"Dynamic Student Loan Repayment Act" expands PAYE to 30 years
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Poast new message in this thread
Date: July 23rd, 2014 12:37 PM Author: Doobsian lilac police squad
http://abovethelaw.com/2014/07/bipartisan-plan-to-screw-poor-student-borrowers-is-actually-kind-of-good/
Senators Marco Rubio and Mark Warner introduced a bipartisan student loan bill yesterday aimed at reducing default rates. The bill, called the “Dynamic Student Loan Repayment Act,” would limit all student loan repayment to 10% of discretionary income.
The plan is terrible for the poorest students. Currently, the federal income-based repayment program, called Pay as You Earn or PAYE, also requires 10% of discretionary income, but it calculates “discretionary” at 150% of the poverty line. The Rubio/Warner plan kicks in at $10,000… which is a lot less than 150% of the poverty line.
Also under PAYE, if you have more than $57,500 of debt after 20 years of repayment, PAYE forgives your loan. Under Dynamic Repayment, that goal post is moved to 30 years out. I guess the upside is that under Dynamic Repayment, there’s a better chance that you’ll die still owing money.
Again, if you are poor, this new plan isn’t great. But since when do Republicans or even Democrats care about the truly poor?
(http://www.autoadmit.com/thread.php?thread_id=2626049&forum_id=2#25987234) |
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Date: July 23rd, 2014 4:54 PM Author: Doobsian lilac police squad
After Congress caps all PAYE forgiveness at $57.5K,
"But, but, the Dept of Edu webpage FAQ written by some intern," he lisped.
Page Not Found
(http://www.autoadmit.com/thread.php?thread_id=2626049&forum_id=2#25988720) |
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Date: July 23rd, 2014 5:05 PM Author: charismatic cerise state
IBR, at least, is contained in the PLUS MPN
http://www.direct.ed.gov/pubs/plusmpn.pdf
Unless otherwise restricted by loan type, you must
repay all of your Direct Loans under the same
repayment plan. You may choose one of the
following repayment plans to repay your Direct
PLUS Loan:
[List of repayment plans]
(http://www.autoadmit.com/thread.php?thread_id=2626049&forum_id=2#25988771)
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Date: July 23rd, 2014 2:09 PM Author: contagious hospital
no one lives in those states. more people live in L.A. County alone than in all of the blue states in this map:
http://i.imgur.com/zkt2BLq.jpg
in-state tuition in California is something like $20K per year.
(http://www.autoadmit.com/thread.php?thread_id=2626049&forum_id=2#25987740) |
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Date: July 23rd, 2014 4:22 PM Author: Heady Dragon Corner
Nothing breh, you're in contract with lender (government) which locks in the terms of PAYE. This has already been covered repeatedly when Bama set forth his new paye proposal which was just a slightly better version of this and all us current PAYE bros were STRESSING that it might apply retroactively.
Dept of Edu confirmed that those enrolled in PAYE are actually some form of contract which cannot be retroactively changed by gov't or any other party and we're locked into our current terms.
PSLF on the other hand... LJL
(http://www.autoadmit.com/thread.php?thread_id=2626049&forum_id=2#25988489) |
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Date: July 23rd, 2014 2:14 PM Author: Cracking Business Firm Nowag
my payments under IBR (15% version) are pretty close to my regular payment amount.
PAYE would bring payments down a third (10% version).
(http://www.autoadmit.com/thread.php?thread_id=2626049&forum_id=2#25987764)
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Date: July 23rd, 2014 4:43 PM Author: Heady Dragon Corner
no way I'm going through that much work, but if you look up the previous PAYE threads you should find the one discussing Obama's budget proposal where this shit was discussed at length. Dept of Edu has also confirmed that they could not change the terms of those currently enrolled in PAYE. I know there's a website that was asking these questions to dept of edu and publishing their responses but I'm also not gonna do that work for you bro.
I believe PAYE was actually explicitly mentioned as a repayment option in some of our loan paperwork in 2012/2013, therefore we relied on the promise of that repayment plan when we took out the loan. Therefore contract law governs.
However, I'm pretty sure that it was also confirmed that simply signing up for PAYE actually constitutes some form of contract with the lender that you'll abide by the terms of the repayment plan or some shit.
(http://www.autoadmit.com/thread.php?thread_id=2626049&forum_id=2#25988648) |
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