Can anyone give me a reason to be optimistic here? The SAVE plan allowed my wife and I to purchase a (small, old, modest) home. We signed the closing documents this morning. We have a 9-month-old...
Can anyone give me a reason to be optimistic here?
The SAVE plan allowed my wife and I to purchase a (small, old, modest) home. We signed the closing documents this morning. We have a 9-month-old at home and I'm pretty nervous.
We basically knew the budget was going to be tight until we got some raises under our belts but once we were already making our payments on the SAVE plan we didn't think it was even possible for the government to go back on it.
I'm actually struggling a lot mentally with this news and this upcoming election.
Well, it is just an injunction, not a ruling. That being said, if Trump wins it's pretty doomed no matter what happens with the courts, so I would just factor SAVE being dead in your financial...
Well, it is just an injunction, not a ruling.
That being said, if Trump wins it's pretty doomed no matter what happens with the courts, so I would just factor SAVE being dead in your financial planning to be safe.
Bit late for that unfortunately. Closed on the house this morning and are in the middle of moving. Yikes. Can't lie friends, this is the most stressed I have felt in many years.
Bit late for that unfortunately. Closed on the house this morning and are in the middle of moving.
Yikes. Can't lie friends, this is the most stressed I have felt in many years.
I really sympathize with your situation. Here's a few things to keep in mind: These things take time. Court challenges will continue to play out, and both courts and politicians tend to be loathe...
I really sympathize with your situation. Here's a few things to keep in mind:
These things take time. Court challenges will continue to play out, and both courts and politicians tend to be loathe to make sweeping changes that directly increase costs for so many people at once. If nothing else, it means there's 8 million people with an incentive to vote a specific way next election. It's also possible some authority will be dug up that preserves current payments for those enrolled and who can demonstrate financial exigence of changed.
In the mean time your house will appreciate in value, and interest rates will decline. By the time this plays out, you might be in a good spot to do a no cash out refinance to a lower rate, and the appreciation in property value could create enough buffer to remove the need for PMI. If rates go down to the 3% range in time, you could almost cut your payment in half from today's rates.
We just don't know the future, but I was in a very similar situation, and things did turn out all right. Hang in there, support your wife, and enjoy the baby. It's a rollercoaster!
Didn't buy a house myself, but my partner and I are right there with you. I'm just hoping for a miracle at this point, because we really cannot afford another $500-1000 a month. Hang in there, friend.
Didn't buy a house myself, but my partner and I are right there with you. I'm just hoping for a miracle at this point, because we really cannot afford another $500-1000 a month. Hang in there, friend.
Maybe you already keep a budget, but using something like YNAB can really help a lot in terms of feeling more in control, planning ahead, and actively deciding on what trade offs you need to make...
Maybe you already keep a budget, but using something like YNAB can really help a lot in terms of feeling more in control, planning ahead, and actively deciding on what trade offs you need to make ahead of time. It definitely lowers my stress about money, especially during periods where things are extra tight.
YNAB saved my life, almost literally. For many years I had low to medium-grade financial worry 24/7. Now I have none. I may not have as much money as I'd like, but I have accountability for every...
YNAB saved my life, almost literally. For many years I had low to medium-grade financial worry 24/7. Now I have none. I may not have as much money as I'd like, but I have accountability for every penny spent.
I tried YNAB and it was way too hard with my wife and I having joint accounts, personal accounts, etc. Like, we often have to pay each other back, pay ourselves back from other accounts, etc. I...
I tried YNAB and it was way too hard with my wife and I having joint accounts, personal accounts, etc.
Like, we often have to pay each other back, pay ourselves back from other accounts, etc.
I just found it incredibly hard to categorize those types of things. Like what do I call the money if I'm using it to pay myself back? Or if my wife sent me half for something we both wanted and used my credit or debit card?
I actually appreciate this comment very much and thanks for leaving it. I know it can work for people in different circumstances, and sorry it didn't work for you, and I hope something does work...
I actually appreciate this comment very much and thanks for leaving it. I know it can work for people in different circumstances, and sorry it didn't work for you, and I hope something does work for you and your family eventually.
I hope you have a community to rely on <3 Don't ever be too proud to tell the people who love you that you are scared, or to ask for help. We are all going to have to be there to lift each other...
I hope you have a community to rely on <3 Don't ever be too proud to tell the people who love you that you are scared, or to ask for help. We are all going to have to be there to lift each other up during whatever comes next. I took in a friend because I'm fortunate to have a decent job and a spare room in the house I rent. I know other friends who are doing similar things. It's going to be okay!! You aren't alone friend.
Also, hang onto that house, man.. people aren't going to be able buy them for too much longer it seems :/
Hugs. I'm also struggling with this. The only thing I have going for me right now, with my husband out of work since January is that I've been under a repayment strike. I have been refusing to pay...
Hugs. I'm also struggling with this. The only thing I have going for me right now, with my husband out of work since January is that I've been under a repayment strike. I have been refusing to pay my student loan debt. https://debtcollective.org/ has information on this.
Just to make sure I'm understanding, you're just delinquent on your loans? If they were a financial burden, the SAVE plan is, definitionally, affordable for everyone.
Just to make sure I'm understanding, you're just delinquent on your loans? If they were a financial burden, the SAVE plan is, definitionally, affordable for everyone.
I'm delinquent because the SAVE plan refused to lower my fees. I literally asked if there was any way to lower them, especially while my husband doesn't have a job, and was denied on the two calls...
I'm delinquent because the SAVE plan refused to lower my fees. I literally asked if there was any way to lower them, especially while my husband doesn't have a job, and was denied on the two calls I made to them about this issue.
The SAVE plan is NOT affordable for everyone, they are only taking into account our taxes from last year and not the fact that we've been living off my income in the Bay Area, CA (and can't move for reasons) which is half of what my spouse was making in 2023, and is not making at all in 2024.
I'm really sorry to hear that. The loan servicers can really suck. You should be able to recertify your income early to get your payments adjusted. The SAVE plan is only 5% of your combined...
I'm really sorry to hear that. The loan servicers can really suck. You should be able to recertify your income early to get your payments adjusted. The SAVE plan is only 5% of your combined discretionary income (which adjusts for family size). You can also put your loans on Forbearance or Deferment due to financial hardship.
Thanks, I'll try these options to see if I can make it work, but I tried to recertify our income, but for some reason it wouldn't let me update it with Husband's $0 income.
Thanks, I'll try these options to see if I can make it work, but I tried to recertify our income, but for some reason it wouldn't let me update it with Husband's $0 income.
I hope you're able to get things fixed! In general, they're really understanding about unexpected financial hardship. There are good options available, so I hope you're able to take advantage of...
I hope you're able to get things fixed! In general, they're really understanding about unexpected financial hardship. There are good options available, so I hope you're able to take advantage of them. :)
Andrew Bailey does not care about the law, justice, or facts, only furthering his agenda, which he demonstrates himself by that social media post. This is the same guy that put forth an emergency...
Andrew Bailey does not care about the law, justice, or facts, only furthering his agenda, which he demonstrates himself by that social media post. This is the same guy that put forth an emergency ruling as AG to halt gender-affirming treatment for minors and adults until they spent well over a year jumping hoops, with further limitations on those with mental health conditions, and further still singling out folks with autism.
I'm in the incredibly lucky position where I'm never going to need to make any student loan payments (I'm on an income-based repayment plan and I live outside the US and thus have $0 taxable...
I'm in the incredibly lucky position where I'm never going to need to make any student loan payments (I'm on an income-based repayment plan and I live outside the US and thus have $0 taxable income on my US taxes after exemptions) but I was really happy when I found out about SAVE. It seemed like such an unambiguously good thing for so many people. Fuck these conservative courts for blocking shit like this for no good reason.
Would you mind sharing your story on how you "got out", what your circumstances were, etc? Just asking because it's something I'm increasingly considering.
Would you mind sharing your story on how you "got out", what your circumstances were, etc?
Just asking because it's something I'm increasingly considering.
I went to grad school in Germany -- my German was very low level but I got into a degree that was offered entirely in English (common in STEM for grad school in Germany). I then applied for and...
Exemplary
I went to grad school in Germany -- my German was very low level but I got into a degree that was offered entirely in English (common in STEM for grad school in Germany). I then applied for and got a stipend from the DAAD (a German organization that facilitates study abroad to and from Germany) to cover my expenses for the degree. This was important because a student residence permit requires proof of funds, which the stipend counts as -- the other option required having a pretty large lump sum (I think around 11000€) in a special type of German bank account that doles out a portion each month (much like a stipend would). The specifics of this will obviously depend on where you immigrate, but that's what it's like for Germany.
After graduating I could have switched to a jobseeker's visa relatively easily and gotten a blue card by being hired at a German company, but my wife and I had moved in together by that point and since she has a Norwegian passport I was able to get a longer term residence permit through being her spouse. I would recommend spacing out your wedding, visa appointment, and thesis deadline by more than two weeks if you go this route, though, because I barely remember that month of my life.
If you work in an in-demand industry, you may be able to get hired directly in the foreign country you want to move to, especially if you already know some of the local language. Otherwise, study and marriage are almost always the easiest ways to get a decent residence permit (note that easiest does not necessarily mean easy). Having a chunk of savings is beneficial almost no matter what -- both because moving abroad costs money and because almost every foreigner's authority really wants to know you won't run out of money and go on welfare.
If you have any additional passports, those can obviously make a big difference depending on where you want to move. The US passport is pretty good already but if you're of relatively recent European descent (like, can get paperwork for them recent) and are looking at moving to a country in the Schengen area, look into whether you can acquire citizenship there by descent. Not all countries do it but it will give you WAY more flexibility and an easier time immigrating if that's an option for you.
Republicans are traitors not only to this country but to democracy itself. It's like they took all the alarmingly mentally ill people, lumped them together, and told them to "fuck things up as...
Republicans are traitors not only to this country but to democracy itself. It's like they took all the alarmingly mentally ill people, lumped them together, and told them to "fuck things up as much as possible"
Can anyone give me a reason to be optimistic here?
The SAVE plan allowed my wife and I to purchase a (small, old, modest) home. We signed the closing documents this morning. We have a 9-month-old at home and I'm pretty nervous.
We basically knew the budget was going to be tight until we got some raises under our belts but once we were already making our payments on the SAVE plan we didn't think it was even possible for the government to go back on it.
I'm actually struggling a lot mentally with this news and this upcoming election.
Well, it is just an injunction, not a ruling.
That being said, if Trump wins it's pretty doomed no matter what happens with the courts, so I would just factor SAVE being dead in your financial planning to be safe.
Bit late for that unfortunately. Closed on the house this morning and are in the middle of moving.
Yikes. Can't lie friends, this is the most stressed I have felt in many years.
I really sympathize with your situation. Here's a few things to keep in mind:
These things take time. Court challenges will continue to play out, and both courts and politicians tend to be loathe to make sweeping changes that directly increase costs for so many people at once. If nothing else, it means there's 8 million people with an incentive to vote a specific way next election. It's also possible some authority will be dug up that preserves current payments for those enrolled and who can demonstrate financial exigence of changed.
In the mean time your house will appreciate in value, and interest rates will decline. By the time this plays out, you might be in a good spot to do a no cash out refinance to a lower rate, and the appreciation in property value could create enough buffer to remove the need for PMI. If rates go down to the 3% range in time, you could almost cut your payment in half from today's rates.
We just don't know the future, but I was in a very similar situation, and things did turn out all right. Hang in there, support your wife, and enjoy the baby. It's a rollercoaster!
Didn't buy a house myself, but my partner and I are right there with you. I'm just hoping for a miracle at this point, because we really cannot afford another $500-1000 a month. Hang in there, friend.
Maybe you already keep a budget, but using something like YNAB can really help a lot in terms of feeling more in control, planning ahead, and actively deciding on what trade offs you need to make ahead of time. It definitely lowers my stress about money, especially during periods where things are extra tight.
YNAB saved my life, almost literally. For many years I had low to medium-grade financial worry 24/7. Now I have none. I may not have as much money as I'd like, but I have accountability for every penny spent.
I tried YNAB and it was way too hard with my wife and I having joint accounts, personal accounts, etc.
Like, we often have to pay each other back, pay ourselves back from other accounts, etc.
I just found it incredibly hard to categorize those types of things. Like what do I call the money if I'm using it to pay myself back? Or if my wife sent me half for something we both wanted and used my credit or debit card?
It was just too convoluted.
I actually appreciate this comment very much and thanks for leaving it. I know it can work for people in different circumstances, and sorry it didn't work for you, and I hope something does work for you and your family eventually.
I hope you have a community to rely on <3 Don't ever be too proud to tell the people who love you that you are scared, or to ask for help. We are all going to have to be there to lift each other up during whatever comes next. I took in a friend because I'm fortunate to have a decent job and a spare room in the house I rent. I know other friends who are doing similar things. It's going to be okay!! You aren't alone friend.
Also, hang onto that house, man.. people aren't going to be able buy them for too much longer it seems :/
I thank you very much for your kindness right now.
Hugs. I'm also struggling with this. The only thing I have going for me right now, with my husband out of work since January is that I've been under a repayment strike. I have been refusing to pay my student loan debt. https://debtcollective.org/ has information on this.
Just to make sure I'm understanding, you're just delinquent on your loans? If they were a financial burden, the SAVE plan is, definitionally, affordable for everyone.
I'm delinquent because the SAVE plan refused to lower my fees. I literally asked if there was any way to lower them, especially while my husband doesn't have a job, and was denied on the two calls I made to them about this issue.
The SAVE plan is NOT affordable for everyone, they are only taking into account our taxes from last year and not the fact that we've been living off my income in the Bay Area, CA (and can't move for reasons) which is half of what my spouse was making in 2023, and is not making at all in 2024.
I'm really sorry to hear that. The loan servicers can really suck. You should be able to recertify your income early to get your payments adjusted. The SAVE plan is only 5% of your combined discretionary income (which adjusts for family size). You can also put your loans on Forbearance or Deferment due to financial hardship.
Thanks, I'll try these options to see if I can make it work, but I tried to recertify our income, but for some reason it wouldn't let me update it with Husband's $0 income.
I hope you're able to get things fixed! In general, they're really understanding about unexpected financial hardship. There are good options available, so I hope you're able to take advantage of them. :)
Thanks. I'll try again next week with trying to get things fixed. It's been a tough year.
Andrew Bailey does not care about the law, justice, or facts, only furthering his agenda, which he demonstrates himself by that social media post. This is the same guy that put forth an emergency ruling as AG to halt gender-affirming treatment for minors and adults until they spent well over a year jumping hoops, with further limitations on those with mental health conditions, and further still singling out folks with autism.
I'm in the incredibly lucky position where I'm never going to need to make any student loan payments (I'm on an income-based repayment plan and I live outside the US and thus have $0 taxable income on my US taxes after exemptions) but I was really happy when I found out about SAVE. It seemed like such an unambiguously good thing for so many people. Fuck these conservative courts for blocking shit like this for no good reason.
Would you mind sharing your story on how you "got out", what your circumstances were, etc?
Just asking because it's something I'm increasingly considering.
I went to grad school in Germany -- my German was very low level but I got into a degree that was offered entirely in English (common in STEM for grad school in Germany). I then applied for and got a stipend from the DAAD (a German organization that facilitates study abroad to and from Germany) to cover my expenses for the degree. This was important because a student residence permit requires proof of funds, which the stipend counts as -- the other option required having a pretty large lump sum (I think around 11000€) in a special type of German bank account that doles out a portion each month (much like a stipend would). The specifics of this will obviously depend on where you immigrate, but that's what it's like for Germany.
After graduating I could have switched to a jobseeker's visa relatively easily and gotten a blue card by being hired at a German company, but my wife and I had moved in together by that point and since she has a Norwegian passport I was able to get a longer term residence permit through being her spouse. I would recommend spacing out your wedding, visa appointment, and thesis deadline by more than two weeks if you go this route, though, because I barely remember that month of my life.
If you work in an in-demand industry, you may be able to get hired directly in the foreign country you want to move to, especially if you already know some of the local language. Otherwise, study and marriage are almost always the easiest ways to get a decent residence permit (note that easiest does not necessarily mean easy). Having a chunk of savings is beneficial almost no matter what -- both because moving abroad costs money and because almost every foreigner's authority really wants to know you won't run out of money and go on welfare.
If you have any additional passports, those can obviously make a big difference depending on where you want to move. The US passport is pretty good already but if you're of relatively recent European descent (like, can get paperwork for them recent) and are looking at moving to a country in the Schengen area, look into whether you can acquire citizenship there by descent. Not all countries do it but it will give you WAY more flexibility and an easier time immigrating if that's an option for you.
Feels like the state is assaulting me at every turn.
Republican-appointed judges, to be precise. The 8th Circuit has six Bush Sr./Jr. judges, four Trump judges, and just one Obama judge.
Republicans are traitors not only to this country but to democracy itself. It's like they took all the alarmingly mentally ill people, lumped them together, and told them to "fuck things up as much as possible"