BEST WEEK EVER

Posted on August 15, 2008 by Her and tagged student_loan

Michael Phelps became the world's greatest Olympian, Lin Miaoke was deemed "cute enough" for television, and a generous relative paid off $50,000 of Her's student loans. But which one is having the Best Week Ever??

If you said "Fairy Godmother sticks it to Sallie Mae," then you are correct, and you guess things really specifically!

Stick around and watch our net worth pop briefly up above zero, then flop into the negatives like shares of Countrywide stock! (yep - there's still tons of student loan debt!) Yayyyyy!!!!

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guinness416 | Aug 15, 2008

Whoa, generous relative indeed. What a weight of your shoulders. Nice!

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mapgirl | Aug 15, 2008

wow. 50K? That's quite a lot. Nice present! If anything that is a great wedding present so you guys can get some of that debt off your back and start on a solid foundation.

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Avila | Aug 16, 2008

Congrats! That's HUGE! I'm looking forward to seeing the Net Worth breakdown. Watching those negative numbers shrink always renews my hopes for myself and the rest of debt-filled America.

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scatterhaiku | Aug 17, 2008

generous relative indeed. :) wow. :) congratulations. :)

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alissabess | Aug 18, 2008

That is awesome! ... how will this gift affect you taxwise/be looked at by the IRS? (not to burst your bubble, I'm just curious)

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RB | Aug 19, 2008

That is a good week! How about an update on the Net Worth? Unless I missed something, your last update was Dec 2007.

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Jerry | Aug 29, 2008

That is fantastic! That kind of gift doesn't just happen every day... I hadn't thought about the IRS ramifications until I saw alissabess' comment. That could lead to some further deliberation, but it's nice to have the insurance that your loans are getting whittled down (sometimes in huge chunks!).
Jerry

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savvy | Sep 3, 2008

You should look into the tax implications. A person can gift another person $12,000 tax free each year... so the smart way to do it would have been to have the relative gift each of you $12,000, then to have the relative's spouse (if they have one) give each of you $12,000, for a total of $48,000 tax-free.

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money funk | Dec 4, 2008

can I borrow your relative? ;)

Nice.

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