Student Debt is basically the killer from an 80s slasher movie.
It can't be killed, it will come back to haunt you decades after it stopped being relevant, and it wants to punish you for having fun. If you're planning to shed your student debt by dying or declaring bankruptcy, I have some bad news for you. The loan you signed up for when you were too young to vote can often follow you and your bereaved loved ones forever. The sooner you give in, cut all leisure and luxury from your life to focus on paying off those debts, the sooner you'll be free.
Bernie Sanders<img lazy-loadable="true" src="https://assets.rebelmouse.io/eyJhbGciOiJIUzI1NiIsInR5cCI6IkpXVCJ9.eyJpbWFnZSI6Imh0dHBzOi8vYXNzZXRzLnJibC5tcy8yMjA5OTY1Ni9vcmlnaW4uZ2lmIiwiZXhwaXJlc19hdCI6MTYzOTMyMjg5M30.FquZVS1X3Z30ApZh1JEYcVeKHjnfA7_VNNvGN8qGudg/img.gif?width=980" id="de463" class="rm-shortcode" data-rm-shortcode-id="6b0869d4e3d3bc1b7548cf5d5391b5ab" data-rm-shortcode-name="rebelmouse-image" alt="bernie forget about it" /><p>Bernie comes first, because he's <a href="http://inthesetimes.com/features/msnbc-bernie-sanders-coverage-democratic-primary-media-analysis.html" target="_blank">too often ignored</a>, and because <a href="https://fortune.com/2019/07/09/bernie-sanders-cancel-student-debt/" target="_blank">his plan for student debt</a> is the most aggressive. If Bernie has his way, all the student debt in the country is going out the window. Wipe the slate clean. It's like it never happened. If you're currently failing to pay off debt from multiple expensive degrees, Bernie is your best hope. <a href="https://www.commondreams.org/news/2019/11/21/were-going-win-says-sanders-after-new-national-poll-shows-him-tied-lead-biden-2020" target="_blank">He polls consistently well</a>—with only Biden's fading star outshining him—and he's the only candidate with no restrictions or limitations on student debt forgiveness.</p><p>If you're feeling the Bern so much that you aren't concerned about how his legislation could actually get passed in Congress, you might as well take out some more loans and get another degree while you wait. But just to play devil's advocate, even if Bernie gets the nomination and wins the presidency, it's unlikely that most of his major proposals will get through. He's prioritizing <a href="https://abcnews.go.com/Politics/bernie-sanders-calls-plan-fund-medicare-progressive-elizabeth/story?id=66715246" target="_blank">Medicare For All</a>, so unless student debt somehow gets bundled up with healthcare, a whole lot of political willpower is likely to be expended before anyone considers letting you off the hook. And even then, Bernie's plan is so much better for the powerless than for the powerful that you have to know that congress would do their best to chop it up into much more of a compromise. So... probably don't start taking out any new loans just yet.</p>
Elizabeth Warren<img lazy-loadable="true" src="https://assets.rebelmouse.io/eyJhbGciOiJIUzI1NiIsInR5cCI6IkpXVCJ9.eyJpbWFnZSI6Imh0dHBzOi8vYXNzZXRzLnJibC5tcy8yMjA5OTY2NS9vcmlnaW4uZ2lmIiwiZXhwaXJlc19hdCI6MTYwMzY1MzkzOX0.sfniB6lS3gWUrv1x15tvGjuqluXvSnsDhSYW17pv_2Y/img.gif?width=980" id="655c8" class="rm-shortcode" data-rm-shortcode-id="5f503ccc9e42b5419d11985adefd1123" data-rm-shortcode-name="rebelmouse-image" alt="warren plans" /><p>Speaking of compromise, say hello to everyone's favorite not-quite-Bernie. Warren hasn't done quite as well in the polls as Sanders, but she's done an impressive job of <a href="https://qz.com/1743510/new-poll-shows-elizabeth-warren-bridging-the-generational-divide/" target="_blank">chiseling out a serious spot in the top tier</a> of contenders—far left of Biden, but noticeably more centrist than Bernie—and is generally considered to have some momentum in the polls, though that seems to be waning. As for student debt forgiveness, Warren's plan is nearly as extensive as Bernie's, with some notable exceptions.</p><p><a href="https://www.cnbc.com/2019/07/23/elizabeth-warrens-student-debt-bill-would-help-45-million-students.html" target="_blank">Warren's plan</a> would forgive up to $50,000 of your student debt if your household makes $100,000/year or less. Above that amount, the forgiveness begins to taper off, and it wouldn't cover members of households making $250,000/year at all. So if you <a href="https://www.cbsnews.com/pictures/top-10-most-expensive-colleges-in-america/" target="_blank">went to NYU</a>, you'll probably still have a lot of debt left—especially if you still live with your rich parents. That said, around 95% of people with student debt would have it eliminated, so it would definitely also need to be knee-capped by centrist legislators who just want to keep everything stable by making sure that rich people don't get any less rich. Fortunately, with Warren's focus being on her wealth tax proposal, it's a bit easier to imagine student debt being folded into the first round of Congressional activity under a Warren presidency.</p>
Joe Biden<img lazy-loadable="true" src="https://assets.rebelmouse.io/eyJhbGciOiJIUzI1NiIsInR5cCI6IkpXVCJ9.eyJpbWFnZSI6Imh0dHBzOi8vYXNzZXRzLnJibC5tcy8yMjA5OTY4NS9vcmlnaW4uZ2lmIiwiZXhwaXJlc19hdCI6MTYzMjUxMDU5NX0.cOu4u08c8f2C2V0V-PQdIgC6dRVOCAHW8d0_DgXQfy0/img.gif?width=980" id="6488a" class="rm-shortcode" data-rm-shortcode-id="1709579f51151cb766c737926505f6c3" data-rm-shortcode-name="rebelmouse-image" alt="biden don't jump" /><p>Joe Biden is not going to do much for your private loans. Maybe he'll make it easier to refinance, but don't expect forgiveness. He does, however, have <a href="https://www.forbes.com/sites/prestoncooper2/2019/10/08/biden-proposes-student-loan-forgiveness-by-another-name/#cfdfb27416e0" target="_blank">a plan for federal loans</a>. If the government paid for your education, and you're paying off your loans with an Income-Based Repayment plan, Biden wants to cut your payment rates in half, from 10% of "discretionary" income—income above a certain basic threshold—down to 5%. If you make these payments for 20 years, any remaining debt is forgiven, which could actually be a lot under this new structure.</p><p>So if you're willing to wait two decades to have only federal student debt erased, Joe might work out for you. Assuming he maintains his precarious front-runner status—despite his consin <a href="https://www.newsweek.com/joe-biden-democratic-debate-david-axelrod-barack-obama-1473170" target="_blank">poor debate performances</a> and the <a href="http://nymag.com/intelligencer/2019/08/joe-biden-enthusiasm-gap-primary.html" target="_blank">minimal enthusiasm of his supporters</a>—this more moderate plan could be in your future. On the other hand, it's still a Democrat's policy proposal, and Republican legislators would therefore treat it as full-blown communist takeover and do everything they can to cripple it. So unless you trust Biden to make it a legislative priority, don't expect much.</p>
The Underdogs<img lazy-loadable="true" src="https://assets.rebelmouse.io/eyJhbGciOiJIUzI1NiIsInR5cCI6IkpXVCJ9.eyJpbWFnZSI6Imh0dHBzOi8vYXNzZXRzLnJibC5tcy8yMjA5OTY4Ni9vcmlnaW4uZ2lmIiwiZXhwaXJlc19hdCI6MTY1NjQ3Mjk0N30.5mz5ZkFelzYQJMerK7ZrHndsrUptdAARqjBmsCDAH4Q/img.gif?width=980" id="b6b07" class="rm-shortcode" data-rm-shortcode-id="a19d71162e8e64b7f4c8668a95293e0f" data-rm-shortcode-name="rebelmouse-image" alt="it's my turn debate" /><p>There are way too many other candidates to go through all their plans here, and most likely none of them have a chance. Pete Buttigieg <a href="https://www.forbes.com/sites/zackfriedman/2019/06/10/student-loans-pete-buttigieg/#3818dec7d29a" target="_blank">has a ton of student debt himself</a>, but he still prefers to focus on refinancing and cutting future costs. Andrew Yang has suggested <a href="https://www.yang2020.com/policies/student-loan-debt/" target="_blank">a federal buyout of private loans</a>, so you can pay them off to the government at less predatory rates, and he also wants to give you money every month so you stop complaining. Julian Castro <a href="https://www.washingtonpost.com/education/2019/05/22/how-julian-castros-student-debt-forgiveness-proposal-stacks-up-against-elizabeth-warrens/" target="_blank">wants to offer partial loan forgiveness</a> for people who receive public assistance benefits for three out of five years. And Kamala Harris <a href="https://www.marketwatch.com/story/kamala-harris-proposes-cancelling-20000-in-student-debt-for-these-low-income-borrowers-unleashing-backlash-on-twitter-2019-07-29" target="_blank">would offer up to $20,000 of debt forgiveness</a>... if you received a Pell Grant...and you start your own business...that lasts at least three years...in a disadvantaged community. So no one you've ever met will qualify.</p><p>Whether their plans would do much to alleviate the student debt crisis or whether they'd be viable in Congress are both moot points, because none of these people are going to win the Democratic nomination, let alone the presidency.</p>
Donald Trump<img lazy-loadable="true" src="https://assets.rebelmouse.io/eyJhbGciOiJIUzI1NiIsInR5cCI6IkpXVCJ9.eyJpbWFnZSI6Imh0dHBzOi8vYXNzZXRzLnJibC5tcy8yMjA5OTY4OC9vcmlnaW4uZ2lmIiwiZXhwaXJlc19hdCI6MTYyNTEzNzUxN30.LL8aIy9zhRqrA2Eg414rA1k8XSSX8arzEiUTfXRaR40/img.gif?width=980" id="5d8fe" class="rm-shortcode" data-rm-shortcode-id="d1ee101770dfc55732752ceba6ff6c3f" data-rm-shortcode-name="rebelmouse-image" alt="trump don't care" /><p>The only kind of debt forgiveness Donald Trump cares about is the kind that involves nine zeroes, and <a href="https://www.forbes.com/sites/clareoconnor/2011/04/29/fourth-times-a-charm-how-donald-trump-made-bankruptcy-work-for-him/#7d6ff3787ffa" target="_blank">allows him to keep putting his name on stuff</a>. He will not help you unless he directly benefits from helping you. He is a broken man, and <a href="https://www.businessinsider.com/how-to-deal-with-a-narcissist-at-work-2016-11" target="_blank">you and everyone you know do not exist</a> in Donald Trump's world outside of your value to him personally. He will <a href="https://www.washingtonpost.com/news/grade-point/wp/2016/10/13/trump-just-laid-out-a-pretty-radical-student-debt-plan/" target="_blank">tell you what you want to hear</a>, and then <a href="https://www.vox.com/2019/10/24/20930341/trump-student-loan-official-resigned-debt-forgiveness" target="_blank">give you nothing</a>. Still, nearly half the country loves him, and that portion that does matters more than the rest of us every four years, so he stands a pretty good chance of being reelected.</p><p>With that in mind, it's probably a good idea to keep paying off your student debt. Minimum payments can work if you're crossing your fingers for 2020, but if you stop paying you will destroy your credit and risk having <a href="https://www.nerdwallet.com/blog/loans/wage-garnishment-student-loan-default/" target="_blank">your wages garnished</a>—AKA gruesomely slashed. Ouch.</p>
- How to Budget for Long and Short Term Goals - PayPath ›
- The Best Financial Tips for Millennials - PayPath ›
- Apply for Income-Driven Student Loan Repayment | StudentLoans.gov ›
- Student Loan Repayment Options: Find the Best Plan — NerdWallet ›
- Repayment Plans | Federal Student Aid ›
- A student loan plan that could actually work - MarketWatch ›
- Warren's plan to wipe out student debt (and how she'd pay for it) ›
- Trump just laid out a pretty radical student debt plan - The ... ›
- Elizabeth Warren releases sweeping student debt cancellation and ... ›
- Elizabeth Warren's plan to forgive student debt would help 45 million ... ›
- Bernie Sanders pushes plan to cancel all student loan debt ... ›
- Bernie Sanders has a plan to forgive all student debt ›
It's easy to forget that the presidency of the United States is a government job just like any other–in that it comes with a stipulated salary and benefits.
But regardless of their bombastic rhetoric or self-serious public image, politicians are like all other government employees. The president, vice president, and legislators earn an annual income from the government in exchange for their duties, which include: executing/circumventing the law, upholding/withholding the civil liberties of American citizens, and legislating/sabotaging how societal institutions meet the needs of citizens, from healthcare to education.
If you've ever wondered what American politicians earn for all their hard work arguing across the aisle and starting Twitter feuds, look no further:
- Billionaire Myth 3: Private Foundations Do a Lot of Good - PayPath ›
- No Good Billionaires–Myth: Charity Is Better Than Government ... ›
Maybe you've had a high stress occupation before, like social work or stock trading, and fell victim to the high burnout rate of these kinds of jobs.
Or maybe you're just starting your career, and looking for something that won't take over your life but will still provide you with a good living. Whatever reason you have for looking for a high paying, low-stress job, you've come to the right place. We've compiled a list of the top 5 jobs that promise a solid paycheck without taking too much out of you.
- 30 Low Stress Jobs to Live a Peaceful Life ›
- 15 High-Paying Careers That Won't Kill You | GOBankingRates ›
- 25 Low-Stress and Fun Jobs That Pay Well | Fairygodboss ›
- 16 Low-Stress Jobs | Best Jobs | US News ›
- 41 Easy Jobs That Pay Well and Offer Low Stress ›
- 17 Low-Stress Jobs That Pay Insanely Well ›
- Top 10 Low-Stress Jobs That Pay Well ›
- High-paying low-stress jobs - Business Insider ›
What do you do when financial hardship hits and you can't make your monthly mortgage payments? This is a question on many homeowner's minds as nearly 17.8 million Americans are reportedly unemployed during the coronavirus pandemic.
When homeowners face financial hardship, such as the loss of a job, they often look to obtain a forbearance agreement from their lender. A forbearance happens when your lender grants you a temporary pause or reduction in monthly payments on your mortgage. Forbearance is not the same as payment forgiveness, in that you still have to pay the entire amount back by an agreed-upon time.
Mortgage lending institutions differ on their mortgage relief policies and qualifications; however, the Coronavirus Aid, Relief, and Economic Security (CARES) Act were signed into law in late March of this year to protect government-backed mortgages.
Federally backed mortgages include:
- Fannie Mae
- Freddie Mac
- The Federal Housing Administration (FHA)
- The US Department of Veteran Affairs (VA)
- The US Department of Agriculture (USDA)
Under the CARES Act, homeowners with a federally backed loan who either directly or indirectly suffer financial hardship due to coronavirus automatically qualify for mortgage forbearance.
Even if your mortgage is not secured by one of these agencies, you still can call and see if you qualify, as many lenders will still offer the option in order to avoid foreclosures.
Under the CARES act, homeowners can claim mortgage forbearance due to financial hardship from COVID-19 for up to 12 months without requiring any documentation or verification. During the forbearance period, mortgage lenders cannot charge late fees or penalties.
Additionally, as long as your mortgage is current at the time you claim forbearance, the lender is required to keep reporting your mortgage as paid current throughout the entire period.
At the end of the forbearance, the CARES act protects consumers from having to make a lump sum payment. Instead, you will be given a repayment plan from your provider. Since repayment options vary, it's important you ask your provider about all of your repayment options.
Possible Repayment Options:
You may be eligible for a loan modification at the end of your forbearance. With modification, the mortgage terms are changed in order to add payments that were missed during the forbearance onto the end of the loan, extending the term.
Another option that may work for some is a reduced payment option. This allows you to keep paying monthly payments at a reduced amount. The amount missed is usually added back into the monthly payments at the end of the forbearance.
Regular payment: $1000 per month
Reduced payment: $500 per month
Payment after forbearance period: $1500 (until caught up)
Balloon payments, or lump sum payments at the end of the forbearance, are prohibited under the CARES Act. However, mortgage lenders may require homeowners who are not protected under the CARES Act to make a balloon payment at the end, so again it is best to check first with your provider.
Mortgage forbearance should only be considered in true financial hardship. In other words, just because of the pandemic, you should not take a forbearance on your mortgage if you can still afford your payments. Likewise, if you are able to start making payments before the forbearance period is up, it's best to do so as soon as possible.
The Next Steps:
Before you get in touch with your mortgage servicer, save time by gathering as much documentation about the mortgage as you can. Also, be ready to list your income and monthly expenses. Due to an influx in calls, financial institutions are experiencing extremely long wait times right now, and having your information at the ready will help.
Have questions ready to ask. Here are some questions you should be asking:
- What fees are associated with the forbearance?
- What are all the repayment options available to you at the end of the forbearance?
- Will you be charged interest during the forbearance period?
If your forbearance is approved, make sure to keep all documentation pertaining to it. Make sure to cancel any automatic payments to the mortgage during the forbearance period, and keep tabs on your credit report to make sure your lender doesn't report the loan as unpaid.
For more information on forbearance, contact your lender and discuss your options. If you need more assistance with understanding your options, you can contact a local agent for the housing counseling agency, or call their hotline at 1-800-569-4287.