Student Loan Issues
Today on National Public Radio I heard a bit of what may be very good news for yours truly. The Federal Government is implementing a new Income Based repayment plan for federal student loans. If you are in the gutter in terms of income and owe through the nose (your disgruntled blogger would be one example) then this plan would give you a reduced payment based upon your income. If your income goes up, then your payment goes up. If it goes down, then so does your payment.
If you are unable to pay off the entire balance after 25 years of effort, then the rest is forgiven.
The only concern I have is that I can’t quite figure out if I am eligible. There is some language about certain loans which are not eligible and there is a date of July 2006. My brain power is such that I am unable to sort this mess right now and my inherent cynicism says it is too good to be true.
But what if it is?
Well, if it is true, then I will be set free of the Midwest. I will not have to stay in school six hours per semester. In fact, I can get six hours of graduate credit per semester needed for another matter.
The irony? Well, I have a teaching position in the Midwest that I am very fond of. I want to keep that position which would mean staying here. Then again, if a full time position came up somewhere else, I could leave without having to worry about the student loan monster cracking me upside the head.
The last bit is something about public service forgiveness of debt. This seems to extend the eligibility to positions such as the one I currently hold which would be a massive improvement over the teach in an urban area option.
Stay tuned. I’m going to put in for it and see what happens.
The Writing Front
I got a thousand words of work done on two different story lines. Again, these are set in the Limb Knitter universe.
That brings me to 2200 per week.
Research Project Number – 04
Received two new chapters today which need to be converted. Initial read of both chapters show no major issues or problems. I’ll probably do some polish and edit before sending them back.
Additionally, I sent the client some tactical material for a major combat component.
Research Project Number – 05
Started initial research work on RPN-05 as of last night. Since I still do not quite know how RPN-04 ends, this is very much up in the air. I do have some ideas, especially with regards to the various military issues.
Funny thing. As the military and historical advisor/consultant, my best interest is to ensure there is a lot of this sort of thing in the project. However, the writer in me hopes for an eventual story solution which is perhaps a bit more elegant.
What does that mean? Well, I can’t spoil what I know but the shooting everything to pieces solution is the easy way out. There is plenty of opportunity for such shooting (enough that I’m not worried about my job) but I’d like to see a bit more finese.
The client is resourceful enough that something will come to them. In the meantime, I’ll be combing the history books and current affairs to see what I can find that might fit the bill.
Such is my job. I love my job.
Other Fronts
Not much else to report today.
Respects,
Steven Francis Murphy
Author of The Limb Knitter and Tearing Down Tuesday
North Kansas City, Missouri
7 comments
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July 2, 2009 at 12:03 am
Ausgaz
The scheme sounds similar to what students have here now in AUS.
If you have a debt owed to a university (was called HECS but has been renamed recently) you pay an extra percentage on your income tax.
The extra percentage increases with increased income and below a certain income you pay nothing (not sure if the debt is ever waived as in your example ie 25 years).
Good luck with your application.
Gaz
July 2, 2009 at 1:36 am
chazfh
Don’t ask then you usually don’t get. no I know it’s not in your nature to hold your hand out but sometimes you have to pay the system.
As for a lack of action in your clients works, not alot of chance of that happening, or at least not whilst I still know where he lives!!!
July 2, 2009 at 3:05 am
Jason
Income Based repayment plan? THOSE FUCKING DEMOCRATS!!!!
You cheap-o’s should owe forever. How dare they help you! Maybe they’ll find out you served your country and not give it to you.
July 2, 2009 at 3:08 am
Mark Hubbard / Tribeless
Damn, been away for just over a week, and I come back and you’ve completely redecorated the joint.
I like it. The white background is much easier on my eye, plus all up the blog clean and professional looking.
July 2, 2009 at 10:15 am
bangarrr
Well worth checking out Murph, Good Luck.
July 2, 2009 at 10:44 am
yankeedog
I hadn’t heard about this, but it’s worth a look. Almost seems to make sense to do this-therefore it can’t be a government program.
July 2, 2009 at 3:30 pm
sfmurphy1971
Gaz, that is what I was thinking. It does sound similar.
Bitter, Jason? Actually, the bill was passed during the Bush II Administration so even if the Dems crafted it, he signed it. That said, if Obama wants to put something out that forgives me student loan debt completely, then he just might swing me back over to his party.
But I doubt that will happen.
Chaz, yeah, there’ll always be some explodey goodness I suspect. That said, I had a brainwave about the current project that I’ll be sending in the client’s direction.
Mark, glad you like it.
Thanks, Bangar.
YD, yeah, it does seem too good to be true, doesn’t it?
Fingers crossed kids.
Respects,
Murph
On the Outer Marches