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Additional Posts in Teacher's Lounge
Visual Storyteller
Wait for it.....
Visual Storyteller
This is absolutely true.
Rising Star
I'm just saying.....
My first attempt at making a meme. Lol!
For the lols
Tuesday Profound Thought:
Enthusiast
Found ‘im! I’m getting much better at this game.
Rising Star
This one! 😂😂😂
Wait what are we doing?
Inside reality but keeping a smile so far!
My reminder to be grateful for EVERY day!
How has distance learning gone for you this year?
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There isn’t really loan forgiveness it just transfers to citizens who didn’t create the debt to repay.
NJHS3 actually not, every year the income collected by the Government has grown substantially. We have a spending problem not an income problem.
If you want to complain about tax system feel free but that’s doesn’t belong in the same conversation.
Are you aware Federal taxes collected have grown massively and the bottom 45ish percent of income earners pay about 0% federal taxes after various credits.
I came to teaching from back ground of owning businesses and still own a couple with management in place. I have read the tax code from cover to cover and want to legally use it to my benefit. By the way if you take deductions and refunds due you are doing the same thing.
Rising Star
☝️This! That’s what we did. Our daughter moved back home in Covid March 2020, pays a small amount of rent, and it helps us out. She took advantage of the frozen interest that so every dollar paid to her Stafford student loans went directly to the principal. She paid off 25k in 21 months and is now debt free. If a young person has a good relationship with their parents, this is a way to pay it off rather than waiting for an act of Congress that probably will not happen. Then you can just move on with your life and not have it hanging over your head.
Why is she shocked? She should have had some kind of idea what she was signing for
Best advice is to not get in debt. Too many people go to expensive colleges and run up debt without thinking of their salary for their career. I had 21K debt from undergrad but on a teacher salary it was manageable. I also had another 13k from masters degree debt that’s paid off. It’s not hard to live within your means. The teachers with 50k or more in debt are just dumb people who made poor choices in their education and their finances.
I have two children, both of whom have now graduated from college. The one who went to the more expensive school has no student loans. The one who went to the less expensive school has student loans. No one tells kids what the total cost of their student loans is going to be when they sign on the dotted line. Student loans are more expensive than mortgages. Student loans are not negotiable in bankruptcy proceedings.
Sounds like she needs to get on an income based repayment plan.
I don’t think a lot of people understand just how predatory student loans can be
It’s always been like that. My student loan monthly payment was more than my car payment and car insurance payment put together. I did what I had to do to make ends meet.
It’s a congressional decision, not a presidential one. The president can delay loans but cannot cancel them. The purse strings are controlled by congress. I wouldn’t bet a lot on it happening.
The loans are through the Department of Education. That's a Cabinet Level office in the Executive branch. The President controls the Executive branch, and can order the Department to stop collecting debt.
This is a common misunderstanding.
Rising Star
She should file for the Teacher Loan Forgiveness problem
Yes Teacher Loan forgiveness is 5 years and it has lower amounts to forgiveness based on the content area. I think it goes up to 17,500 (for sped and math/science). PSLF forgives everything after 10 years of payments.
I would say move home with her parents, put her nose to the grindstone, get a second job and pay them off. It’s income vs. expenses. Just pay them off. The faster she can pay them off the less interest she’ll have to pay. If she has several loans she could consolidate but be sure they aren’t a part of the loan forgiveness program where you work in a high needs area in exchange for forgiveness.
Econ 101 or was it Econ 102????
A country can not survive when there are more people taking out of the system than there are putting into the system.
Who do you think is taking out of the system?
You can’t expect someone fresh out of high school to be able to navigate predatory loans. Putting the responsibility on the student is tantamount to victim blaming. Predatory loans should not be legal.
I absolutely agree that predatory loans should not be legal. The loan company executives should be personally liable for some of the shenanigans they've pulled on millennials, like collaborating with sham "universities" to get kids to take out loans when they're not getting an education in return. Instead, the executives hide behind the corporation, declare bankruptcy, and start over.
Half of my graduate degree loans were forgiven because I work in an inner city (title one) school. I can’t remember if it was a fed forgiveness program or a state program, but it’s certainly worth checking to see if something like that is available.
People need to do a little research before signing up for a large loan
People need to stop pretending that scams are legitimate businesses. Predatory loans are designed to keep people in debt forever. Predatory loans do not come with a clear explanation of exactly how much debt they're going to create. Predatory loans do not explain the idea of capitalized interest.
Is her loan private? Federal loans are frozen until December.
Defer. They will all be forgiven soon.
Absolutely, soon everything will be free and amazing. What a place to live.
Unfortunately, sometimes as a young teacher you may have to seek a 2nd part-time job. While it stinks, you do what you have to do!
Sign up with Savi through NEA for the loan forgiveness and consolidation assistance. they helped me reduce my loans from $1500.month to ~$600. I can't sing their praises enough.
What about the student loan forgiveness?
I’d recommend going on an income based payment plan
If she has the ability to move home for a year she could make a lot of headway in using the majority of her income to pay off her loans. I’d bite the bullet and do it.