America’s Millennials Are Waking Up to a Grim Financial Future

Re:America’s Millennials Are Waking Up to a Grim Financial F... by yodsanklai on Friday June 22, 2018 @05:30PM (#17377546)

> $100k in student loans

I don't really know how student loans work in the US, but I've heard that federal loans payements were indexed on income. For that reason, they are more akin to taxation than to a regular debt. Is that correct?

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Re:America’s Millennials Are Waking Up to a Grim Financial F... by anonymous5133 on Friday June 22, 2018 @05:39PM (#17377623)

There are programs like that but they are only for certain people, usually only for certain professions.

The government cant really afford to forgive everyones loans. The repaid interest goes to federal programs and the principal goes to giving new loans to the younger generation.

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Re:America’s Millennials Are Waking Up to a Grim Financial F... by MiscIdeaMaker99 on Friday June 22, 2018 @05:34PM (#17377586)

You have to pay back your loan in full, with interest.

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Re:America’s Millennials Are Waking Up to a Grim Financial F... by TAForObvReasons on Friday June 22, 2018 @05:38PM (#17377617)

Under an income-based repayment plan, if you don't make enough money over 20-25 years to pay off the loan with interest, the remaining loan balance is forgiven.

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Re:America’s Millennials Are Waking Up to a Grim Financial F... by jsoc815 on Friday June 22, 2018 @09:19PM (#17378862)

10 years if working for in public service or an approved non-profit agency and the amount forgiven is not counted as taxable income.

However, there is currently at least one lawsuit pending because the gov't is trying to talk its way out of providing the forgiveness. Essentially telling the group that they were mistakenly approved for the program.

Also people should read the program's fine print (in the FAQs). There is no guarantee that the program will remain or that the commitment will be honored.

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