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Discussion in 'The Mainboard' started by miles, Jan 19, 2017.
$80k/$160k but the deduction is capped at $2500 which is bullshit
My grandparents on my dads side are/were two of the cheapest/smartest with money people I have ever ever met. My grandpa made decent money and also invested in a fuckload of life insurance (which my grandma cashed in on). They had 3 kids, my dad and two sisters.
One aunt had to move back in with my grandma a few years ago because she foreclosed on her house. She's never been real smart with money but was doing alright. Her problem was she co-signed on some sort of student loan her son had taken out. His freshman year alone he took out $75k (might not have been that much, but it was some absurd figure). He went to a satellite campus of OSU his freshman year as an in-state student. He ended up finishing school at Wright State with around $150k in student debt.
My other aunt and her husband racked up a fuckload of credit card debt. Not sure how much but I'd estimate $30k. And that's $30k in the 90s/early 2000s not today's money. They always bought "the best" stuff. I'm talking first edition Harry Potter books, expensive cameras, Bose speakers everywhere, etc.
They have two sons. They both had to go OOS because my uncle is in the military and was overseas. The older one studied Electrical engineering and is doing well for himself minus buying a fuckload of unnecessary shit, it seems.
The other went to Purdue and graduated with a degree that Purdue University isn't accredited in. He studied animation or some bullshit and refused to move to California which is where all those jobs are, apparently. He ended up doing some study from home degree that he could've just done without dropping $40k/yr. Now lives in Austin (his brother lives in Dallas).
My dad, sisters and I are normal.
I just realized I replied without finishing. But yeah, it's weird how people with the same upbringing differ so much. Maybe my grandparents were too strict and they resent it. I don't know.
Luckily for them they're going to get bailed out when my grandma dies, but I'd be lying if I said their lifestyles didn't piss me off
Adjusted gross income of 80. So if you're over a little, get some more deductions
As the board republican, how can I write off a billion dollars?
Claim 9 on withholding and just don't even file imo
Yea it's not always poor parenting. My parents tried to educate me and show me the proper way to handle my finances from an early age. Unfortunately i always tend to learn things the hard way so I made plenty of mistakes before changing. Hell I still make mistakes, just not as numerous or in as large amounts of money as I did before.
It boggles my mind that people pay interest on credit cards. Balance transfer that shit to a card with 0%.
And it starts to phase out from like 60k to 80k. It really doesn't save much money when it comes time to file. Definitely needs modified.
lol shock is so angry, tagging me in multiple threads. In my first post talking about the method I said no one in the investing thread should ever do it, as we all get math and are obviously investing. But dumbasses with 10 credit cards and 20 places of debt can actually see gains by paying off debts and seeing the emotional side of getting rid of a payment.
Shock obviously believes all humans are mathematical robots. Fun fact: if all humans were mathematical robots, debt outside of home loans (and possibly even those) wouldn't exist.
I don't agree with that. The math would tell you you are going to make more money when you get older if you got a good degree from a good school. So yolo and spend now!
Kidding of course.
Robots don't need homes, just someplace they can plug in every now and then. Maybe some wifi to get software updates. Basically, they just need a Starbucks they can hit up every now and then.
maybe he wants to build is own?
Can they prevent this?
So, I re-certified for my repayment plan 2 months ago. Wake up this morning to a notice from Navient that I never re-certified for my repayment plan and was going to be charged $3300 per month instead of $300 per month. Call up there and the lady is confused because she is staring at my re-certification from two months ago. Shocking that Navient tries to fuck me over yet again, just shocking.
Doesn't that usually require a fee which is basically forcing you to pay interest up front vs paying it off early?
There are always sign up offers for no fee transfers and such
I've seen transfers as low as 1% on my existing cards. Even a 5% one time fee is better than paying 18-23% APR on a large balance that you're paying over time.
I'm considering getting a chase slate right now and take almost the entire credit limit and throw it at my student loans. It'll kill my credit utilization but don't really care since I'm not buying anything anytime soon.
We're basically the only developed nation in the world that does this.
We're the only one that charges astronomical amounts of money to even attend college and then subsequently saddle young professionals with mountains of debt. If you're interested, take a look at what countries like Finland, Germany, China, etc. do. And you'll hear politicians say we can't, for whatever reason. Oh yeah, nearly every one of those nations scores higher than we do across the board.
We're also the only developed nation that treats teaching like a second-class career. In damn near every other similar country, teaching is viewed as a reputable, well-paying profession. Here? Nahhhhh.
And then we elect a guy that appoints an individual with ZERO knowledge of public education to be the Secretary of Education. Sometimes, I think we just get what we deserve.
DeVos is going to give Navient a huge contract here soon. It's only going to get worse.
This is mainly because the Republican party gets away with murder.
When the government hands out unsecured loans like candy, what do you expect?
Fiancé hasn't ~40k in debt. Does it make sense to open a Chase Slate card at 0% APR for 15 months and $0 transfer fee in first 60 days of account to transfer ~$10,000 to her checking account, throw that at her 2 highest percentage loans to wipe them out completely, then juggle the minimum payments and split that other $10,000 across 15 months?
I feel like we'd be saving a lot of interest not paying 6.2% anymore and I could live with the remaining loans just being gently chipped away at 4.0%.
I know this'll use up a huge portion of available credit and ding her score but we're not planning on buying anything big in the next 18 months so it should recover by then as she pays it down and on time, right?
I'm highly considering doing this as well. Not sure if I'll get approved for the slate since I have had 3 chase accounts (plus others) in the two years
You went to college?
It's where I met your mother
The US is paying $38 to collect $1 in student debt 10 / 27
Shahien Nasiripour and Francesca Levy
The federal government has, in recent years, paid debt collectors close to $1 billion annually to help distressed borrowers climb out of default and scrounge up regular monthly payments. New government figures suggest much of that money may have been wasted.
Nearly half of defaulted student-loan borrowers who worked with debt collectors to return to good standing on their loans defaulted again within three years, according to an analysis by the Consumer Financial Protection Bureau. For their work, debt collectors receive up to $1,710 in payment from the U.S. Department of Education each time a borrower makes good on soured debt through a process known as rehabilitation. They keep those funds even if borrowers subsequently default again, contracts show. The department has earmarked more than $4.2 billion for payments to its debt collectors since the start of the 2013 fiscal year, federal spending data show.
The findings, gleaned from the bureau’s analysis of about 600,000 borrower accounts, come as the Trump administration weighs a shakeup of the government’s student loan program. For years, defaults have mounted despite the improving U.S. economy and the money invested in collecting education debt. Education Secretary Betsy DeVos pledged earlier this year to “do a better job” than the Obama administration at managing the department’s loan contractors. Last week, DeVos suggested that the feds should “start afresh.”
Officials at the CFPB say the government should reexamine whether the loan program, and the lucrative contracts it bestows on private firms, is working for the millions of Americans struggling to repay their taxpayer-backed student debt.
“When student loan companies know that nearly half of their highest-risk customers will quickly fail, it's time to fix the broken system that makes this possible,” said Seth Frotman, the consumer bureau’s top student-loan official.
Debt collectors aggressively angle for new business from the Education Department because the contracts are among the most lucrative in the industry. The government values the latest round at $2.8 billion.
The government often pays debt collectors nearly 40 times what they bring in, federal records show. Take the government's rehabilitation program, which targets people who have defaulted on their debt—meaning they missed nine months of payments. If a borrower subsequently makes nine on-time monthly payments of as little as $5 during a 10-month period, their loans are returned to good standing and the default is supposed to be wiped from their credit reports . But the CFPB found that more than 40 percent of these borrowers defaulted again within three years.
Even when borrowers don't default, debt collection efforts often yield little. Close to 80 percent of borrowers who rehabilitate their debt make the minimum $5 monthly payment, according to a 2015 estimate by the National Council of Higher Education Resources, a lobbying group that represents student debt collectors and servicers. That means the Education Department is paying its debt collectors up to $1,710 per borrower to collect around $45, regardless of whether the borrower continues to make her payments.
The arrangement means that debt collectors “have no ‘skin in the game,’” Frotman wrote in an October report.
The consumer bureau estimates that the vast majority of borrowers who rehabilitate their defaulted debt with $5 monthly payments are eligible for $0 payments after they exit default, under an income-based repayment plan. But about 90 percent of debtors who rehabilitated their debt failed to enroll in these programs, according to the CFPB’s analysis. All that's needed to enroll is some paperwork that enables contracted loan servicers to confirm borrowers' annual earnings, but experts inside and outside the government say they don't know why this step isn't completed, and distressed borrowers are left stuck in debt collectors' sights. The Education Department, which rewards its loan servicers with more business if the loans they service remain in good standing, excludes rehabilitated loans when grading its servicers' performance.
The consumer bureau says slipshod loan servicing—the business of counseling borrowers on their options and sending them monthly bills—is largely to blame. NCHER President James Bergeron said the feds need to simplify the various repayment plans they offer and "do a better job" helping previously defaulted borrowers get into repayment plans. Calls and emails to the Education Department weren’t returned.
"I don't see how anyone wins from this system other than the collection industry," said Adam S. Minsky, a Boston-based lawyer who represents student debtors
Mohela did that same shit to me and my wife. We both certified, and we even have an email conversation between us from when we both completed our applications and certified our income. Nevertheless, Mohela insists neither of us certified.
A huge step to decreasing college tuition and debt as a result is to decrease the supply of federal student aid.
^^^ wants to see if we can greatly increase unemployment while simultaneously shrinking the pool of qualified laborers for companies to hire from. ^^^
Shrinking the pool of quality labor?
Your posts make more sense now that I know you can't read.
Read an article regarding the lawsuit filed against Navient in Pennsylvania and decided to toss my experience into the CFPB as well. Fuck them so hard.