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    Should I move back to my home country? Student Loans

    February 06, 2022

    Should I move back to my home country? Student Loans

    Should I move back to my home country?

    Posted: 06 Feb 2022 07:47 AM PST

    Hi all,

    I was born and raised in Trinidad (a country in the Caribbean) for about 12 years before moving to NYC. Long story short, I went to college and acquired 50k in loans which really stresses me out since I don't have a lot of financial help in this country. I've been considering moving back to Trinidad for 2-3 years as my father is willing to let me stay with him rent free. He's also let me know that while he will be at the house, he won't be there as often so I'll have some independence. Is this a good idea? The crime in Trinidad scares me but he lives in a decent area and I'm a homebody so I don't go out much anyway. Id also have a WFH job so I won't have to worry about getting a job out there. I'd really like advice on this one.

    submitted by /u/Puzzleheaded-Cap7753
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    Why do parents co-sign for their adult children's loans and tank their credit and retirement?

    Posted: 06 Feb 2022 06:20 AM PST

    I don't get it. Yeaah, good parents want good things for their children, but adults must work for it themselves.

    A student loan is a risk a parent has no control over. Kids can choose insane expensive schools, study dumb sh#it with no prospects for employment , study long, drop out or just suck at life in general.

    That is sad but no reason to retire in poverty and get striped off your life savings. Parents ought to support their children in every way exept destroying their own future.

    Student loans are not bankruptable and a curse for life if the kid cannot or is unwilling to pay them back.

    submitted by /u/just-a-dreamer-
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    Questions about IDR and PSLF

    Posted: 06 Feb 2022 05:53 AM PST

    I made a post beforehand, but I want some things to be clarified. I'm on the REPAYE plan and I'm applying for PSLF. Currently, my monthly payment for the plan is $0. My questions:

    1. REPAYE forgives your loans after 20 yrs. PSLF after 10 yrs. If I get accepted into PSLF, then I won't get a tax bomb afterwards because PSLF is untaxed, correct?

    2. Since my monthly payment is $0, and I don't think it will change in the future based on my income, then I won't have to pay anything for the next 10 yrs? People told me that since $0 monthly payments count towards both REPAYE and PSLF, essentially, I don't have to do anything with the loans if I stay at my current job or work at another government/nonprofit job.

    3. PSLF recently changed and it now says that payments during covid will count towards the 120 monthly payments. For example, let's say I started working at my job on Jan 1st, 2021. Since a monthly payment of $0 counts towards the 120 MPs, would the 12 months from Jan 2021-22 count towards the 120, reducing it to 108? I only got accepted into REPAYE this Jan, so I'm not sure if they would count any months beforehand (one yr). Would they only count months after being put on the IDR plan.

    4. If I have multiple loans, would that affect the 120 monthly payment amount if past months do count and drop the 120 MPs?

    5. I have Un/sub direct loans, but they don't need to be consolidated for me to apply for PSLF or get credit for the 120 months? It says "As long as you consolidate into the Direct Loan Program by Oct. 31, 2022, you can get credit for any of these federal student loans: Direct Loan (DL) Program Loans, including subsidized and unsubsidized loans, made to undergraduate and graduate students." Aren't direct loans already direct loans, nothing needs to be done? I don't want to consolidate any loans because I've heard that if Biden does forgive loans, consolidated ones won't be forgiven.

    I'm hoping Biden will forgive at least $10K in student loans. Once I have enough in my savings, I'll probably pay one loan at a time and remove it if he doesn't forgive anything soon after forbearance. That way, I don't have to wait 10 yrs for forgiveness and be done with the loans. But not having to pay anything for 10 yrs and have it all be forgiven would be great.

    submitted by /u/Spoyertopas000111001
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