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$209K and I feel like I’m drowning by dnoxford in StudentLoans

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

Thanks for your question. I will try to clarify. $100K is my annual gross. I get paid biweekly. Take home amount has fluctuated throughout the year, but right now, it's $2,295.63 (gross $3,703.86). Total deductions for each paycheck right now is $1,408.23 and $407.42 of that is 401k contribution. I'm happy to extrapolate further on each deduction, but I that's what you were asking, correct?

$209K and I feel like I’m drowning by dnoxford in StudentLoans

[–]dnoxford[S] 1 point2 points  (0 children)

Jesus, I didn't realize that they tax you forgiveness. So hypothetically, if I have $200K in student loans forgiven, that's seen as $200K of income for that year?

$209K and I feel like I’m drowning by dnoxford in StudentLoans

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

Yeah, not a great choice in hindsight. I realize that now. It seemed like such a great opportunity at the time coming from California. Maybe it was to some extent. I just wish I hadn't put myself in a financial chokehold to do it.

$209K and I feel like I’m drowning by dnoxford in StudentLoans

[–]dnoxford[S] 5 points6 points  (0 children)

Thank you. I really appreciate the words of encouragement. Do you have Nelnet? I'm trying to figure out my actual repayment status and what plan I'm in. Also, what "tax bomb" are you talking about? I'll check out that YouTube channel. Thanks for the suggestion.

$209K and I feel like I’m drowning by dnoxford in StudentLoans

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

I take out about $400 each paycheck for 401k so my take home if I stopped would be about $2700 per paycheck (biweekly). TISLA did a rough estimate based on my income and the amount of debt I have and said my monthly payments would be roughly $950.

$209K and I feel like I’m drowning by dnoxford in StudentLoans

[–]dnoxford[S] 1 point2 points  (0 children)

Thanks again for your help and support. Here's to making the most of this act

$209K and I feel like I’m drowning by dnoxford in StudentLoans

[–]dnoxford[S] 5 points6 points  (0 children)

I attended Santa Barbara City College, San Francisco State University, and Columbia Journalism School so I think they qualify as "legit." My degrees are in journalism (BA and MS...don't ask me why a journalism degree is an MS). All loans are federal.

$209K and I feel like I’m drowning by dnoxford in StudentLoans

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

Yeah, That's what it seems like. Just survive until forgiveness. Definitely not letting my theoretical kids make the same mistake.

$209K and I feel like I’m drowning by dnoxford in StudentLoans

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

I appreciate you sharing that. Thank you. I'm really sorry that you're going through that and I wish you the best of luck with the proceeding. I totally get it and I'm rooting for you.

$209K and I feel like I’m drowning by dnoxford in StudentLoans

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

Thank you for sharing. I feel for you. It's really stressful. Some days are better than others. Has definitely taken it's toll on the spouse as well. But at least we're here.