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Old 09-10-2019, 03:11 PM   #1
Aviza
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Default Student Loans

I am 5 months away from having my student loans forgiven. I just told my boss what I'm trying to do, but regret doing so. Should have kept my mouth shut but I'm trying to get less hours for the rest of the year so I don't go over the poverty income level.


It's a 30K debt roughly. Even if I go back to full time I've learned it stresses me too much to repay. One of the reasons I broke again. Too much debt to income ratio.


Even now with credit cards I'm getting stressed financially. But I have a repayment plan that is reasonable, doable, and not the rest of my life long. 3 years I can have all debt repaid. Even my brother. My mom has been repaid.


I'm proud of my plan, and looking forward to achieving the goal of repaying all debt. Even if I have to have some of it forgiven.
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Old 09-14-2019, 10:37 PM   #2
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Default Re: Student Loans

Hi Avila,
I donít want to alarm you but ask how the forgiven debt will be handled for tax purposes. Donít know if is still true but in the past the amount of debt forgiven was considered taxable income.
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Old 09-15-2019, 02:14 PM   #3
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Default Re: Student Loans

There is a way around the tax thing. I no longer remember how but I used something and if you look online you'll find it. It's pretty tricky and I'd recommend talking to an accountant or financial planner. I did it myself and it can be done but it was very hard and if I had to do it again I would get help.
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Old 09-17-2019, 12:55 PM   #4
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Default Re: Student Loans

Thanks for that. It will affect me in 2020.
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Old 09-19-2019, 06:49 AM   #5
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Default Re: Student Loans

This may not be the right place to say what I want to say but Iím going to say it anyhow. Itís about this whole student loan thing. First of all I would like to know if the schooling your in debt for has done you any good or not. At least 50% or more of high school graduates donít belong in college. The whole system is a big ripoff. Government loans ? Most kids should just get into the labor force , at whatever job , for at least two years before deciding weather or not college is right for them. They need to mature a little and grow up some in the real world before making that decision. Itís all one big scam for the most part. Itís equivalent, on some level , to adults who get into serious credit card debt with astronomical interest rates that theyíll be paying off forever ! These politicians offer pie in the sky just to get votes. COLLEGE IS A RIPOFF ! The whole educational system in this country ( USA , God bless it though ) , sucks. America is being dumbed down big time. I feel sorry for todayís kids. But one thing I know is that they donít like to get their hands dirty and they want everything for free. Well thatís not how the world works. I applaud the OP for trying to pay off
the debt. I just hope it was worth it.
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Old 09-19-2019, 07:19 AM   #6
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Default Re: Student Loans

there is no price that could be put on education - just saying, I'd pay top dollar for a free education. What a ripoff?! Sorry you feel this way
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Old 09-20-2019, 05:53 AM   #7
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Default Re: Student Loans

Quote:
Originally Posted by ann bog View Post
there is no price that could be put on education - just saying, I'd pay top dollar for a free education. What a ripoff?! Sorry you feel this way
ď You would pay top dollar for a free education ď. That donít sound right.
I know that knowledge is VERY important. All Iím saying is that college is overrated and a waste of time and money for MANY individuals. Many degrees that are handed out nowadays arenít worth the paper theyíre printed on.
Be careful, be smart. What we all need is a mentor to guide us through life. It can be anybody who knows more than you. Remember , nothing in life is free ,
and many things are overvalued. Money is an evil. They sell houses to people who canít afford them. Cars , etc.......This society it driven by credit cards and debt and materialism. Itís sickening.
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