GuyBeardmane Posted November 30, 2019 Share Posted November 30, 2019 Been in debt so long that it's now time-barred and the debtor can't sue to collect nor can they attempt to garnish my wages. 😎 3 1 5 Link to comment Share on other sites More sharing options...
PhilosipherStoned Posted November 30, 2019 Share Posted November 30, 2019 well played lol. 1 Link to comment Share on other sites More sharing options...
GuyBeardmane Posted November 30, 2019 Author Share Posted November 30, 2019 22 minutes ago, PhilosipherStoned said: well played lol. Still have another 7 years before it rolls off my credit entirely, but still. Victory is sweet. 1 Link to comment Share on other sites More sharing options...
NaBarney Posted November 30, 2019 Share Posted November 30, 2019 I'm playing the most dangerous game in using this tactic with student loans, will update yall in several to ten years Link to comment Share on other sites More sharing options...
Seight Posted November 30, 2019 Share Posted November 30, 2019 Who says the system doesn't work? 1 Link to comment Share on other sites More sharing options...
helpme Posted November 30, 2019 Share Posted November 30, 2019 10 hours ago, NaBoomer said: I'm playing the most dangerous game in using this tactic with student loans, will update yall in several to ten years *2 years later* Wheres nab? Oh there he is Where? In that box marked "trying to out smart the system" Link to comment Share on other sites More sharing options...
Neko Posted November 30, 2019 Share Posted November 30, 2019 Man I need to pay everything off. I want a house. 2 Link to comment Share on other sites More sharing options...
Vamped Posted December 1, 2019 Share Posted December 1, 2019 6 hours ago, Neko said: Man I need to pay everything off. I want a house. Been kicking around the idea of home ownership but I dont know if I want a house ... maybe a condo Link to comment Share on other sites More sharing options...
Raptorpat Posted December 1, 2019 Share Posted December 1, 2019 i am about a year ahead on my mortgage, but I will never catch up on student loans so we'll see whether the federal gov't honors its commitments in another 20 years, and whether that forgiveness will be taxed. Link to comment Share on other sites More sharing options...
GuyBeardmane Posted December 1, 2019 Author Share Posted December 1, 2019 1 hour ago, Admin_Raptorpat said: i am about a year ahead on my mortgage, but I will never catch up on student loans so we'll see whether the federal gov't honors its commitments in another 20 years, and whether that forgiveness will be taxed. I looked up information on student loan forgiveness last night. If you've made 120 payments and are currently actively employed, you can apply for it. Link to comment Share on other sites More sharing options...
Raptorpat Posted December 1, 2019 Share Posted December 1, 2019 That's the public service program, where you have to work for government or a non-profit for 10 years and make 120 on-time payments. The first class hitting the ten year mark was 2017 or 2018 and Betsy DeVos either through intention or incompetence denied thousands of people who applied for final forgiveness. I'm in the regular old public sector bucket. 25 years of income-based payments and the remainder is forgiven but treated as taxable income upon forgiveness.  1 Link to comment Share on other sites More sharing options...
GuyBeardmane Posted December 1, 2019 Author Share Posted December 1, 2019 That's some ol bullshit. 1 Link to comment Share on other sites More sharing options...
Neko Posted December 2, 2019 Share Posted December 2, 2019 On 11/30/2019 at 10:37 PM, Admin_Raptorpat said: That's the public service program, where you have to work for government or a non-profit for 10 years and make 120 on-time payments. The first class hitting the ten year mark was 2017 or 2018 and Betsy DeVos either through intention or incompetence denied thousands of people who applied for final forgiveness. I'm in the regular old public sector bucket. 25 years of income-based payments and the remainder is forgiven but treated as taxable income upon forgiveness.  Same for nursing. You can also move to a state where they want to generate consumers and some will pay you top live and work there. 1 Link to comment Share on other sites More sharing options...
rpgamer Posted December 3, 2019 Share Posted December 3, 2019 On 11/30/2019 at 9:37 PM, Admin_Raptorpat said: I'm in the regular old public sector bucket. 25 years of income-based payments and the remainder is forgiven but treated as taxable income upon forgiveness. Yeah, that taxable part almost makes me worry... but, that's a future-me problem. Sucks to be him. Link to comment Share on other sites More sharing options...
Raptorpat Posted December 4, 2019 Share Posted December 4, 2019 So the question for high-balance individuals becomes: do you pay the minimum and let the balance grow on the hope that you pay 37 cents on the dollar in two decades, or do you pay enough to actively shrink the balance? I've been in purgatory, paying enough to freeze the interest and shave a little off the top, while trying to figure out the answer. But the reality is that there are so many variables (politics, decades) that there is no objectively right answer. Link to comment Share on other sites More sharing options...
GuyBeardmane Posted December 4, 2019 Author Share Posted December 4, 2019 1 hour ago, Admin_Raptorpat said: So the question for high-balance individuals becomes: do you pay the minimum and let the balance grow on the hope that you pay 37 cents on the dollar in two decades, or do you pay enough to actively shrink the balance? I've been in purgatory, paying enough to freeze the interest and shave a little off the top, while trying to figure out the answer. But the reality is that there are so many variables (politics, decades) that there is no objectively right answer. Try to pay as much as possible to kill the principal off. Alternatively, Project Mayhem. Link to comment Share on other sites More sharing options...
PhilosipherStoned Posted December 4, 2019 Share Posted December 4, 2019 You guys are making me feel a bit better about my own debt at least.🤣 Link to comment Share on other sites More sharing options...
Raptorpat Posted December 4, 2019 Share Posted December 4, 2019 3 hours ago, GuyBeardmane said: Try to pay as much as possible to kill the principal off. Alternatively, Project Mayhem. I'm talking six-figure loans with two-figure interest backlogs that are higher than most people's principal. Link to comment Share on other sites More sharing options...
GuyBeardmane Posted December 4, 2019 Author Share Posted December 4, 2019 1 minute ago, Admin_Raptorpat said: I'm talking six-figure loans with two-figure interest backlogs that are higher than most people's principal. And I said "Project Mayhem." Link to comment Share on other sites More sharing options...
rpgamer Posted December 5, 2019 Share Posted December 5, 2019 As individuals, we're largely fucked, I'd wager. Some might be better off than others, but that reckoning is coming. As a whole, I get the impression that the student debt is a bit of an elephant in the room situation. Some sorta try to bring it up, and recognize that "something" needs to be done. But I'm not really sure the larger nation, especially the politicians that don't even have to deal with it, recognize just how much of a problem it is. Oh well. Let's just keep allocating more money for military spending. Link to comment Share on other sites More sharing options...
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