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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]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.

[b]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.[/b]

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. [/quote]

For everyone? I don't think so. [/quote]

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

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. [/quote]

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[/quote]

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[/quote]

They are just miserable and wouldn’t know smart if it hit them on the head.  I don’t care how cornball this sounds, loving your job is priceless.  [/quote]

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