PAYE Legislation Thread- Pepper Anus Yuppie Eleemosynaries

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09042014
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PAYE Legislation Thread- Pepper Anus Yuppie Eleemosynaries

Postby 09042014 » Wed Jun 12, 2013 4:04 pm

This thread is about PAYE Legislation.

As I understand it, the Obama budget has provisions to extend it and remove tax bomb. When will we know if it gets adopted? Sept 30, 2013?

What are the chances that actually gets in the final bill?
Last edited by 09042014 on Fri Mar 07, 2014 1:19 am, edited 1 time in total.

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thelawyler
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Re: PAYE Legislation Thread

Postby thelawyler » Wed Jun 12, 2013 5:29 pm

What're the Vegas odds?

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electricfeel
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Re: PAYE Legislation Thread

Postby electricfeel » Wed Jun 12, 2013 5:45 pm

I'm gambling with PAYE even on my biglaw salary. It's like i'm at Vegas!

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I.P. Daly
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Re: PAYE Legislation Thread

Postby I.P. Daly » Wed Jun 12, 2013 8:30 pm

Seems like this would be a pretty politically popular thing for both sides.

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nevdash
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Re: PAYE Legislation Thread

Postby nevdash » Wed Jun 12, 2013 11:45 pm

A lot of the articles written in the last month say that the student loan provisions have bipartisan support (even if there's bickering over the rest of the budget), but I'm still afraid of the sentiment in articles like this stirring up boomers and are country folk and turning the tide.

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totgafk180
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Re: PAYE Legislation Thread

Postby totgafk180 » Tue Feb 11, 2014 7:15 pm

of course
Last edited by totgafk180 on Mon Jul 04, 2016 11:42 pm, edited 1 time in total.

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patogordo
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Re: PAYE Legislation Thread

Postby patogordo » Tue Feb 11, 2014 7:17 pm

Desert Fox wrote:This thread is about PAYE Legislation.

As I understand it, the Obama budget has provisions to extend it and remove tax bomb. When will we know if it gets adopted? Sept 30, 2013?

What are the chances that actually gets in the final bill?

extend it as in extend the eligibility? or extend the repayment period?

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Bronx Bum
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Re: PAYE Legislation Thread

Postby Bronx Bum » Tue Feb 11, 2014 7:18 pm

I am one of the people that can't get PAYE because of pre-2007 loans. I am thinking of leaving the country and/or becoming a janitor.

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patogordo
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Re: PAYE Legislation Thread

Postby patogordo » Tue Feb 11, 2014 7:24 pm

Bronx Bum wrote:I am one of the people that can't get PAYE because of pre-2007 loans. I am thinking of leaving the country and/or becoming a janitor.

yea that's fucking awful. i had pre-2007 loans but i paid them off prior to 2007 thanks to combat pay. thank jesus. i know someone with like $200k in loans and $5000 of them were disbursed in august 2007. i'd join the foreign legion.

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wiz
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Re: PAYE Legislation Thread

Postby wiz » Tue Feb 11, 2014 7:31 pm

patogordo wrote:
Bronx Bum wrote:I am one of the people that can't get PAYE because of pre-2007 loans. I am thinking of leaving the country and/or becoming a janitor.

yea that's fucking awful. i had pre-2007 loans but i paid them off prior to 2007 thanks to combat pay. thank jesus. i know someone with like $200k in loans and $5000 of them were disbursed in august 2007. i'd join the foreign legion.

So if you have ANY outstanding pre-2007 loans, you aren't eligible? Wtf.

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patogordo
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Re: PAYE Legislation Thread

Postby patogordo » Tue Feb 11, 2014 7:33 pm

wiz wrote:
patogordo wrote:
Bronx Bum wrote:I am one of the people that can't get PAYE because of pre-2007 loans. I am thinking of leaving the country and/or becoming a janitor.

yea that's fucking awful. i had pre-2007 loans but i paid them off prior to 2007 thanks to combat pay. thank jesus. i know someone with like $200k in loans and $5000 of them were disbursed in august 2007. i'd join the foreign legion.

So if you have ANY outstanding pre-2007 loans, you aren't eligible? Wtf.

i think so. you have to be a "new borrower" right? which means that as of oct 1, 2007, you had either: no loans or $0 balance on your loans.

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Rahviveh
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Re: PAYE Legislation Thread

Postby Rahviveh » Tue Feb 11, 2014 7:36 pm

patogordo wrote:
Bronx Bum wrote:I am one of the people that can't get PAYE because of pre-2007 loans. I am thinking of leaving the country and/or becoming a janitor.

yea that's fucking awful. i had pre-2007 loans but i paid them off prior to 2007 thanks to combat pay. thank jesus. i know someone with like $200k in loans and $5000 of them were disbursed in august 2007. i'd join the foreign legion.


This will most likely get changed as well. It just seems like an arbitrary cutoff. Not sure if it's in the current legislation.

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Archangel
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Re: PAYE Legislation Thread

Postby Archangel » Tue Feb 11, 2014 7:48 pm

old news

05/22/2013-
--LinkRemoved--

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patogordo
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Re: PAYE Legislation Thread

Postby patogordo » Tue Feb 11, 2014 7:49 pm

Archangel wrote:old news

05/22/2013-
--LinkRemoved--

At present, the program forgives outstanding debt for borrowers who make 20 years of timely payments - 10 years if they work in the public or nonprofit sector. But eligibility is limited to borrowers approved since October 2007. The Obama plan would extend forgiveness to those who took out loans before that. And it would render debt tax-exempt. It's a sweet deal - except to taxpayers.

awesome.

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patogordo
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Re: PAYE Legislation Thread

Postby patogordo » Tue Feb 11, 2014 7:53 pm

obama should nationalize law schools like so many venezuelan oil refineries

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Cal Trask
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Re: PAYE Legislation Thread

Postby Cal Trask » Tue Feb 11, 2014 8:01 pm

patogordo wrote:
Archangel wrote:old news

05/22/2013-
--LinkRemoved--

At present, the program forgives outstanding debt for borrowers who make 20 years of timely payments - 10 years if they work in the public or nonprofit sector. But eligibility is limited to borrowers approved since October 2007. The Obama plan would extend forgiveness to those who took out loans before that. And it would render debt tax-exempt. It's a sweet deal - except to taxpayers.

awesome.


I really hope this is passed. Do you think this would cause legislators to create a greater amount of pressure on schools to stem the rapid increase in tuition?

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Rahviveh
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Re: PAYE Legislation Thread

Postby Rahviveh » Tue Feb 11, 2014 8:08 pm

Cal Trask wrote:
patogordo wrote:
Archangel wrote:old news

05/22/2013-
--LinkRemoved--

At present, the program forgives outstanding debt for borrowers who make 20 years of timely payments - 10 years if they work in the public or nonprofit sector. But eligibility is limited to borrowers approved since October 2007. The Obama plan would extend forgiveness to those who took out loans before that. And it would render debt tax-exempt. It's a sweet deal - except to taxpayers.

awesome.


I really hope this is passed. Do you think this would cause legislators to create a greater amount of pressure on schools to stem the rapid increase in tuition?


Probably not. Any effects on the taxpayers won't really be felt until forgiveness time, which is still some time away. It'll be interesting to see the public reaction when the first PSLF participants come up for forgiveness in a couple years.

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patogordo
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Re: PAYE Legislation Thread

Postby patogordo » Tue Feb 11, 2014 8:18 pm

You know you don't get an itemized tax bill for "Bobby Millenial's Student Loans" right? Also loan cancellation isn't a cash flow. The "effect" of PAYE is felt via the reduced monthly payments (quantity and magnitude) made by borrowers.

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Rahviveh
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Re: PAYE Legislation Thread

Postby Rahviveh » Tue Feb 11, 2014 9:02 pm

patogordo wrote:You know you don't get an itemized tax bill for "Bobby Millenial's Student Loans" right? Also loan cancellation isn't a cash flow. The "effect" of PAYE is felt via the reduced monthly payments (quantity and magnitude) made by borrowers.


That's true. Politically, though, I think the effect is going to be greater once people start getting actual forgiveness.

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patogordo
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Re: PAYE Legislation Thread

Postby patogordo » Tue Feb 11, 2014 9:17 pm

I think PAYE is great. Let people go to college as long as they pay according to their income for a while. 20 years of prime earning potential is plenty long. Tax-exempt debt forgiveness for all.

I think we have to realize that the education market is just not anything close to an efficient market and it never will be. Tuition isn't going down no matter what we do to interest rates or loan availability. But everyone (boomers especially) want to blame students and not the schools. Instead of chastising kids for going to college and (gasp!) sometimes making poor decisions at 18 years old we should be using federal student loans as a hammer to make schools change. Require schools to meet certain standards in order to get federal loans for their students, etc. Unfortunately courts have shut that down so far :/

It's A Lion
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Re: PAYE Legislation Thread

Postby It's A Lion » Tue Feb 11, 2014 9:28 pm

I was just speaking with a humanities "visiting" professor who is beyond qualified. She can't land a tenure track position anywhere and is forced to essentially be a career "visiting" status professor at local U. I always assumed that's a decent job. However, I learned she gets paid $6,000 per semester (teaching two to three classes).

Her classes generally have 30-45 students who are paying about $800.00 to take this class ($28,000 x's 3). Where is the rest of that money going!?

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Pleasye
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Re: PAYE Legislation Thread

Postby Pleasye » Tue Feb 11, 2014 11:05 pm

patogordo wrote:
Archangel wrote:old news

05/22/2013-
--LinkRemoved--

At present, the program forgives outstanding debt for borrowers who make 20 years of timely payments - 10 years if they work in the public or nonprofit sector. But eligibility is limited to borrowers approved since October 2007. The Obama plan would extend forgiveness to those who took out loans before that. And it would render debt tax-exempt. It's a sweet deal - except to taxpayers.

awesome.

I really hope this happens. If not, I went to college one year too early :?

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thelawyler
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Re: PAYE Legislation Thread

Postby thelawyler » Wed Feb 12, 2014 11:36 am

patogordo wrote:
Bronx Bum wrote:I am one of the people that can't get PAYE because of pre-2007 loans. I am thinking of leaving the country and/or becoming a janitor.

yea that's fucking awful. i had pre-2007 loans but i paid them off prior to 2007 thanks to combat pay. thank jesus. i know someone with like $200k in loans and $5000 of them were disbursed in august 2007. i'd join the foreign legion.


I'll have 300k and only about 2,000 in loans was distributed pre-2007. pretty ridic.

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patogordo
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Re: PAYE Legislation Thread

Postby patogordo » Wed Feb 12, 2014 11:39 am

thelawyler wrote:
patogordo wrote:
Bronx Bum wrote:I am one of the people that can't get PAYE because of pre-2007 loans. I am thinking of leaving the country and/or becoming a janitor.

yea that's fucking awful. i had pre-2007 loans but i paid them off prior to 2007 thanks to combat pay. thank jesus. i know someone with like $200k in loans and $5000 of them were disbursed in august 2007. i'd join the foreign legion.

yea i would be packing letters full of anthrax right now if i were you.
I'll have 300k and only about 2,000 in loans was distributed pre-2007. pretty ridic.

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A. Nony Mouse
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Re: PAYE Legislation Thread

Postby A. Nony Mouse » Wed Feb 12, 2014 9:58 pm

It's A Lion wrote:I was just speaking with a humanities "visiting" professor who is beyond qualified. She can't land a tenure track position anywhere and is forced to essentially be a career "visiting" status professor at local U. I always assumed that's a decent job. However, I learned she gets paid $6,000 per semester (teaching two to three classes).

Her classes generally have 30-45 students who are paying about $800.00 to take this class ($28,000 x's 3). Where is the rest of that money going!?

Welcome to the academic job market. This is utterly common.

The money goes to make up for the fact that state funding of higher ed has been repeatedly slashed in the last 20ish years. The state flagship where I went to law school now gets about 8% of its funding from the state.

Also to administrator salaries. (If there's a med/law/business school, too, the profs make out pretty well. All subsidized by people in the same position as your visiting prof.)




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