The most prestigious law school admissions discussion board in the world.
|
 |
 
|
PAYE is not that good a deal
Poast new message in this thread
Date: May 14th, 2013 6:12 PM Author: Offensive gold fanboi This chart shows your starting income, and the amount you will have to pay back in present-day dollars. Assumes 3% inflation and 4% income growth.
50K -> 57K 60K -> 73K 70K -> 90K 80K -> 107K 90K -> 123K 100K -> 140K 110K -> 156K 120K -> 173K 130K -> 189K 140K -> 206K 150K -> 222K 160K -> 240K
It's really only the poors that make out like bandits. If you are starting at 100K, you really need to have a huge amount of debt to make significant gains. And at 160K, almost nobody is saving much unless their income drops substantially. |
 |
Date: May 14th, 2013 6:18 PM Author: Pale stage windowlicker Doesn't seem right.
I just ran the $160k figure with the same income growth numbers and the total amount paid was a good deal less |
|
Date: May 14th, 2013 6:19 PM Author: Offensive gold fanboi Under 20 year repayment? (http://www.autoadmit.com/thread.php?thread_id=2256064&forum_id=2#23198867) |
|
Date: May 14th, 2013 6:21 PM Author: Pale stage windowlicker Ooh whoops lol.
You're right.
But they still got more than $100k forgiven.
But yeah if you're in biglaw you're whole life paye isn't that great of a deal. I would only sign up for it to begin with on biglaw on the seemingly good chance that I wouldn't last and would be stuck in a lower paying job. |
|
Date: May 14th, 2013 6:26 PM Author: Offensive gold fanboi It does create a weird incentive to work less hard, since you lose more money if you make more. (http://www.autoadmit.com/thread.php?thread_id=2256064&forum_id=2#23198927) |
|
Date: May 14th, 2013 6:21 PM Author: beady-eyed pontificating idiot box office what if you cop dat PSLF? (http://www.autoadmit.com/thread.php?thread_id=2256064&forum_id=2#23198891) |
|
Date: May 14th, 2013 6:23 PM Author: Offensive gold fanboi Well you pay a lot less. (http://www.autoadmit.com/thread.php?thread_id=2256064&forum_id=2#23198910) |
Date: May 14th, 2013 6:26 PM Author: violent garnet native *is not born with trust fund* *gets into good UG and LS* *takes out student loans for tuition + living expenses* *graduates LS with $300K student loan debt* *cops PAYE while working at non-profit for 10 years* *gets $500k debt forgiven* *wins* |
|
Date: May 14th, 2013 6:26 PM Author: Offensive gold fanboi Then what? (http://www.autoadmit.com/thread.php?thread_id=2256064&forum_id=2#23198931) |
|
Date: May 14th, 2013 6:31 PM Author: violent garnet native live in iowa, buy mansion & BMW, use remaining $$$ for philanthropy (http://www.autoadmit.com/thread.php?thread_id=2256064&forum_id=2#23198971) |
|
Date: May 14th, 2013 6:27 PM Author: galvanic blathering pit roast beef yeah but they're still making like 75K at age 36 which is kind of hard (http://www.autoadmit.com/thread.php?thread_id=2256064&forum_id=2#23198937) |
|
Date: May 14th, 2013 6:29 PM Author: spectacular rambunctious trailer park halford Higher ed. is basically a gamble now. If you win, PAYE isn't that important. If you lose, you are fucked for life, and cannot repay your debts without PAYE. It's not about whether it's a good deal or not for people who make enough to pay off their loans. It's about whether the remaining 70+% of the graduates default or not. (http://www.autoadmit.com/thread.php?thread_id=2256064&forum_id=2#23198951) |