I’m sure you’ve seen the news about the student loan “bubble” that’s 1 trillion and growing. How poor students are being crushed under debt and their future lives completely ruined.
Well, turns out there’s a solution to all of this but it’s not widely known. Follow these three steps and watch your student debt troubles disappear.
Step 0 – Get the right loans
This technically isn’t a step, but it’s an important caveat nonetheless. Your student loans must be federal or else nothing here applies.
If you are using private banks to fund your education, stop doing that and switch to Federal loans. Take out additional Federal loans to pay down the private loans if you must.
Step 1 – Get on the IBR Plan
Get setup with an income based repayment plan. To qualify, your loan payments must exceed a certain amount. Here’s the full definition:
You have a partial financial hardship if the monthly amount you would be required to pay on your IBR-eligible federal student loans under a 10-year Standard Repayment Plan is higher than the monthly amount you would be required to repay under IBR.
Since IBR payments are capped at 10% of your income, this means if your payments amount more than 10% of your yearly income you are eligible for the IBR plan. It used to be at 15% but Obama lowered it to 10%.
You also pay zero dollars per month (or an extremely low amount) the closer you get to the poverty level. For example:
Hmmm… paying $16 for my loans no matter how big my original loan size was sounds pretty good to me. You can play around with the IBR calculator here.
The IBR plan has a lifespan of 25 years, which is a long time, after which any additional amounts you owe are discharged. Depending on the state you are in, the amount discharged will be tacked onto your tax bill. But to avoid this sum you can just threaten bankruptcy, and most likely get the amount you owe reduced somewhere from 80-90%. And if they call your bluff, just declare bankruptcy and avoid any leftover debt. Make sure your big purchases are secured before you do this, and talk with your accountant/tax attorney to learn how to move assets to states that do not allow assets to be confiscated during bankruptcy.
Step 2 – Under-report your income
Right now you’re probably thinking this IBR scheme is just to help out broke students who choose lousy majors like women’s studies. Although I want to help them too, this article is intended for all income levels.
Let’s say you sign up for IBR now, but end up making big money in the future. How do you keep those IBR payments down? Just find ways to legally keep your reported income down. Work in cash. Get paid as a “gift”. Talk with your accountant and ask what you must report and what you do not. And if your accountant doesn’t give you any good ideas, find a new accountant. My accountant saves me thousands every year.
Let’s say you make 40K per year, but manage to report only 30K of it. You’ll save yourself hundreds on your payments for that year, on top of the taxes you avoid.
Step 3 – Let Inflation Take Care of the Rest
Inflation is a fact of American life. Since the IBR is paid over 25 years, can you imagine how much value the dollar will lose in that time? 25 years ago, gas was less than a $1 a gallon. 25 years from now, gas will be over $10 a gallon.
What does this mean for you? Well, do some math. If you have 100K in the bank and the dollar loses 25% of it’s value in the next 25 years, then the real value of your savings is now 75K. Inflation makes it tough to save.
But the reverse is also true: Inflation makes it easy to borrow. Because if you have 100K in debt and the dollar loses 25% of it’s value over 25 years, it means you’ll have effectively only paid back 75K in real value, which is a net savings of 25K.
In other words, the value of money during inflationary times has more marginal utility in the present than it will in the future, so debt is one of the most profitable investments since you’ll pay back less than you spend now.
I know that the interest on student loans means that overall savings from inflation might be neglible. After all, if your 100K loan at 6.8% becomes 200K in 25 years than the 25% you save on the dollar devaluation isn’t much.
But if you follow steps 1 and 2 above, it means you’ll be finding ways to make hidden sources of income so that what you do pay back will be low payments with severely devalued dollars. Congratulations: you win. And anything left over can be wiped with some bankruptcy threats if not a flat out bankruptcy itself.
Now, you may ask yourself: isn’t this wrong? Even if this is all legal, isn’t this… stealing? No, it’s justice. Because any student that scams the US Government out of the loan money using the above steps is doing his part to help bankrupt the US Government and hopefully bring about real hope for change.
Disclaimer: I’m no accountant or tax attorney. Make sure you talk with one of the two to avoid doing anything illegal. The IRS will destroy you if you give them the chance. That said, the above loopholes will give you a head-start.
Read Next: What Does It Feel Like To Be Betrayed By Your Country?
A fine method to avoiding payments and to make out like a fat cat on the micro scale, but when the bubble bursts, we’re all going to be hurting, whether we are paying them down in the method your prescribe or if we never took out the loans in the first place.
My solution? Get rid of shitty majors and diploma mills. By preparing students for high paying jobs, they can realistically pay back reasonably high loans. By getting rid of expensive, yet worthless diploma mills, you lower the loan burden of students while also saving them wasted years of “schooling”. Sure, there will be less college graduates, but hey, that makes my resume look that much better.
Do u know if there’s a uk equivelent??
Since when are Federal student loans dischargeable in bankruptcy?
They aren’t, as a rule.
I practice bankruptcy law.
I could probably design some fact pattern that *might* qualify for a discharge of student loan debt under bankruptcy law, but if it could be easily done, an army of lawyers, or at least enterprising law school graduates would have already done it.
The general rule is that student loans are not automatically dischargeable in a bankruptcy case. However, this general statement ignores some nuances and qualifiers. And, of course, this is something you rarely hear discussed. A debtor CAN discharge his loans if the bankruptcy judge finds that he has satisfied the “undue burden” standard: that is, if paying the loans back would impose an undue burden on the debtor. Bankruptcy case law has defined this standard, and it involves a multi-part test.
This is not an easy standard to meet, unfortunately. It has to be something more than just mere discomfort. You have to show that paying them back would be a real “undue burden”. In addition, the debtor would have to file an “adversary proceeding” (i.e., separate litigation) in his case to initiate the process, and the matter would be tried before the bankruptcy court. That involves money. So, it is not easy to do. But it is at least possible, and that needs to be understood.
There are other options. Debtors in a Chapter 13 (or even a Chapter 11) bankruptcy can obtain relief from government garnishments and harassments, and propose to pay back their loans over time at 0% interest, which has been done before.
But take heart. Bankruptcy courts are beginning to soften a little on the “undue burden” standard. With so many people being saddled with unreasonable student loan debt, it is becoming more and more common for debtors to initiate adversary actions in their bankruptcy cases and try to get the loans discharged.
Go back up and read how the IBR plan works. After 25 years anything left over is added to your tax bill. Tax bills can be discharged in bankruptcy.
Brilliant technique, man…proves yet again that there is always a way to skin the cat, if you know the rules.
Not very applicable – bankruptcy discharge only applies to the worst cases. You really have to be up in debt and make below a certain level to qualify for bankruptcy discharge (Chapter 7).
In my scenario: my earning power is increasing each year. I am terrified that I will either get kicked out of IBR (if i start making around $130K) or I will end up with a huge tax bill after 25 years (once all the interest piles on)… scary!
This wont work because federally subsided student loans are a capped specially for undergrad degrees. Most of the people you read online that have those obscene students loan amount have private loans that are not dischargeable in BK and have uncapped interest rate.
“This wont work because federally subsided student loans are a capped specially for undergrad degrees. ”
True, but they aren’t capped for graduate degrees (or there is a separate cap).
The above slides apply to all of us? Woahhhhh…. Let’s take a deeper look my friends:
1) Or… Keep it how it is and when it becomes part of your estate and you die; your beneficiaries will receive an automatic “step-up” in basis of your common stock – por ejemplo – Dad bought ABC corp in 1970 for $10 per share, it is now worth $100 per share. Instead of selling it (and then giving you the money; if thats what he originally planned to do), he should include it into his estate and bequest it unto you. If he sold it, he would recognize a $90 capital gain (on each share!!) and pay the corresponding tax on it (even if it is only 15%; it won’t be for long).
If he held onto the stock and died- it would pass onto his heirs in his estate. When they receive the shares, their basis in them (their newly set purchase price) will be the fair makret value- in this example being $100. Suffice it to say- if you sold all of the stock you inherited; there would be $0 taxable gain.
2) putting money into an account in the Caymans, Bermuda, etc. may be pretty easy to do- it will also accumulate tax free earnings (at that time) – but please, kind sir, explain to me how you plan to get that money back into the states without paying taxes on it?
-Do you have the earning power of corporations to lobby?
-Will you just grab it and run of to poosy paradise?
-Keeping it there may be tax-free; but how much do you have to pay to occupy an office or a mailbox there? You. Yes you, Joe Blow- have a little address waiting for you in the caribbean for a very low nominal price for your income to vest.
3) One must ask himself- how many people visiting this forum are getting paid in stock options that won’t be worthless in the next decade?
4) See #2
5) What kind of assets do you plan on swapping? Does the average Joe have any assets worth “dodging” the taxes on? Number one asset that people have right now are there homes- if they sell them and their profit does not exceed $500,000; there is no taxable gain.
6) Sounds smart- let’s buy inflated stock options that have no chance at losing most of their value over the next decade (waiting on accounting standards to finally catch up with the appropriate valuation/expensing method of stock options). Let’s just into risky situations to pay only 15% on that amount of income instead of our otherwise staggering tax rates. How much are qualified dividends taxed at again? Would that be easier? FYI- those in the 0%, 10%, 15% tax bracket = 0% tax on qualified dividends. I would advise low income taxpayers to purchase stock options though. I’m sure they know what they are doing.
7) Please- do explain how double taxation helps the average taxpayer? Let me take what I am doing and turn it corporate- deducting wages paid to myself, only to be taxed on them at my individual tax rate. What happens to the money I leave in my C-Corp? Oh yes, it will be taxed at the corporate rate (35% in most cases)- This is surely much better than one’s individual tax rate.
8) Ahhh yes, deferred compensation. Please tell us why CEO’s prefer deferred compensation? To avoid paying their hefty income tax in the years they are bankin’ it? Only to take out said income in their golden years while in a low tax bracket.
Lets reverse the roles – You’re suggesting that low income taxpayers defer their compensation? A) They probably need that money in hand more than they do in their 401(k). B) switch what was listed above in regards to the CEO’s tax situation to the low income taxpayer- would you not want to pay tax on your earnings while in a low tax bracket- letting it grow (tax free) and then withdrawing at a later date? If anything, it will be an inflation hedge. Read: Roth IRA. Regardless – get one of both so you can take maximize the tax benefits from both of them each year (Form 8880; IRA deduction, etc.)
9) donate it- oh boy oh boy- what if the taxpayer claims the standard deduction? No benefit. Also, where can I find this asshole who will willingly appraise a piece of equipment purchased for $1,000 for $10,000 (if no real appreciation has occured). Will he put his professional reputation on the line for it? I wouldn’t- If you can find such investments- I’m sure you could find a way to turn it into a lucrative side business (read: hobby, cap gains, don’t hold as inventory) – To bank on such appreciation as a bulwork to Uncle Sam? Mehh- not likely.
“Gift” it away- Wasn’t this article about saving money? not giving it away? Sure you can give away up to $13,000 a year but can you deduct it? No. Are you saving money? I see an outflow of $13k. -Only be giving shit away if you’re on your deathbed. If you have some extra cash and want to put some away for little Johnny’s education; look into a 529 plan – not tax deductible, but the earnings are. If you give it to that little asshole when he turns 18- he’ll buy an xbox, sour gummi crawlers, and a red-bull.
10) ahhh yes, the median income man should buy a boat so he can deduct the interest paid on the unnecessary loan on his itemized expenses – hell; why not a motorhome too? That counts as well! It is a great way to reduce taxable income by taking on copious amounts of debt which is invested in highly depreciable assets.
A second home? A lot of your readers have enough to pick one of those up. This may interest them then! If you do decide to own another piece of real estate- rent it out. You can still make money (real profit) while a good-looking accountant (like me) can claim losses through your schedule E year after year after year.
For the gem reader out there who is in a high tax bracket and would like to take advantage of all this capital gains talk – simply start depreciating assets involved with the rental. You can deduct this deprecation over the years to reduce your taxable income (let’s say 25% tax rate)- when you sell the house; you will have to “recapture” all of said depreciation, but the gain realized will only be taxed at 15%….10% net tax savings for you 😉 -the caveat here is that Obama keeps his hands out of the capital gains (preferred rates) cookie jar.
^ Don’t just jump into this plan right away either, consult a good-looking, aggressive accountant near you- or Cruisen Chubby a.k.a. Daddy
I will leave you with this: If there is something you love doing (and can make a profit doing it)- start a small business. It will come through your schedule C (front page of 1040). Claim the money you made; deduct the shit out of everything. Oh, you like to DJ at clubs and drink top shelf booze with skeezers? That new $5,000 DJ controller willl be straight line depreciated for 5 years (good-bye $1000 of ordinary, taxable income each year). That bottle of booze cost you $200? You got paid $2,000 for the night, well now you only made $1,800 – and don’t even get Daddy started with deducting the mileage it took to drive to this club dump at $.555 a mile. You have a home office too don’t you? Let daddy take down 10% of the total utilities/rent/mortgage/prop taxes paid and apply it to your business loss. The small business is the greatest tax avoidance strategy you can have – not tax evasion; avoidance.
This is all, if you would like to continue this conversation:
chancebrad1 at g mail dot com
PSS – student loans are not dischargeable in bankruptcy. Good day.
The above slides apply to all of us? Woahhhhh…. Let’s take a deeper look my friends:
1) Or… Keep it how it is and when it becomes part of your estate and you die; your beneficiaries will receive an automatic “step-up” in basis of your common stock – por ejemplo – Dad bought ABC corp in 1970 for $10 per share, it is now worth $100 per share. Instead of selling it (and then giving you the money; if thats what he originally planned to do), he should include it into his estate and bequest it unto you. If he sold it, he would recognize a $90 capital gain (on each share!!) and pay the corresponding tax on it (even if it is only 15%; it won’t be for long).
If he held onto the stock and died- it would pass onto his heirs in his estate. When they receive the shares, their basis in them (their newly set purchase price) will be the fair makret value- in this example being $100. Suffice it to say- if you sold all of the stock you inherited; there would be $0 taxable gain.
2) putting money into an account in the Caymans, Bermuda, etc. may be pretty easy to do- it will also accumulate tax free earnings (at that time) – but please, kind sir, explain to me how you plan to get that money back into the states without paying taxes on it?
-Do you have the earning power of corporations to lobby?
-Will you just grab it and run of to poosy paradise?
-Keeping it there may be tax-free; but how much do you have to pay to occupy an office or a mailbox there? You. Yes you, Joe Blow- have a little address waiting for you in the caribbean for a very low nominal price for your income to vest.
3) One must ask himself- how many people visiting this forum are getting paid in stock options that won’t be worthless in the next decade?
4) See #2
5) What kind of assets do you plan on swapping? Does the average Joe have any assets worth “dodging” the taxes on? Number one asset that people have right now are there homes- if they sell them and their profit does not exceed $500,000; there is no taxable gain.
6) Sounds smart- let’s buy inflated stock options that have no chance at losing most of their value over the next decade (waiting on accounting standards to finally catch up with the appropriate valuation/expensing method of stock options). Let’s just into risky situations to pay only 15% on that amount of income instead of our otherwise staggering tax rates. How much are qualified dividends taxed at again? Would that be easier? FYI- those in the 0%, 10%, 15% tax bracket = 0% tax on qualified dividends. I would advise low income taxpayers to purchase stock options though. I’m sure they know what they are doing.
7) Please- do explain how double taxation helps the average taxpayer? Let me take what I am doing and turn it corporate- deducting wages paid to myself, only to be taxed on them at my individual tax rate. What happens to the money I leave in my C-Corp? Oh yes, it will be taxed at the corporate rate (35% in most cases)- This is surely much better than one’s individual tax rate.
8) Ahhh yes, deferred compensation. Please tell us why CEO’s prefer deferred compensation? To avoid paying their hefty income tax in the years they are bankin’ it? Only to take out said income in their golden years while in a low tax bracket.
Lets reverse the roles – You’re suggesting that low income taxpayers defer their compensation? A) They probably need that money in hand more than they do in their 401(k). B) switch what was listed above in regards to the CEO’s tax situation to the low income taxpayer- would you not want to pay tax on your earnings while in a low tax bracket- letting it grow (tax free) and then withdrawing at a later date? If anything, it will be an inflation hedge. Read: Roth IRA. Regardless – get one of both so you can take maximize the tax benefits from both of them each year (Form 8880; IRA deduction, etc.)
9) donate it- oh boy oh boy- what if the taxpayer claims the standard deduction? No benefit. Also, where can I find this asshole who will willingly appraise a piece of equipment purchased for $1,000 for $10,000 (if no real appreciation has occured). Will he put his professional reputation on the line for it? I wouldn’t- If you can find such investments- I’m sure you could find a way to turn it into a lucrative side business (read: hobby, cap gains, don’t hold as inventory) – To bank on such appreciation as a bulwork to Uncle Sam? Mehh- not likely.
“Gift” it away- Wasn’t this article about saving money? not giving it away? Sure you can give away up to $13,000 a year but can you deduct it? No. Are you saving money? I see an outflow of $13k. -Only be giving shit away if you’re on your deathbed. If you have some extra cash and want to put some away for little Johnny’s education; look into a 529 plan – not tax deductible, but the earnings are. If you give it to that little asshole when he turns 18- he’ll buy an xbox, sour gummi crawlers, and a red-bull.
10) ahhh yes, the median income man should buy a boat so he can deduct the interest paid on the unnecessary loan on his itemized expenses – hell; why not a motorhome too? That counts as well! It is a great way to reduce taxable income by taking on copious amounts of debt which is invested in highly depreciable assets.
A second home? A lot of your readers have enough to pick one of those up. This may interest them then! If you do decide to own another piece of real estate- rent it out. You can still make money (real profit) while a good-looking accountant (like me) can claim losses through your schedule E year after year after year.
For the gem reader out there who is in a high tax bracket and would like to take advantage of all this capital gains talk – simply start depreciating assets involved with the rental. You can deduct this deprecation over the years to reduce your taxable income (let’s say 25% tax rate)- when you sell the house; you will have to “recapture” all of said depreciation, but the gain realized will only be taxed at 15%….10% net tax savings for you 😉 -the caveat here is that Obama keeps his hands out of the capital gains (preferred rates) cookie jar.
^ Don’t just jump into this plan right away either, consult a good-looking, aggressive accountant near you- or Cruisen Chubby a.k.a. Daddy
I will leave you with this: If there is something you love doing (and can make a profit doing it)- start a small business. It will come through your schedule C (front page of 1040). Claim the money you made; deduct the shit out of everything. Oh, you like to DJ at clubs and drink top shelf booze with skeezers? That new $5,000 DJ controller willl be straight line depreciated for 5 years (good-bye $1000 of ordinary, taxable income each year). That bottle of booze cost you $200? You got paid $2,000 for the night, well now you only made $1,800 – and don’t even get Daddy started with deducting the mileage it took to drive to this club dump at $.555 a mile. You have a home office too don’t you? Let daddy take down 10% of the total utilities/rent/mortgage/prop taxes paid and apply it to your business loss. The small business is the greatest tax avoidance strategy you can have – not tax evasion; avoidance.
This is all, if you would like to continue this conversation:
chancebrad1 at g mail dot com
PSS – student loans are not dischargeable in bankruptcy. Good day.
Some good points and some bad strawman points. Remember that infographic says “How the RICH avoid paying taxes.” Obviously if you are not rich then it does not apply to you, so your claims of the “average taxpayer” are irrelevant. That said nice ideas with the small biz.
When I saw “this article is intended for all income levels” – is when I chipped in.
For all the Australians out there, if you leave the country for 7 years (even if you go to New Zealand) the government will wipe your tax bill and student HECS debt.
bullshit. now they chase you. Ird in NZ chase big debtors in australia through the ATO in australia. And works are in progress for the UK, a common destination for expat aussies and kiwis.
Buy a gold ingot, take physical possession of it, find a spot deep in the middle of nowhere, record your gps coordinates, dig a hole 5 feet deep, bury the gold ingot in father Earth, get back to your car, drive away, repeat the process another day. Starve the beast!
Don’t you have to work for a 501(c)(3) or the government to qualify for IBR?
If you work for a 501(c)(3) then your loans get discharged after 10 years, instead of 25. Also, it’s not added onto your tax bill but discharged completely.
I can say I work with my dad making minimum wage. In reality I make just under six figures at a 1099 sales job.
Can I pull this off, or will I be caught by my federal student loan company (SallieMae)?
Thanks for the response.
SallieMae is a private bank, and doesn’t qualify for the IBR plan. Sorry, but no luck for you. IBR plan only works for those with federal loans.
I have federal unsub and sub loans. They’re all managed by SallieMae,and in-fact, they’ve pitched the IBR plan to me, but I ignored it. .I have no private loans, whatsoever.
Oh, so your loans are managed by SallieMae, but not actually dispersed through them. That’s different. As long as the source is federal, than the IBR will work for you.
I would go with the IBR if your loans are high and your income is low. It is a good scam IMO.
Great article, Samseau. I especially liked “Step 3” about inflation. It’s wisdom that applies to all long-term debts and something I never really thought much about.
Or, for Australians. Take out a HECS/HELP loan (government loan) and then, when you’ve got your qualifications, skip town. Move to another country, anywhere but Australia and New Zealand (there is a treaty with NZ). You don’t have to pay it if you’re not in Aus/NZ.
This site never fails to give good advice for men. Financial, mental, physical and sex life it is a great resource. 75% of the articles I read are applicable to my life, and positively so. If you plan for financial future education wise this article is a good blueprint.
The US Government is the biggest borrower in the world. Consequently, they are also the ones able to control the inflation rates of their currency. What do you think they are going to do?
I’ve looked up a lot of those tax dodges. Some of them don’t really work in the United States, if you take into the CFC laws and whatnot. In Romney’s case, most of it was in entities held through his IRA account, so it would be untaxed anyway. I’ve decided to dedicate my life to “starve the beast” and avoid taxes. Interesting fact, a gift from a foriegn person is not taxable, look into that for some ideas.
Great post, especially liked the ethical rationale at the end. Now could you hook me up w/a moral justification for P&D-ing a few dozen babes?
“Hmmm… paying $16 for my loans no matter how big my original loan size was sounds pretty good to me.” Maybe, but someone with an AGI of $18,000 a year sounds like they’re living in the poor house. That doesn’t sound pretty good to me. In fact, someone with an AGI of $18,000 a year just barely misses qualifying for the earned income tax credit (assuming single with no qualifying children).
IBR is basically the government feeling sorry for you because you simply don’t earn enough money to pay back your student loans. It’s welfare – nothing more, nothing less. Personally, I’d rather earn a lot more money and pay off my student loans in full (even if that did mean a drop in my expendable income during the 10 years it took me to pay off my student loans) than live in poverty for 25 years and barely pay off my loans.
For anyone the UK, the best option really is to go self-employed.
You can then either work through a service company (similar to what is called a shell company above), and through being VAT registered and some creative accounting, reduce your overall tax liability to about 22%.
Even better, is to go on the books of a provider company as a self-employed partner, or even regular employee. They invoice on your behalf, and then “loan” you the money back. The loans are never recalled, and are completely tax free. There are some additional details over and above this, but that’s the gist of how it works. With this method, you can take home 85% of your pay.
Brilliant. All of my friends are so stressed about life after college, some with fancy degrees and no jobs, some with underpaying jobs but student loans killing them. I was fortunate enough to have adopted a similar rationale midway through.
I went from full time student to half time student and full time employee. I sought out the employer that provided the highest tuition reimbursement in my area. I re-enrolled next eligible semester and earned my degree through schools distance learning program. I slowed my graduation down by 2 yrs, but that was 24months in school deferment as far as I was concerned.
After 2-3yrs work experience, I knew exactly where my salary would be once entering repayment, and guys, MARRIAGE AND A KID ARE TOTALLY WORTH IT in this case since I was able to manipulate debt to income & family size situation so that my loan payments are no more than the typical expensive cell phone or cable bill.
Never once thought about whether or not I’ll actually repay it all, after 25yrs it’s whatever. It’s a win win. The government makes loans easily available for 18yr olds to essentially invest and already have their hands in whatever future success they may reach due to education, and we the students invest in ourselves and in the end pay a luxury tax for what should be a higher standard of living if done right.
I’m watching my mentor (guy 5yrs older) beat $100k+ like a champ. Proud father of 3 (twins & another girl, maybe that’s his punishment), married, and a driveway of Audi’s A3-A5
goodday
do you Need a loan for any purpose. I called Mr. Wilfred. I am certified by the creditor governments. Give credit to individuals, companies and industries with an interest rate of 3% cheaper. If you are interested, fill out a credit application form below and send it to us so that we can begin the process of your loan: Interested parties can contact me by e-mail [email protected]
The application form for a loan
Full name:
floor:
Date of Birth:
Title:
country:
city:
Contacts:
Occupation:
Zip Code:
Mobile Phone Number:
Number of hold:
Length of Loan:
Monthly rent:
Mr. Willfred
1. It’s 10% of your discretionary income, not your actual income.
2. That payment plan requires a minimum of a $50 monthly payment.
We should all definitely bankrupt the government. Even better would be to go Off The Grid completely and eliminate true assets and legitimate income. That would cut many strings that are holding up corporations. And they all need to fall. Society is full of greed thanks to capitalism.
The title of this article is “How to LEGALLY Cheat your Student Loans” (emphasis added). There is nothing legal about being paid in cash or being paid as a gift in order to commit tax evasion and fraud in order to lie about your income to qualify for the program.
Just because “under reporting” income is difficult to prove, doesn’t make it legal. This article advocates ripping off hard working tax payers; just like the fat feminists who expect the government to pay for everything; from their healthcare costs (diabetes) to birth control.
stay salty
Or do what i did, just don’t pay them. I don’t believe in working for money.
This guy is an idiot… “100K loan at 6.8% becomes 200K in 25 year” Sorry but $100k at 6.8% interest over 25 years is $517,000!.. Then yes, your loan is forgiven but you’ll have to pay taxes on it as if it were income. So you’re paying 35% capital gains on $517,000 which comes out to $180,000 and now you owe back taxes, not student loans. People keep trying to cheat the system but in the long run you’re just screwing yourself. You’re the one who decided to go this route and put yourself in this much debt. Suck it up, pay the $1,000 a month and have it payed off in 15 years.
haha. “Pay the $1,000 a month for 15 years.” I just graduated with an undergraduate degree from a prestigious university and about $60k in student loan debt. The job market is so bad that I have only been able to get retail jobs. I make about $1,200 a month. My rent is $900 a month for a shitty, tiny studio in LA. Groceries are easily $150 if not more, then there’s gas money to get to and from work and the grocery store, leaving me with a discretionary income of about $50 a month. I am living below the poverty line and I have a degree from UCLA. I am about to default on my loans, because I can’t even pay $50 a month, let alone $1000 a month. This is the reality that we live in in this country. I really don’t know what I can do at this point. I’ve already lost contact with my mom because she took out $10k of my loans and she can’t pay them either. My worthless education has now ruined both mine and my mothers’ lives. So, what I mean to say, is fuck you and your preconceived notions. How about you suck it up and pay off my fucking loans for me through taxes 🙂 People like you are the reason I don’t feel bad about having taxes pay off my loans.
What degree did you get? It matters almost more than the school you went to.
This is some of the most retarded (ya its a bad term but fits the bill here) stuff I have heard. Who has 150k debt and finds an employer willing to pay a portion in “cash”?? Wtf…also, I believe this article applies to federal loans? If so, bankruptcy is not an option from what I have heard. Not sure who this is giving advice but it’s wrong. I hate student loans. Don’t get me wrong in the least. I believe there has been an artificial inflation of tuition created by the ease of loans granted to students with no (then current) net value. Kinda like taking a big loan out on a house with not way to pay for it. Schools can raise prices because they see no decrease in demand when they do it. This is economics 101. And it is creating a bubble. But the problem now is
The problem now is that, due to rapid changes in technology and the economy, the jobs most important are becoming less predictable. Therefore, offering outrageous amounts of student loans becomes the equivalent of offering loans at a casino. Let people gamble on their future and see how it works out. And not just people, young people with no current money or income stream. Sounds like a good idea ( heavy sarcastic tone)
Great info brotha! Much appreciated advice. Thanks
My name is Ms.Sharon E. Rodney, i am from Texas, USA, i have been searching for a genuine loan company for the past 2 months and all i got was bunch of scams who made me to trust them and at the end of the day, they took my money without giving anything in return, all my hope was lost, i got confused and frustrated, even started using tranquilizer, i find it very difficult to even provide 3 square meal for my family, i never wanted to have anything to do with loan companies on net, never again. so went to borrow some money from a friend, i told her all that happened and she said she could help me, that she knows a loan company that can help me, that she just got a loan from them, she directed me on how to apply for the loan, i did as told, i applied, i never believed, but i tried and to my greatest surprise i got the loan within 48 hours, i could not believe it, i am happy and rich again and i am thanking God that such loan companies like this still exist upon this scams all over the places, please i advise everyone out there, who are in need of loan to go for { [email protected] } they will never fail, your life shall change as mine did.
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This is to inform the general public that we are currently giving out loan at a low interest rate of 2%. if interested in applying for a loan, For more details contact us now via EMAIL : [email protected] or call us on this number +19546669208..
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Student loan debt is a huge and onerous bubble, very lucrative for a few bankers and the administrators of schools and colleges who unconscionably fueled tuition rates to absurd levels. This needs to be fixed, and soon. More and more people are successful at having their student loans discharged through bankruptcy. It costs nothing to file an adversary. You can do it yourself as easy as you can get payday loan online here 24/7. We all know money has no value to it, so why does everyone believe that it has value?
Have you all kinds of economic problems? Need a loan to pay down debt? you are in an economic crisis? trust us to treat all types of loans, see below. We are registered and authorized company to issue a loan at 3%, with a minimum duration of six months and a maximum duration of 30 years. We give loans to a minimum in 2000 to a maximum of 50 million. offers various services BELOW * Personal Loans (Secure and Unsecured) * Business Loans (Secure and Unsecured) * Improvement * Inventor Loans * Auto Loans * Marriage * Mortgage Loan health, etc .. So if you are interested, please come back to us via our email: [email protected] with God all things are possible.
Sounds fun and all but the best is if you can get educated without taking a loan. Obviously it can be challenging since students are usually poor and do not have any income. But getting less money today and paying more tomorrow is a terrible idea no matter what. After all students can study online and avoid high tuition. There is also a great decision for college papers if your skills are not that good. Nonetheless if you are determined to study hard you simply do not need college education.
The author is a moron!!!! Let inflation take care of the rest……student loan interest rates of 6.8% greatly outpace the last 20 year average inflation rate and note currently that the nominal inflation rate is near zero. In this environment, how can inflation take over? Horrible advice, I can tell that this article was written by a real dumbass! Here’s a shocker, your advice sucks besides get on the IBR plan.
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