4 ms·
Why is Mark Meru allowed to pay back only 10% of his discretionary income? He has a $225,000 income and can pay back more than $1,590 a month for the education
by ggg9990 8y ago
Why is Mark Meru allowed to pay back only 10% of his discretionary income? He has a $225,000 income and can pay back more than $1,590 a month for the education that got him to this salary level. Then he could make a dent in the principal.
- gok 8y agoBecause... those were the terms the lender agreed to?
- mirimir 8y agoAnd because he realized how things were going, and refinanced at the right time, in a smart way.
- vidarh 8y agoAnd according to the article it is not that simple: the forgiven debt amount will be taxed as ordinary income. Which means he'll also need to plan for å substantial tax charge at the point when his debt is discharged.