ireallydonthavethymeorrosemarysbaby
102067
837
26
Just realized that half of my ten years of paying back loans doesn’t count for loan repayment because I worked in a private practice. Sob sob sob. FP Edit: Just to clarify- Biden passed a public service loan forgiveness after 120 payments, if you work for a qualifying organization. I worked for 5 years for a private practice and the last 5 for a non-profit. Even though I’ve made payments, it hasn’t really made a dent… thanks for the FP. Of course this isn’t my original content. Thankful for this community!
1PoorThor
Sadly I doubt that would do it. They would find a family member to collect from.
imadorru
I just paid off mine..took me 13 years
BetterKnownAsJasonDarket
Fun fact: Most MPS's you sign push that debt to your next-of-kin when you die
drunkStar
The public service loan forgiveness has been around for a lot longer than Biden has been president
takingupspace
I've just paid off what I borrowed. I still owe ~$30,000.
15awilso9000
What do you mean? Did you get scammed thinking you were paying a loan but instead it went on fees or something?
DuxNautarum
Or put the majority of your finances into it for 6-ish years and be done with it.
updootyourpootsnoot
this doesnt work actually, they will come after your family next until they die
ScarletDraconis
The sad thing is death doesn’t usually erase your debt. (Previously worked in finance and lending) Debt will pass on to your next of kin.
ScarletDraconis
So you will literally find parents paying off their dead kids loans. It’s fucked up. Some financials have made policies against this
[deleted]
[deleted]
yourbassist
Even repoststatistics is fooled. I swear I've seen this almost every day the past 2 weeks.
ireallydonthavethymeorrosemarysbaby
True story!
BellsTheorem
Who would repost a meme on Imgur? I mean just copy a meme and repost it days later?
dirrrtypiratehookerrr
I paid back mine slow. The rate was less than other debts and it was good for my overall score. Exactly today I paid it off. So proud.
michaelfire
...after selling a kidney
Legageddon
I got two degrees. Graduated in 2006. Finished paying it all off in 2020.
duktayp
Morsalbum
oh. ive seen this many a time and only zoomed in now to see the cap is just fully closed
KenjiKando
Suckin it through the cap. Dude has experience.
DaSauceSeeker
(Some) Debt can be inherited/passed to the next living relative...so without life insurance you're just shifting the burden
invaderjak
Life insurance is not part of your estate and unless the beneficiary was responsible for the debt prior to the subjects death, creditors>>>
invaderjak
cannot take it. Of course, this is my best understanding after teaching myself, not a lawyer or an accountant, seek professional advice etc
MrJambalaya
In Ontario Canada, if you don't make any payments for 7 years they wipe your record clean.
Legageddon
Well shit. I paid mine like a schmuck.
MrJambalaya
I didn't pay mine because I fell into depression and didnt have income. Otherwise I would have paid but once I got a job it was wiped clean.
timmyd3403
Been working as an RN at State and Federal (VA) got a letter saying patience but they are looking into expanding what counts.
DuxNautarum
It shocks me how many of you don't understand interest rates.
phisteen
When I was in college my parents took out life insurance on me, because if I died they couldn't afford to pay my student loans.
Deekermanns
If this trick catches on they're gonna bring back transferable debt.
MishievousMagpie
Yeah im waiting for the empire to collapse
bigdinger81
Am I the only one who thinks that caption doesn't make any sense?
PossumPanda
In some cases your spouse can be liable for your loans, so, no, not even death can stop corporate greed.
TDJellyman
Depends on how much death and whose doing the dying.
PossumPanda
Source: I am a banker.
oreothecat
graduated 10 years ago with 250k, owe 200k still with monthly payments of 1700. best part, I dont even use my degree for my job
TrojanGiraffe
May i ask what your degree was in?
DuxNautarum
Poor choices, apparently
MilitantHomosexual
Graduated with $50k in loans, paid off $17k and only have $63k left to go. Student loan math is hard.
MrZev
What rate and how long? That sounds made up.
Sensiblyinteresting
Student loan repayment math is similar to soilet paper roll math from what I can tell.
ickipie
What's bad about public college?
PuraVidaMN
Should’ve been a math major
SerialChickenLover
That sounds like a disgusting interest rate
[deleted]
[deleted]
BigDaddysMeatWagon
Welcome to the wonderful world of student loans!
PropainAndPropainAccesories
That just sounds like America. Wait until we talk about our even more predatory medical industry filled with heroes.
ThySausagePrince
Sounds like owning a home in Texas. I'll have paid the value of the property in taxes alone, by the term of the mortgage.
jlist
But at least you don’t have a state income tax!
ThySausagePrince
Yeah, because my income increasing could cause me to lose my house because I can't afford my house anymore. It is not the same.
ThySausagePrince
If that doesn't make sense, my property value increases to a point where my income doesn't allow me to afford the tax amount.
ThySausagePrince
If my income goes up, I pay more taxes, but I'm still making more money.
Szavor
I believe your student loan debt gets passed onto you closest living relative if you die....don't quote me on that.
phisteen
It goes to any cosigner you may have, which is usually a parent.
ScarletDraconis
No it totally does. IF it’s private. Federal student loans are different
path0sMathos
Fortunately not, unless they cosigned. Medicare costs do on paper though. Food stamps, too.
AllTheGoodOnesWereGone
https://www.nerdwallet.com/article/loans/student-loans/your-student-debt-doesnt-always-die-with-you has good details I think.
invaderjak
I haven't been in school for 20 years. I (only) had 45k in student loans. I am still paying the last one, it has 1500 left.
Mezzii
I thought it was forgiven after 20 years if its a federal student loan at least. (they still tax the forgiven amount)
theabs
It’s gonna feel SO GOOD when you’ve made that last payment
invaderjak
Old house will be sold as of the 16th, gonna pay it off after that
tiderfish
Can I ask what the final amount was, after interest?
kakari
In the early 2000s the interest rate on fedstudent loans ranged from 3-7% so grab a mortgage interest table and check it out ~71k at 5%/20y.
invaderjak
Split across too many loans and too much time for me to answer that, sorry
IDontWatchDoctorWho
20 years?! You have to pay that while owning a car and renting then when it’s done no doubt a mortgage?? What the fuck is going on there
invaderjak
I’m 39. Last year was the first time in my adult life that I had more money than I owed
jollyca
Half of your years of paying back a loan doesn't count as loan repayment... Wat? Where did the money go??
MH9009
Private practice, which I'm guessing means for-profit, doesn't qualify for PSLF.
AnythingMuchShorter
Pretty simple, it's interest. If you pay $100 a month on a 10k loan at 3% interest, it will take 10 years. If it's 6% you'll still owe $2000
AnythingMuchShorter
after 10 years with the same payment. At 12%, you will still owe 10k. More than that it will go up if you don't increase the payment.
ireallydonthavethymeorrosemarysbaby
I was making the minimum payment, and I’m a radiology tech. Biden made student loan forgiveness after 120 payments, no matter what- if you
ireallydonthavethymeorrosemarysbaby
Worked for a qualifying health care center. For the last 5 years I’ve been at a non-profit. For the first 5, private practice. So 60
ireallydonthavethymeorrosemarysbaby
Payments essentially don’t count towards the 120 I need for complete forgiveness. Also, my debt hasn’t gone down by much, anyway.
Smokipoki
Have you considered emigration? I'm baffled that there isn't mass exodus yet. People will value your skills in other parts of the world
PossumPanda
Interest get paid first then the principal gets paid down in some loans. Student loans are predatory loans. Source: I am a banker.
MH9009
With the private practice mention I think OP is talking about PSLF
pdxenburg
How do they know how much interest you owe if you pay it off early?
TDJellyman
They factor the interest from the beginning so even if you pay early you still pay the interest as if payed off on time.
pdxenburg
That is certainly a crappy loan. Although I'd make that a prerequisite for college..."can you understand how crappy this loan is"
TDJellyman
I would find it funny for a college to go “Oh you got a student loan? Maybe we should rethink your enrollment here.”
FeralBurnett
I still owe 12K on mine…. After 21 years… STILL! FML. Public school teacher & community mental health in a low SES agricultural community.
FeralBurnett
I know people who just pay the minimum and don’t plan on paying it off… ever. Help us public service employees!!
ireallydonthavethymeorrosemarysbaby
Check the new PSLF guidelines! You probably qualify!! Just some forms to fill out! Good luck, I’m rooting for you!
takingupspace
If you haven't already, you may want to apply for public service forgiveness. They're counting payments they didn't before.
FeralBurnett
I did. Nothing happened. It’s the biggest cluster fuck. I did everything. I missed the cut off for the teacher forgiveness loan by 9 mos. ?