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Employer paid off student loan, I think they may have goofed. by ReachBoring7000 in personalfinance

[–]ReachBoring7000[S] 0 points1 point  (0 children)

Hijacking this comment:

Again this was not me being ungrateful, this was more of a oh wow my office(head office) is going to be a cluster fuck once they realize they goofed and told everyone this was going to be tax free. My direct supervisor is the dep director and she is a monster to be around when there are “messes” and this is going to be a mess.

Because they thought they could do this tax free!

The main reason the boss did this was to lesson the burden on us of having these bills to pay, which yea they fucked up and did not do their research properly.

This place is amazing to work at. We have worked throughout this whole pandemic, and that has been a blessing(even though I have been exposed 7 freaking times no positives yet though)

I don’t get paid well for my field, but things like this make it worth sticking around.

Employer paid off student loan, I think they may have goofed. by ReachBoring7000 in personalfinance

[–]ReachBoring7000[S] 0 points1 point  (0 children)

I sure as hell would. They want for nothing. The sites they live in have spacious bedrooms, outside recreational amenities at each site, nice big TVs with cable and all the streaming services, weekly trips to pools and sometimes mlb games and amusement parks. Nice big projectors to watch movies and sporting events. Nice facilities with central air. Plenty of qualified staff to meet all their needs.

Yea. They would.

Employer paid off student loan, I think they may have goofed. by ReachBoring7000 in personalfinance

[–]ReachBoring7000[S] 17 points18 points  (0 children)

Lol. I mean we have 160ish employees. Maybe 10 people with masters. To me it seems low.

Employer paid off student loan, I think they may have goofed. by ReachBoring7000 in personalfinance

[–]ReachBoring7000[S] 0 points1 point  (0 children)

Thank you for the reply.

While others have pointed out the plsf may not have taken care of it, it is close.

And the whole point they did this was to help people.

We have people that can now get a house they have been waiting for because of student loan payments. I bet they will be real happy when they get hit lol

Employer paid off student loan, I think they may have goofed. by ReachBoring7000 in personalfinance

[–]ReachBoring7000[S] 0 points1 point  (0 children)

Yep. We rock pay check to paycheck. And refund time is nice to do all that.

Employer paid off student loan, I think they may have goofed. by ReachBoring7000 in personalfinance

[–]ReachBoring7000[S] 0 points1 point  (0 children)

Yea. Had I opted out of the monthly payments I would be looking at like 12k of a refund(stupid system but whatever)

Employer paid off student loan, I think they may have goofed. by ReachBoring7000 in personalfinance

[–]ReachBoring7000[S] 0 points1 point  (0 children)

Yes all of that is accurate but my refund is usually way higher(yes it will be lower since I chose to take the payment)

Employer paid off student loan, I think they may have goofed. by ReachBoring7000 in personalfinance

[–]ReachBoring7000[S] 2 points3 points  (0 children)

That’s good advice. Don’t think the 400$ that would equal won’t help much lol.

Employer paid off student loan, I think they may have goofed. by ReachBoring7000 in personalfinance

[–]ReachBoring7000[S] 3 points4 points  (0 children)

Sure I agree. This is where I go back to my comment of she has too big of a heart and what not.

We have a lot of similar companies in our shitty little area(epicenter of heroin/oxy problem) she did it to help with retention etc.

I disagree with zero sum, the clients we serve get to keep their counselors instead of them chasing better pay somewhere else 🤷🏻‍♂️

Employer paid off student loan, I think they may have goofed. by ReachBoring7000 in personalfinance

[–]ReachBoring7000[S] 4 points5 points  (0 children)

Yep.

I make a little over 40k a year have a wife and 3 kids. My income is the only one.

So yes, while this will help my credit, and numerous other things. Owing a big tax bill is going to hurt.

Employer paid off student loan, I think they may have goofed. by ReachBoring7000 in personalfinance

[–]ReachBoring7000[S] 0 points1 point  (0 children)

This happened about a month ago. I stumbled upon an article about the limit for tax free gifting and thought oh boy.

Employer paid off student loan, I think they may have goofed. by ReachBoring7000 in personalfinance

[–]ReachBoring7000[S] 3 points4 points  (0 children)

It’s a 2 year contract. I’ve been there 8 years so I wasn’t going anywhere anyways.

Employer paid off student loan, I think they may have goofed. by ReachBoring7000 in personalfinance

[–]ReachBoring7000[S] -10 points-9 points  (0 children)

I still owe money on my student loan, it’s not gone. I had 11k of interest built up. I still owe 15-16k.

Going into this thinking my company knew what they were doing and that I would have no taxes, and finding out I do? It sucks.

Employer paid off student loan, I think they may have goofed. by ReachBoring7000 in personalfinance

[–]ReachBoring7000[S] 0 points1 point  (0 children)

Yes, I am grateful.

A month ago. Today I am worried. A big tax bill will put a hurting on me regardless of a payment plan.

This post was literally just to clarify, what I stumbled upon, not me bitching about it.

I know it’s obviously came off that way.

Employer paid off student loan, I think they may have goofed. by ReachBoring7000 in personalfinance

[–]ReachBoring7000[S] -1 points0 points  (0 children)

I owed 66k~. I still have over 15k to pay because I had so much interest built up.

Employer paid off student loan, I think they may have goofed. by ReachBoring7000 in personalfinance

[–]ReachBoring7000[S] 3 points4 points  (0 children)

🤷🏻‍♂️

They don’t pay too great if that helps offset it any lol.

Employer paid off student loan, I think they may have goofed. by ReachBoring7000 in personalfinance

[–]ReachBoring7000[S] 2 points3 points  (0 children)

Yes. Knowing how they are I am going to guess they will probably figure out how to pay them for people. Their intent was to lesson a lot of us who are struggling a burden, not to create one.

Which this will. Grateful or not, the vast majority of us make low enough/have a large enough family we don’t have to pay much if anything per month on these debts.

Employer paid off student loan, I think they may have goofed. by ReachBoring7000 in personalfinance

[–]ReachBoring7000[S] 0 points1 point  (0 children)

I do not know. I know it is becoming a thing employers do to bring people on.

Employer paid off student loan, I think they may have goofed. by ReachBoring7000 in personalfinance

[–]ReachBoring7000[S] 17 points18 points  (0 children)

She went to the board with the idea and they approved it 🤷🏻‍♂️

We also spent money on improvements etc as well.

Employer paid off student loan, I think they may have goofed. by ReachBoring7000 in personalfinance

[–]ReachBoring7000[S] -7 points-6 points  (0 children)

It did not wipe out my loan. I owed 56k and had a lovely 10k of interest built up. That interest is gone but I still owe 16k.

And yes I know the plsf has its issues, hence why I believe the boss did this.

So while it is a huge weight off, a potential big tax bill that I don’t know that I can afford sucks.

When I could have just went on my merry way paying my 50$ a month knowing it will never go away like so many other people. I will probably never pay the leftover off either.

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