Trumps New Tax Plan

senorgregster

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I've decided to drop the US program altogether. I have no idea if this is the right decision but I think at this point I can't really take the risk. Perhaps next year when the dust settles down and we have a clearer idea on how things will shape up. The problem is I now have to rethink what I want to study because European colleges are not offering my choice of program.
That's a real shame. Can't you hold until the final plan is voted on?
 

Fully Fledged

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My GOP voting brother just found out about the dropping of student loan debt write offs yesterday... because I told him after he asked me what I thought.

“What!? Why would they do that?”
Because he spends all his money on drinking, women and movies.
 

Stanzin Lama

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That's a real shame. Can't you hold until the final plan is voted on?
Sadly the deadlines are around mid- to end December. I am not entirely sure when the bill will pass, but in case it does in its current form, then colleges will take some time to sort things out. I can't afford that. And I can only ask so many recommendations from my current professors, so its kind of either or.
 

senorgregster

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Sadly the deadlines are around mid- to end December. I am not entirely sure when the bill will pass, but in case it does in its current form, then colleges will take some time to sort things out. I can't afford that. And I can only ask so many recommendations from my current professors, so its kind of either or.
Sorry to hear that. I would keep your options open as long as you can in case they see the light. One bill has it one doesn't, it could be removed.
 

berbatrick

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Sadly the deadlines are around mid- to end December. I am not entirely sure when the bill will pass, but in case it does in its current form, then colleges will take some time to sort things out. I can't afford that. And I can only ask so many recommendations from my current professors, so its kind of either or.
The app deadlines are Dec, but aren't the acceptance deadlines usually APril? The bill must be finalised by Dec 31. You could apply to fewer places (to save money)* and also save the number of reco requests.

*You can write to each univ requesting exemption from the application fee. Give some reason why you can't pay it. Many will accept.
 

Stanzin Lama

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The app deadlines are Dec, but aren't the acceptance deadlines usually APril? The bill must be finalised by Dec 31. You could apply to fewer places (to save money)* and also save the number of reco requests.

*You can write to each univ requesting exemption from the application fee. Give some reason why you can't pay it. Many will accept.
https://www.forbes.com/sites/prestoncooper2/2017/11/20/no-the-house-tax-bill-wont-destroy-graduate-education/2/#5da50b72f756

Any truth in this?
 

berbatrick

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Briefly:
I think (If this loophole is true) pvt schools can use it easily. It may not be so easy for public schools, whose accounting (including "scholarships") has to be done with state govt approval (at least broadly). I tink you should email the schools in your list, even link the article, if you want a specific answer. Some admissions office people are very helpful.
I'm also a little mystified about what happens to TAships based on this...All universities in the US run on graduate students as TAs, they would completely stop without that.
 

Stanzin Lama

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Briefly:
I think (If this loophole is true) pvt schools can use it easily. It may not be so easy for public schools, whose accounting (including "scholarships") has to be done with state govt approval (at least broadly). I tink you should email the schools in your list, even link the article, if you want a specific answer. Some admissions office people are very helpful.
I'm also a little mystified about what happens to TAships based on this...All universities in the US run on graduate students as TAs, they would completely stop without that.
Yeah, lots of ifs and buts. I guess, we'll just have to wait and see to see how things will pan out. But eventually I don't think any major overhaul will take place. It seems to be too important and ingrained system to be overhauled in such short notice.
 

senorgregster

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I'd be surprised if a university gives details. They'll be very careful with what they say and likely throw the please seek advice from a tax advisor.
 

ArmandTamzarian

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What the overlord giveth with one hand, he taketh away with the other...

http://thehill.com/news-by-subject/...x-bill-wipes-us-out-destroys-thousands-of?amp

Robert Murray, founder and CEO of Murray Energy, said Tuesday that the tax hike on coal mining firms that would result from the changes would cancel out progress that President Trump has made on reviving the coal industry, according to CNN.

"We won't have enough cash flow to exist," Murray told CNNMoney. "This wipes out everything that President Trump has done for coal."