Guest guest Posted February 24, 2010 Report Share Posted February 24, 2010 Well, this is a long shot....anyone know of a program to help pay off outrageously high student loan debt? I have a masters in social work from a very expensive university plus the 4 years for both the acupuncture and herbal program to pay off. And, being young and dumb and poor as I was, I took a lot out for living expenses during those years as well. Surely there is some kind of grant or something out there? Or maybe some rich person would want to buy my loans and then be reimbursed at a lower interest rate? I know, keep dreaming Laura.... Quote Link to comment Share on other sites More sharing options...
Guest guest Posted February 24, 2010 Report Share Posted February 24, 2010 You should be able to cut a deal for a substantially lower amount if you pay in one giant lump sum. The problem is coming up with that giant lump sum. - " heylaurag " <heylaurag <Chinese Medicine > Tuesday, February 23, 2010 4:02 PM Student Loan assistance? > Well, this is a long shot....anyone know of a program to help pay off > outrageously high student loan debt? I have a masters in social work from > a very expensive university plus the 4 years for both the acupuncture and > herbal program to pay off. And, being young and dumb and poor as I was, I > took a lot out for living expenses during those years as well. > > Surely there is some kind of grant or something out there? Or maybe some > rich person would want to buy my loans and then be reimbursed at a lower > interest rate? > > I know, keep dreaming Laura.... > > > > --- > > Subscribe to the free online journal for TCM at Times > http://www.chinesemedicinetimes.com > > Help build the world's largest online encyclopedia for Chinese medicine > and acupuncture, click, http://www.chinesemedicinetimes.com/wiki/CMTpedia > > > and adjust > accordingly. > > Messages are the property of the author. Any duplication outside the group > requires prior permission from the author. > > Please consider the environment and only print this message if absolutely > necessary. Quote Link to comment Share on other sites More sharing options...
Guest guest Posted February 24, 2010 Report Share Posted February 24, 2010 Yeah,ok, let's see...I could rob a bank....embezzle money from the government....or maybe something modern like becoming an identity thief! Chinese Medicine , " Mercurius Trismegistus " <magisterium_magnum wrote: > > You should be able to cut a deal for a substantially lower amount if you pay > in one giant lump sum. The problem is coming up with that giant lump sum. > > > > - > " heylaurag " <heylaurag > <Chinese Medicine > > Tuesday, February 23, 2010 4:02 PM > Student Loan assistance? > > > > Well, this is a long shot....anyone know of a program to help pay off > > outrageously high student loan debt? I have a masters in social work from > > a very expensive university plus the 4 years for both the acupuncture and > > herbal program to pay off. And, being young and dumb and poor as I was, I > > took a lot out for living expenses during those years as well. > > > > Surely there is some kind of grant or something out there? Or maybe some > > rich person would want to buy my loans and then be reimbursed at a lower > > interest rate? > > > > I know, keep dreaming Laura.... > > > > > > > > --- > > > > Subscribe to the free online journal for TCM at Times > > http://www.chinesemedicinetimes.com > > > > Help build the world's largest online encyclopedia for Chinese medicine > > and acupuncture, click, http://www.chinesemedicinetimes.com/wiki/CMTpedia > > > > > > and adjust > > accordingly. > > > > Messages are the property of the author. Any duplication outside the group > > requires prior permission from the author. > > > > Please consider the environment and only print this message if absolutely > > necessary. Quote Link to comment Share on other sites More sharing options...
Guest guest Posted February 24, 2010 Report Share Posted February 24, 2010 Take ten percent of everything you make and put it in gold and silver. In five years, you'll be able to pay off your loans and retire in style. - " heylaurag " <heylaurag <Chinese Medicine > Tuesday, February 23, 2010 8:02 PM Re: Student Loan assistance? > Yeah,ok, let's see...I could rob a bank....embezzle money from the > government....or maybe something modern like becoming an identity thief! > > > > > Chinese Medicine , " Mercurius > Trismegistus " <magisterium_magnum wrote: >> >> You should be able to cut a deal for a substantially lower amount if you >> pay >> in one giant lump sum. The problem is coming up with that giant lump >> sum. >> >> >> >> - >> " heylaurag " <heylaurag >> <Chinese Medicine > >> Tuesday, February 23, 2010 4:02 PM >> Student Loan assistance? >> >> >> > Well, this is a long shot....anyone know of a program to help pay off >> > outrageously high student loan debt? I have a masters in social work >> > from >> > a very expensive university plus the 4 years for both the acupuncture >> > and >> > herbal program to pay off. And, being young and dumb and poor as I >> > was, I >> > took a lot out for living expenses during those years as well. >> > >> > Surely there is some kind of grant or something out there? Or maybe >> > some >> > rich person would want to buy my loans and then be reimbursed at a >> > lower >> > interest rate? >> > >> > I know, keep dreaming Laura.... >> > >> > >> > >> > --- >> > >> > Subscribe to the free online journal for TCM at Times >> > http://www.chinesemedicinetimes.com >> > >> > Help build the world's largest online encyclopedia for Chinese medicine >> > and acupuncture, click, >> > http://www.chinesemedicinetimes.com/wiki/CMTpedia >> > >> > >> > and >> > adjust >> > accordingly. >> > >> > Messages are the property of the author. Any duplication outside the >> > group >> > requires prior permission from the author. >> > >> > Please consider the environment and only print this message if >> > absolutely >> > necessary. Quote Link to comment Share on other sites More sharing options...
Guest guest Posted February 24, 2010 Report Share Posted February 24, 2010 Hi Laura, There is now something called the Income Based Repayment (IBR) Program, and the following text comes from: http://www.studentloanborrowerassistance.org/repayment/repayment-plans/ Hope this helps, Benjamin Income Based Repayment (IBR) Program As of July 1, 2009, there is a new income-based repayment plan available for FFEL and Direct Loan borrowers. IBR helps borrowers keep their loan payments affordable with payment caps based on their income and family size. IBR is available in both the FFEL and Direct Loan programs. You can repay all federal student loans using IBR, except for parent PLUS loans. Borrowers with grad PLUS loans may also use IBR. This information sheet also explains what to expect if you apply for IBR. To qualify for IBR, you will have to show that you have enough debt relative to income. IBR then uses a sliding scale to determine how much you can afford to pay each month. If you earn below 150% of the poverty level for your family size, your payment will be 0. If you earn more than 150% of the poverty level, your loan payment will be capped at 15% of whatever you earn above that amount. Except for the highest earners, this amount will usually be less than 10% of total income. After the initial calculation, your payment may be adjusted each year based on changes in income and family size. Your payment will never be more than the standard 10 year payment amount unless you choose to leave the IBR program. If you are married and both you and your spouse have student loans, under current rules, your joint income will be counted in figuring out your IBR payment. The Department has agreed to address this problem, but the changes will not go into effect until July 2010. If you are married, but file income taxes separately, only your income will be counted in determining the IBR repayment amount. However, you may lose certain tax benefits by filing separately. You should consult a tax professional if you are considering this. The Department¹s repayment plan selection form states that spouses with Direct joint consolidation loans may repay under the IBR plan as long as both spouses have partial financial hardships. If you are in default, you must first get out of default in order to select the IBR plan. If you continue making IBR payments for 25 years, any debt that remains is canceled. This canceled amount will be taxed as income. This may change if Congress passes a proposal to ensure that this written off amount is not taxable. You may not have to pay taxes even if the forgiven amount is considered taxable income. For example, you may be able to claim insolvency status using I.R.S. Form 982. It is a good idea to consult a tax professional for more information. The Direct Loan income contingent program will still be available, but most Direct Loan borrowers will find that their payments will be lower under IBR. Direct Loan borrowers repaying through ICR will be able to switch to IBR after July 1, 2009 and still get credit toward the 25 year forgiveness period for payments they made while in the ICR program. IBR application forms and information can be hard to find. IBRInfo.org has pulled together the most direct links for some of the biggest lenders. If you have a Direct Loan, there is now an IBR check box on the ³Repayment Plan Selection² form. Other lenders have their own forms and some, such as Sallie Mae, require you to log in to their web site to get an IBR application. You can find out more about IBR at ibrinfo.org. This web site has a calculator that will help you figure out whether you will qualify for IBR. The calculator asks you to input your student loan debt at the time you entered repayment. Be advised that if you recently consolidated your loan, you should input the balance due on this new consolidation loan, not the amount you initially owed on your loans. Quote Link to comment Share on other sites More sharing options...
Guest guest Posted March 13, 2010 Report Share Posted March 13, 2010 Um.... I hope you have heard about the Student Loan repayment reduction act?. My payments are now $43 from over $400. The only problem is that the interest keeps acrueing. So if I stay poor for the next 25 years (hopefully not!) and they don't change the laws for the next 25 years I should be okay. Otherwise I will have some insanely high student loan payments. For now it is working. Petra --- On Tue, 2/23/10, Mercurius Trismegistus <magisterium_magnum wrote: Mercurius Trismegistus <magisterium_magnum Re: Student Loan assistance? Chinese Medicine Tuesday, February 23, 2010, 10:23 PM Â Take ten percent of everything you make and put it in gold and silver. In five years, you'll be able to pay off your loans and retire in style. - " heylaurag " <heylaurag (AT) hotmail (DOT) com> <Traditional_ Chinese_Medicine > Tuesday, February 23, 2010 8:02 PM Re: Student Loan assistance? > Yeah,ok, let's see...I could rob a bank....embezzle money from the > government.. ..or maybe something modern like becoming an identity thief! > > > > > Traditional_ Chinese_Medicine , " Mercurius > Trismegistus " <magisterium_ magnum@.. .> wrote: >> >> You should be able to cut a deal for a substantially lower amount if you >> pay >> in one giant lump sum. The problem is coming up with that giant lump >> sum. >> >> >> >> - >> " heylaurag " <heylaurag@. ..> >> <Traditional_ Chinese_Medicine > >> Tuesday, February 23, 2010 4:02 PM >> Student Loan assistance? >> >> >> > Well, this is a long shot....anyone know of a program to help pay off >> > outrageously high student loan debt? I have a masters in social work >> > from >> > a very expensive university plus the 4 years for both the acupuncture >> > and >> > herbal program to pay off. And, being young and dumb and poor as I >> > was, I >> > took a lot out for living expenses during those years as well. >> > >> > Surely there is some kind of grant or something out there? Or maybe >> > some >> > rich person would want to buy my loans and then be reimbursed at a >> > lower >> > interest rate? >> > >> > I know, keep dreaming Laura.... >> > >> > >> > >> > ------------ --------- --------- ------ >> > >> > Subscribe to the free online journal for TCM at Times >> > http://www.chinesem edicinetimes. com >> > >> > Help build the world's largest online encyclopedia for Chinese medicine >> > and acupuncture, click, >> > http://www.chinesem edicinetimes. com/wiki/ CMTpedia >> > >> > >> > http://groups. / group/Traditiona l_Chinese_ Medicine/ join and >> > adjust >> > accordingly. >> > >> > Messages are the property of the author. Any duplication outside the >> > group >> > requires prior permission from the author. >> > >> > Please consider the environment and only print this message if >> > absolutely >> > necessary. Quote Link to comment Share on other sites More sharing options...
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