A blog about student loan debt.

[payinged]

The Maryland Department of Housing and Community Development created a program to assist student loan borrowers (like us) and veterans to become new homeowners. The program called, “You’ve Earned it,” which provides qualifying applicants with down payment assistance in the form of a no interest deferred loan, as well as a reduced mortgage through a prequalified home loan program. 

For Maryland student loan borrowers, this program provides hope to those desiring to become a homeowner but who never thought they could under the dark cloud of their student loan debt. The program’s existence is not only a win for Maryland debtors, but it also raised the bar, nationally, as it puts forth “action” and not just “recognition” of the current student loan problems in our country. 

While the “You’ve Earned It” program does not solve the student loan debt problem in our country, it is a step in the right direct. And this step is a HUGE VICTORY for student loan relief advocated like Mac and myself. 

Check to see if you state does something similar and report back to us! 

Nice to meet you debtors’

[payinged]

Got approved for IBR, first payment due Jan. 1, should I be excited or what?

Mac 

[payinged]

What Every Millennial Wishes You Understood About Student Loan Debt

I am so sick of being told how our generation is such a pain in the ass. You know what's really a pain in the ass? Practically owing my first born (and their first born) to Sallie Mae for my student loans.

Sorry it’s been a while Debtors, but we’re back and ready for some catch up! Check this out... super relevant to our times.. 

[payinged]

Want to be a Financially Stable Millennial? Check it out...

http://www.businessinsider.com/millennials-who-are-financially-thriving-have-one-characteristic-in-common-2015-7

[payinged]

IMPACT MARRIAGE HAS ON YOUR DEBT

Kam & I always go back and forth on whether or not us tying the knot will affect on our student loan debt. Well today, during my morning coffee, I finally did a little research. 

“According to the Internal Revenue Service student loan interest deduction regulations, graduates may not claim tax deductions on their qualified student loans if they are married and file separately from their spouse. If a married couple chooses to file jointly for a student loan interest deduction, they cannot be claimed as dependents on someone else’s tax return.” 

http://www.nbcnews.com/business/personal-finance/burdened-record-amount-debt-graduates-delay-marriage-n219371 <-- This article makes some valid points that women and men are delaying marriage to complete higher degrees more so than to avoid losing some of the benefits of filing a tax return as single. I’m not sure where I stand after learning this IRS info. But, I think it’s pretty rational to fear loan default more than losing the person you love because you have yet to tie the knot (especially if they really love you). . . Also, weddings and all that comes with them are hella expensive, am I right? Let’s not forget that! 

Later debtors. 

-Mac

[payinged]

A Different Look at the “Debt Crisis”

“Americans owed nearly $1.2 trillion dollars to the U.S. in March of 2015.” 

This Article by the Times puts a different lens on what types of students are really in “crisis.” Not sure if I agree with everything, but it’s definitely an interesting take--> i.e. clear political bias. 

Main point: Students with less debt due to less advanced degrees and dismissal job propsects are those in “crisis.”  “Student loan debt is increasingly becoming an unpleasant part of life for millions of Americans, but for many borrowers — particularly those with advanced degrees and high debt burdens — debt is far from a crisis.” 

[payinged]

New Jersey Lawmaker Wants Students To Gamble On Loan Debt

Students graduate with an average of $28,000 in debt.

Student Loan Debt Lottery? What do you all think?!

[payinged]

Generation Debt: How Our Future Was Sold Out for Student Loans, Bad Jobs, No Benefits, and Tax Cuts for Rich Geezers--And How to Fight Back [Anya Kamenetz] on Amazon.com. *FREE* shipping on qualifying offers. Generation Debt offers a truly gripping account of how young Americans are being ground down by low wages

“Generation Debt” isn’t a new concept, but it sure as hell needs some more attention than what it currently receives! This book looks like it’s right on the money! Pun intended. 

[payinged]

We’re here to serve you #Millennials #generationDebt!  Check us out on twitter! Follow please :) ...  https://twitter.com/PayingED. 

[payinged]

Changing the world for pennies.

I’m preaching today. I am a dreamer. I try to live out Ghandi’s words, “be the change in the world you wish to see” daily. I further believe, whole heartedly, that our generation has the capacity to change the world through our momumentous achievements and higher than high education. But here’s the kicker-- to work in public interest (you know, jobs that really help the masses) -- you have to live an exceedingly modest life. What is a feasible salary to live on, burden free in the U.S. you ask? Depends on your domicile. Baltimore, where we live, for example, reports $25K and some change for a single, child free adult. Sounds pretty reasonable right? Well, the calcuation and many like it, fail to take into account student loan payments! Wake up people! Generation debt needs the nation’s economists to be thinking logically. 

I am currently working on a fellowship proposal to provide free legal representation on guardianship and its alternatives to young adults with disabilities living in Baltimore City. Right now, I am battling it out with 39 other individuals to obtain a salary of $60K for 18 months to support this work. That’s $3,333.33 before taxes a month. If ED (the department of education through my loan service provider) doesn’t qualify me for income-based repayment, $2,500 of that will go to ED leaving me $833.33 to live on. F’n crazy right? Now, more likely than not, I will qualify for income based repayment and further public interest loan forgiveness-- but what about everyone else out there who wants a career in similar fields who doesn’t qualify?? How can this be living the American dream? How can we sustain providing service to America’s most vulnerable populations when we cannot even sustain providing for ourselves? 

I know PSAs are hard to get through, but I just wanted to shed some light on my internal conflicts to follow my dreams or to secure a job working for the “man” and becoming just another cog on the capitalist machine. As always, here’s some tips for living frugally on a tight budget. http://www.thesimpledollar.com/ten-steps-to-financial-success-for-a-minimum-wage-earner/

Food for thought Debtors. 

-Mac

[payinged]

First Lady Obama speaks on College Tuition & Student Loan debt. If her and Barack can manage, so can we! . . .  Right?! We’re sure as heck gonna try!

[payinged]

Understanding Federal Loan Repayment Plans.

I got a call the other day from my student loan servicer (a month before I even walk across the stage to get my JD) telling me my loans were due June 15, 2015. I, like many of my fellow classmates, was dumbfounded to learn that if you used your automatic 6 month deferment for Stafford loans after undergrad . . . you may sh*t out of luck after grad school! My response,“servicer chick say wha...?!” Luckily, the ED has done us a solid and created these babes (i.e. repayment plans) to help us generation debtors out. But understanding them can be quite the capital B. Check this article out, it broken it down nicely. We will work on an even simpler Paying ED version soon! 

https://studentaid.ed.gov/repay-loans/understand/plans

[payinged]

5 New Ways to Save Big Bucks in Managing Your Money

Technology has the power to put more money in our pockets. It is now up to us to use those advances to use in consumer financial services.

[payinged]

Move over baby boomers, a new generation is a upon us. #generationdebt #PayingED

Mac of Paying ED

[payinged]

What up fellow debtors! We are here to share our journey to live the simple life under mountains of student loan debt! Hope you check us out ;) #payingED