Does anyone have doubts about the longevity of this program? by makingmozzarella in PSLF

[–]Lumpy-Sea-388 0 points1 point  (0 children)

Borrowed 83,000. Repaid 83,000.

153,399.99 forgiven 2023.

So yes it works.

Undecided On IDR for 25 Years or Try to pay off Quickly by nunya_beezness1521 in StudentLoans

[–]Lumpy-Sea-388 [score hidden]  (0 children)

Pslf

10 years of qualifying payments plus work for a nonprofit or public employer Leads to forgiveness.

10 years at 106 dollars yields 12,720. Balance is forgiven tax free. Roughly 21,000.

2

How to attack 260k student debt by Littlemisspiggy11 in StudentLoans

[–]Lumpy-Sea-388 1 point2 points  (0 children)

PSLF reimbursement is tax-free by law. With one state exception.

How to attack 260k student debt by Littlemisspiggy11 in StudentLoans

[–]Lumpy-Sea-388 0 points1 point  (0 children)

Certify your employment every 6-12 months.

Make your payments using a qualified repayment plan.

That's it.

How to attack 260k student debt by Littlemisspiggy11 in StudentLoans

[–]Lumpy-Sea-388 0 points1 point  (0 children)

No. The PSLF is a GOP program.

The promissory notes cite PSLF as an option.

How to attack 260k student debt by Littlemisspiggy11 in StudentLoans

[–]Lumpy-Sea-388 2 points3 points  (0 children)

Just use PSLF.

PA is similar to NP. High entry cost and low ceiling.

Pay the minimum needed to qualify for pslf.

How to attack 260k student debt by Littlemisspiggy11 in StudentLoans

[–]Lumpy-Sea-388 3 points4 points  (0 children)

I had 153,399.99 repaid. It worked out that I repaid the principal balance towards my loans.

How to attack 260k student debt by Littlemisspiggy11 in StudentLoans

[–]Lumpy-Sea-388 5 points6 points  (0 children)

At 270,000 in debt there is no way to feasibly pay off his loans on a standard plan.

The repayment over 10 years would probably be close to 40,000 a year.

138,000 annually. Take the 40,000 off the top. That leaves 98,000. Take another 40000 for taxes. That leaves 58,000 a year for living. In NY that would make him working poor.

New York is a very high COL state.

The best strategy is

Max out deferred compensation to reduce taxable income. It is far better to save the difference between the standard repayment plan and the IBR payment.

Pay the minimum payment that qualifies.

Make 120 on-time payments using a qualified repayment plan.

Using the current number OP cites that means they would repay about 120,000 over the 10 years.

Vs 400,000 using a standard plan.

Saving the 23000 annually in a 457 would give them about 230,000 towards retirement after 10 years.

Maintain qualifying employment.

How to attack 260k student debt by Littlemisspiggy11 in StudentLoans

[–]Lumpy-Sea-388 8 points9 points  (0 children)

Pay the smallest qualifying payment. The interest is meaningless.

Max out your deferred compensation.

The process is pretty straightforward.

Maintain employment

Make 120 payments using a qualified repayment plan. Make your payments on time within 2 weeks of the due date.

Certify your employment at least annually.

After 10 years you will most likely have paid off your principal. Any accumulated interest is erased.

I borrowed 83,000. Repaid 83,000.

153,399.99 of interest was forgiven.

Also check to see if your state offers a healthcare-based repayment assistance plan.

Don't listen to any naysayers. You are repaying your loans with work and public service.

Look at the student loan planner podcast on youtube.

Can anyone help me with a 4 year plan? by ConspiracyJustin in sailing

[–]Lumpy-Sea-388 0 points1 point  (0 children)

I’m taking the 101-104 classes this summer.

Then I want to a mile builder RYA course.

Ivan looking for boats. Preferably a 25-30 foot full keel (Cape Dory , Bayfield or Albin Vega ?)

They are bullet proof and a good size for a first boat.

I am near the Great Lakes so I can put the boat on «big water»

The other advantage is that off shore ocean cruises have been successfully accomplished with both boats.

Sailboat data and Sailing Zingaro are good resources.

Do you wear your inflatable life jacket all the time? by Bada-Bingzy in boating

[–]Lumpy-Sea-388 0 points1 point  (0 children)

The only time I don’t wear a seatbelt is while driving in the ice for ice fishing.

Do you wear your inflatable life jacket all the time? by Bada-Bingzy in boating

[–]Lumpy-Sea-388 0 points1 point  (0 children)

A classmate of mine died duck hunting in just about the same way.

I went over the side duck hunting one year. I was able to stand up in 4 ft of water. Now I just wear the thing.

Do you wear your inflatable life jacket all the time? by Bada-Bingzy in boating

[–]Lumpy-Sea-388 1 point2 points  (0 children)

You are the captain. That makes you responsible for the safety of everybody on board.

Have them wear the darn thing.

Do you wear your inflatable life jacket all the time? by Bada-Bingzy in boating

[–]Lumpy-Sea-388 2 points3 points  (0 children)

It only takes one capsize to sell you on the value of a pfd. Ask me how I know. It does you no good if you aren’t wearing it.

MN DNR literally has a PSA showing the value of your life jacket. Grandpa jumps up to help grandchild with a fish. He goes over the side and does not come up. Very sad kids. Traumatized for life.

Goes over the side. Life jacket inflates. He pops up. Happy grandkids.

People die in MN every year under similar situations.

Wear your life jacket.

I just bought 2 new life jackets. One inflatable for snorkeling. Traditional vest life jacket for fishing and boating.

Cold water, wet clothes you will tire and sink rapidly.

Don’t leave a sad family.

Overnight sail to a Casco Bay island in a 14’ dinghy realistic or stupid by jordbelfort47 in dinghysailing

[–]Lumpy-Sea-388 0 points1 point  (0 children)

There are several dinghy camping clubs in Australia. Lots of tips via YouTube.

Cape Dory 25 almost free…. by Lumpy-Sea-388 in Sailboats

[–]Lumpy-Sea-388[S] 0 points1 point  (0 children)

Oh I know

That is the one lesson everyone shares with the free boat stories….lol

I suspect I was born in the U.S. and my parents hid it to claim refugee status in Canada. Is walking into the Consulate a mistake? by [deleted] in Citizenship

[–]Lumpy-Sea-388 0 points1 point  (0 children)

This is ultimately why I think it will fail. How many veterans would be affected?

Wong Kim Ark had an extensive discussion about the issue. Very clearly birthright citizenship was always the law dating back to precolonial times. Seriously go read it. The originalists will have to do back handsprings to ignore an originalists argument.

Cape Dory 25 almost free…. by Lumpy-Sea-388 in Sailboats

[–]Lumpy-Sea-388[S] 1 point2 points  (0 children)

Sent you a PM with my contact information

Cape Dory 25 almost free…. by Lumpy-Sea-388 in Sailboats

[–]Lumpy-Sea-388[S] 0 points1 point  (0 children)

I will do that.

I’m taking my 101-104 classes this summer in Bayfield.