@MsELizardBeth You definitely need a public service job to cancel them out in 10 years. Make sure you (if you already don’t have this one) reconsolidate (yes the rules will temporarily allow you to do this) to the new 25 year (20 year for undergrad) loan. No capitalized interest (that is what screwed my loan balance after losing my job due to 2 cancers in one year) and a higher disregard for income before you have a payment other than zero.
Of course don’t forget that any forgiven balance is considered ordinary income for federal tax purposes (waived through 2024 I think it is) and in 13 or so states it is ordinary income for state taxes.
@MsELizardBeth so I just googled. No federal taxes though 2025 so you should make it by the skin of your teeth. Hopefully you live in one of the states that won’t get you with state taxes. I don’t. Tax in my state is now flat 5% with the first $10,000 not taxable for a family of 1.
I finished High School, Community College, Certificate in Photography & a Trade School & got the CompTIA A Plus, Computer Service Hardware Tech. Which means I NOW have a Magic Wand & Hammer. Travel all over fixing computers that got broke by person sitting near the User.
My schooling was rather “casual attire” - no school uniforms and the Profs never showed up for class wearing caps and gowns. (I did have one exchange Prof from Munich who showed up in lederhosen for the first day of Fasching, but that’s a whole 'nother thing.) I was in school in the Sixties, so the Uni was just happy that we were wearing clothes of any kind. So I would have to say my formal schooling (began and) ended with the graduation ceremonies somewhere on a stage.
Got my BS in Business Admin (Major in Accounting) and then when to law school thinking I’d never do anything with accounting, but working in an accounting office while in law school and then what I learned in undergrad finally made sense. Never did anything with my law degree and will celebrate my 50th anniversary of being a CPA next August 8-the 50th anniversary of Nixon resigning from office.
@f00l Yep-people will always need accountants-luckily. Always told everyone it is a great way to make a fair amount of money without an advanced degree. Only downside is people’s perception of us.
Fun fact-in the movie Death Wish they changed Charles Bronson avocation from accountant to architect thinking no one would believe that an accountant could or would kill all those people. I’ve had thoughts about doing away with a few clients over the years (primarily wife’s who tried to keep books for their husband’s businesses).
I want a PhD but I’m at $126k in student loans for my 2 masters
@MsELizardBeth You definitely need a public service job to cancel them out in 10 years. Make sure you (if you already don’t have this one) reconsolidate (yes the rules will temporarily allow you to do this) to the new 25 year (20 year for undergrad) loan. No capitalized interest (that is what screwed my loan balance after losing my job due to 2 cancers in one year) and a higher disregard for income before you have a payment other than zero.
Of course don’t forget that any forgiven balance is considered ordinary income for federal tax purposes (waived through 2024 I think it is) and in 13 or so states it is ordinary income for state taxes.
@Kidsandliz yeah I’m 2 years away from 10 years that count
@MsELizardBeth so I just googled. No federal taxes though 2025 so you should make it by the skin of your teeth. Hopefully you live in one of the states that won’t get you with state taxes. I don’t. Tax in my state is now flat 5% with the first $10,000 not taxable for a family of 1.
@MsELizardBeth
Damn. I left graduate school with only about 8K owed.
But that was a long, long time ago, in a galaxy far far away
/giphy tatooine moons
@f00l oh i finished the second masters with like 92k … and now its 126k
@f00l @MsELizardBeth
Are you at least able to use your masters (either one) to leverage a higher salary??
I finished High School, Community College, Certificate in Photography & a Trade School & got the CompTIA A Plus, Computer Service Hardware Tech. Which means I NOW have a Magic Wand & Hammer. Travel all over fixing computers that got broke by person sitting near the User.
My schooling was rather “casual attire” - no school uniforms and the Profs never showed up for class wearing caps and gowns. (I did have one exchange Prof from Munich who showed up in lederhosen for the first day of Fasching, but that’s a whole 'nother thing.) I was in school in the Sixties, so the Uni was just happy that we were wearing clothes of any kind. So I would have to say my formal schooling (began and) ended with the graduation ceremonies somewhere on a stage.
Or am I misreading the question?
School of Hard Knocks, still learning every day
Where the check met the anemic bank account.
KuoH
An associate degree is a thing you know?
But if we were to get down to it college is a BS waste of time for many people. A dumb requirement for most jobs.
But maybe ok when it was cheap. And a state top 10 engineering school was pretty cheap. 20 years ago. Idk wtf happened but. Wow.
“Formal schooling”? Last time I was on the school dance floor, I guess. Actually wore a tux. (First and last time.)
I have informally schooled my two left feet a bit since then.
Molecular, cellular, developmental Biology major, then went back for a nursing degree (at almost 40).
so 1994-ish
@chienfou
wait… that was when
Montgomery is where…
There is no school like ol’ Skool
@somf69
/giphy old school, Rodney Dangerfield
@f00l @somf69 Beats old Skol.
/giphy skol bad teeth
@f00l @somf69 @phendrick
When I acquired a blah brain.
/giphy blah
Got my BS in Business Admin (Major in Accounting) and then when to law school thinking I’d never do anything with accounting, but working in an accounting office while in law school and then what I learned in undergrad finally made sense. Never did anything with my law degree and will celebrate my 50th anniversary of being a CPA next August 8-the 50th anniversary of Nixon resigning from office.
@Felton10
: )
My two nieces who are accountants are making more money than the others, if their generation who went to law school
Don’t know if it will stay that way
@f00l Yep-people will always need accountants-luckily. Always told everyone it is a great way to make a fair amount of money without an advanced degree. Only downside is people’s perception of us.
Fun fact-in the movie Death Wish they changed Charles Bronson avocation from accountant to architect thinking no one would believe that an accountant could or would kill all those people. I’ve had thoughts about doing away with a few clients over the years (primarily wife’s who tried to keep books for their husband’s businesses).
@f00l @Felton10 Better than most people’s perception of lawyers…
@Felton10 So, does CPA stand for Can’t Pass Again down there, the way I’m told it does here?
@werehatrack Cleaning, Pressing and Alterations or the one my clients use most often-Continual Pain in the Ass.
And yes-most people couldn’t pass the CPA exam again with all the changes in the law and technology.
On the stage receiving the diploma.