Income based loan forgiveness for political scientists

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Income based loan forgiveness for political scientists

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Started 2 years ago by Anonymous
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Anonymous
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Federal loans get forgiven after 10 years if you don't make too much money and work for a state university. Does it count for professors?

"What are eligible jobs? In most cases, eligibility is based on whether you work for an eligible employer. Your job is eligible if you:
are employed by any nonprofit, tax-exempt 501(c)(3) organization;
are employed by the federal government, a state government, local government, or tribal government (this includes the military and public schools and colleges); or
serve in a full-time AmeriCorps or Peace Corps position."

Posted 2 years ago #
Anonymous
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yes, it does. but your spouse's income counts as well.

Posted 2 years ago #
Anonymous
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A prof making an average salary won't benefit much from this -- what you'd pay per year those 10 years based on your income would generally be enough to pay off the loans in that 10 year window. If you have extremely large student loans or have unusually low income (e.g., adjuncting for 10 years) it could be a big help.

Posted 2 years ago #
Anonymous
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so does the 501 non profit status include private colleges?

Posted 2 years ago #
Anonymous
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^ last time i checked, private colleges weren't profit-seeking institutions ....

Posted 2 years ago #
Anonymous
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^ Not all non-profits are 501(c)3; there are other categories. Private educational institutions usually are, though, so this should include most professors.

Posted 2 years ago #
Anonymous
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Very interesting, can anyone provide a link to some more info?

Posted 2 years ago #
Anonymous
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I hope none (most?) of you don't have significant loans from your PhD programs ...

Posted 2 years ago #
Anonymous
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http://www.ibrinfo.org

Posted 2 years ago #
Anonymous
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I got 130K in student loans. Most from undergrad and a policy MA...this program is a lifesaver!

Posted 2 years ago #
Anonymous
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^^^ I hope to ride a unicorn to the moon, so that I can bring back moon rocks to sell. Then I can pay off my student loans.

I know, I know, you were trolling so that you can tell us how frugal you were in grad school. We really don't give a **** though.

Posted 2 years ago #
Anonymous
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If you make $140k, can you make use of it?

Posted 2 years ago #
Anonymous
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I only know one person from grad school without any student loans and I know of several with 100,000+.

Posted 2 years ago #
Anonymous
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^ Don't tell me anyone you know has $100,000+ from a PhD program ....

I will graduate from grad school without any student loans, and I don't think I'm nearly the only one in this situation.

Posted 2 years ago #
Anonymous
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My policy MA screwed me too...probably have $70K+. This will be a big help because I'm at a state school making crap money.

Posted 2 years ago #
Anonymous
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^ Don't tell me anyone you know has $100,000+ from a PhD program ....

I will graduate from grad school without any student loans, and I don't think I'm nearly the only one in this situation.

I already told you that we don't give a ****.

Posted 2 years ago #
Anonymous
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If you borrowed from Uncle Sam, you're probably ok. I have 100,000+ in loans at a super low interest rate. I make one payment a month of about 500 dollars. I don't have kids and am not planning on it (loans are much less expensive than kids) and live pretty comfortably. I teach a class in the summer and that pays for close to half my loan payments for the year. It's all good.

Posted 2 years ago #
Anonymous
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Jeezus, I'm sorry for offending everyone - I just honestly don't understand how so many of you seem to have huge grad school loans when the common wisdom is that you should never enter a PhD program that isn't funded or is barely funded ...

Posted 2 years ago #
Anonymous
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I only know one person from grad school without any student loans and I know of several with 100,000+.

I guess you shunned the international students in your program. Interesting. Almost none have student loans.

Posted 2 years ago #
Anonymous
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The policy MPAs or MAs are a money maker for universities because so many students self-pay. The rate of return on them are not high unless you completed your four year degree with very few useful job skills.

I know a few economists who paid their way through very expensive PhD programs (like from the U of Chicago, where they admit many without funding). Nuts.

Posted 2 years ago #
Anonymous
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^^^ That's a false dichotomy. I was generously funded. But I didn't come from a family of means, had debt from undergrad (30K ish) and a policy oriented MA program (60 K ish). Also, even with generous funding I couldn't make ends meet because I lived in an expensive area, so I sometimes took student loans. I'm ok with all the decisions I made. I got my degree, have a great job, and just write the check every month. I do, however, wish that I had not attended the policy school. It was a financial and intellectual waste.

Posted 2 years ago #
Anonymous
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Even with a fully funded program, it is sometimes hard to cover all expenses. I found my program would cover day-to-day expenses like food and rent but not things like purchasing a new computer or a used car or attending extra conferences.

Posted 2 years ago #
Anonymous
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^^ I wouldn't have paid borrowed 60K on top of an undergrad loan of 30K for a policy masters degree. What kind of job would have made that worthwhile?

Posted 2 years ago #
Anonymous
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Jeezus, I'm sorry for offending everyone - I just honestly don't understand how so many of you seem to have huge grad school loans when the common wisdom is that you should never enter a PhD program that isn't funded or is barely funded ...

again. We...don't...give...a...****.

I said it slower for you this time.

Posted 2 years ago #
Anonymous
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^ Who is we? Not a fan of the we that means I.

Posted 2 years ago #
Anonymous
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"I wouldn't have paid borrowed 60K on top of an undergrad loan of 30K for a policy masters degree. What kind of job would have made that worthwhile?"

I was young but like I said. I have no regrets and live comfortably. Many of the people in the policy program were borrowing similarly and most got very good jobs with the govt or industry. I have a nice condo, a nice car, zero credit card debt, take a vacation, and am saving 15% of my salary for retirement. In the end, sure I wish I had that 500 bones a month back but I also don't really miss it either...and I love what I do.

Posted 2 years ago #
Anonymous
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Some of the people already out of grad school who have debts might have been there before the general increase in stipends recently. In the mid-90s at my top-20 program, inflation adjusted stipends were 35-45% lower than the same school today. For the time, those lower levels were typical even at top-10 programs. Our stipend did not cover the cost of on-campus housing/meals, nor off campus living if you had your own bedroom and no drive-bys. Most people made up the difference from parents and/or spouses, and the remainder of us took out moderate loans.

Posted 2 years ago #
Anonymous
Unregistered

^ thank you. finally - an answer. and i wasn't talking about policy MAs and undergrad (for everyone mentioning those). i was talking about PhD programs.

did people typically have 100,000+ in loans back then? i don't consider that "moderate," personally.

Posted 2 years ago #
Anonymous
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^ No, not even close to 100K in PhD loans in the cases I'm thinking of, but more than bus fare -- I can think of people in the $5k - $25k range. And as I said, even then loans were less common than spouses, parents, or savings from pre-PhD jobs.

Posted 2 years ago #
Anonymous
Unregistered

^ ok, $5-25k makes a lot more sense. thanks for clearing that up.

Posted 2 years ago #

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