Suspended Loan Payments

[Lubaolong]

Most of you guys probably heard like me a couple weeks ago that Trump was reducing the interest rates on federal student loans to zero and that borrowers could suspend payments for 60 days.

For my fellow Sherbros with student loans, I just got an email from Fedloans last night that all loans were placed on Administrative Forbearance through September 30th. The good news for people counting on PSLF is that during this forbearance borrowers will continue to receive credits toward forgiveness as if they are making payments.

 

[7437]

Nice. That should help people out

 

[Teppodama]

Most of you guys probably heard like me a couple weeks ago that Trump was reducing the interest rates on federal student loans to zero and that borrowers could suspend payments for 60 days.

For my fellow Sherbros with student loans, I just got an email from Fedloans last night that all loans were placed on Administrative Forbearance through September 30th. The good news for people counting on PSLF is that during this forbearance borrowers will continue to receive credits toward forgiveness as if they are making payments.

It's a trick so you better read the fine print cause Trump does absolutely nothing good for America and its citizens. The media, academia, political bobbleheads, celebrities and more than half of the war room Sherbros assure me its so.

 

[guns&moses]

Good to hear.

 

[Deleted member 159002]

Are there restrictions on what kinds of government jobs qualify for PSLF? According to this:

Public Service Loan Forgiveness is a federal program designed to encourage students to enter relatively low-paying careers like firefighting, teaching, government, nursing, public interest law and the military.

https://www.nerdwallet.com/blog/loans/student-loans/public-service-loan-forgiveness/

Government? Government jobs often pay more than than similar private sector jobs and often with better benefits. With regard to the federal government, federal workers with some college, associates, bachelors, and masters are all compensated more than private sector workers of the same education level:
https://www.cbo.gov/publication/52637

People with doctorates are compensated less but they're only like 3% of the federal workforce:
https://ourpublicservice.org/wp-con...d589d0e0dcd9336101e81858a0d2f6-1399994024.pdf

 

[Deleted member 159002]

There's higher compensation for state and local government workers than private sector workers too:
https://www.bls.gov/news.release/eci.t01.htm

 

[Hadron90]

Mine weren't automatic, I had to email. I placed them all into forebearance, but changed my auto-pay to spend the same amount I was paying, only applying it all to the highest interest loan. Works out pretty well since I'm still employed and now get a few months to aggressively pay down my high interest loan with no interest accruing and without having to worry about min payments on other loans.

 

[HockeyBjj]

Are there restrictions on what kinds of government jobs qualify for PSLF? According to this:


https://www.nerdwallet.com/blog/loans/student-loans/public-service-loan-forgiveness/

Government? Government jobs often pay more than than similar private sector jobs and often with better benefits. With regard to the federal government, federal workers with some college, associates, bachelors, and masters are all compensated more than private sector workers of the same education level:
https://www.cbo.gov/publication/52637

People with doctorates are compensated less but they're only like 3% of the federal workforce:
https://ourpublicservice.org/wp-con...d589d0e0dcd9336101e81858a0d2f6-1399994024.pdf

You’re a fucking nonce. My wife became a school counselor, and yeah we’re banking on public loan forgiveness for the 70k she ended up in debt after getting her masters. (I was 60k in debt, but engineering)

Working as a private practice mental health counselor makes way more money. But she wanted to help kids in the school system so here’s at least a little back

Teachers make on average 60k, starting less than 40. Really gonna say they shouldn’t have a little of that student loan wiped out after 10 or 25 years already paying it? It’s really only the ones who qualify for income based repayment that truly benefit from it anyway.

 

[Hadron90]

You’re a fucking nonce. My wife became a school counselor, and yeah we’re banking on public loan forgiveness for the 70k she ended up in debt after getting her masters. (I was 60k in debt, but engineering)

Working as a private practice mental health counselor makes way more money. But she wanted to help kids in the school system so here’s at least a little back

Teachers make on average 60k, starting less than 40. Really gonna say they shouldn’t have a little of that student loan wiped out after 10 or 25 years already paying it? It’s really only the ones who qualify for income based repayment that truly benefit from it anyway.

The question we should be asking is why is it $70k to begin with? These costs have been rising far faster than inflation for decades now, yet at the same time education quality has deteriorated. Instead of asking how we should pay, everyone should be asking why we should pay.

 

[MMAGA]

Most of you guys probably heard like me a couple weeks ago that Trump was reducing the interest rates on federal student loans to zero and that borrowers could suspend payments for 60 days.

For my fellow Sherbros with student loans, I just got an email from Fedloans last night that all loans were placed on Administrative Forbearance through September 30th. The good news for people counting on PSLF is that during this forbearance borrowers will continue to receive credits toward forgiveness as if they are making payments.

Yes, but how does Orange Man Bad (OMB) benefit from this?

 

[Sketch]

You’re a fucking nonce. My wife became a school counselor, and yeah we’re banking on public loan forgiveness for the 70k she ended up in debt after getting her masters. (I was 60k in debt, but engineering)

Working as a private practice mental health counselor makes way more money. But she wanted to help kids in the school system so here’s at least a little back

Teachers make on average 60k, starting less than 40. Really gonna say they shouldn’t have a little of that student loan wiped out after 10 or 25 years already paying it? It’s really only the ones who qualify for income based repayment that truly benefit from it anyway.

My dad was talking about this the other day, he was saying how he thinks one of the only ways out of this oncoming recession and economic fallout is their will have to be some loan forgiveness for people.

 

[HockeyBjj]

The question we should be asking is why is it $70k to begin with? These costs have been rising far faster than inflation for decades now, yet at the same time education quality has deteriorated. Instead of asking how we should pay, everyone should be asking why we should pay.

You’re right. Your spot on. It’s my reason for not being for Bernie and Co’s college for all type plans. That just shifts the burden from the students to the taxpayers on what is way too expensive for what it should be to begin with. We need to cut that down.

But just because it’s overpriced and a clear problem needs to be fixed, doesn’t mean we should start talking about eliminating the systems that have been in place for those of us who have gotten higher education at a time when being assfucked by loans was the most common way to get a diploma (looking back, I’d definitely do things differently. Sorry 17-19 year old me made poor long term financial decisions. Shocker). The loans were taken out with the agreement of being forgiven after X years for working in a public sector type job.

 

[Hadron90]

You’re right. Your spot on. It’s my reason for not being for Bernie and Co’s college for all type plans. That just shifts the burden from the students to the taxpayers on what is way too expensive for what it should be to begin with. We need to cut that down.

But just because it’s overpriced and a clear problem needs to be fixed, doesn’t mean we should start talking about eliminating the systems that have been in place for those of us who have gotten higher education at a time when being assfucked by loans was the most common way to get a diploma (looking back, I’d definitely do things differently. Sorry 17-19 year old me made poor long term financial decisions. Shocker). The loans were taken out with the agreement of being forgiven after X years for working in a public sector type job.

I agree with you completely. I'll take all the student loan help I can get since I'm also carry those bags around because I didn't understand money at 18.

 

[HockeyBjj]

My dad was talking about this the other day, he was saying how he thinks one of the only ways out of this oncoming recession and economic fallout is their will have to be some loan forgiveness for people.

Me saying this doesn’t indicate my support one way or another on blanket student loan forgiveness

But if public and private student loans were forgiven, what the number of homeowners skyrocket. So, so, so many people myself included are renting despite having a household income over 100k in our late 20s and 30s because we can’t take on a mortgage on top of our existing debt. Corona killed it, but the loan situation causing the housing market to collapse was my prediction for the next big stick crash when people realized millennials couldn’t afford to buy houses like our parents. Even the prime ones who should be.

 

[Sketch]

Me saying this doesn’t indicate my support one way or another on blanket student loan forgiveness

But if public and private student loans were forgiven, what the number of homeowners skyrocket. So, so, so many people myself included are renting despite having a household income over 100k in our late 20s and 30s because we can’t take on a mortgage on top of our existing debt. Corona killed it, but the loan situation causing the housing market to collapse was my prediction for the next big stick crash when people realized millennials couldn’t afford to buy houses like our parents. Even the prime ones who should be.

Another problem is where you live, here in Toronto, condos are like 700k and houses are in the 1.1 million range. The wife and I make over 100k in household income, we have savings and no debt. We are offered shitty mortgages and even with what they offer still cannot buy. There will be a massive crash if our entire generation can't own a home eventually. It's one of the only things holding me back from not having a kid so far.

 

[hitcher]

Another problem is where you live, here in Toronto, condos are like 700k and houses are in the 1.1 million range. The wife and I make over 100k in household income, we have savings and no debt. We are offered shitty mortgages and even with what they offer still cannot buy. There will be a massive crash if our entire generation can't own a home eventually. It's one of the only things holding me back from not having a kid so far.

Same situation for me and the missus, Salary wise we are part of the 10 % income bracket. That dies not mean shit if cheapest houses cost you at least 650k in Euros and probably 70k on top for renovating that piece of shit.
The housing Market is horrendous, especially in Germany considering a majority of the population does not own any real estate effectively leading to the average German owning less wealth than e.g. the average Greek, Italien etc.

 

[Deleted member 159002]

You’re a fucking nonce. My wife became a school counselor, and yeah we’re banking on public loan forgiveness for the 70k she ended up in debt after getting her masters. (I was 60k in debt, but engineering)

Working as a private practice mental health counselor makes way more money. But she wanted to help kids in the school system so here’s at least a little back

Teachers make on average 60k, starting less than 40. Really gonna say they shouldn’t have a little of that student loan wiped out after 10 or 25 years already paying it? It’s really only the ones who qualify for income based repayment that truly benefit from it anyway.

Way more money working as a private practice mental health counselor? I don't know what your wife told you, but I think you're mistaken.

School counselor average salary: $50,244
https://www.payscale.com/research/US/Job=School_Counselor/Salary

Private practice counselor average salary:
$44,529
https://www.payscale.com/research/US/Job=Private_Practice_Counselor/Salary

Does your wife get a pension? That would be extra compensation she receives working in a school, which she probably wouldn't in private practice.

I'd be okay with the program, limited to jobs that are vital and don't pay much. Your dishonesty and shrillness has convinced me to oppose any loan forgiveness for school counselors.

 

[HockeyBjj]

Way more money working as a private practice mental health counselor? I don't know what your wife told you, but I think you're mistaken.

School counselor average salary: $50,244
https://www.payscale.com/research/US/Job=School_Counselor/Salary

Private practice counselor average salary:
$44,529
https://www.payscale.com/research/US/Job=Private_Practice_Counselor/Salary

Does your wife get a pension? That would be extra compensation she receives working in a school, which she probably wouldn't in private practice.

I'd be okay with the program, limited to jobs that are vital and don't pay much. Your dishonesty and shrillness has convinced me to oppose any loan forgiveness for school counselors.

I’m not sure if that mental health counselor link you found there included interns or what, but this says 92k average for a psychologist with a masters degree. That aligns with our friends in the private field who make in the 80ks. (We’re late 20s, so lesser on the experience than an average one)

https://www.salary.com/research/salary/benchmark/psychologist-salary/il

school counselor with masters in 50s sounds right

 

[ineverpost]

Depending on the amount they are forgiving and any income requirements, I might just quit my job. Might be more lucrative.

 

[Lubaolong]

Are there restrictions on what kinds of government jobs qualify for PSLF? According to this:


https://www.nerdwallet.com/blog/loans/student-loans/public-service-loan-forgiveness/

Government? Government jobs often pay more than than similar private sector jobs and often with better benefits. With regard to the federal government, federal workers with some college, associates, bachelors, and masters are all compensated more than private sector workers of the same education level:
https://www.cbo.gov/publication/52637

People with doctorates are compensated less but they're only like 3% of the federal workforce:
https://ourpublicservice.org/wp-con...d589d0e0dcd9336101e81858a0d2f6-1399994024.pdf

Pretty much any work for a nonprofit or local, state, or federal government work. There are tons of doctors making loads of money who are making payments toward PSLF. One of my ex coworkers just got hers forgiven a few months ago.