or Connect
Styleforum › Forums › General › Current Events, Power and Money › Daily CE Musings of Piob
New Posts  All Forums:Forum Nav:

Daily CE Musings of Piob - Page 266

post #3976 of 5111
Quote:
Originally Posted by brokencycle View Post

A FB friend, who is a public teacher, is bragging about her genius plan to avoid paying back her student loans.  She only has to make 10 years of payments and all will be forgiven.  Rather than paying it, she's enrolled in a masters program, and is going as slow as possible, so it is all forgiven after 10 years and she never has to pay a dime.
Sounds like she beat the system.
post #3977 of 5111
Thread Starter 
Quote:
Originally Posted by brokencycle View Post

A FB friend, who is a public teacher, is bragging about her genius plan to avoid paying back her student loans.  She only has to make 10 years of payments and all will be forgiven.  Rather than paying it, she's enrolled in a masters program, and is going as slow as possible, so it is all forgiven after 10 years and she never has to pay a dime.

But she has to be a teacher at a public school.

The real scam is in healthcare. Probably 50-60% of healthcare organizations are organized as non-profits or are government entities. I would have qualified except it's only for loans well after I was done school. frown.gif
post #3978 of 5111
Yeah, I mean...she has to work as a teacher to get the benefit offered to all teachers...?

And yeah, you can put your loans back into deferment...but you still have to be a half time student...which means paying tuition and actually doing school work.

Doesn't sound like that great of a deal.
post #3979 of 5111
Quote:
Originally Posted by Piobaire View Post


But she has to be a teacher at a public school.

The real scam is in healthcare. Probably 50-60% of healthcare organizations are organized as non-profits or are government entities. I would have qualified except it's only for loans well after I was done school. frown.gif

 

She is.  I would try beating the system too, but using the government's loan calculators if my income stays the same, my 20 years of payment to get forgiveness is higher than just paying it off.

post #3980 of 5111
I am planning to beat the system when I go back to grad school part time (I think).

I could easily just pay the loans off right now...but as long as I hit half time student status, the loans get deferred.

Now, I am not sure I want to continuously take 2 classes....would probably take zero or 1 in the summer...luckily you get a 6 month extension every time you drop below half-time. And every time you re-enroll back up to half-time, your 6 months restarts again when you drop down.

So if I were to start business school in the spring quarter, I could take 2 classes, then drop to 1 for the summer and keep not paying my loans. Would let me avoid paying anything on my loans or accruing interest for 3.5+ years.

And the whole scam would only cost me like $150k!!!
post #3981 of 5111
Thread Starter 
Somehow I don't think that chic is thinking about this correctly. Yes, loans go into deferment for grad school but one needs to make an actual 120 payments, no?
post #3982 of 5111
Quote:
Originally Posted by otc View Post

Yeah, I mean...she has to work as a teacher to get the benefit offered to all teachers...?

And yeah, you can put your loans back into deferment...but you still have to be a half time student...which means paying tuition and actually doing school work.

Doesn't sound like that great of a deal.

 

Quote:
Originally Posted by otc View Post

I am planning to beat the system when I go back to grad school part time (I think).

I could easily just pay the loans off right now...but as long as I hit half time student status, the loans get deferred.

Now, I am not sure I want to continuously take 2 classes....would probably take zero or 1 in the summer...luckily you get a 6 month extension every time you drop below half-time. And every time you re-enroll back up to half-time, your 6 months restarts again when you drop down.

So if I were to start business school in the spring quarter, I could take 2 classes, then drop to 1 for the summer and keep not paying my loans. Would let me avoid paying anything on my loans or accruing interest for 3.5+ years.

And the whole scam would only cost me like $150k!!!

 

For you or me (or a lot of people), her ploy doesn't make that much sense, but for a teacher, I can see it making sense.  She wanted to be a teacher, and her woman's studies degree or whatever didn't exactly prepare her for a career with good salary prospects.  Plus, she'll get a 20% raise out of it.

Good for her gaming the system, I guess.

post #3983 of 5111
Oh, don't get me wrong, I think her ploy makes total sense.

I just don't think it is that much of a ploy...that's kind of how the system is made to work, and I am planning to utilize the same process. Although the magnitudes are a little different....I probably have like 10% of her debt, and am going to pay 10x as much tuition.
post #3984 of 5111
Quote:
Originally Posted by otc View Post

Oh, don't get me wrong, I think her ploy makes total sense.

I just don't think it is that much of a ploy...that's kind of how the system is made to work, and I am planning to utilize the same process. Although the magnitudes are a little different....I probably have like 10% of her debt, and am going to pay 10x as much tuition.


I'm surprised you don't have a masters already.  I guess I assumed you did.

I have several HS/college friends who are in similar situations.  One even posted what the calculator showed, and under the traditional plan he would pay $100k, under the income based he'd pay $75k over 20 years and be forgiven $75k.  It is more of an efficiency thing that bugs me about it: for the rational individual $75k over 20 years is much better than $100k over 10 years, but ultimately the loan costs more than it should have.

post #3985 of 5111
At some level, don't we all do some version of this? Whether in tax planning, deciding how (whether) to pre-fund our kids' college tuition, whether and at what tipping point to choose overtime pay or time off, or whatever? We make economically rational choices about all sorts of things based on the incentives created, wittingly or otherwise, by existing government policy. Obviously, people who lie or falsify records to qualify for benefits and incentives they're not really entitled to are a different story. But if that's not at issue, it seems like this person is making exactly the kinds of choices the loan deferment program was intended to facilitate. Whether or not that's wise policy is open to debate, of course. But I certainly don't have a problem with her making sure she qualifies for benefits that are legally available. And as otc notes, she has some real skin in the game, so I don't think she's "gaming" or "beating" the system in the way I tend to understand those terms.

The bragging about in on FB is kind of obnoxious, of course, but so is bragging on FB about what a genius your rug rat is, how much your significant other debased themselves on Valentine's Day, how many tinder chicks won't stop stalking you, how much money you're saving by living in your mom's basement, or whatever.
post #3986 of 5111
Quote:
Originally Posted by lawyerdad View Post

At some level, don't we all do some version of this? Whether in tax planning, deciding how (whether) to pre-fund our kids' college tuition, whether and at what tipping point to choose overtime pay or time off, or whatever? We make economically rational choices about all sorts of things based on the incentives created, wittingly or otherwise, by existing government policy. Obviously, people who lie or falsify records to qualify for benefits and incentives they're not really entitled to are a different story. But if that's not at issue, it seems like this person is making exactly the kinds of choices the loan deferment program was intended to facilitate. Whether or not that's wise policy is open to debate, of course. But I certainly don't have a problem with her making sure she qualifies for benefits that are legally available. And as otc notes, she has some real skin in the game, so I don't think she's "gaming" or "beating" the system in the way I tend to understand those terms.

The bragging about in on FB is kind of obnoxious, of course, but so is bragging on FB about what a genius your rug rat is, how much your significant other debased themselves on Valentine's Day, how many tinder chicks won't stop stalking you, how much money you're saving by living in your mom's basement, or whatever.



Agreed 100%.

Related question: does bragging about tinder chicks (real or imagined) on a forum count as obnoxious?

post #3987 of 5111
Quote:
Originally Posted by brokencycle View Post



Agreed 100%.


Related question: does bragging about tinder chicks (real or imagined) on a forum count as obnoxious?

Only when they're real. Fortunately for ed, fake online chick bragging is totally legit.
post #3988 of 5111
Quote:
Originally Posted by lawyerdad View Post

At some level, don't we all do some version of this?

at some level sure, but that's about the most mediocre "win" one could brag about. talk about playing not to lose. 

post #3989 of 5111

The "things you dont get" thread had me look up this story that was all over the news yesterday. (it has to do with flights)

 

https://www.washingtonpost.com/news/tripping/wp/2016/02/25/horrible-people-applaud-as-7-year-old-is-removed-from-plane-because-of-allergic-reaction-to-pets/

post #3990 of 5111
There's always more to these stories once you look into them. A major sign you are getting a bs clickbait story is when there is no corroboration.

My guess: the mom threw a huge hysterical fit (and it's possible to understand why she might), caused a scene, delayed the take off; a bunch of passengers, cranky from the usual air travel stresses didn't really care what was happening or why, they just wanted to get into the air and to their destinations; they were cheering the screaming woman leaving the flight, not the suffering of allergy boy.

Reminds me of the bullshit story about the muslim woman who was denied an unopened Diet Coke, although that one was more of an outright lie while this was more a one sided story from an upset mom.
New Posts  All Forums:Forum Nav:
  Return Home
  Back to Forum: Current Events, Power and Money
Styleforum › Forums › General › Current Events, Power and Money › Daily CE Musings of Piob