IBR discussion Forum

[YCrevolution]

..

[beef wellington]

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]

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.

[beef wellington]

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]

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.

[beef wellington]

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]

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]

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.

[Veritas]

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.

[OperaSoprano]

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.

[Veritas]

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...

[OperaSoprano]

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.

[Veritas]

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.

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

[vanwinkle]

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?

[YCrevolution]

..

[poprox]

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]

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......

[vanwinkle]

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.

[beef wellington]

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]

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]

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]

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?

[NosferatuDracon]

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.

[PhantaManta]

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?

[najumobi]

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.