Posted on 03/27/2021 8:30:34 AM PDT by Brian Griffin
“A Direct PLUS Loan is commonly referred to as a parent PLUS loan when made to a parent borrower.”
“The maximum PLUS loan amount you can borrow is the cost of attendance at the school your child will attend minus any other financial assistance your child receives. The cost of attendance is determined by the school.”
“For Direct PLUS Loans first disbursed on or after July 1, 2020, and before July 1, 2021, the interest rate is 5.30%. This is a fixed interest rate for the life of the loan.”
“Loan Fees for Direct PLUS Loans
First Disbursement Date Loan Fee
On or after Oct. 1, 2019, and before Oct. 1, 2020 4.236%
On or after Oct. 1, 2020 and before Oct. 1, 2021 4.228%
Loans first disbursed before Oct. 1, 2019, have different loan fees.”
“The school will first apply parent PLUS loan funds to the student’s school account to pay for tuition, fees, room and board, and other school charges. If any loan funds remain, your child’s school will give them to you to help pay other education expenses for the student. With your authorization, the school can pay the remaining loan funds directly to the student.”
https://studentaid.gov/understand-aid/types/loans/plus/parent
“What are the eligibility requirements for a parent to
get a Direct PLUS Loan?
• You must be the biological or adoptive parent (or, in some cases, the stepparent) of the student for whom you are borrowing.
• Your child must be a dependent undergraduate student who is enrolled at least half-time at a school that participates in the Direct Loan Program.”
“Generally, your child is considered dependent if he or she is under 24 years of age, has no dependents, and is not married, a veteran, a graduate or professional degree student, or a ward of the court....”
“The repayment period for a Direct PLUS Loan begins immediately after you’ve received the last disbursement of the loan, while your child is still in school. However, you may be able to defer making payments while your child is enrolled at least half-time, and for an additional six months after your child graduates or drops below half-time enrollment status.”
“We charge interest on Direct PLUS Loans during all periods of deferment and forbearance.”
“You must repay your Direct PLUS Loan even if your child doesn’t complete or can’t find a job related to his or her program of study, or if you or your child are unhappy with the education you paid for with your loan. However, we will discharge (forgive) your loan if
• you become totally and permanently disabled (inaccordance with ED’s definition);
• your loan is discharged in bankruptcy after you have proven to the bankruptcy court that repaying the loan would cause undue hardship; or
• you die, or the child for whom you borrowed dies....”
https://studentaid.gov/sites/default/files/direct-loan-basics-parents.pdf
Next, the Democrats will offer free tuition. Students will have a Doctorate in Critical Race Theory with a Masters in Revolution or in Transgender Studies. They will then be given generous welfare and housing as they riot and burn down cities.
“Today’s young adults have...”
These were some of the federal income tax brackets from tax year 1982:
$0.00+ 0%
$2,300.00+ 11%
$3,400.00+ 13%
$4,400.00+ 15%
$8,500.00+ 17%
$10,800.00+ 19%
$12,900.00+ 21%
$15,000.00+ 24%
$18,200.00+ 28%
$23,500.00+ 32%
$28,800.00+ 36%
https://www.tax-brackets.org/federaltaxtable/1983
I was looking at a 32% marginal federal tax rate when I bought my house in 1982.
“Rates for individuals for 2021
10% Up to $9,950
12% $9,951 to $40,525
22% $40,526 to $86,375
24% $86,376 to $164,925”
“2021 Standard Deduction Single $12,550”
https://taxfoundation.org/2021-tax-brackets/
My son graduated high school ten years ago. Got on an electrician apprentice program. Now, he has passed the state journyman test, and the state master electrician test, and the state electrical contracters test (michigan). He drives a brand new company 4x4, new cell phone and lap top every year, brings in six digits plus, he is at 28 the onsight boss at the job. NO STUDENT DEBT, EVER. College is a rip off.
If you don’t mind my asking, how was it that McDonald’s was only paying you a dollar an hour? I worked at McD’s for about a year and a half starting in 1971, and they were required to pay the federal minimum wage, which was $1.60 at the time.
Of course, I don’t remember how much withholding there was then. My takehome may very well have been about $1.00/hr. In any case, I was able to save enough for a summer in Europe and my first year of college. After that, it was firefighting in the summers and odd jobs during the school year. Graduated with no debt.
Part of the whole college cost discussion, has to do with how expensive private universities have become. And another is the expectation so many have to go away to college.
In both cases, families would save a lot of money, if their students went to a local public college or university, and lived at home while doing so.
Also, with technology having developed as it has, there should be more opportunities for online learning and courses, which hopefully would be a lot less expensive.
“another is the expectation so many have to go away to college.”
I believe this expectation arose because of the Vietnam War draft.
There was a draft exemption for college students.
For young men in the late 1960’s, it was often a choice of college or getting shot at (or the Coast Guard[my neighbor] or National Guard[my brother-in-law]).
“how expensive private universities have become”
Part of that is because many students are charged top dollar so many others can pay comparatively little.
William Walker the 3rd might pay $50,000/year so Bob Bad Background can pay $7,000/year.
“Got on an electrician apprentice program.”
In my area of Florida, tradespeople are highly desired and highly paid.
There is little demand in my area for college graduates who haven’t specialized in medicine.
I remember Rush, God rest his soul!!!, saying that they should make every college student sign a paper about what their degree will pay out of college. Signing it would cut the victimhood crap when they whine about their loans vs. salary. It’s an easy fix, but too hard to require I guess!!
Restaurants were exempt. My aspiration then was to work at 7-1l where they weren’t.
I joined the USAF because I didn’t want work Tool and Die for the next 30-40+ years.... If I had stuck with Tool and Die - I’d be retired right now...
C’est la vie...
But they’re fed delusions of grandeur from whoever.
What does an Art History major do? Work in a museum or gallery? Maybe become an art teacher somewhere? Have no idea. There’s only so many jobs available.
But I’m betting that if you’re the curator at the Museum of Modern Art, you probably make a decent living. How often does that job open up? And every year thousands graduate with a degree hoping for an opportunity to work there. And next year thousands more and the year after that thousands more. Pretty soon the museum can pay peanuts so some kid will have the chance of a lifetime to work there and put it on their resume.
Maybe it was different at my store. I seem to remember something about McD’s doing business interstate, so they had to pay minimum wage. Anyway, they paid $1.60, and I was glad to get it. When I left, I was at the lowest rung on the managerial ladder (opening the store each day). I got $2.15/hr. which was OK for a 17-year-old back then, plus I wore a red paper disposable hat that said Manager on it. (Remember the paper hats?)
It was different at your McDonald’s if you weren’t exempt from the racist federal minimum wage law like mine was.
The first federal minimum wage law, the Davis-Bacon Act of 1931, was enacted at the behest of labor unions because black companies were underbidding white union companies.
Coincidentally, 1931 was also the last year the black unemployment rate was lower than the white unemployment rate.
My Mickey D’s was a franchise of several locations owned by a couple of local investors.
Yours may have been owned by Mickey D’s Inc. and subject to the law you reference.
My first house was purchased in 1980 with an FHA-subsidized loan at 12%. Prevailing mortgage rates were higher - more like 15% if I’m remembering correctly. It was brutal, and inflation and unemployment rates were also very high when I graduated from college. However those conditions were anomalous for the US economy. The Jimmy Carter era of malaise and stagflation yielded to Ronald Reagan’s reforms. The advantage we had in those years was that mortgages could be refinanced once rates dropped. It wasn’t overnight, but gradually they improved. The houses we purchased in 1987 and 1993 were both refinanced as rates dropped. We started out around 12% and ended up around 5%. Today they’re even lower. It was no picnic, but I’d rather have a smaller loan that can be refinanced than to carry the massive balances young people face today.
No, I’m pretty sure it was a franchise deal. Ollie (the franchise owner) had several stores in the area. I don’t know if the rules were different in different states, or if Ollie simply decided to pay federal minimum regardless, or what. Long time ago, and I just flipped the burgers and didn’t care too much about pay details as long as I got paid.
Anyway, it was a fun job (mostly), but I don’t know if I’d have done it for $1.00/hr. Probably not.
$270,000,000....in the covid relief bill for arts and humanities...probably some new salaried positions...
makes me want to throw up.....
My nieces friends is looking to do that now. He took classes in BOCES, which is a half day of high school learning a skill. He could go to the local community college, but it’s pretty much the same skills he’s done for the past 2 years. How did your son locate his apprenticeship program? This kid is in NY State.
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