Student Loans Forgiven!

[Anonymous]

Anonymous wrote:

Anonymous wrote:You suck OP. I lived frugally and took jobs that I didn’t want until I paid off 100% of my loans. Because that’s what a responsible person would do.

For legally participating in a program that the government has provided? If you don’t like student loan forgiveness, vote against politicians that propose it.

I for example don’t like tax cuts for the wealthy. I don’t expect wealthy individuals to voluntarily fork over money they aren’t required to pay, I vote for candidates that want to raise their taxes.

+1 Amen

Rich people don't turn down government subsidies. They just want everyone else to lol.

[Anonymous]

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Anonymous wrote:Mine were forgiven under PSLF in summer of 2022. They were supposed to be forgiven in April of that year, so had 3-4 months of high anxiety waiting for it to happen.

Federal student loans are generally forgiven after 20 years (undergrad loans) or 25 years (graduate school loan) of on-time payments. This has been the law and in the loan documents for decades. It has nothing to do with Biden.

The issue was that the servicers lost track of payment counts or gave bad advice to borrowers about qualifying loans plans, and thus were not applying forgiveness according to the law. In short, the loan servicers were breaking the law and forgiveness was not properly applied until the Biden administration cracked the whip on the servicers.

If you've made more than 20 years of on-time payments, you will receive a refund check from the US government for any amounts you overpaid.

It's criminal that the loan servicers f#cked this up so badly for decades.

For everyone? I don't think so.

I think so. But PSLF forgiveness is after 10 years and the amount forgiven isn't taxable. For regular forgiveness, it is taxable.

The only way someone with only federal undergraduate student loans still has anything left after 20 years is if they were on an income based repayment plan, meaning they have a crap job. I was on a regular repayment plan and my loans were gone before 20 years. Same with my graduate student federal loans. I took the max for 2 years. Gone well before 25 years. So not it does not apply to remotely "everyone" - only people who drug it out somehow.

LOL I remember when a friend of mine said income-based repayment is for "poor people". It was hilarious.

Fine by me if you think that. I was eligible, participated in IBR and PSLF and saved thousands of dollars that I was instead able to put in my 401k where I earned more in returns than the interest rate on the loans. My loan payments were barely covering interest so still wouldn't have paid off loans by 20 years. Rich people don't turn down tax deductions. I'm not going to turn down lower loan payments. Unless you have a pretty low balance or a very high income, you save money by paying as little as possible and waiting for forgiveness. It's just good common financial sense and the only people insisting you should pay more than you need to do not have your best interests in mind.

I wasn't eligible for IBR. And you aren't "rich" if you were eligible.

FWIW when my loans were forgiven our family income was around double the area median income. I don't really think of our family as "rich" but we have more money than we need and we don't stress about money. In any case, what you said was "The only way someone with only federal undergraduate student loans still has anything left after 20 years is if they were on an income based repayment plan, meaning they have a crap job." That is just false. My loans were only from grad school but the total was less than the max you can get from undergrad. I wasn't "dragging it out" I was participating in a program for which I was eligible, with my six figure good benefits good work/life balance job.

If you had less than 57,500 in loans (the undergrad max) and paid on them for 20+ years, AND had anything left over to be "forgiven" - you were not on a standard repayment plan. I did 2 years of grad school, borrowing the federal max at the time, and graduated in 2004, standard repayment. My loans were just paid off, nothing left to forgive.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Mine were forgiven under PSLF in summer of 2022. They were supposed to be forgiven in April of that year, so had 3-4 months of high anxiety waiting for it to happen.

Federal student loans are generally forgiven after 20 years (undergrad loans) or 25 years (graduate school loan) of on-time payments. This has been the law and in the loan documents for decades. It has nothing to do with Biden.

The issue was that the servicers lost track of payment counts or gave bad advice to borrowers about qualifying loans plans, and thus were not applying forgiveness according to the law. In short, the loan servicers were breaking the law and forgiveness was not properly applied until the Biden administration cracked the whip on the servicers.

If you've made more than 20 years of on-time payments, you will receive a refund check from the US government for any amounts you overpaid.

It's criminal that the loan servicers f#cked this up so badly for decades.

For everyone? I don't think so.

I think so. But PSLF forgiveness is after 10 years and the amount forgiven isn't taxable. For regular forgiveness, it is taxable.

The only way someone with only federal undergraduate student loans still has anything left after 20 years is if they were on an income based repayment plan, meaning they have a crap job. I was on a regular repayment plan and my loans were gone before 20 years. Same with my graduate student federal loans. I took the max for 2 years. Gone well before 25 years. So not it does not apply to remotely "everyone" - only people who drug it out somehow.

LOL I remember when a friend of mine said income-based repayment is for "poor people". It was hilarious.

Fine by me if you think that. I was eligible, participated in IBR and PSLF and saved thousands of dollars that I was instead able to put in my 401k where I earned more in returns than the interest rate on the loans. My loan payments were barely covering interest so still wouldn't have paid off loans by 20 years. Rich people don't turn down tax deductions. I'm not going to turn down lower loan payments. Unless you have a pretty low balance or a very high income, you save money by paying as little as possible and waiting for forgiveness. It's just good common financial sense and the only people insisting you should pay more than you need to do not have your best interests in mind.

I wasn't eligible for IBR. And you aren't "rich" if you were eligible.

FWIW when my loans were forgiven our family income was around double the area median income. I don't really think of our family as "rich" but we have more money than we need and we don't stress about money. In any case, what you said was "The only way someone with only federal undergraduate student loans still has anything left after 20 years is if they were on an income based repayment plan, meaning they have a crap job." That is just false. My loans were only from grad school but the total was less than the max you can get from undergrad. I wasn't "dragging it out" I was participating in a program for which I was eligible, with my six figure good benefits good work/life balance job.

If you had less than 57,500 in loans (the undergrad max) and paid on them for 20+ years, AND had anything left over to be "forgiven" - you were not on a standard repayment plan. I did 2 years of grad school, borrowing the federal max at the time, and graduated in 2004, standard repayment. My loans were just paid off, nothing left to forgive.

I know. I was on an income based repayment plan. There is no income cap for those plans. I didn't have a "crap job".

[Anonymous]

Anonymous wrote:Not worse than Trump who sent out checks to everyone during the pandemic. Even my French cousin, who was born in the States but lived all her life in Europe, got a check! I think she hung it up on her wall

He did not send one to me!

[Anonymous]

Anonymous wrote:You’re welcome.

-A taxpayer who took personal responsibility for their student debt.

+1
+2 my husband did as well

[Anonymous]

Anonymous wrote:You suck OP. I lived frugally and took jobs that I didn’t want until I paid off 100% of my loans. Because that’s what a responsible person would do.

+1

I also did not take any loans without fully understanding what it meant! The people who take these loans that end up being more than they took out did not think the process thru. Yes, if your interest starts immediately and you are not at least paying the interest, the loan is going to balloon up quickly.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Mine were forgiven under PSLF in summer of 2022. They were supposed to be forgiven in April of that year, so had 3-4 months of high anxiety waiting for it to happen.

Federal student loans are generally forgiven after 20 years (undergrad loans) or 25 years (graduate school loan) of on-time payments. This has been the law and in the loan documents for decades. It has nothing to do with Biden.

The issue was that the servicers lost track of payment counts or gave bad advice to borrowers about qualifying loans plans, and thus were not applying forgiveness according to the law. In short, the loan servicers were breaking the law and forgiveness was not properly applied until the Biden administration cracked the whip on the servicers.

If you've made more than 20 years of on-time payments, you will receive a refund check from the US government for any amounts you overpaid.

It's criminal that the loan servicers f#cked this up so badly for decades.

For everyone? I don't think so.

I think so. But PSLF forgiveness is after 10 years and the amount forgiven isn't taxable. For regular forgiveness, it is taxable.

The only way someone with only federal undergraduate student loans still has anything left after 20 years is if they were on an income based repayment plan, meaning they have a crap job. I was on a regular repayment plan and my loans were gone before 20 years. Same with my graduate student federal loans. I took the max for 2 years. Gone well before 25 years. So not it does not apply to remotely "everyone" - only people who drug it out somehow.

So people who took on more loans than they could afford to pay back with their jobs? Make me wonder why people take major loans to only make $45K/year. Doesn't really seem very smart thing to do. Yet many do it

[Anonymous]

Anonymous wrote:

Anonymous wrote:You’re welcome.

-A taxpayer who took personal responsibility for their student debt.

+1
+2 my husband did as well

+3 OP sucks

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Mine were forgiven under PSLF in summer of 2022. They were supposed to be forgiven in April of that year, so had 3-4 months of high anxiety waiting for it to happen.

Federal student loans are generally forgiven after 20 years (undergrad loans) or 25 years (graduate school loan) of on-time payments. This has been the law and in the loan documents for decades. It has nothing to do with Biden.

The issue was that the servicers lost track of payment counts or gave bad advice to borrowers about qualifying loans plans, and thus were not applying forgiveness according to the law. In short, the loan servicers were breaking the law and forgiveness was not properly applied until the Biden administration cracked the whip on the servicers.

If you've made more than 20 years of on-time payments, you will receive a refund check from the US government for any amounts you overpaid.

It's criminal that the loan servicers f#cked this up so badly for decades.

For everyone? I don't think so.

I think so. But PSLF forgiveness is after 10 years and the amount forgiven isn't taxable. For regular forgiveness, it is taxable.

The only way someone with only federal undergraduate student loans still has anything left after 20 years is if they were on an income based repayment plan, meaning they have a crap job. I was on a regular repayment plan and my loans were gone before 20 years. Same with my graduate student federal loans. I took the max for 2 years. Gone well before 25 years. So not it does not apply to remotely "everyone" - only people who drug it out somehow.

So people who took on more loans than they could afford to pay back with their jobs? Make me wonder why people take major loans to only make $45K/year. Doesn't really seem very smart thing to do. Yet many do it

Well, someone has to teach your children. My loans are 40k. I teach and make 60k. I am REQUIRED to tend grad school. They do not assist in paying for it but if i want to keep my license to teach, i must do it. That means, more loans. I love teaching but you consider me not smart

[Anonymous]

Anonymous wrote:You suck OP. I lived frugally and took jobs that I didn’t want until I paid off 100% of my loans. Because that’s what a responsible person would do.

Well that was your choice. Or maybe you were unaware of the loan forgiveness option and are bitter about your ignorance?

FWIW, the number of borrowers who actually benefit from this is not high relative to those who take loans. If that makes you feel any less bitter.

[Anonymous]

Anonymous wrote:

Anonymous wrote:You suck OP. I lived frugally and took jobs that I didn’t want until I paid off 100% of my loans. Because that’s what a responsible person would do.

Well that was your choice. Or maybe you were unaware of the loan forgiveness option and are bitter about your ignorance?

FWIW, the number of borrowers who actually benefit from this is not high relative to those who take loans. If that makes you feel any less bitter.

Correct. Most people make too much money to qualify and would rather have the high income and pay the loans.

[Anonymous]

Anonymous wrote:Just got an email from my student loan servicer that my college and grad school loans were forgiven. They are in the six figure range. I have been making payments for 20 years and I guess I reached the criteria for them to be forgiven. I did move them from a private services to a govt sponsored one to mange the loans.

In the note is said “Congratulations! The Biden-Harris Administration has forgiven some or all of your federal student loan(s) with ————- in full.”

So I am super pleased and appreciate what they have done . But see an obvious campaign push with how it’s written and. It just a plain email saying it’s from the department of education.

Anyone else have their loans forgiven?

NICE!!!!! If you drink go drink or
DO something special!!!!
https://www.youtube.com/watch?v=3GwjfUFyY6M

[Anonymous]

Anonymous wrote:You’re welcome.

-A taxpayer who took personal responsibility for their student debt.

Like I am so pissed off that cars have seat belts, air bags, like wtf...

[Anonymous]

Congrats, OP! I paid off over $200k in student loans but it suuuuucked, and waiting to start a family until my loans were paid down means I am now experiencing very devastating (and fruitlessly expensive!) infertility.
I'm thrilled for everybody who isn't stuck in that trap.

[Anonymous]

Anonymous wrote:Grad school loans should never be forgiven...absurd honestly...

You want a nurse with a BA doing surgery on you?