The difference between “supply”" and “quantity supplied” is like week 1 of Econ 101. That’s why it was so funny. I was probably wrong to call it nittery. It’s like the 2+2=4 of basic macroeconomics.
This thread needs moar Joe eating icecream cones while pumping iron and less everything else IMO
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8 posts were merged into an existing topic: Arguing about whether the economy is in fact good or bad
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4 posts were merged into an existing topic: Arguing about whether the economy is in fact good or bad
This constant bickering infused with personal attacks is getting old and you should knock it off.
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I moved a bunch of these posts to their own thread. I’m not going to go back and move the several hundred older posts, but please take discussion/arguments over the economy to the new thread located here: Arguing about whether the economy is in fact good or bad. Feel free to come up with a better thread title.
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I thought they were actually releasing the student debt relief plan today, but it was just a broad summary of it. The actual draft of the plan will be released in the “coming months” and then be open for public comment. Then it’ll go through the court system.
Seems like they’re trying to time it so that it gets shot down by SCOTUS next summer. I’m guessing it’ll be August before they try to put it into effect, and around a year after that when SCOTUS blocks it.
This is fairly annoying personally because I’m pretty sure we’re going to be in the 25-35% of people who qualified under the blocked plan who won’t qualify under the new plan, and it’s annoying closely following the news and expecting details and not getting them. As of a week or two ago, it sounded like we’d be in. Now it sounds like we’re out.
It won’t affect my vote either way, but it seems suboptimal to disappoint 10-15 million people to the tune of $20K 90 days before the election.
What? You’re going to be making >240k? Welcome to the 1%!
Barely a quarter of the way there hilariously. To be in the top 1% in 2022 (it’s for sure higher now) you had to make 786k.
Oh damn. Fuck me im not even there
Also the last time they did this they used 2019/2020 incomes. I qualified for the last round despite being over the limit. Still haven’t recertified my student loan income because of that
I think it’s significantly lower if you take out one time stuff like selling a business or a big capital gain.
For some reason I’m going to reply to this, even though you’re obviously trolling me now. My wife’s about to graduate with around $20K in student loans, I believe they’re all in the ballpark of 5% interest. The SAVE plan will require us to pay 5% of any income over $46K for 10 years before being eligible for forgiveness.
This loan calculator says 10 years at 5% would be monthly payments of $212.13, which is $2,545.56 per year.
20x that is $50,911.2, so anyone making about $51K over 225% of the poverty line would pay these loans off in full with no forgiveness under the new plan. That means anyone making over $96,900 or so as a family of two would pay the loan off in full with no forgiveness. That’s probably around the 60th percentile.
Previously we would have qualified based on her getting Pell grants, and possibly under one or more other measures of income that they were reportedly considering using.
It’s been a while but I’m fairly certain you’ve got a large error in there somewhere. My recollection is it’s something like five percent of your salary that is above some large multiplier of the poverty level to calculate “discretionary income.”
Yeah 225% I think. Poverty level for 2024 for a family of two is $20,440 so 2.25x = $45,990. So 5% of everything over that. I would love to be wrong, but I don’t think so.
Have you run the calculations for married filing separately?
This gets a bit into the weeds, but student loan average rates isn’t 5%. It’s currently 8%. It varies based on the year you took it out. The average since 2006 is 6%.
You can quickly estimate payments here:
If you make 100k, the payment on 20k of debt would be 232/mo (it’s 180/mo if you have a kid), compared to 587/mo per the old IDR payment plans. The SAVE plan is a truly fantastic plan as it will allow for more flexibility, no interest accrual and other things. It’s easily the biggest reform Biden has done. It’s going to have a smaller affect on a balance of 20k though.
Exactly who will save what will matter to details not released yet, but I don’t think any of what you’ve posted is relevant to whether or not you’ll get some sort of forgiveness. The headliner of this announcement is interest over initial balance is forgiven. These specific actions will apply to new grads based on if their loans have been accruing interest while in school. Undergrad loans are different, and I’m not as up on those rules as I never had any of those. No one really knows how this will work yet though, and the only people who won’t qualify are those making over 120k/240k.
Something off in the calculator feel like the interest rates must be off or it doesn’t properly cap payments at no higher than the 10yr standard repayment