Thursday, May 28, 2015

The Start of Another Student Loan Forbearance and My Summertime; Still Awaiting PAYE Day

The bike lanes down the middle of Pennsylvania Avenue NW looking toward the U.S. Capitol dome (still encased in scaffolding), Washington, D.C., 10:56AM May 27, 2015.

I biked to work yesterday after working from home for an hour or so.

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My student loan forbearance has been approved!

This refers to the special category of the "mandatory forbearance due to excessive student loan debt burden" whereby if your payments under a standard plan are more than 20 percent of your total (monthly) income -- mine would be 26.43 percent -- than you get this forbearance. It comes most typically in three 1-year options and this is my third option year. (I also have 1 year remaining of "general forbearance," so in theory I can go to June 2017 before I'm out of options.)

Image of the top part of my approval letter

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This refers to my gargantuan ($250,000 and still rising on interest) student loan debts, specifically, my two ginormous consolidated Direct Loans that are "serviced" by Navient (formerly Sallie Mae).

My hope -- as I discussed here -- is that President Obama's executive order to extend the "Pay As You Earn" (PAYE) option to older student loans such as mine will be in effect by this time next year. Under that plan, I would pay 10 percent of my disposable monthly income on the debt for 20 years -- in my current salary situation, $340 x 12 months/yr. x 20 yrs. = $81,600 or about 32 cents on the current dollar of the debt (and half that under the full standard 25-year repayment plan).

The early evening sky from L'Enfant Promenade (Washington Monument poking up, silhouetted, nearby), Washington, D.C., 6:34PM May 27, 2015.

We got screwed out of any thunderstorms yesterday in D.C. proper.

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The best I could do now is 15 percent (under an income-based repayment plan). The difference between that 10 percent and 15 percent is enormous -- as in make-or-break, payable or not payable.

I know that this is a concept alien to Wall-P, a.k.a., Pitty Shil.

"Eh. Eh. Eheheh. My income is precisely commensurate with my superiority as a profit-maximizing life form. Therefore, we must conclude -- "

Ohhh, shut-up, Wall-P, you thimble-full of corporate stoogery.

Of course, who knows what the next 20 years will hold, and not just for my own life (anything could happen there as well). We could easily end up with wall-to-wall crazy Republican government and, in short order, debtors prisons, feudalism, and outright slavery for billionaire oligarchs and corporate fascists.

America is certainly dumb enough to do that because it can't stop "eating" freedom it bought on sale from the Jesus aisle at Walmart.

But for now, I have my forbearance through next June.

The view toward the Washington Monument from the Enid Haupt Garden, Smithsonian grounds, Washington, D.C., 6:41PM May 27, 2015.

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This is actually the high point of my year, or rather, the point around which my whole year revolves -- building to this point and then the denouement for the rest of the year. It also marks the "start" of my summer season (since it always occurs this time of year). The "end" of summer is the trip with Gary, Larry, and/or Wendy to the Jersey shore (the Wildwoods!) that Gary finalized yesterday with a stay at the same hotel as last year.

Gary, yours truly, and Wendy in Wildwood Crest, New Jersey (the Jersey shore!), 10:55AM August 24, 2014.

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How can I ever thank that lady who worked for then-Sallie Mae who told me about this special category of forbearance two years ago. I wish I knew who she was. She is awesome. I think I love her. We could certainly be -- based on how she talked -- good friends.

The view along Pennsylvania Avenue NW looking toward the U.S. Capitol dome (with a cumulonimbus cloud in the distance), Washington, D.C., 6:48PM May 27, 2015.

The radar showed a thunderstorm about 35 miles to the east-southeast of D.C. at that point.

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Yes, I'm very late for work today. I had to take the morning off as I'm not feeling well (my own fault for excesses last night). Tonight is a gym night, though.

--Regulus

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