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.

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.

You’re welcome.

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

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.

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.

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.

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?

Very tacky. But it was always a political move. He promised it during the election. But he didn't have the power to do it from the Executive branch. And only certain people, like you, will receive the "benefit". Meanwhile my adult DD does not qualify and is paying hers off.

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.

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.

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.

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.

Gee, maybe they will do that for the last 15 years of my mortgage. Or, give me a rebate on having paid off all of my education loans. I’m actually proud that I fulfilled my obligation and didn’t ask others to cover me.

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

Agree. Nor should private school undergrad loans in excess of the cost of a state school.

Tax liability?

I never had student loans but I can only imagine the relief! Such good news.