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I found a 180 loophole to income-based repayment schemes
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Poast new message in this thread
Date: March 14th, 2019 8:49 PM Author: Scarlet vivacious hall tl;dr Income is calculated post-401k contribution, so max your 401k in the month you use to certify income
The income-based programs allow you to use a paystub to certify income and use taxable income to estimate your income.
What I did was max out my 401k one month: I make $14.5k/month (paid monthly), and Vanguard maxes out at 75%, so put up about 10k into my 401k, leaving my monthly income as ~$4.5k. I submitted this paystub to the loan servicer and now have a ~$200/mo payment.
This is 180 because even if I go the entire 25 years, it doesn't come close to my total loan value. Also, time value of money and I also expect further loan relief. Worst case scenario I get rich and have to pay back my loan. |
Date: March 14th, 2019 8:50 PM Author: ungodly hairraiser psychic church building LJL at proles who have to repay loans. (http://www.autoadmit.com/thread.php?thread_id=4221025&forum_id=2#37932659) |
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Date: March 14th, 2019 8:51 PM Author: Scarlet vivacious hall Actually it's incredibly prestigious to let the government pay hundreds of thousands on your behalf and then stiff the government on the repayment. (http://www.autoadmit.com/thread.php?thread_id=4221025&forum_id=2#37932664) |
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Date: March 14th, 2019 8:52 PM Author: ungodly hairraiser psychic church building (http://www.autoadmit.com/thread.php?thread_id=4221025&forum_id=2#37932669) |
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Date: June 24th, 2019 10:35 PM Author: canary unhinged telephone space (http://www.autoadmit.com/thread.php?thread_id=4221025&forum_id=2#38435257) |
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Date: June 25th, 2019 11:26 AM Author: Thriller base (http://www.autoadmit.com/thread.php?thread_id=4221025&forum_id=2#38437252) |
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Date: June 25th, 2019 11:41 AM Author: magenta shrine (http://www.autoadmit.com/thread.php?thread_id=4221025&forum_id=2#38437328) |
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Date: January 6th, 2021 12:17 PM Author: mustard yapping personal credit line puppy (http://www.autoadmit.com/thread.php?thread_id=4221025&forum_id=2#41688316) |
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Date: March 9th, 2023 7:26 PM Author: multi-colored mewling area electric furnace (http://www.autoadmit.com/thread.php?thread_id=4221025&forum_id=2#46031448) |
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Date: April 22nd, 2019 7:50 PM Author: Scarlet vivacious hall Elizabeth Warren bump (http://www.autoadmit.com/thread.php?thread_id=4221025&forum_id=2#38126710) |
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Date: June 24th, 2019 9:52 PM Author: Iridescent 180 Site So fraud. Would bet the house you're Jewish (http://www.autoadmit.com/thread.php?thread_id=4221025&forum_id=2#38435038) |
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Date: June 24th, 2019 9:54 PM Author: laughsome tripping trump supporter the entire system is fraud on multiple levels (http://www.autoadmit.com/thread.php?thread_id=4221025&forum_id=2#38435041) |
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Date: January 6th, 2021 12:18 PM Author: mustard yapping personal credit line puppy (http://www.autoadmit.com/thread.php?thread_id=4221025&forum_id=2#41688319) |
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Date: June 25th, 2019 11:39 AM Author: Scarlet vivacious hall (http://www.autoadmit.com/thread.php?thread_id=4221025&forum_id=2#38437321) |
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Date: January 6th, 2021 12:18 PM Author: mustard yapping personal credit line puppy Just pay back money so bantu kikes can enjoy a healthy treasury Eat shit |
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Date: June 24th, 2019 9:57 PM Author: violet tanning salon it's not a loophole. you're supposed to report material changes in your income. you don't think that your income going up by 300% the next month is a material change? (http://www.autoadmit.com/thread.php?thread_id=4221025&forum_id=2#38435049) |
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Date: June 24th, 2019 10:15 PM Author: Curious Dead Menage (http://www.autoadmit.com/thread.php?thread_id=4221025&forum_id=2#38435145) |
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Date: June 24th, 2019 10:16 PM Author: Iridescent 180 Site He's Jewish. I've heard this "loophole" logic used to justify various forms of fraud (http://www.autoadmit.com/thread.php?thread_id=4221025&forum_id=2#38435159) |
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Date: June 24th, 2019 10:26 PM Author: laughsome tripping trump supporter OY VEY PAY UP UR SHEKELS! (http://www.autoadmit.com/thread.php?thread_id=4221025&forum_id=2#38435215) |
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Date: June 24th, 2019 10:27 PM Author: violet tanning salon jews being jews doesn't justify fraud. have some integrity. (http://www.autoadmit.com/thread.php?thread_id=4221025&forum_id=2#38435222) |
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Date: June 24th, 2019 10:27 PM Author: laughsome tripping trump supporter OY VEY ITS ANNODAH SHOAH! (http://www.autoadmit.com/thread.php?thread_id=4221025&forum_id=2#38435226) |
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Date: June 24th, 2019 10:32 PM Author: Iridescent 180 Site https://www.google.com/amp/s/amp.app.com/amp/740083002
Loophole or nah? |
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Date: June 25th, 2019 2:09 PM Author: Scarlet vivacious hall (http://www.autoadmit.com/thread.php?thread_id=4221025&forum_id=2#38438246) |
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Date: July 28th, 2019 4:27 PM Author: Emerald Kitchen Codepig (http://www.autoadmit.com/thread.php?thread_id=4221025&forum_id=2#38601731) |
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Date: June 25th, 2019 11:41 AM Author: magenta shrine (http://www.autoadmit.com/thread.php?thread_id=4221025&forum_id=2#38437336) |
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Date: June 24th, 2019 10:29 PM Author: Naked cruise ship degenerate What is the largest percent that is immaterial friend? (http://www.autoadmit.com/thread.php?thread_id=4221025&forum_id=2#38435238) |
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Date: June 24th, 2019 10:37 PM Author: violet tanning salon (110 iq redditor asking "but where do we draw the line?") (http://www.autoadmit.com/thread.php?thread_id=4221025&forum_id=2#38435274) |
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Date: June 24th, 2019 11:03 PM Author: Naked cruise ship degenerate No (http://www.autoadmit.com/thread.php?thread_id=4221025&forum_id=2#38435416) |
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Date: June 24th, 2019 10:38 PM Author: Provocative Step-uncle's House Volcanic Crater 25% is pushing it (http://www.autoadmit.com/thread.php?thread_id=4221025&forum_id=2#38435284) |
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Date: June 24th, 2019 11:07 PM Author: fluffy stead cr, this faggot needs to be prosecuted (http://www.autoadmit.com/thread.php?thread_id=4221025&forum_id=2#38435434) |
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Date: June 25th, 2019 11:39 AM Author: Scarlet vivacious hall You misunderstand this checkbox on the income certification form.
I ALWAYS check the "my income has significantly changed" box so that they let me use paystubs to calculate income instead of tax returns.
You only have to certify once a year. You have the option of certifying again (say if you lost your job or similar), but are not required to. Hilariously, if your income changes upward, you still can pay the lower rate the rest of the year. Income based repayment is a "heads I win, tails you lose" program. |
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Date: June 24th, 2019 10:29 PM Author: spectacular resort depressive 180 (http://www.autoadmit.com/thread.php?thread_id=4221025&forum_id=2#38435240) |
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Date: June 24th, 2019 10:36 PM Author: balding free-loading corner alpha Happy purim (http://www.autoadmit.com/thread.php?thread_id=4221025&forum_id=2#38435262) |
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Date: June 24th, 2019 11:04 PM Author: buff ratface (http://www.autoadmit.com/thread.php?thread_id=4221025&forum_id=2#38435422) |
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Date: June 25th, 2019 11:22 AM Author: Iridescent 180 Site (http://www.autoadmit.com/thread.php?thread_id=4221025&forum_id=2#38437225) |
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Date: June 25th, 2019 11:26 AM Author: Thriller base There are all sorts of schemes like this...its 180 (http://www.autoadmit.com/thread.php?thread_id=4221025&forum_id=2#38437255) |
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Date: June 25th, 2019 11:28 AM Author: Cordovan marvelous gas station Bookmarking for later (http://www.autoadmit.com/thread.php?thread_id=4221025&forum_id=2#38437264) |
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Date: March 9th, 2023 7:28 PM Author: multi-colored mewling area electric furnace (http://www.autoadmit.com/thread.php?thread_id=4221025&forum_id=2#46031460) |
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Date: July 28th, 2019 3:30 PM Author: Scarlet vivacious hall They are cracking down on income based repayment fraud, luckily they are getting at the dumb goyim who claim 30 dependents: https://abcnews.go.com/amp/Politics/wireStory/feds-find-potential-fraud-student-loan-repayment-plans-64575667
Still riding this loophole, but currently have $0 payments for the next year because I had a brief lapse of employment and recalculated income during this period lol. |
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Date: July 28th, 2019 4:25 PM Author: Big Submissive Travel Guidebook (http://www.autoadmit.com/thread.php?thread_id=4221025&forum_id=2#38601728) |
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Date: August 24th, 2022 9:00 PM Author: Scarlet vivacious hall (http://www.autoadmit.com/thread.php?thread_id=4221025&forum_id=2#45065702) |
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Date: August 24th, 2022 9:05 PM Author: Irate foreskin bbw This works if your annual income contains a large bonus every year. It makes sense as well because you can’t guarantee you’ll have a giant bonus next year so you certify based on your lower income like you would on child support (http://www.autoadmit.com/thread.php?thread_id=4221025&forum_id=2#45065720) |
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Date: August 24th, 2022 10:03 PM Author: Motley brindle parlour More POWERFUL hack: lose your job and get on unemployment. Update/recertify your income using your unemployment checks as your basis. Enjoy like a $30/month payment for a year. Rinse and repeat as needed. Thanks libs! (http://www.autoadmit.com/thread.php?thread_id=4221025&forum_id=2#45065984) |
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Date: March 9th, 2023 7:25 PM Author: Scarlet vivacious hall (http://www.autoadmit.com/thread.php?thread_id=4221025&forum_id=2#46031443) |