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"Dynamic Student Loan Repayment Act" expands PAYE to 30 years

http://abovethelaw.com/2014/07/bipartisan-plan-to-screw-poor...
Magical toilet seat home
  07/23/14
jfc. a fixed threshold of $10k is below 150% of poverty leve...
Aphrodisiac Dingle Berry
  07/23/14
LJL
Embarrassed to the bone coffee pot
  07/23/14
that's alright. i'm locked in to PAYE 20-10 already
Electric Flushed Lay Legend
  07/23/14
Looks to include all borrowers, no grandfather provision -- ...
Magical toilet seat home
  07/23/14
lol i'm not reading that but i'm sure it's flame anyway
Electric Flushed Lay Legend
  07/23/14
Right bro... Too bad dept of edu has already confirmed that ...
pontificating cerise ladyboy
  07/23/14
lol@this.
Amber adulterous rigor friendly grandma
  07/23/14
After Congress caps all PAYE forgiveness at $57.5K, "...
Magical toilet seat home
  07/23/14
wasn't dept of edu FAQ bro. There's some website dedicated ...
pontificating cerise ladyboy
  07/23/14
I love all these vague hearsay assertions from people with n...
Magical toilet seat home
  07/23/14
They can't confirm anything. Most of the Department can't ev...
Black Slap-happy Chapel Psychic
  07/23/14
IBR, at least, is contained in the PLUS MPN http://www.di...
disgusting abode halford
  07/23/14
titcr
Self-centered Candlestick Maker Kitty Cat
  07/23/14
(Pace law at sticker grad)
Magical toilet seat home
  07/23/14
haha im going to personally enjoy watching you get so fuckin...
Amber adulterous rigor friendly grandma
  07/23/14
stern but fair
pontificating cerise ladyboy
  07/23/14
...
Magical toilet seat home
  07/24/14
When does this bullshit kick in, assuming it passes?
iridescent hall
  07/23/14
July 1, 2015 It won't pass.
exhilarant library pozpig
  07/23/14
Bipartisan support from all sides.
Magical toilet seat home
  07/23/14
3L here. Can I still get the 20 year one?
Brindle free-loading boistinker
  07/23/14
haven't read this particular one, but the one in the bama pr...
pontificating cerise ladyboy
  07/23/14
better cop dat PAYE contract now
disgusting abode halford
  07/23/14
This is so awesome! Screw all the debtor bums. Pay your loan...
180 underhanded crotch native
  07/23/14
(Boomer who paid for college working part-time at mcdonalds)
bespoke apoplectic locus private investor
  07/23/14
There are still tons of cheap in-state options if you're not...
180 underhanded crotch native
  07/23/14
no one lives in those states. more people live in L.A. Count...
Self-centered Candlestick Maker Kitty Cat
  07/23/14
LA county has 10 million people, which is the same as Michig...
180 underhanded crotch native
  07/23/14
kids can't choose what state their parents live.
Self-centered Candlestick Maker Kitty Cat
  07/23/14
Move to a new state at 18 for one year. Get a job. Cop in-st...
180 underhanded crotch native
  07/23/14
states with good college systems have bumped this up to like...
Bipolar sapphire coldplay fan international law enforcement agency
  07/23/14
Odd act. Very dynamic.
mustard slimy stage place of business
  07/23/14
So what happens to the fuckers who are already signed up for...
iridescent hall
  07/23/14
nothing
disgusting abode halford
  07/23/14
This applies retroactive from July 1, 2015
Magical toilet seat home
  07/23/14
the flame is strong with you
pontificating cerise ladyboy
  07/23/14
Nothing breh, you're in contract with lender (government) wh...
pontificating cerise ladyboy
  07/23/14
Lol at being locked in to having the tax payers eat hundreds...
Magical toilet seat home
  07/23/14
Odds of this passing?
mahogany boiling water
  07/23/14
0%
Embarrassed to the bone coffee pot
  07/23/14
Based on? Obamas expansion of PAYE seems more generous to...
mahogany boiling water
  07/23/14
correct
Embarrassed to the bone coffee pot
  07/23/14
Why do you think it won't pass though? Because Rubio is a c...
mahogany boiling water
  07/23/14
Because there's something that already does the same thing e...
Canary Pocket Flask
  07/23/14
He already signed the exec order. This would have to go thro...
Galvanic cowardly whorehouse
  07/23/14
What exec order? I'm an IBR bro just trying to get some hope...
cerebral burgundy half-breed business firm
  07/23/14
Bro get educated: http://www.usnews.com/news/blogs/ken-wa...
mahogany boiling water
  07/23/14
Sweet tyft
cerebral burgundy half-breed business firm
  07/23/14
I'm currently (barely) on IBR waiting for PAYE expansion to ...
mahogany boiling water
  07/23/14
barely how?
Embarrassed to the bone coffee pot
  07/23/14
my payments under IBR (15% version) are pretty close to my r...
mahogany boiling water
  07/23/14
80%. This is a more realistic version of PAYE. You cannot ...
Magical toilet seat home
  07/23/14
yeah, if it does passes i'll have to get on it, buckle down ...
mahogany boiling water
  07/23/14
One way or another, all forgiveness will be capped at $57.5K...
Magical toilet seat home
  07/23/14
that's all I need really. I just don't want to wait 30 years...
mahogany boiling water
  07/23/14
lol
Electric Flushed Lay Legend
  07/23/14
what do you tell people like me that owe $250K or more? you ...
Self-centered Candlestick Maker Kitty Cat
  07/23/14
do you have biglaw? I guess my question is how you could ...
mahogany boiling water
  07/23/14
$20K of that is undergrad, and about $20K is interest. law s...
Self-centered Candlestick Maker Kitty Cat
  07/23/14
HAHAURFUKD
hairless misunderstood mexican
  07/23/14
he's flaming
disgusting abode halford
  07/23/14
They'll just keep extending it out. You'll be fine, just do...
Magical toilet seat home
  07/23/14
i think this is a likely prediction. they wont remove the f...
Amber adulterous rigor friendly grandma
  07/23/14
PAYE was designed exactly for that, and many people signed u...
impressive shrine brethren
  07/23/14
The typical PAYE target is an underpaid public interest type...
Magical toilet seat home
  07/23/14
There is no such thing as a "PAYE target". Plenty ...
impressive shrine brethren
  07/23/14
Oh HAI Me. This guy is flaming anyway, they can't change ...
pontificating cerise ladyboy
  07/23/14
show a contract with names/identifying info redacted that ha...
Amber adulterous rigor friendly grandma
  07/23/14
no way I'm going through that much work, but if you look up ...
pontificating cerise ladyboy
  07/23/14
(citing random FAQ as evidence that taxpayers are locked in ...
Magical toilet seat home
  07/23/14
is that a response to the extensive discussion on auto admit...
pontificating cerise ladyboy
  07/23/14
Congress is the one proposing the bills, man. Not the dept ...
Magical toilet seat home
  07/23/14
I understand that, however basic contract principles still a...
pontificating cerise ladyboy
  07/23/14
Were these repayment plans contractual obligations?
Black Slap-happy Chapel Psychic
  07/23/14
they were specific terms of repayment in the MPN itself for ...
Self-centered Candlestick Maker Kitty Cat
  07/23/14
So they can't cut pensions, SSI, or Medicaid either???
hairless misunderstood mexican
  07/23/14
tucker act, bro. Government's hands are tied as fuck.
Magical toilet seat home
  07/23/14
SSI and medicaid aren't contracts I'm not sure the fed go...
disgusting abode halford
  07/23/14
(guy who is unfamiliar with US history regarding respecting ...
Beta crackhouse gaping
  07/24/14
Thank god some people in congress have read my hundreds of l...
sepia pit
  07/23/14
*earl not satisfied with only 30 years of repayment* "...
Electric Flushed Lay Legend
  07/23/14
why would Obama sign off on this when he just signed that ex...
Embarrassed to the bone coffee pot
  07/23/14
Obama wants to cap forgiveness at $57.5K also. Everybody is...
Magical toilet seat home
  07/23/14
love your passion bro
Embarrassed to the bone coffee pot
  07/23/14
There's a reason the exec order doesn't kick in until the en...
Black Slap-happy Chapel Psychic
  07/23/14
Does the bill apply retroactively
scarlet fighting hospital
  07/23/14
no
disgusting abode halford
  07/23/14
Yeah, it overwrites previous rules, no grandfathering.
Magical toilet seat home
  07/23/14
no
pontificating cerise ladyboy
  07/23/14
OFS - why would it allow just the last couple of years of la...
180 underhanded crotch native
  07/23/14
Basic Fairness won't allow some dude graduating from Boalt t...
Magical toilet seat home
  07/23/14
like how a bro who started college in october, 2007 can get ...
Aphrodisiac Dingle Berry
  07/24/14
tucker act waives fed immunity on contract claims
disgusting abode halford
  07/23/14
(guy citing 19th century act as evidence that he must get hi...
Magical toilet seat home
  07/23/14
...
Black Slap-happy Chapel Psychic
  07/23/14
...
cerebral burgundy half-breed business firm
  07/23/14
...
yellow soul-stirring resort
  07/23/14


Poast new message in this thread



Reply Favorite

Date: July 23rd, 2014 12:37 PM
Author: Magical toilet seat home

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)



Reply Favorite

Date: July 23rd, 2014 12:40 PM
Author: Aphrodisiac Dingle Berry

jfc. a fixed threshold of $10k is below 150% of poverty level now, imagine how horrible it will be after 20 years of inflation eats away at it.

(http://www.autoadmit.com/thread.php?thread_id=2626049&forum_id=2#25987244)



Reply Favorite

Date: July 23rd, 2014 12:40 PM
Author: Embarrassed to the bone coffee pot

LJL

(http://www.autoadmit.com/thread.php?thread_id=2626049&forum_id=2#25987245)



Reply Favorite

Date: July 23rd, 2014 12:42 PM
Author: Electric Flushed Lay Legend

that's alright. i'm locked in to PAYE 20-10 already

(http://www.autoadmit.com/thread.php?thread_id=2626049&forum_id=2#25987247)



Reply Favorite

Date: July 23rd, 2014 1:17 PM
Author: Magical toilet seat home

Looks to include all borrowers, no grandfather provision --

http://www.scribd.com/doc/234127671/Dynamic-Repayment-Act

(http://www.autoadmit.com/thread.php?thread_id=2626049&forum_id=2#25987390)



Reply Favorite

Date: July 23rd, 2014 1:18 PM
Author: Electric Flushed Lay Legend

lol i'm not reading that but i'm sure it's flame anyway

(http://www.autoadmit.com/thread.php?thread_id=2626049&forum_id=2#25987401)



Reply Favorite

Date: July 23rd, 2014 4:18 PM
Author: pontificating cerise ladyboy

Right bro... Too bad dept of edu has already confirmed that those currently enrolled in PAYE are under some form of contract which the government can't unilaterally change.

Nice flame tho.

(http://www.autoadmit.com/thread.php?thread_id=2626049&forum_id=2#25988459)



Reply Favorite

Date: July 23rd, 2014 4:33 PM
Author: Amber adulterous rigor friendly grandma

lol@this.

(http://www.autoadmit.com/thread.php?thread_id=2626049&forum_id=2#25988564)



Reply Favorite

Date: July 23rd, 2014 4:54 PM
Author: Magical toilet seat home

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)



Reply Favorite

Date: July 23rd, 2014 4:56 PM
Author: pontificating cerise ladyboy

wasn't dept of edu FAQ bro. There's some website dedicated to student loan shit and the guy who runs the website interview several people with the dept of edu regarding this issue when obama first published his proposed student loan reform. They confirmed that those already enrolled in PAYE are locked in.

(http://www.autoadmit.com/thread.php?thread_id=2626049&forum_id=2#25988730)



Reply Favorite

Date: July 23rd, 2014 4:58 PM
Author: Magical toilet seat home

I love all these vague hearsay assertions from people with no relevant authority.

(http://www.autoadmit.com/thread.php?thread_id=2626049&forum_id=2#25988740)



Reply Favorite

Date: July 23rd, 2014 4:59 PM
Author: Black Slap-happy Chapel Psychic

They can't confirm anything. Most of the Department can't even explain the various repayment programs and who they apply to. And no one has linked to any language in the loan documents that treats these repayment plans as contractual obligations. Anything can change.

(http://www.autoadmit.com/thread.php?thread_id=2626049&forum_id=2#25988744)



Reply Favorite

Date: July 23rd, 2014 5:05 PM
Author: disgusting abode halford

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)



Reply Favorite

Date: July 23rd, 2014 5:25 PM
Author: Self-centered Candlestick Maker Kitty Cat

titcr

(http://www.autoadmit.com/thread.php?thread_id=2626049&forum_id=2#25988857)



Reply Favorite

Date: July 23rd, 2014 5:31 PM
Author: Magical toilet seat home

(Pace law at sticker grad)

(http://www.autoadmit.com/thread.php?thread_id=2626049&forum_id=2#25988888)



Reply Favorite

Date: July 23rd, 2014 5:02 PM
Author: Amber adulterous rigor friendly grandma

haha im going to personally enjoy watching you get so fucking pwned

(http://www.autoadmit.com/thread.php?thread_id=2626049&forum_id=2#25988754)



Reply Favorite

Date: July 23rd, 2014 5:05 PM
Author: pontificating cerise ladyboy

stern but fair

(http://www.autoadmit.com/thread.php?thread_id=2626049&forum_id=2#25988766)



Reply Favorite

Date: July 24th, 2014 10:39 AM
Author: Magical toilet seat home



(http://www.autoadmit.com/thread.php?thread_id=2626049&forum_id=2#25992968)



Reply Favorite

Date: July 23rd, 2014 12:49 PM
Author: iridescent hall

When does this bullshit kick in, assuming it passes?

(http://www.autoadmit.com/thread.php?thread_id=2626049&forum_id=2#25987273)



Reply Favorite

Date: July 23rd, 2014 12:54 PM
Author: exhilarant library pozpig

July 1, 2015

It won't pass.

(http://www.autoadmit.com/thread.php?thread_id=2626049&forum_id=2#25987292)



Reply Favorite

Date: July 23rd, 2014 1:14 PM
Author: Magical toilet seat home

Bipartisan support from all sides.

(http://www.autoadmit.com/thread.php?thread_id=2626049&forum_id=2#25987378)



Reply Favorite

Date: July 23rd, 2014 1:19 PM
Author: Brindle free-loading boistinker

3L here. Can I still get the 20 year one?

(http://www.autoadmit.com/thread.php?thread_id=2626049&forum_id=2#25987405)



Reply Favorite

Date: July 23rd, 2014 4:20 PM
Author: pontificating cerise ladyboy

haven't read this particular one, but the one in the bama proposal applied to new borrowers, so those who haven't taken out any loans yet. Basically just fucks everyone under the age of 25 even harder.

(http://www.autoadmit.com/thread.php?thread_id=2626049&forum_id=2#25988469)



Reply Favorite

Date: July 23rd, 2014 1:01 PM
Author: disgusting abode halford

better cop dat PAYE contract now

(http://www.autoadmit.com/thread.php?thread_id=2626049&forum_id=2#25987321)



Reply Favorite

Date: July 23rd, 2014 1:11 PM
Author: 180 underhanded crotch native

This is so awesome! Screw all the debtor bums. Pay your loans deadbeats.

(http://www.autoadmit.com/thread.php?thread_id=2626049&forum_id=2#25987360)



Reply Favorite

Date: July 23rd, 2014 1:18 PM
Author: bespoke apoplectic locus private investor

(Boomer who paid for college working part-time at mcdonalds)

(http://www.autoadmit.com/thread.php?thread_id=2626049&forum_id=2#25987396)



Reply Favorite

Date: July 23rd, 2014 1:37 PM
Author: 180 underhanded crotch native

There are still tons of cheap in-state options if you're not a narcissistic prestige whore. In-state tuition in most states is under 10k a year for undergrad. Why should taxpayers pay for your $50k/yr LAC degree and $50k/yr JD?

http://trends.collegeboard.org/college-pricing/figures-tables/tuition-and-fees-sector-and-state-over-time



(http://www.autoadmit.com/thread.php?thread_id=2626049&forum_id=2#25987533)



Reply Favorite

Date: July 23rd, 2014 2:09 PM
Author: Self-centered Candlestick Maker Kitty Cat

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)



Reply Favorite

Date: July 23rd, 2014 2:23 PM
Author: 180 underhanded crotch native

LA county has 10 million people, which is the same as Michigan, just one of the states on your map. NJ has 9 million, WI has 5 million, MD has 5 million, VA has 8 million.

(http://www.autoadmit.com/thread.php?thread_id=2626049&forum_id=2#25987802)



Reply Favorite

Date: July 23rd, 2014 2:25 PM
Author: Self-centered Candlestick Maker Kitty Cat

kids can't choose what state their parents live.

(http://www.autoadmit.com/thread.php?thread_id=2626049&forum_id=2#25987809)



Reply Favorite

Date: July 23rd, 2014 2:27 PM
Author: 180 underhanded crotch native

Move to a new state at 18 for one year. Get a job. Cop in-state tuition the next year. Done.

(http://www.autoadmit.com/thread.php?thread_id=2626049&forum_id=2#25987818)



Reply Favorite

Date: July 23rd, 2014 4:52 PM
Author: Bipolar sapphire coldplay fan international law enforcement agency

states with good college systems have bumped this up to like 4 years before you can cop instate.

(http://www.autoadmit.com/thread.php?thread_id=2626049&forum_id=2#25988717)



Reply Favorite

Date: July 23rd, 2014 1:19 PM
Author: mustard slimy stage place of business

Odd act. Very dynamic.

(http://www.autoadmit.com/thread.php?thread_id=2626049&forum_id=2#25987408)



Reply Favorite

Date: July 23rd, 2014 1:28 PM
Author: iridescent hall

So what happens to the fuckers who are already signed up for PAYE?

(http://www.autoadmit.com/thread.php?thread_id=2626049&forum_id=2#25987468)



Reply Favorite

Date: July 23rd, 2014 1:34 PM
Author: disgusting abode halford

nothing

(http://www.autoadmit.com/thread.php?thread_id=2626049&forum_id=2#25987508)



Reply Favorite

Date: July 23rd, 2014 1:36 PM
Author: Magical toilet seat home

This applies retroactive from July 1, 2015

(http://www.autoadmit.com/thread.php?thread_id=2626049&forum_id=2#25987528)



Reply Favorite

Date: July 23rd, 2014 4:23 PM
Author: pontificating cerise ladyboy

the flame is strong with you

(http://www.autoadmit.com/thread.php?thread_id=2626049&forum_id=2#25988493)



Reply Favorite

Date: July 23rd, 2014 4:22 PM
Author: pontificating cerise ladyboy

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)



Reply Favorite

Date: July 23rd, 2014 4:43 PM
Author: Magical toilet seat home

Lol at being locked in to having the tax payers eat hundreds of thousands of dollars of your debt. GL with that.

(http://www.autoadmit.com/thread.php?thread_id=2626049&forum_id=2#25988649)



Reply Favorite

Date: July 23rd, 2014 1:58 PM
Author: mahogany boiling water

Odds of this passing?

(http://www.autoadmit.com/thread.php?thread_id=2626049&forum_id=2#25987676)



Reply Favorite

Date: July 23rd, 2014 1:59 PM
Author: Embarrassed to the bone coffee pot

0%

(http://www.autoadmit.com/thread.php?thread_id=2626049&forum_id=2#25987684)



Reply Favorite

Date: July 23rd, 2014 2:03 PM
Author: mahogany boiling water

Based on?

Obamas expansion of PAYE seems more generous to borrowers.

(http://www.autoadmit.com/thread.php?thread_id=2626049&forum_id=2#25987706)



Reply Favorite

Date: July 23rd, 2014 2:05 PM
Author: Embarrassed to the bone coffee pot

correct

(http://www.autoadmit.com/thread.php?thread_id=2626049&forum_id=2#25987718)



Reply Favorite

Date: July 23rd, 2014 2:07 PM
Author: mahogany boiling water

Why do you think it won't pass though? Because Rubio is a co-sponsor?

(http://www.autoadmit.com/thread.php?thread_id=2626049&forum_id=2#25987728)



Reply Favorite

Date: July 23rd, 2014 4:33 PM
Author: Canary Pocket Flask

Because there's something that already does the same thing except is more favorable to students (and schools)? So why would Dems support this?

(http://www.autoadmit.com/thread.php?thread_id=2626049&forum_id=2#25988565)



Reply Favorite

Date: July 23rd, 2014 2:07 PM
Author: Galvanic cowardly whorehouse

He already signed the exec order. This would have to go through Congress and be signed into law, and "bipartisan" or not, it may very well fail or be torpedoed for whatever reason. Obama would basically give a big fuck-you to all of the borrowers who jumped into IBR on the premise that PAYE as it stood was going to be expanded, if he signed it.

Could pass, this issue has always been so off the radar I am not sure they'd all of a sudden decide they need to save a few bucks by making it 30 years to the chagrin of all the people the bill is designed to "help".

(http://www.autoadmit.com/thread.php?thread_id=2626049&forum_id=2#25987727)



Reply Favorite

Date: July 23rd, 2014 2:08 PM
Author: cerebral burgundy half-breed business firm

What exec order? I'm an IBR bro just trying to get some hope of PAYE.

(http://www.autoadmit.com/thread.php?thread_id=2626049&forum_id=2#25987736)



Reply Favorite

Date: July 23rd, 2014 2:11 PM
Author: mahogany boiling water

Bro get educated:

http://www.usnews.com/news/blogs/ken-walshs-washington/2014/06/09/obama-to-expand-pay-as-you-earn-student-debt-plan

Everyone will be entitled to PAYE in 2015.

(http://www.autoadmit.com/thread.php?thread_id=2626049&forum_id=2#25987747)



Reply Favorite

Date: July 23rd, 2014 2:12 PM
Author: cerebral burgundy half-breed business firm

Sweet tyft

(http://www.autoadmit.com/thread.php?thread_id=2626049&forum_id=2#25987757)



Reply Favorite

Date: July 23rd, 2014 2:09 PM
Author: mahogany boiling water

I'm currently (barely) on IBR waiting for PAYE expansion to come into effect. I want the PSLF from it

I want that PAYE (Obama's version).

(http://www.autoadmit.com/thread.php?thread_id=2626049&forum_id=2#25987743)



Reply Favorite

Date: July 23rd, 2014 2:11 PM
Author: Embarrassed to the bone coffee pot

barely how?



(http://www.autoadmit.com/thread.php?thread_id=2626049&forum_id=2#25987750)



Reply Favorite

Date: July 23rd, 2014 2:14 PM
Author: mahogany boiling water

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)



Reply Favorite

Date: July 23rd, 2014 2:08 PM
Author: Magical toilet seat home

80%. This is a more realistic version of PAYE. You cannot have people making under $50K paying almost nothing on their loans forever. And you can't have people getting $100K+ in forgiveness. This bill just ensures that nobody will be getting TOO GOOD of a deal with PAYE. Includes retroactive also.

(http://www.autoadmit.com/thread.php?thread_id=2626049&forum_id=2#25987737)



Reply Favorite

Date: July 23rd, 2014 2:12 PM
Author: mahogany boiling water

yeah, if it does passes i'll have to get on it, buckle down and pay my loans off asap.

no pslf provision in there so i'd be kinda fucked that way. I have 3 1/2 years left to get forgiveness

(http://www.autoadmit.com/thread.php?thread_id=2626049&forum_id=2#25987758)



Reply Favorite

Date: July 23rd, 2014 2:13 PM
Author: Magical toilet seat home

One way or another, all forgiveness will be capped at $57.5K. Nobody is ever getting more than that amount forgiven.

(http://www.autoadmit.com/thread.php?thread_id=2626049&forum_id=2#25987762)



Reply Favorite

Date: July 23rd, 2014 2:15 PM
Author: mahogany boiling water

that's all I need really. I just don't want to wait 30 years to be able to get it when I could get it in 3 1/2.

(http://www.autoadmit.com/thread.php?thread_id=2626049&forum_id=2#25987767)



Reply Favorite

Date: July 23rd, 2014 2:17 PM
Author: Electric Flushed Lay Legend

lol

(http://www.autoadmit.com/thread.php?thread_id=2626049&forum_id=2#25987777)



Reply Favorite

Date: July 23rd, 2014 2:18 PM
Author: Self-centered Candlestick Maker Kitty Cat

what do you tell people like me that owe $250K or more? you can't deny bankruptcy and also provide no other out.

(http://www.autoadmit.com/thread.php?thread_id=2626049&forum_id=2#25987782)



Reply Favorite

Date: July 23rd, 2014 2:25 PM
Author: mahogany boiling water

do you have biglaw?

I guess my question is how you could rack up so much debt for law school?

(http://www.autoadmit.com/thread.php?thread_id=2626049&forum_id=2#25987808)



Reply Favorite

Date: July 23rd, 2014 2:27 PM
Author: Self-centered Candlestick Maker Kitty Cat

$20K of that is undergrad, and about $20K is interest. law school was about $210K total. $20K living expenses + $40K tuition + interest accumulated during school. law school costs even more than that now, nearly $300K by most school's own estimates. no biglaw.

(http://www.autoadmit.com/thread.php?thread_id=2626049&forum_id=2#25987821)



Reply Favorite

Date: July 23rd, 2014 5:41 PM
Author: hairless misunderstood mexican

HAHAURFUKD

(http://www.autoadmit.com/thread.php?thread_id=2626049&forum_id=2#25988930)



Reply Favorite

Date: July 23rd, 2014 2:25 PM
Author: disgusting abode halford

he's flaming

(http://www.autoadmit.com/thread.php?thread_id=2626049&forum_id=2#25987810)



Reply Favorite

Date: July 23rd, 2014 2:37 PM
Author: Magical toilet seat home

They'll just keep extending it out. You'll be fine, just don't expect to get $300K written off. PAYE was never designed for that, and it won't ever happen.

(http://www.autoadmit.com/thread.php?thread_id=2626049&forum_id=2#25987861)



Reply Favorite

Date: July 23rd, 2014 2:39 PM
Author: Amber adulterous rigor friendly grandma

i think this is a likely prediction. they wont remove the forgiveness, theyll just keep lengthening the amount of time it takes

(http://www.autoadmit.com/thread.php?thread_id=2626049&forum_id=2#25987875)



Reply Favorite

Date: July 23rd, 2014 2:52 PM
Author: impressive shrine brethren

PAYE was designed exactly for that, and many people signed up for high-interest government loans, rather than lower-interest private loans specifically because of the protection PAYE offers.

(http://www.autoadmit.com/thread.php?thread_id=2626049&forum_id=2#25987935)



Reply Favorite

Date: July 23rd, 2014 2:58 PM
Author: Magical toilet seat home

The typical PAYE target is an underpaid public interest type with $40K debt and $45K in loans. Not some ridiculous $300K debt nonsense.

(http://www.autoadmit.com/thread.php?thread_id=2626049&forum_id=2#25987970)



Reply Favorite

Date: July 23rd, 2014 3:18 PM
Author: impressive shrine brethren

There is no such thing as a "PAYE target". Plenty of lawyers, grad students, etc., took out federal loans specifically because this repayment option existed.

(http://www.autoadmit.com/thread.php?thread_id=2626049&forum_id=2#25988077)



Reply Favorite

Date: July 23rd, 2014 4:26 PM
Author: pontificating cerise ladyboy

Oh HAI Me.

This guy is flaming anyway, they can't change the terms of those of us already enrolled in PAYE since contract law governs.

(http://www.autoadmit.com/thread.php?thread_id=2626049&forum_id=2#25988515)



Reply Favorite

Date: July 23rd, 2014 4:34 PM
Author: Amber adulterous rigor friendly grandma

show a contract with names/identifying info redacted that has PAYE.

(http://www.autoadmit.com/thread.php?thread_id=2626049&forum_id=2#25988575)



Reply Favorite

Date: July 23rd, 2014 4:43 PM
Author: pontificating cerise ladyboy

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)



Reply Favorite

Date: July 23rd, 2014 4:50 PM
Author: Magical toilet seat home

(citing random FAQ as evidence that taxpayers are locked in to eating hundreds of thousands of dollars of his debt)

(http://www.autoadmit.com/thread.php?thread_id=2626049&forum_id=2#25988700)



Reply Favorite

Date: July 23rd, 2014 4:52 PM
Author: pontificating cerise ladyboy

is that a response to the extensive discussion on auto admit or the website that's purely focused on student loans and got information direct from the dept of edu on several occasions confirming that those currently enrolled in PAYE cannot have their terms changed unless they choose to opt into the new PAYE proposed by the Obama administration or any subsequent repayment plans.

(http://www.autoadmit.com/thread.php?thread_id=2626049&forum_id=2#25988714)



Reply Favorite

Date: July 23rd, 2014 4:55 PM
Author: Magical toilet seat home

Congress is the one proposing the bills, man. Not the dept of edu and whatever $12 an hour phone operator they have reassuring you.

(http://www.autoadmit.com/thread.php?thread_id=2626049&forum_id=2#25988727)



Reply Favorite

Date: July 23rd, 2014 4:57 PM
Author: pontificating cerise ladyboy

I understand that, however basic contract principles still apply. If I enter into contract with the federal gov't, the gov't can't just unilaterally change the terms of that contract after I've relied on it, to terms that dramatically favor them.

(http://www.autoadmit.com/thread.php?thread_id=2626049&forum_id=2#25988735)



Reply Favorite

Date: July 23rd, 2014 5:03 PM
Author: Black Slap-happy Chapel Psychic

Were these repayment plans contractual obligations?

(http://www.autoadmit.com/thread.php?thread_id=2626049&forum_id=2#25988758)



Reply Favorite

Date: July 23rd, 2014 5:31 PM
Author: Self-centered Candlestick Maker Kitty Cat

they were specific terms of repayment in the MPN itself for loans originated at that time

(http://www.autoadmit.com/thread.php?thread_id=2626049&forum_id=2#25988890)



Reply Favorite

Date: July 23rd, 2014 5:57 PM
Author: hairless misunderstood mexican

So they can't cut pensions, SSI, or Medicaid either???

(http://www.autoadmit.com/thread.php?thread_id=2626049&forum_id=2#25989000)



Reply Favorite

Date: July 23rd, 2014 6:03 PM
Author: Magical toilet seat home

tucker act, bro. Government's hands are tied as fuck.

(http://www.autoadmit.com/thread.php?thread_id=2626049&forum_id=2#25989026)



Reply Favorite

Date: July 23rd, 2014 6:15 PM
Author: disgusting abode halford

SSI and medicaid aren't contracts

I'm not sure the fed gov has ever tried to cut a vested pension

(http://www.autoadmit.com/thread.php?thread_id=2626049&forum_id=2#25989076)



Reply Favorite

Date: July 24th, 2014 11:27 AM
Author: Beta crackhouse gaping

(guy who is unfamiliar with US history regarding respecting contracts with another group obsessed with wampum)

(http://www.autoadmit.com/thread.php?thread_id=2626049&forum_id=2#25993169)



Reply Favorite

Date: July 23rd, 2014 3:01 PM
Author: sepia pit

Thank god some people in congress have read my hundreds of letters.

(http://www.autoadmit.com/thread.php?thread_id=2626049&forum_id=2#25987991)



Reply Favorite

Date: July 23rd, 2014 3:32 PM
Author: Electric Flushed Lay Legend

*earl not satisfied with only 30 years of repayment*

"Hm, for now on I'll write 2 letters a week instead of 1."

(http://www.autoadmit.com/thread.php?thread_id=2626049&forum_id=2#25988172)



Reply Favorite

Date: July 23rd, 2014 3:53 PM
Author: Embarrassed to the bone coffee pot

why would Obama sign off on this when he just signed that exec order?

(http://www.autoadmit.com/thread.php?thread_id=2626049&forum_id=2#25988266)



Reply Favorite

Date: July 23rd, 2014 4:04 PM
Author: Magical toilet seat home

Obama wants to cap forgiveness at $57.5K also. Everybody is on the same page here.

(http://www.autoadmit.com/thread.php?thread_id=2626049&forum_id=2#25988364)



Reply Favorite

Date: July 23rd, 2014 4:15 PM
Author: Embarrassed to the bone coffee pot

love your passion bro

(http://www.autoadmit.com/thread.php?thread_id=2626049&forum_id=2#25988437)



Reply Favorite

Date: July 23rd, 2014 4:55 PM
Author: Black Slap-happy Chapel Psychic

There's a reason the exec order doesn't kick in until the end of 2015. It's merely a bargaining position.

(http://www.autoadmit.com/thread.php?thread_id=2626049&forum_id=2#25988722)



Reply Favorite

Date: July 23rd, 2014 3:29 PM
Author: scarlet fighting hospital

Does the bill apply retroactively

(http://www.autoadmit.com/thread.php?thread_id=2626049&forum_id=2#25988151)



Reply Favorite

Date: July 23rd, 2014 3:54 PM
Author: disgusting abode halford

no

(http://www.autoadmit.com/thread.php?thread_id=2626049&forum_id=2#25988269)



Reply Favorite

Date: July 23rd, 2014 4:03 PM
Author: Magical toilet seat home

Yeah, it overwrites previous rules, no grandfathering.

(http://www.autoadmit.com/thread.php?thread_id=2626049&forum_id=2#25988360)



Reply Favorite

Date: July 23rd, 2014 4:27 PM
Author: pontificating cerise ladyboy

no

(http://www.autoadmit.com/thread.php?thread_id=2626049&forum_id=2#25988520)



Reply Favorite

Date: July 23rd, 2014 4:55 PM
Author: 180 underhanded crotch native

OFS - why would it allow just the last couple of years of lazy deadbeat graduates screw Uncle Sam out of his green? Art. I, Sec. 10, Clause 1 contract clause doesn't bind the Feds.

(http://www.autoadmit.com/thread.php?thread_id=2626049&forum_id=2#25988724)



Reply Favorite

Date: July 23rd, 2014 4:57 PM
Author: Magical toilet seat home

Basic Fairness won't allow some dude graduating from Boalt to get $340K forgiven while another dude graduating a year later is capped at $57.5K.

(http://www.autoadmit.com/thread.php?thread_id=2626049&forum_id=2#25988732)



Reply Favorite

Date: July 24th, 2014 11:21 AM
Author: Aphrodisiac Dingle Berry

like how a bro who started college in october, 2007 can get PAYE.

(http://www.autoadmit.com/thread.php?thread_id=2626049&forum_id=2#25993143)



Reply Favorite

Date: July 23rd, 2014 5:00 PM
Author: disgusting abode halford

tucker act waives fed immunity on contract claims

(http://www.autoadmit.com/thread.php?thread_id=2626049&forum_id=2#25988747)



Reply Favorite

Date: July 23rd, 2014 5:03 PM
Author: Magical toilet seat home

(guy citing 19th century act as evidence that he must get his $325K debt from Touro discharged)

(http://www.autoadmit.com/thread.php?thread_id=2626049&forum_id=2#25988759)



Reply Favorite

Date: July 23rd, 2014 5:06 PM
Author: Black Slap-happy Chapel Psychic



(http://www.autoadmit.com/thread.php?thread_id=2626049&forum_id=2#25988776)



Reply Favorite

Date: July 23rd, 2014 5:14 PM
Author: cerebral burgundy half-breed business firm



(http://www.autoadmit.com/thread.php?thread_id=2626049&forum_id=2#25988806)



Reply Favorite

Date: July 23rd, 2014 6:28 PM
Author: yellow soul-stirring resort



(http://www.autoadmit.com/thread.php?thread_id=2626049&forum_id=2#25989149)