IBR discussion

Discuss various money matters here. Loans (federal and private), scholarships, lottery winnings, or other school finance related information and queries.
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YCrevolution
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Re: IBR discussion

Postby YCrevolution » Fri Jan 22, 2010 6:31 pm

..

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beef wellington
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Re: IBR discussion

Postby beef wellington » Fri Jan 22, 2010 7:08 pm

Right you are, I was confused. So I've seen it posted elsewhere that if you take a non-PI job before your ten years is up then that would disqualify you for PSFL. But it would seem this is incorrect, and you could actually do 5 years PI, 2 years biglaw, then 5 more years PI and still get PSFL. Right?

09042014
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Re: IBR discussion

Postby 09042014 » Fri Jan 22, 2010 7:09 pm

beef wellington wrote:Right you are, I was confused. So I've seen it posted elsewhere that if you take a non-PI job before your ten years is up then that would disqualify you for PSFL. But it would seem this is incorrect, and you could actually do 5 years PI, 2 years biglaw, then 5 more years PI and still get PSFL. Right?


It would work, but that's not a realistic career plan.

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beef wellington
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Re: IBR discussion

Postby beef wellington » Fri Jan 22, 2010 7:09 pm

Desert Fox wrote:
beef wellington wrote:Right you are, I was confused. So I've seen it posted elsewhere that if you take a non-PI job before your ten years is up then that would disqualify you for PSFL. But it would seem this is incorrect, and you could actually do 5 years PI, 2 years biglaw, then 5 more years PI and still get PSFL. Right?


It would work, but that's not a realistic career plan.


Yeah, it's definitely not mine, just a hypothetical.

09042014
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Re: IBR discussion

Postby 09042014 » Fri Jan 22, 2010 7:16 pm

beef wellington wrote:
Desert Fox wrote:
beef wellington wrote:Right you are, I was confused. So I've seen it posted elsewhere that if you take a non-PI job before your ten years is up then that would disqualify you for PSFL. But it would seem this is incorrect, and you could actually do 5 years PI, 2 years biglaw, then 5 more years PI and still get PSFL. Right?


It would work, but that's not a realistic career plan.


Yeah, it's definitely not mine, just a hypothetical.


You'd also have to pay 15% of your big law salary, while you work there.

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beef wellington
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Re: IBR discussion

Postby beef wellington » Fri Jan 22, 2010 7:40 pm

Desert Fox wrote:
beef wellington wrote:
Desert Fox wrote:
beef wellington wrote:Right you are, I was confused. So I've seen it posted elsewhere that if you take a non-PI job before your ten years is up then that would disqualify you for PSFL. But it would seem this is incorrect, and you could actually do 5 years PI, 2 years biglaw, then 5 more years PI and still get PSFL. Right?


It would work, but that's not a realistic career plan.


Yeah, it's definitely not mine, just a hypothetical.


You'd also have to pay 15% of your big law salary, while you work there.


Maybe... I think someone posted upthread that your payment is capped at whatever your payment would be in the regular ten year non-IBR plan.

bigben
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Re: IBR discussion

Postby bigben » Sun Jan 24, 2010 10:34 pm

Desert Fox wrote:
bigben wrote:
Desert Fox wrote:
bigben wrote:IBR: We take away your bankruptcy rights and give you indentured servitude.



IBR is about ten thousand times better than bankruptcy. Nobody would loan us money if bankruptcy was an option.



And then school would be cheaper.


Probably more like 30-40K instead of 60-70K. Still more than most of us could afford.



If the price was reasonable, then loans would be available.

ps494
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Re: IBR discussion

Postby ps494 » Wed Jan 27, 2010 1:04 am

Does anyone know if Obama's spending freeze will affect IBR at all? I thought I heard that entitlement program spending would remain untouched, but I'm not sure.

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Veritas
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Re: IBR discussion

Postby Veritas » Wed Jan 27, 2010 1:08 am

ps494 wrote:Does anyone know if Obama's spending freeze will affect IBR at all? I thought I heard that entitlement program spending would remain untouched, but I'm not sure.

I'm pretty sure it doesn't. In fact, I think Obama is proposing that the 25 years be lowered to 20 years for forgiveness. Does anyone have that article link?

Here's something I found: http://blog.scholarships.com/student-lo ... ment-plan/

It might be addressed tomorrow night, worth tuning in for.

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OperaSoprano
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Re: IBR discussion

Postby OperaSoprano » Wed Jan 27, 2010 1:11 am

Veritas wrote:
ps494 wrote:Does anyone know if Obama's spending freeze will affect IBR at all? I thought I heard that entitlement program spending would remain untouched, but I'm not sure.

I'm pretty sure it doesn't. In fact, I think Obama is proposing that the 25 years be lowered to 20 years for forgiveness. Does anyone have that article link?


Veritas, I heard that too. My god I hope so, and I also hope he eliminates the tax penalty for non PI IBR. Realistically, I think many of us will switch careers a few times, and it's so good that we have all our bases covered effectively.

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Veritas
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Re: IBR discussion

Postby Veritas » Wed Jan 27, 2010 1:19 am

OperaSoprano wrote:
Veritas wrote:
ps494 wrote:Does anyone know if Obama's spending freeze will affect IBR at all? I thought I heard that entitlement program spending would remain untouched, but I'm not sure.

I'm pretty sure it doesn't. In fact, I think Obama is proposing that the 25 years be lowered to 20 years for forgiveness. Does anyone have that article link?


Veritas, I heard that too. My god I hope so, and I also hope he eliminates the tax penalty for non PI IBR. Realistically, I think many of us will switch careers a few times, and it's so good that we have all our bases covered effectively.

For sure. Even though I plan on making a career of PI work, this will be helpful. But, I worry that the system might become over burdened eventually.

I want to trust it so badly...

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OperaSoprano
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Re: IBR discussion

Postby OperaSoprano » Wed Jan 27, 2010 1:26 am

Veritas wrote:
OperaSoprano wrote:
Veritas wrote:
ps494 wrote:Does anyone know if Obama's spending freeze will affect IBR at all? I thought I heard that entitlement program spending would remain untouched, but I'm not sure.

I'm pretty sure it doesn't. In fact, I think Obama is proposing that the 25 years be lowered to 20 years for forgiveness. Does anyone have that article link?


Veritas, I heard that too. My god I hope so, and I also hope he eliminates the tax penalty for non PI IBR. Realistically, I think many of us will switch careers a few times, and it's so good that we have all our bases covered effectively.

For sure. Even though I plan on making a career of PI work, this will be helpful. But, I worry that the system might become over burdened eventually.

I want to trust it so badly...


Me too. I will most likely go into PI work right away, but recent circumstances have made people advise me to do all kinds of crazy things.

I have no choice but to trust it... I have nothing left for Wells Fargo to repossess.

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Veritas
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Re: IBR discussion

Postby Veritas » Wed Jan 27, 2010 1:28 am

OperaSoprano wrote:
Me too. I will most likely go into PI work right away, but recent circumstances have made people advise me to do all kinds of crazy things.

I have no choice but to trust it... I have nothing left for Wells Fargo to repossess.

:lol:

well, your choice to take on the debt makes me more open to the possibility of assuming it myself.

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vanwinkle
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Re: IBR discussion

Postby vanwinkle » Wed Jan 27, 2010 11:11 am

OperaSoprano wrote:I have nothing left for Wells Fargo to repossess.

Ahahahha this. If they want their money after we graduate, what are they going to take?

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YCrevolution
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Re: IBR discussion

Postby YCrevolution » Wed Jan 27, 2010 12:39 pm

..

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poprox
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Re: IBR discussion

Postby poprox » Wed Jan 27, 2010 4:35 pm

vanwinkle wrote:
interestedbyestander wrote:So naive. Not worth arguing about though. By all means sign your life away to this program, and good luck, you will need it.


Translation: "I'm going to declare victory and run away like the unintelligent douchebag that I am."


Quoted for greatness.

ps494
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Re: IBR discussion

Postby ps494 » Wed Jan 27, 2010 10:47 pm

Damnit. Obama just told the nation in his State of the Union Address that student loans can be forgiven after 20 years for public interest (10 years for government). I guess now we can count on a lot more competition for public sector jobs. And just when you thought the legal market couldn't get any worse......

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vanwinkle
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Re: IBR discussion

Postby vanwinkle » Wed Jan 27, 2010 10:50 pm

ps494 wrote:Damnit. Obama just told the nation in his State of the Union Address that student loans can be forgiven after 20 years for public interest (10 years for government). I guess now we can count on a lot more competition for public sector jobs. And just when you thought the legal market couldn't get any worse......

I don't think this will be huge, since under IBR student loans are already forgiven after 10 years of PI work anyway.

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beef wellington
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Re: IBR discussion

Postby beef wellington » Wed Jan 27, 2010 10:52 pm

ps494 wrote:Damnit. Obama just told the nation in his State of the Union Address that student loans can be forgiven after 20 years for public interest (10 years for government). I guess now we can count on a lot more competition for public sector jobs. And just when you thought the legal market couldn't get any worse......


It's 20 for everyone, 10 for PI. Government is PI.

ps494
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Re: IBR discussion

Postby ps494 » Wed Jan 27, 2010 11:02 pm

vanwinkle wrote:
ps494 wrote:Damnit. Obama just told the nation in his State of the Union Address that student loans can be forgiven after 20 years for public interest (10 years for government). I guess now we can count on a lot more competition for public sector jobs. And just when you thought the legal market couldn't get any worse......

I don't think this will be huge, since under IBR student loans are already forgiven after 10 years of PI work anyway.


This is news to me. So all the new hype is over the 20 year loan forgiveness deal?

Are you saying that there has always been the 10 year loan forgiveness for PI?

09042014
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Re: IBR discussion

Postby 09042014 » Wed Jan 27, 2010 11:05 pm

ps494 wrote:
vanwinkle wrote:
ps494 wrote:Damnit. Obama just told the nation in his State of the Union Address that student loans can be forgiven after 20 years for public interest (10 years for government). I guess now we can count on a lot more competition for public sector jobs. And just when you thought the legal market couldn't get any worse......

I don't think this will be huge, since under IBR student loans are already forgiven after 10 years of PI work anyway.


This is news to me. So all the new hype is over the 20 year loan forgiveness deal?

Are you saying that there has always been the 10 year loan forgiveness for PI?


If by always you mean since 2007, yes.

ps494
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Re: IBR discussion

Postby ps494 » Wed Jan 27, 2010 11:07 pm

Desert Fox wrote:
ps494 wrote:
vanwinkle wrote:
ps494 wrote:Damnit. Obama just told the nation in his State of the Union Address that student loans can be forgiven after 20 years for public interest (10 years for government). I guess now we can count on a lot more competition for public sector jobs. And just when you thought the legal market couldn't get any worse......

I don't think this will be huge, since under IBR student loans are already forgiven after 10 years of PI work anyway.


This is news to me. So all the new hype is over the 20 year loan forgiveness deal?

Are you saying that there has always been the 10 year loan forgiveness for PI?


If by always you mean since 2007, yes.



Out of curiosity, has this substantially increased competition for PI jobs?

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NosferatuDracon
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Re: IBR discussion

Postby NosferatuDracon » Thu Jan 28, 2010 1:07 am

I would certainly imagine that it is more attractive to people who want to work in the public sector to actually do so instead of working in the private sector for financial reasons. If the program had existed when I was looking at colleges, and financing the undergraduate degree I did eventually get, I'd be in an entirely different situation than I am now. And I certainly can't imagine that I'm the only one in this sort of situation.

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PhantaManta
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Re: IBR discussion

Postby PhantaManta » Sun Jan 31, 2010 3:33 pm

Do you guys think this program is a safe enough bet to influence school choice? I want to work in government / PI and am currently choosing between Tulane and St. John's, where St. John's would half the total debt, but I like everything else about Tulane better. My only concern is taking on over 100k debt and if I mess up something very badly not having a safe plan to pay it off. I am aware of this program but do you think I can depend on it?

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najumobi
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Re: IBR discussion

Postby najumobi » Sun Jan 31, 2010 3:37 pm

PhantaManta wrote:Do you guys think this program is a safe enough bet to influence school choice? I want to work in government / PI and am currently choosing between Tulane and St. John's, where St. John's would half the total debt, but I like everything else about Tulane better. My only concern is taking on over 100k debt and if I mess up something very badly not having a safe plan to pay it off. I am aware of this program but do you think I can depend on it?
i think you can depend on the program being around when you graduate. you probably just have to make sure that the kind of loans you're taking out actually qualify for ibr.




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