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University of La Verne IBR bro laments his situation

http://www.nbcnews.com/better/money/ex-students-income-based...
shaky pit puppy
  03/27/17
90k a year after LaVerne is like the top 1% of outcomes.
Costumed goal in life blood rage
  03/27/17
...
primrose know-it-all school cafeteria messiness
  03/27/17
I've been trolling the tax bomb for a decade. AFAIK bankrupt...
Honey-headed community account rehab
  03/27/17
He needs to change his name and move out of the country. Or ...
startled drab library azn
  03/27/17
Didn't know there was a school named after Verne Lundquist
misanthropic principal's office keepsake machete
  03/27/17
This guy makes 90 four years into shitlaw. That ain't bad
effete cracking feces
  03/27/17
The rest of the article is pretty LJL too, with the "st...
misanthropic principal's office keepsake machete
  03/27/17
$175K will be enforced believe me.
Honey-headed community account rehab
  03/27/17
Agreed, only way it won't be enforced is if you literally ha...
shaky pit puppy
  03/27/17
what if u transfer ur assets to ur wife
house-broken locus
  03/27/17
The IRS isn't stupid, bro.
shaky pit puppy
  03/27/17
No doubt. The Temple professor tried to compare it to the IR...
misanthropic principal's office keepsake machete
  03/27/17
This is my favorite part: Joshua Cohen, a lawyer speciali...
shaky pit puppy
  03/27/17
The optics of giving away $$ to white graduate degree holder...
Honey-headed community account rehab
  03/27/17
I hear commercials on the radio about wage garnishment over ...
Honey-headed community account rehab
  03/27/17
Lol
disturbing shrine
  03/27/17
If he invests $5,000/year for the next 20 years, so $100K, a...
ebony institution
  03/27/17
Yeah, still save substantial moneys with the tax BOMB, which...
shaky pit puppy
  03/27/17
There's no way this won't be resolved by then. At the very w...
vigorous dilemma
  03/27/17


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Date: March 27th, 2017 3:38 PM
Author: shaky pit puppy

http://www.nbcnews.com/better/money/ex-students-income-based-loan-payments-face-crushing-tax-bill-n517566

Michael Hulshof left the University of La Verne in 2012 with his law degree and $145,000 in student debt. Today, that figure is about $220,000 and, by the time he's 55, he figures it will be around $400,000. That's when his real problems could begin.

Hulshof, a 33-year-old attorney in Antioch, California, entered into a payment plan for graduates who took out federal student loans and who have low income-to-debt ratios. The plan, known as "income-driven repayment," is intended to help graduates who can't afford to pay off their loans within 10 years.

On his income of $90,000 a year, Hulshof pays about $575 per month toward his student loans. It's an affordable payment, but it doesn't come close to covering the $1,500 a month the loans accrue in interest at rates ranging between 6.5 and 8.5 percent.

Under the repayment plan, Hulshof's remaining debt will be forgiven after 25 years. But there's a catch: That forgiven debt is considered income by the Internal Revenue Service, which means he and his wife will face a big tax bill when they finally get out from under the debt cloud.

"Me and my wife talk about it all the time, how we'll deal with it at that point," Hulshof said, estimating that he could owe upward of $175,000 in taxes. "It's incredibly depressing to think about, that bankruptcy may be your only option … to start over at 55 when you worked so hard to get an education to better yourself and society."

(http://www.autoadmit.com/thread.php?thread_id=3565758&forum_id=2#32930346)



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Date: March 27th, 2017 3:44 PM
Author: Costumed goal in life blood rage

90k a year after LaVerne is like the top 1% of outcomes.

(http://www.autoadmit.com/thread.php?thread_id=3565758&forum_id=2#32930396)



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Date: March 27th, 2017 3:45 PM
Author: primrose know-it-all school cafeteria messiness



(http://www.autoadmit.com/thread.php?thread_id=3565758&forum_id=2#32930400)



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Date: March 27th, 2017 3:45 PM
Author: Honey-headed community account rehab

I've been trolling the tax bomb for a decade. AFAIK bankruptcy does not make IRS debt go poof.

(http://www.autoadmit.com/thread.php?thread_id=3565758&forum_id=2#32930401)



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Date: March 27th, 2017 3:48 PM
Author: startled drab library azn

He needs to change his name and move out of the country. Or retire at 55 and go live in a cabin with no possessions. there is no way to "manage" a tax bill of $175,000 for a TTTT grad.

(http://www.autoadmit.com/thread.php?thread_id=3565758&forum_id=2#32930416)



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Date: March 27th, 2017 3:50 PM
Author: misanthropic principal's office keepsake machete

Didn't know there was a school named after Verne Lundquist

(http://www.autoadmit.com/thread.php?thread_id=3565758&forum_id=2#32930424)



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Date: March 27th, 2017 3:50 PM
Author: effete cracking feces

This guy makes 90 four years into shitlaw. That ain't bad

(http://www.autoadmit.com/thread.php?thread_id=3565758&forum_id=2#32930429)



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Date: March 27th, 2017 4:02 PM
Author: misanthropic principal's office keepsake machete

The rest of the article is pretty LJL too, with the "student debt" lawyer basically advising clients "The IRS can't possibly have the manpower to enforce this. Don't worry about it!"

(http://www.autoadmit.com/thread.php?thread_id=3565758&forum_id=2#32930533)



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Date: March 27th, 2017 4:06 PM
Author: Honey-headed community account rehab

$175K will be enforced believe me.

(http://www.autoadmit.com/thread.php?thread_id=3565758&forum_id=2#32930567)



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Date: March 27th, 2017 4:08 PM
Author: shaky pit puppy

Agreed, only way it won't be enforced is if you literally have $0 NW. But if you have anything, even 401K, it will be taken from you.

(http://www.autoadmit.com/thread.php?thread_id=3565758&forum_id=2#32930586)



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Date: March 27th, 2017 4:14 PM
Author: house-broken locus

what if u transfer ur assets to ur wife

(http://www.autoadmit.com/thread.php?thread_id=3565758&forum_id=2#32930654)



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Date: March 27th, 2017 4:15 PM
Author: shaky pit puppy

The IRS isn't stupid, bro.

(http://www.autoadmit.com/thread.php?thread_id=3565758&forum_id=2#32930657)



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Date: March 27th, 2017 4:15 PM
Author: misanthropic principal's office keepsake machete

No doubt. The Temple professor tried to compare it to the IRS not recovering taxes on airline miles

(http://www.autoadmit.com/thread.php?thread_id=3565758&forum_id=2#32930659)



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Date: March 27th, 2017 4:19 PM
Author: shaky pit puppy

This is my favorite part:

Joshua Cohen, a lawyer specializing in student debt, said that the high number of students in the program and the likelihood that few will be able to pay taxes suggests the IRS may just look the other way.

"How (is the IRS) going to get the manpower to collect on all this?" he said.

...

Cohen, the student-debt attorney, is himself is on an income-driven repayment plan and currently owes about $200,000 on a loan at a 6.3 percent interest rate.

(http://www.autoadmit.com/thread.php?thread_id=3565758&forum_id=2#32930695)



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Date: March 27th, 2017 4:52 PM
Author: Honey-headed community account rehab

The optics of giving away $$ to white graduate degree holders is not going to go over well with the Democratic base.

(http://www.autoadmit.com/thread.php?thread_id=3565758&forum_id=2#32930945)



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Date: March 27th, 2017 4:55 PM
Author: Honey-headed community account rehab

I hear commercials on the radio about wage garnishment over $10K.

(http://www.autoadmit.com/thread.php?thread_id=3565758&forum_id=2#32930979)



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Date: March 27th, 2017 4:08 PM
Author: disturbing shrine

Lol

(http://www.autoadmit.com/thread.php?thread_id=3565758&forum_id=2#32930585)



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Date: March 27th, 2017 4:26 PM
Author: ebony institution

If he invests $5,000/year for the next 20 years, so $100K, and he averages 5% gains, he'll have $175K saved for the tax bomb.

So that's $420/month in tax bomb savings plus $575 he's already paying in student loans, so like $1,000/month. Cheaper than paying $1,500/month, which is what he's supposed to be paying.

(http://www.autoadmit.com/thread.php?thread_id=3565758&forum_id=2#32930779)



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Date: March 27th, 2017 4:38 PM
Author: shaky pit puppy

Yeah, still save substantial moneys with the tax BOMB, which will provide a justification for keeping it around.

(http://www.autoadmit.com/thread.php?thread_id=3565758&forum_id=2#32930852)



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Date: March 27th, 2017 4:40 PM
Author: vigorous dilemma

There's no way this won't be resolved by then. At the very worst he can cop a pslf jerb for the last 10 years to avoid

(http://www.autoadmit.com/thread.php?thread_id=3565758&forum_id=2#32930859)