody was hiring and those who were, got minimum 30% lower salaries. Competition in my field was 400 to one. Not only did a candidate need to be better than 400 applicants, they had to be willing to accept below market wages. Needless to say, the first job I got out of college was not related to my degree but, to 5 years of industry experience and my salary offer was, "this is what we are paying. If you don't want it, we can hire someone else for less. That wage got me on IBR for $129/mo. I paid more than the minimum but, still accrued interest faster. I was lucky to have $15 left at the end of the month, after rent, utilities car payments AND getting my groceeies from a food bank. This system is not sustainable and, if people want to talk about passing the burden on to taxpayers, that would be to the borrower, who has to pay income tax on money they never earned, while the private lender gets a tax credit on the principal. The problem is with the lenders expecting double the interest they used to offer and needlessly skyrocketing tuition and college expenses BECAUSE the U.S. GOVERNMENT stopped providing subsidies to the public Universities and to offset the loss, passed what taxpayers were already paying, onto the students, who are already taxpayers (sheesh)... Then add the price gauging private colleges, who took government loans and made false promises and yes, now the government is paying off those loans to private corporations on behalf of the jipped students.Add in that all colleges have lowered entrance standards, to make the bucks off of people who have no business being in college. I've considered going back to school and found that most colleges accept low C and high D averages. Those kids drop out when the loans run dry. I wanted to find a school that takes education seriously, with a minimum entry requirement of a low B or high C and that doesn't exist. You can basically fail high school and be accepted into college. It's a sad waste of time, money and it detracts from the people who actually go to learn something.
dentista18 8y ago
As an orthodontist, he's not eligible for PSLF.

PSLF only takes 10 years so if he could get onto that program he’d save himself a lot of money. PSLF forgiven debt is not taxable.

by sykh 8y ago

PSLF only takes 10 years so if he could get onto that program he’d save himself a lot of money. PSLF forgiven debt is not taxable.

nononope 8y ago

I borrowed $32k was expected to pay near $700/mo on the 10 yr plan. Graduated in 2009 when everyone lost their jobs, nobody was hiring and those who were, got minimum 30% lower salaries. Competition in my field was 400 to one. Not only did a candidate need to be better than 400 applicants, they had to be willing to accept below market wages. Needless to say, the first job I got out of college was not related to my degree but, to 5 years of industry experience and my salary offer was, "this is what we are paying. If you don't want it, we can hire someone else for less. That wage got me on IBR for $129/mo. I paid more than the minimum but, still accrued interest faster. I was lucky to have $15 left at the end of the month, after rent, utilities car payments AND getting my groceeies from a food bank. This system is not sustainable and, if people want to talk about passing the burden on to taxpayers, that would be to the borrower, who has to pay income tax on money they never earned, while the private lender gets a tax credit on the principal. The problem is with the lenders expecting double the interest they used to offer and needlessly skyrocketing tuition and college expenses BECAUSE the U.S. GOVERNMENT stopped providing subsidies to the public Universities and to offset the loss, passed what taxpayers were already paying, onto the students, who are already taxpayers (sheesh)... Then add the price gauging private colleges, who took government loans and made false promises and yes, now the government is paying off those loans to private corporations on behalf of the jipped students.Add in that all colleges have lowered entrance standards, to make the bucks off of people who have no business being in college. I've considered going back to school and found that most colleges accept low C and high D averages. Those kids drop out when the loans run dry. I wanted to find a school that takes education seriously, with a minimum entry requirement of a low B or high C and that doesn't exist. You can basically fail high school and be accepted into college. It's a sad waste of time, money and it detracts from the people who actually go to learn something.

dentista18 8y ago

As an orthodontist, he's not eligible for PSLF.