Help! Defaulted Student Loans (and other debt fun)

[tshile]

7 minutes ago, PleaseBlitz said:

Gross income means all income from whatever source derived, unless excluded by law.

Yeah I mean I get it. 
 

but the crypto taxes are dumb right now. 
 

And I hate that a elementary teacher doesn’t qualify for this because her husband (who operates a crane - it’s a good living but it’s a blue collar job…) don’t qualify cause they took a tiny bit of money and parlayed into big crypto gains. 
 

even if it was stocks I’d feel the same way. 
 

id like it to be based on your job income, which is a reflection of investment in education vs the return.
 

I mean I have lots of problems with the idea but this is a new wrinkle to me - the rest is a dead horse we’ve beaten enough already. 

[PleaseBlitz]

I mean, they made the money and got to spend it.  I guess they should put it towards their student debt.   

 

IMHO, Crypto gains should be treated as gambling winnings, not investment gains. 

 

Edit:  Also, every single person that has ever told me they made big crypto gains is full of ****, but that's not really the point here.

Edited August 24, 2022 by PleaseBlitz

[Dr. Do Itch Big]

I have hella company stock. And it’s about to go to the moon. Commercial approval in Europe and maintains orphan drug status. I think I’m hold on and not sell. 
 

my understand is it doesn’t count as income until you sell correct? 

[Renegade7]

@Llevron

 

Saw you say in another thread you thought your ITT-Tech education was worthless.

 

Gotta ask, did you mean the degree was worthless, or the education as well?

[Llevron]

11 minutes ago, Renegade7 said:

@Llevron

 

Saw you say in another thread you thought your ITT-Tech education was worthless.

 

Gotta ask, did you mean the degree was worthless, or the education as well?

 

Degree. Honestly I think the education was the foundation for my career. Like I said in the other thread I out work everyone, but I needed something to stand on and ITT gave me enough to say 'Hey, yea I have experience with that' and I took it from there. 

 

Also my hardware course....i dont remember the actual name.....but the teacher there literally had us interview for a job every week with someone he knew until we got a job. That's how I got my first job. edit -- I should say first "real" job. I had a few until then at once to pay the bills but nothing close to getting me anywhere. 

 

But the degree is ****ing worthless now. 

 

 

Edited August 24, 2022 by Llevron

[tshile]

21 minutes ago, PleaseBlitz said:

 

Edit:  Also, every single person that has ever told me they made big crypto gains is full of ****, but that's not really the point here.

Oh definitely most people are full of ****. But that’s not limited to crypto in my opinion - it’s a general issue most people have as far as I can tell   
 

but showed me his taxes on it and he shares screen shots. He was one of my groomsman, I was one of his, and we’ve been in 2 or their weddings as groomsman before. One of my best friends. I have no reason to think he’s exaggerating much less lying, but Ben if he didn’t show me his stuff. Plus I’m in his crypto chat.  I’m a moron compared to them - they know their ****. All the crypto money I’ve made is based on their advice. For whatever reason he gets it and is good at it 🤷‍♂️ 

 

but no I don’t give a **** if people believe me 😂 

Edited August 24, 2022 by tshile

[tshile]

25 minutes ago, PleaseBlitz said:

IMHO, Crypto gains should be treated as gambling winnings, not investment gains

I don’t think gambling should matter either 🤷‍♂️ 

[Renegade7]

15 minutes ago, Llevron said:

 

Degree. Honestly I think the education was the foundation for my career. Like I said in the other thread I out work everyone, but I needed something to stand on and ITT gave me enough to say 'Hey, yea I have experience with that' and I took it from there. 

 

Also my hardware course....i dont remember the actual name.....but the teacher there literally had us interview for a job every week with someone he knew until we got a job. That's how I got my first job. edit -- I should say first "real" job. I had a few until then at once to pay the bills but nothing close to getting me anywhere. 

 

But the degree is ****ing worthless now. 

 

 

 

Intro to PC : )

 

Agree, I read every book they gave me (and still have them), took what they gave me, and quickly realized I needed certs to get where I wanted to be.

 

I'll add that you could use your ITT-Tech degree to go to ECPI for your Masters (thats what i did for Cybersecurity, one of the few colleges that will accept ITT-Tech degrees for graduate school).  My advice, use it to level up into something worth more, then take ITT-Tech off your resume and LinkedIn 

[TheDoyler23]

I’ll be interested to see what else come of this once the policy wonks get their hooks into the proposal and can break it down for dumbasses like myself. 
 

My loans are done but my wife has a few grand so I’ll take it. But I know a few people who are crippled by their loan debt. It’s a bigger line item than their mortgage. 

[Spaceman Spiff]

Receiving a litany of Fox News talking points via text from my toe the line conservative mother on this.  Now I gotta do what I don't really feel like doing which is doing research and figuring out the truth just to piss her off but I'm tired.  

[86 Snyder]

1 hour ago, Dr. Do Itch Big said:

I have hella company stock. And it’s about to go to the moon. Commercial approval in Europe and maintains orphan drug status. I think I’m hold on and not sell. 
 

my understand is it doesn’t count as income until you sell correct? 

Whats the company?

1 hour ago, tshile said:

Yeah I mean I get it. 
 

but the crypto taxes are dumb right now. 
 

And I hate that a elementary teacher doesn’t qualify for this because her husband (who operates a crane - it’s a good living but it’s a blue collar job…) don’t qualify cause they took a tiny bit of money and parlayed into big crypto gains. 
 

even if it was stocks I’d feel the same way. 
 

id like it to be based on your job income, which is a reflection of investment in education vs the return.
 

I mean I have lots of problems with the idea but this is a new wrinkle to me - the rest is a dead horse we’ve beaten enough already. 

I guess they cashed out?

[tshile]

27 minutes ago, Spaceman Spiff said:

Receiving a litany of Fox News talking points via text from my toe the line conservative mother on this.  Now I gotta do what I don't really feel like doing which is doing research and figuring out the truth just to piss her off but I'm tired.  

If you just agree with her she’ll stop 

 

[PleaseBlitz]

1 hour ago, Spaceman Spiff said:

Receiving a litany of Fox News talking points via text from my toe the line conservative mother on this.  Now I gotta do what I don't really feel like doing which is doing research and figuring out the truth just to piss her off but I'm tired.  

Tell her you heard that Sleepy Joe was making all recipients join Antifa as a condition of getting the money. 

[tshile]

57 minutes ago, 86 Snyder said:

I guess they cashed out?

 Nah, you get taxed when you move it around. Not just out to USD 

Edited August 24, 2022 by tshile

[Llevron]

2 hours ago, Renegade7 said:

 

Intro to PC : )

 

Agree, I read every book they gave me (and still have them), took what they gave me, and quickly realized I needed certs to get where I wanted to be.

 

I'll add that you could use your ITT-Tech degree to go to ECPI for your Masters (thats what i did for Cybersecurity, one of the few colleges that will accept ITT-Tech degrees for graduate school).  My advice, use it to level up into something worth more, then take ITT-Tech off your resume and LinkedIn 

The company I work with now is paying for as many degrees as I want as long as I go to University of Maryland and it’s something they can benefit from, so that’s where I’m going lol. This is a recent development so it’s a work in progress. 

 

Yea ITT was what you made it. Connections and inside info from people in the industry. 
 

I really wanna be one of those guys that just collects degrees. But I…..I still have nightmares about falling classes and I haven’t been in one for like a decade. Ima have to toughen up! 

[86 Snyder]

22 minutes ago, tshile said:

 Nah, you get taxed when you move it around. Not just out to USD 

By cash out I meant close a position.  It usually would take a pretty big gain to affect someone’s situation to the point they would not receive the student loan benefit but I guess if they’re right on the line I could see how they got edged out. 
 

Still, in the vast majority of cases, they would need to have profited pretty significantly to be outside guidelines, at which point, meh.

[Cooked Crack]

1 hour ago, 86 Snyder said:

Whats the company?

 

[tshile]

19 minutes ago, 86 Snyder said:

By cash out I meant close a position.  It usually would take a pretty big gain to affect someone’s situation to the point they would not receive the student loan benefit but I guess if they’re right on the line I could see how they got edged out. 
 

Still, in the vast majority of cases, they would need to have profited pretty significantly to be outside guidelines, at which point, meh.

Yeah a really big gain in something that isn’t actually dollars. There’s no real income gained. He didn’t pull it out into cash or use it as an exchange for goods or services. He switched from one type to the next. And because the market value come tax time was X, he had to sell enough to cover about 40k us$ in tax liability.  That’s the only us$ pulled out, to cover the tax liability on this bizarre market valuation no one really understands (or few do well at least…) 

 

if he was actually pulling it out into $ and using it (or even just saving it) I’d agree. But there’s a punishment here for an income that isn’t real. Or should I say - hasn’t actually been realized. 

Edited August 25, 2022 by tshile

[Renegade7]

27 minutes ago, Llevron said:

The company I work with now is paying for as many degrees as I want as long as I go to University of Maryland and it’s something they can benefit from, so that’s where I’m going lol. This is a recent development so it’s a work in progress. 

 

Wait...are you starting over?  I see...I did the bachelor's, UMUC (or whatever it's called now), told me to start over, did you only get associates out of them, I can see that.

 

27 minutes ago, Llevron said:

Yea ITT was what you made it. Connections and inside info from people in the industry. 
 

 

Possible, I got my first legit full time time job off Craigslist, our recruiters sucked : )

 

27 minutes ago, Llevron said:

I really wanna be one of those guys that just collects degrees. But I…..I still have nightmares about falling classes and I haven’t been in one for like a decade. Ima have to toughen up! 

 

Lol, I understand, I plan to teach, so waiting until kids get older then getting doctorate, GW is one of the few local ones with PhD in CyberSecurity

[tshile]

It would be like walking out of the mgm with chips, going to the borgata and giving them the mgm chips for their chips, and doing nothing else, and the IRS saying you owe taxes on the value of the chips at the time of the exchange, so you have to cash some chips in to pay them. 
 

You’re  paying a tax on earning something that hasn’t actually been earned yet. 
 

and in this case, counting it as income such that you don’t qualify for something like this. 
 

seems dumb to me. 

34 minutes ago, Llevron said:

The company I work with now is paying for as many degrees as I want as long as I go to University of Maryland and it’s something they can benefit from, so that’s where I’m going lol. This is a recent development so it’s a work in progress. 

Congrats on that dude, that’s really cool

Edited August 25, 2022 by tshile

[86 Snyder]

10 minutes ago, Cooked Crack said:

 

I’m just asking questions!

 

10 minutes ago, tshile said:

Yeah a really big gain in something that isn’t actually dollars. There’s no real income gained. He didn’t pull it out into cash or use it as an exchange for goods or services. He switched from one type to the next. And because the market value come tax time was X, he had to sell enough to cover about 40k us$ in tax liability.  That’s the only us$ pulled out, to cover the tax liability on this bizarre market valuation no one really understands (or few do well at least…) 

 

if he was actually pulling it out into $ and using it (or even just saving it) I’d agree. But there’s a punishment here for an income that isn’t real. Or should I say - hasn’t actually been realized. 

Yeah but it COULD be dollars as soon as they wanted.  It’s the same as stocks.  I’m not at all bothered by it.

[skinfan2k]

generational wealth.  people who have it are the ones hating on this policy 

[TradeTheBeal!]

 

[Cooked Crack]

 

[Dan T.]