STUDENT LOANS - A Good read if you have any. :D Ive said this again and again! Since 2009, I have been planning this very effectively concerning my student loans. Keep in mind, Im not a finance major. I hate math. Im an education major, and if I can do it. Anyone can do it! Some assume Im cheating the system, or getting away with something. However, it is no secret, people just are too busy, or prefer to complain than solve an issue. I assure you, Im not cheating the system, if the Ive been following the rules from the beginning. Ive consolidated all my loans today according to my original plans, which are 135,000k. Seems like a lot right??? LOL... If you know me, you know Ive been planning this for years. If you know your way around the system, terms and conditions of the promissory note you all signed, IRS tax brackets, and the law concerning student loans. Paying back student loans would be a breeze, just as long as you stay consistent over time. Therefore, Part 2 of my ultimate plan has been met, Part 1 was taking out nothing but federal or sub and unsub direct loans. Never private, but in some cases, private works. Just not something, I choose to do. You want to go over 30K to qualify for the specific plans. Like the Income-based repayment plans to get the best results possible. Furthermore, part 2 as I was saying, consolidating all the loans, and pray you are over 30k, which I was (135k). Please refer to the picture of income based repayment plan Your maximum monthly payments will be 15 percent of discretionary income Third part of my plan that Im now sharing for the first time would be to obtain a job as a teacher or A private, not-for-profit organization (that is not a labor union or a partisan political organization) that provides one or more of the following public services For more information, look at the picture attached to see specifics. Fourth part of the plan, start making 120 consecutive payments, and maintaining employment at the specific areas pointed out above. If you miss a payment, you do not have to worry. The provider will add to the 120 consecutive payments if you miss one or two. Fifth part, upon reaching my 120 payment, all my loans will be discharged! HOWEVER!!! HERE IS THE CATCH LADIES AND GENTLEMEN!! SOMETHING THE MEDIA HAS NOT REPORTED! BECAUSE IT HAS NOT OCCUR!! On 2017, the first discharges will take effect, meaning everyone will start jumping up and down from excitement because they no longer owe the student loan debt!! Nonetheless, the debt and interest that is discharged will be reported to the IRS as a salary you made upon that tenth or 120 consecutive payment for that year. For example, Ive estimated my salary to be 40,000k to 95k for the next 10 years in average. My payments will be 290.34 to 740 dollars each month for a total of 300 months which equal 25 years. Yet do not forget that I plan on discharging at 120 months for the public forgiveness program. Six part, open up an escrow account, and put always funds totally 49k to 70k because upon cancellation of all my loans. I will have paid 36k to 75k back. Therefore, it will place my discharge at 99k -75k that I do not have to payback to the department of education. Thus, the 99k gets added to my salary for that year, which an estimate would be 40k (Estimated Salary)+ 99k = 139k will be reported to the IRS as making that much for that year, or 75k( Estimated Salary) +75k = 150.000k that is including the interest. For estimate of 139k my payment of taxes would be 23.13 tax bracket (Keep in mind, Im not applying any credits, nor deductibles), which will total to $32,376 in paying the IRS back for taxes. That being the taxes brackets dont change over the next 10 years drastically. Please see IRS tax bracket on the pictures attached. Overall, using the example of 40k at the end $32,376 (Taxes owed) plus $34,800 (payments already made) equals 67,176 dollars that I have paid back in total. Therefore, if you minus 135k of student loans, which at the 120 mark will be 189k with interest. I saved $67041. That is not even adding credits or me adding my the possibility of having children to the equation, which would equal even more of a savings! Payments lower if I have dependents that rely on me. :D Thank you very much for reading, I wish all the best happiness and success in life. Dont forget, always read the fine print before committing yourself, and please stop listening to the media about there being no hope or how bad it will get. The best thing is to plan ahead. This message is approved by JOE TORRES ROMAN!!
Posted on: Sun, 14 Sep 2014 01:38:05 +0000
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