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PAYE Legislation Thread- Pepper Anus Yuppie Eleemosynaries
Posted: Wed Jun 12, 2013 4:04 pm
by 09042014
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?
Re: PAYE Legislation Thread
Posted: Wed Jun 12, 2013 5:29 pm
by thelawyler
What're the Vegas odds?
Re: PAYE Legislation Thread
Posted: Wed Jun 12, 2013 5:45 pm
by electricfeel
I'm gambling with PAYE even on my biglaw salary. It's like i'm at Vegas!
Re: PAYE Legislation Thread
Posted: Wed Jun 12, 2013 8:30 pm
by I.P. Daly
Seems like this would be a pretty politically popular thing for both sides.
Re: PAYE Legislation Thread
Posted: Wed Jun 12, 2013 11:45 pm
by nevdash
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.
Re: PAYE Legislation Thread
Posted: Tue Feb 11, 2014 7:15 pm
by totgafk180
of course
Re: PAYE Legislation Thread
Posted: Tue Feb 11, 2014 7:17 pm
by patogordo
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?
Re: PAYE Legislation Thread
Posted: Tue Feb 11, 2014 7:18 pm
by Bronx Bum
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.
Re: PAYE Legislation Thread
Posted: Tue Feb 11, 2014 7:24 pm
by patogordo
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.
Re: PAYE Legislation Thread
Posted: Tue Feb 11, 2014 7:31 pm
by wiz
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.
Re: PAYE Legislation Thread
Posted: Tue Feb 11, 2014 7:33 pm
by patogordo
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.
Re: PAYE Legislation Thread
Posted: Tue Feb 11, 2014 7:36 pm
by Rahviveh
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.
Re: PAYE Legislation Thread
Posted: Tue Feb 11, 2014 7:48 pm
by Archangel
old news
05/22/2013-
--LinkRemoved--
Re: PAYE Legislation Thread
Posted: Tue Feb 11, 2014 7:49 pm
by patogordo
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.
Re: PAYE Legislation Thread
Posted: Tue Feb 11, 2014 7:53 pm
by patogordo
obama should nationalize law schools like so many venezuelan oil refineries
Re: PAYE Legislation Thread
Posted: Tue Feb 11, 2014 8:01 pm
by Cal Trask
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?
Re: PAYE Legislation Thread
Posted: Tue Feb 11, 2014 8:08 pm
by Rahviveh
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.
Re: PAYE Legislation Thread
Posted: Tue Feb 11, 2014 8:18 pm
by patogordo
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.
Re: PAYE Legislation Thread
Posted: Tue Feb 11, 2014 9:02 pm
by Rahviveh
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.
Re: PAYE Legislation Thread
Posted: Tue Feb 11, 2014 9:17 pm
by patogordo
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 :/
Re: PAYE Legislation Thread
Posted: Tue Feb 11, 2014 9:28 pm
by It's A Lion
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!?
Re: PAYE Legislation Thread
Posted: Tue Feb 11, 2014 11:05 pm
by Pleasye
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
Re: PAYE Legislation Thread
Posted: Wed Feb 12, 2014 11:36 am
by thelawyler
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.
Re: PAYE Legislation Thread
Posted: Wed Feb 12, 2014 11:39 am
by patogordo
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.
Re: PAYE Legislation Thread
Posted: Wed Feb 12, 2014 9:58 pm
by A. Nony Mouse
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.)