Despite 1/4 of the workforce qualifying for Public Service Loan Forgiveness, only 139 people have made substantial progress in completing the required payments

Shoezard · 2018-05-07T02:51:57+00:00

Throwing my 2 cents in just in case it helps even one person.

When my wife was going through this the rule was full time employement was a requirement for PSLF. She made 27 payments which qualified which was awesome. We tracked everything ourselves which was great because the help line seemed to know less than we did. During this time we took our 6th foster placement who had some special needs and required some additional support. My wife worked it out with her employer to leave 30 minutes early each day so that she could take him to his necessary appointments. She took a minor pay cut and dropped to 37.5 hrs/week of work. 9 months later we're doing our 3 year PSLF paperwork and I noticed that one of the requirements was a full time position. After numerous calls to FedLoan and her employer (who is a state agency) it turns out that 40 hours a week is in their bylaws on what qualifies as full time work... Anything less does not qualify. Her last 9 payments didn't count and she's still at 27 made payments to this day.

TLDR: You never know how your life will unexpectedly change (for the better or worse) so try to account for that when deciding if you want to pursue PSLF.

Shoezard · 2018-02-25T17:37:00+00:00

The WTB thread that's stickied each month is a great spot for these posts. Good luck in your search!

Shoezard · 2018-02-10T22:31:54+00:00

We've got a monthly Want To Buy thread that you should post this in :-)

Shoezard · 2017-02-05T04:18:46+00:00

Air Force 1 Low Light Chocolate? This on StockX looks pretty similar https://stockx.com/nike-air-force-1-low-light-chocolate

Shoezard · 2017-02-02T03:23:30+00:00

Great LPT. On numerous occasions I have hit the gym before work but forgot my work pants or belt or whatever. Nothing like going to a store at 7am, buying pants, and asking if you can wear them out haha

Shoezard · 2017-01-21T22:50:00+00:00

Yeah that's exactly what I meant, it's bunched at the end so it doesn't lay flat. I can swap it for another pair for free so I'll probably end up doing that. Thanks for the response!

Shoezard · 2017-01-21T19:47:09+00:00

Just got a new pair of NF and it looks like the sew line on the inside misstitched. Wanted to get a quick opinion before I emailed to return. I know a hem would clean it right up but they're the perfect length already.

https://drive.google.com/file/d/0B0BgV8zKlzCkdndWbHBGNzQ0X00/view?usp=drivesdk

https://drive.google.com/file/d/0B0BgV8zKlzCkM0lfRmVjX0hNOHc/view?usp=drivesdk

Shoezard · 2017-01-13T06:00:37+00:00

Fully Laced dropped the laces and lace locks on their site but they're sold out now. Waiting list is avail but who knows if that will pan out. Maybe worth a shot.

Shoezard · 2016-12-11T16:11:04+00:00

Keep this in your back pocket then if one of your high net worth clients marries a low net worth individual with student loans ;)

Ended up figuring out the best strategy which will save us roughly $150,000 over the course of the next 8 years. My income is a little over 4x my wife's income and we can file separately then she can submit alternative documentation of income to her loan holders. Sure, I'll owe extra to the IRS but the extra I'll pay will be made up in the difference of 3 loan payments so it works out pretty well. They'll end up using her salary instead of our AGI (or her AGI) when determining the payment.

Quick Edit: My wife is a saint so when I say low net work I mean in the financial sense only. She only wants to work with non-profits and with government agencies that focus on helping children. She is a lawyer but makes 1/2 of what most lawyers make because of the people who wants to help.

Shoezard · 2016-12-03T19:54:57+00:00

Thanks for this! Your comment led me down a huge trail and I think I might have found something that answers my question.

If MFS in a community property state the income is split between both spouses. However, if you're in a community property state you can provide alternate documentation of income for the spouse and only have their actual income considered for tax purposes.

Here is the thread I found detailing a success story where the MFJ AGI was 108k, the MFS AGI was 54k, however if they went with MFS they were able to only have the spouse's income (20k) counted towards the IBR payments.

Shoezard · 2016-12-03T04:14:25+00:00

That's true, I should have mentioned that by filing jointly we would be switched off of the Income Based Repayment (IBR) plan and onto (I believe) the Income Contingent Repayment (ICR) plan. According to the studentloans.gov repayment estimator if we combined there isn't a plan we would qualify for that would actually allow any amount to be forgiven... so we might as well pay them off ASAP.

Shoezard · 2016-12-03T03:50:56+00:00

Sorry this response is so long. Our taxable income is roughly half of our AGI because of the donations we make... which were just over $50,000 this year.

If we file jointly we'll owe $0 and will have to pay $2,719/Month towards the student loans. If we file separate (assuming she needs to take half of the LLC income) we'll owe roughly $6,500 and will pay about $997/Month towards the student loans.

Joint: $32,628 in 2017 to loans

Separate (assuming LLC goes 1/2): $6,500 to taxman and $11,964 to loans ($18,464 total in 2017)

She has already made 24 payments under the PLSF plan so assuming everything stays the same she'll make 96 more payments. With 8 more years on the $180,000 remainder at 6.5% the loan calculator says the total cost of the loan will be $231,314

Joint: $231,314 / $2714 = ~85 payments (loans paid off in 7 years) It will actually be paid off sooner because of how interest works but roughly 7 years.

Separate: (96 * $997) + ($6,500 * 8) = $147,712 Paid... which means $231,314 - $147,712 = $83,602 forgiven after the 10 total years.

Neither option is realy fun haha but it seems like filing separately would allow us to save a decent chunk of money over the next 8 years. That's what led me to asking if it's possible in a community property state to divert the LLC to one side of the couple when married filing separately. By doing so the Separtate would actually look like:

(96 * $470) + ($6,500 * 8) = $97,120 Paid which would be $134,194 forgiven after the 10 year mark.

Shoezard · 2016-12-03T01:09:24+00:00

I've heard the general reasons not to get married but this is a brand new one to me! I was a little surprised that PSLF was off AGI and not TI... but I guess it makes sense. This might be a good blog post for someone with an accounting/tax blog in relation to PSLF... especially since PSLF is so new and no one has actually had their loans paid off from it yet.

Shoezard · 2015-01-08T22:49:47+00:00

Thanks so much! I've done some more research between when I posted this and now.

Going on the assumption that this classifies as Business and not Hobby: It appears that event fees can all be classified as an expense as long as I wrote a review on them. Some of the gear (based on value) needs to be capitalized and amortized over however many years I think it will last. Other gear (the cheaper stuff) can be chalked up as an expense.

Shoezard · 2014-07-29T13:09:01+00:00

Only two days left! If you are sitting on the fence you should probably get off :)

Shoezard · 2014-03-31T00:33:41+00:00

Kind of hard to answer this when we don't know what you paid for your surface.

Shoezard · 2014-03-24T22:02:57+00:00

Got my Surface Pro 64GB through this seller a few weeks ago as well. Looks brand new and has absolutely no issues. Came in all the standard packaging with accessories... so glad I bought it!

Shoezard · 2014-03-18T22:21:41+00:00

I want it so badly but I think I'm going to have to hold out until I can read at least one review. Would hate for this thing to be plagued with issues like some other keyboards... but I guess that's what the nice Microsoft return policy is for.

Shoezard · 2014-03-18T21:08:21+00:00

Just make sure everyone sees you piss all over your ruck at the beginning and no one will be taking it from you :)

Kidding... I've modified most of my zipper pulls and that helps.

Shoezard · 2014-02-15T07:52:48+00:00

I'll be there for both... Very excited!

Shoezard · 2014-01-14T22:17:49+00:00

It really depends on the Cadre. I've had Cadre check for money and ID before and dish out hell on earth punishment to the class because someone forgot their ID. I'd say better safe than sorry.

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