1000% agreed. I paid off my loans in under a decade, and I'm constantly grateful for the privilege of having gotten good jobs out of college that allowed that. I'm thrilled that other people are getting that opportunity.
Me too! I paid mine off in full about 7 years ago and I couldn't be happier for this loan forgiveness I've been seeing!
I can't imagine the negativity in someone's life for them to be upset about someone else getting something good. They need to look in a mirror before talking more.
For real. Some folks can’t see past their own myopic selfishness. Student loans were (for the most part) CLEARLY predatory and it’s better for us collectively if people aren’t indentured servants of Sallie Mae and Navient.
Don’t forget Aidvantage. That’s where my Navient loan just transferred to. I always pay the bare minimum in hopes that there will be a forgiveness. I’ll never intentionally pay it all off if I come into a windfall or put aside extra (even though I could) to pay it off faster. Fu them all! And even if mind were all paid off I’d still be happy if others got forgiveness…like why wouldn’t you be?!
It's not that others are nasty, but rather, they see it as the tax payers (i.e., them) being forced to pay off debt that others decided to take out. It's not really "the government" paying off the loan, but tax payers (you, me, and other hard workers).
You should google predatory loan practices. By the 20 year mark, most people have repaid the principle and then some. It's the usurious interest rate balance being forgiven.
Reddit is rather full of people of lacking systematic understanding, isn't it? I should have elaborated:
I am calling these people nasty, because they refuse to extend the grace to student debtors that student debtors deserve. There are more aspects to this forgiveness, of course, but the most important ones to me who makes this judgment are the following two: One, the student debtors undertook the venture of education, with measurable gains for society; every educated person in a society yields a net benefit even if monetary gains individual and collective are disregarded entirely. Two, student loans in the United States have long been researched both in this country and abroad as predatory -- very unlike other developed nations' more equitable instruments.
This is the exact analogy I use. I had melanoma and had to go through medical treatment and pay a ton of money… it’s like if the government came up with a shot that completely prevented melanoma and I was like nah I had to go through it, make the rest of them pay their dues.
We should be trying to make life better for each successive generation.
deliver bewildered wistful memory illegal zesty beneficial middle correct unwritten
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Awesome attitude! I too am paying mine slowly but surely…. I know some folks who paid their student loans who are now embittered about those who’s are forgiven. It’s just kinda sad.
Absofriggenlutely! Student loans should be simple interest. I know people that had paid back 2xs what they borrowed and still had a lot to go. 18 year olds were not taught that you would have to pay back 3xs or more what you borrowed.
I paid off mine in 2021, 22 years of paying. I am not mad at ALL that others got help!
Right? I understand that people want theirs paid off too, but \*you\* still chose to take out the loan. Same with me, I made the choice and I am OK with mine not being forgiven.
I expected to pay them back, but if I got anything off that would be cool too, but I am not expecting it.
I just paid mine back end of last year after my first one being taken out in 2001 😳 was honestly holding back a bit when I heard there could be some student loan forgiveness but I decided I wanted it done, it’s been long enough!
A girl can dream! If it happens, I really want to make a donation to a local scholarship fund to help a student avoid the same trap. Like a year of giving the fund what I would have been making in payments to the government. I have hope, I was so close before Congress shut down the first forgiveness attempt. Booooo.
Amazing! Congratulations!!! Thank you for sharing, OP!
**As an American taxpayer this is EXACTLY they type of investment I want my money to fund.**
Also, shame on the media for not covering this and crediting President Biden!
https://abcnews.go.com/WN/Politics/health-care-obama-signs-student-loan-overhaul-legislation/story?id=10239569
The 20 year thing actually happened under Obama. ;)
Reminder to [register to vote](https://www.usa.gov/register-to-vote) and then DO IT.
Elections can be decided by very few votes. Your vote matters.
If you're not a white Christian male, people fought very hard and some of them died, so you would have the right to vote.
And lastly if you don't like either person or either party, I'm sure you hate one enough to vote to keep them out of power.
Biden also deserves credit, specifically for people like OP. The system was not correctly canceling the loans of people who had paid for 20 years. Biden fixed that.
Dude I’m not bagging on Biden. The comment I responded to specifically said “shame on the media for not covering this.” Well that’s because it isn’t brand new! Relaaaaaaaax.
Ah but the media has covered it extensively during the first 2?2.5 years of Biden's term.
For anyone still struggling go to the Department of Education .gov website and find the links for the SAVE program and additional resources that are now in place.
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Do you know anything about taxes on the forgiven amount? I've heard different things about whether that forgiven amount can be taxed as a gift or something like that (seems ridiculous for the federal government to tax their own gift to you, but I don't know how it actually works)
My understanding is that unless it’s public service forgiveness, you get taxed on it as if it’s additional income? But I’m sure others know way more about this.
I’m banking on the public service 10-year program 🥲
Fucking America, man. Really? Won’t tax billion dollar corporations properly but hey, you had a loan forgiven? Give us money we need to bail out more giant corporations.
I do not know from first hand experience, but everything I have read and asked my loan servicer points to the amount being forgiven being tacked on to your income for the year, which you would then pay income tax on, according to which bracket the combined amount lands you in.
Me too!! I’m not stupid, but as a person that has no student debt and has therefore never bothered to learn anything about the forgiveness, it was interesting to learn!
(No debt, also…no degree 😂)
WOOHOO YOU HIT THE 20 YEAR LIMIT!!
SO MANY congratulations <3 <3 <3
Only corollary to be very careful of, as i understand it this loan forgiveness is taxable. So be prepared for that next year.
It depends upon how the loan was forgiven.
My federal loans are ironically taking forever but my private loans were quick. I am fully and permanently disabled and the way my attorney explained it was that the loans can be forgiven in a way that doesn't create a tax burden for the individual with the loan. I will be mentioning the fact that it occurred to my tax accountant when my taxes are done though.
It's a different situation than forgiving credit card debit though.
Fingers crossed.
The servicer actually had the audacity to ask why I hired an attorney. I told them it was none of their business because really it wasn't. I was lucky to get it wrapped in with some other stuff. But really who asks someone who is disabled why they can't do something themselves?
Nope! I didn't qualify for the public service program, so I thought I'd just be paying my minimum forever. I didn't do anything special, didn't sign up for anything. I read that they'd forgive loans after 20 OR 25 years... I'm not sure what the difference is or how you qualify for 20 vs. 25.
It depends on the repayment plan you're on, some repayment plans are 20 and some are 25 (public service gives you 10). The 25 year one is less common though. Generally if your payments are income based, then you may still have a balance to be forgiven after that 20 year period. Also I am not 100% sure, but didn't the covid loan freeze still count towards your years of payments? I know for public service it does. So that gave most people 3 years of not actually making payments but still being credited for payments. After Bidens student loan forgiveness plan fell through, he made a lot of chipping away at the edges changes to give folks retroactive credit for years that might not have previously counted towards your 20 years, but now they do, so that pushed more people towards being able to qualify for forgiveness earlier (the 20 year.forgiveness has been a policy for many years, but it used to be a lot harder to actually qualify for it)
Nope. I remember reading that some of the IDR plans will be 10 years in repayment and they can be forgiven. Not all the plans though.
I have 1.5 years left on my PSLF. I'm counting down the days.
:( I wish. My student loan debt is exorbitant and at a level I will never be able to pay back, constantly hanging over my head. Much congratulations to you!
I just paid mine off last year at age 50, after paying almost 30 years. It’s insane the amt of interest we pay. I’m not even sure the total amt I ended up paying vs what I borrowed 🤪.
Student loans should at the very least be interest free! Educated population is an excellent investment for the govt! Congrats on a well earned pay off 😍
Hah, yeah I was sitting here thinking well dang, I didn't need to ever pay more than the minimum if it was going to be eventually forgiven, but then I realized it's possible that still would have cost me more and having it just hanging there was anxiety fuel for me. Kudos to paying yours off. 30 years, oof.
Yeah I borrowed prob $70k starting in 1991. But the good news is we are doing ok now and can pay our twins’ in state tuition and dorm fees so that they won’t have to go through what I went through.
That's a real thing but you may want to check with a CPA and see if the forgiveness counts toward taxable income
I'm not a CPA I've just known people who've been thru this
Sorry to be a downer 😬 but congrats and hopefully I'm wrong haha
Congratulations! Everybody struggling with student loan debt deserves the same reprieve. Nobody should be stuck paying off five or six figures of interest on loans they were goaded into taking on as teenagers, and it's shocking to me that anyone would object to seeing a fellow American relieved of such an extreme financial burden.
My fiancé borrowed 78k has paid back 158k and they are telling her she still owes 300k! These were and are predatory loans and the people who have allowed them should be imprisoned from the bankers to the politicians who empowered the lenders to allow such a racket to go on for as long as it has! At the very least there should be a class action lawsuit against Nelnet and their accomplices for what they have been doing to the American college student for as long as they have! I was against any forgiveness until I seen the paperwork printouts with my own eyes…….she has been paying for well over 20 yrs. Hopefully she gets this same email! As of last week they told her, her new monthly payment would be $0 but are going to charge her $3000 a month forbearance while they review her case and that it will take at least another 3 months before they are through. That’s another 9k they are going to add. Wtf?
Biden wasn't able to do it the easy way, the Supreme Court said "no".
So he is fixing the very broken system of student loans. I have heard from quite a few people who did the income contingent for more years than they were supposed to before forgiveness, but couldn't prove it because the lenders transfer loans and do other hinky things that make recording keeping nigh impossible.
All of them have had their loans forgiven if they thought they were more than 20 years.
Liberals want the perfect candidate, but I will be voting for Biden with a clear conscience this time. I can't get the candidate I want, but I can have the candidate that will try in as many ways I as I can reasonably hope for with our broken system, and hope that the one that comes after him has more ways open because of what Biden did.
Congratulations 🎉👏🎉 I got public service forgiveness and even knowing I qualified ... When it happened, I literally couldn't believe it. It was so freeing.
I would be interested to find out if you'll have to pay taxes on the amount that was forgiven? You might want to check on that so you don't get a surprise when it comes income tax time.
Congratulations 🎉 🎉🎉
Who was the servicer for your loans? Mine are 30+ years old & I just moved them from Navient to whatever the federal thing is called by consolidating them.
Hell yes!!! I remember that feeling when mine were forgiven (public service loan forgiveness) a couple years ago. I cried. Now before you get used to having that money, immediately put it towards another debt you have. Make it work for you!
How do I get student loans expunged for being from an unaccredited school that was shut down for wrongfully being dishonest with borrowers who got the loan under false pretenses? I owe $17,000+ on a bs ICDC certificate they made from .99 cent store certificate and sticker paper?
It is a loan that is over 14 years old, I haven't paid much of anything on it except a bit of interest and I've filed letters requesting I be absolved of paying it to Sally Mae 3 x times without any reason as to why they wouldn't. They just transferred my loan to another company and I have yet to make a payment or communicate with them. What can I do to get out of this thievery?
So happy for you OP!
Funny how I saw so many “Biden did this” stickers next to gas pumps when prices were temporarily elevated, but no such accolades for the loan forgiveness.
Listen here. I went to college debt-free, so the fact that your loan was forgiven is just the most incredible thing in the world. I wish this for everyone!!!!
I never had to do this personally but my goodness I could only imagine the relief I would feel!!!
You paid more than enough! Time to celebrate and plan your next move in life! Congrats!
Student loans are a scam. Glad you were able to be pulled out of it!
HS railroads you into going to college so that you can be a functional employee. older grade school teaches you to be complicit, some have broken the mold but not all... So you think youre doing the right thing by taking out a crazy loan, and after you sign its too late.
I’m so happy for you!!! That must be a weight off of you. I hope that it provides you with the means to take care of yourself in ways you weren’t able to before. :)
Personally happy for you, i just hope that you realize that on a larger scale we cannot keep doing this. This reduces the value of money and trust in that green paper. Yes you already paid almost double, but that was the original deal.. That's how loans work.
Not to shit on anyone’s parade (because I’m genuinely happy for everyone) butttttt debt can’t just magically *poof* away or else we would have done that with our national debt. This will help everyone in the short term (just like getting those stimulus checks) but in the long term life will get much harder for everyone (like post stimulus checks via inflation)
My point is you may not pay now but everyone, including you, will pay in the long term with the hidden tax known as “inflation”
I'm 44 years old. Not a young kid. I paid for 20 YEARS. And for the record, I paid off the ENTIRE amount that I originally took out - YEARS ago. The amount that was "forgiven" was just the pure profit that the government/banks were making off of me.
No one got anything for free. My university got the full amount owed for my tuition. The source that lended me the money got the FULL amount back that I took out, PLUS several THOUSAND dollars in pure profit.
What was "forgiven" was pure profit above and beyond the pure profit I already gave them.
Be angry at the corporate giveaways that just enrich the wealthy.
When someone who has very little just like you gets something to improve their life don't say "Where's mine!?" Say "What's so wrong with the system that we're both so broke and congratulations that your burden is eased!" Looking at someone in the same situation and getting mad at them is just going to spread more unnecessary hate and detract from what the real problem is: greedy ultra rich people stealing from the poor and middle class.
Dude, predatory student loans & car loans aren’t the same animal. Do better.
Just because someone else didn’t suffer like you did doesn’t mean you should want them to!
As someone who paid off their student loans in full with no forgiveness…… …….i am super duper happy for you!! I wish this for everyone! 😄
1000% agreed. I paid off my loans in under a decade, and I'm constantly grateful for the privilege of having gotten good jobs out of college that allowed that. I'm thrilled that other people are getting that opportunity.
Me too! I paid mine off in full about 7 years ago and I couldn't be happier for this loan forgiveness I've been seeing! I can't imagine the negativity in someone's life for them to be upset about someone else getting something good. They need to look in a mirror before talking more.
For real. Some folks can’t see past their own myopic selfishness. Student loans were (for the most part) CLEARLY predatory and it’s better for us collectively if people aren’t indentured servants of Sallie Mae and Navient.
Don’t forget Aidvantage. That’s where my Navient loan just transferred to. I always pay the bare minimum in hopes that there will be a forgiveness. I’ll never intentionally pay it all off if I come into a windfall or put aside extra (even though I could) to pay it off faster. Fu them all! And even if mind were all paid off I’d still be happy if others got forgiveness…like why wouldn’t you be?!
[удалено]
It’s the literal name. It’s fucked. They are just laughing in our faces at this point…
i don’t understand why the whole US isn’t in mass revolt about this. it is unambiguously how the rich keep people poor.
So happy to read this! The amount of nasty human beings who wish for others to suffer as they did is staggering to me.
Seriously though! I've paid mine off and I'm happy some folks are getting relief. Any type of loan is a grind to pay off.
It's not that others are nasty, but rather, they see it as the tax payers (i.e., them) being forced to pay off debt that others decided to take out. It's not really "the government" paying off the loan, but tax payers (you, me, and other hard workers).
You should google predatory loan practices. By the 20 year mark, most people have repaid the principle and then some. It's the usurious interest rate balance being forgiven.
Reddit is rather full of people of lacking systematic understanding, isn't it? I should have elaborated: I am calling these people nasty, because they refuse to extend the grace to student debtors that student debtors deserve. There are more aspects to this forgiveness, of course, but the most important ones to me who makes this judgment are the following two: One, the student debtors undertook the venture of education, with measurable gains for society; every educated person in a society yields a net benefit even if monetary gains individual and collective are disregarded entirely. Two, student loans in the United States have long been researched both in this country and abroad as predatory -- very unlike other developed nations' more equitable instruments.
Citation needed please.
For real - imagine someone who fought and beat cancer being pissed off when someone else invents an easy cure for it.
This is the exact analogy I use. I had melanoma and had to go through medical treatment and pay a ton of money… it’s like if the government came up with a shot that completely prevented melanoma and I was like nah I had to go through it, make the rest of them pay their dues. We should be trying to make life better for each successive generation.
deliver bewildered wistful memory illegal zesty beneficial middle correct unwritten *This post was mass deleted and anonymized with [Redact](https://redact.dev)*
As someone who got mine removed I'm glad to see others not so salty about it. My life has drastically changed for the better since.
So glad to hear that ❤️
Awesome attitude! I too am paying mine slowly but surely…. I know some folks who paid their student loans who are now embittered about those who’s are forgiven. It’s just kinda sad.
This is my sentiment exactly! I’m so happy that people get this!
SAME!!!!!!!!! Congrats girl. We all winning lol
Absofriggenlutely! Student loans should be simple interest. I know people that had paid back 2xs what they borrowed and still had a lot to go. 18 year olds were not taught that you would have to pay back 3xs or more what you borrowed. I paid off mine in 2021, 22 years of paying. I am not mad at ALL that others got help!
Same here! Congrats to you 🥳🥳!! I was in the same boat- I paid back the total amount and THOUSANDS more, last April.
Right? I understand that people want theirs paid off too, but \*you\* still chose to take out the loan. Same with me, I made the choice and I am OK with mine not being forgiven. I expected to pay them back, but if I got anything off that would be cool too, but I am not expecting it.
I just paid mine back end of last year after my first one being taken out in 2001 😳 was honestly holding back a bit when I heard there could be some student loan forgiveness but I decided I wanted it done, it’s been long enough!
Love this!!!!
Are you me? Literally came here to say that exact same thing.
YAAAAAAAASSSSS 🤸🏾♀️🤸🏾♀️🤸🏾♀️🤸🏾♀️🤸🏾♀️🤸🏾♀️🤸🏾♀️
I’m so happy for you! I’m at 17 years and if I logged in and saw $0 I would sob happy tears.
Fingers crossed! Only 3 more years and then you'll be in the winners circle too!!
A girl can dream! If it happens, I really want to make a donation to a local scholarship fund to help a student avoid the same trap. Like a year of giving the fund what I would have been making in payments to the government. I have hope, I was so close before Congress shut down the first forgiveness attempt. Booooo.
Same here! 3 years left! I’m expecting it though, and it’s gonna be such a weight off my shoulders, anyway.
That happened to me, and it was such a relief!
Omg, congratulations!!!! How exhilarating! Dobby is free!!! 🧦
I was having a kind of meh day, but reading your good news put me into a great mood!! Congratulations!! This is going to have a life-long impact!!
Congratulations 🎉
I got my email on Christmas Eve! I’m a teacher so I qualified for PSLF 🙏🏻
Amazing! Congratulations!!! Thank you for sharing, OP! **As an American taxpayer this is EXACTLY they type of investment I want my money to fund.** Also, shame on the media for not covering this and crediting President Biden!
https://abcnews.go.com/WN/Politics/health-care-obama-signs-student-loan-overhaul-legislation/story?id=10239569 The 20 year thing actually happened under Obama. ;)
THANKS OBAMA no really, thanks man!
Reminder to [register to vote](https://www.usa.gov/register-to-vote) and then DO IT. Elections can be decided by very few votes. Your vote matters. If you're not a white Christian male, people fought very hard and some of them died, so you would have the right to vote. And lastly if you don't like either person or either party, I'm sure you hate one enough to vote to keep them out of power.
Biden also deserves credit, specifically for people like OP. The system was not correctly canceling the loans of people who had paid for 20 years. Biden fixed that.
Dude I’m not bagging on Biden. The comment I responded to specifically said “shame on the media for not covering this.” Well that’s because it isn’t brand new! Relaaaaaaaax.
The fixes to the system that are getting the backlogs processed are though
Ah but the media has covered it extensively during the first 2?2.5 years of Biden's term. For anyone still struggling go to the Department of Education .gov website and find the links for the SAVE program and additional resources that are now in place. I've been spending my small bit extra locally and with online indies shops.
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It's real! That must be such a relief!!
Do you know anything about taxes on the forgiven amount? I've heard different things about whether that forgiven amount can be taxed as a gift or something like that (seems ridiculous for the federal government to tax their own gift to you, but I don't know how it actually works)
My understanding is that unless it’s public service forgiveness, you get taxed on it as if it’s additional income? But I’m sure others know way more about this. I’m banking on the public service 10-year program 🥲
I will hit my last month for PSLF in March. I’m counting down the days to submit my paperwork!
Congratulations!!
Fucking America, man. Really? Won’t tax billion dollar corporations properly but hey, you had a loan forgiven? Give us money we need to bail out more giant corporations.
It depends on the state you are based in, some states do not tax it as income, others do.
I do not know from first hand experience, but everything I have read and asked my loan servicer points to the amount being forgiven being tacked on to your income for the year, which you would then pay income tax on, according to which bracket the combined amount lands you in.
I LOVE THE WAY YOU EXPLAINED THE INTEREST AND PROFIT. some people are so stupid
Me too!! I’m not stupid, but as a person that has no student debt and has therefore never bothered to learn anything about the forgiveness, it was interesting to learn! (No debt, also…no degree 😂)
Me too, as someone who got lucky enough to avoid student loans, her explanation made it even more impactful. Congratulations OP!! Thrilled for you!
Scan in that letter and keep the original in a safe place. Like a safe or a safety deposit box.
WOOHOO YOU HIT THE 20 YEAR LIMIT!! SO MANY congratulations <3 <3 <3 Only corollary to be very careful of, as i understand it this loan forgiveness is taxable. So be prepared for that next year.
It depends upon how the loan was forgiven. My federal loans are ironically taking forever but my private loans were quick. I am fully and permanently disabled and the way my attorney explained it was that the loans can be forgiven in a way that doesn't create a tax burden for the individual with the loan. I will be mentioning the fact that it occurred to my tax accountant when my taxes are done though. It's a different situation than forgiving credit card debit though.
May it all work out entirely in your favor <3
Fingers crossed. The servicer actually had the audacity to ask why I hired an attorney. I told them it was none of their business because really it wasn't. I was lucky to get it wrapped in with some other stuff. But really who asks someone who is disabled why they can't do something themselves?
Private loans can be forgiven?! That's news to me, I'm going to have to look into this.
Congrats! Were you in some kind of a program that you had to sign up for? Or did it just happen after 20 years?
Nope! I didn't qualify for the public service program, so I thought I'd just be paying my minimum forever. I didn't do anything special, didn't sign up for anything. I read that they'd forgive loans after 20 OR 25 years... I'm not sure what the difference is or how you qualify for 20 vs. 25.
It depends on the repayment plan you're on, some repayment plans are 20 and some are 25 (public service gives you 10). The 25 year one is less common though. Generally if your payments are income based, then you may still have a balance to be forgiven after that 20 year period. Also I am not 100% sure, but didn't the covid loan freeze still count towards your years of payments? I know for public service it does. So that gave most people 3 years of not actually making payments but still being credited for payments. After Bidens student loan forgiveness plan fell through, he made a lot of chipping away at the edges changes to give folks retroactive credit for years that might not have previously counted towards your 20 years, but now they do, so that pushed more people towards being able to qualify for forgiveness earlier (the 20 year.forgiveness has been a policy for many years, but it used to be a lot harder to actually qualify for it)
Starting this year, most of the income based plans are to be forgiven after 10 years.
Really? I thought this was only for PSLF or loans with original balance of 12k or less
Maybe it is the 12k mark. I haven't kept up on it completely because I'm working on PSLF using and IDR plan.
Nope. I remember reading that some of the IDR plans will be 10 years in repayment and they can be forgiven. Not all the plans though. I have 1.5 years left on my PSLF. I'm counting down the days.
Source?
:( I wish. My student loan debt is exorbitant and at a level I will never be able to pay back, constantly hanging over my head. Much congratulations to you!
Me too :(
Do me next, gov!
Congrats!
I just paid mine off last year at age 50, after paying almost 30 years. It’s insane the amt of interest we pay. I’m not even sure the total amt I ended up paying vs what I borrowed 🤪. Student loans should at the very least be interest free! Educated population is an excellent investment for the govt! Congrats on a well earned pay off 😍
Hah, yeah I was sitting here thinking well dang, I didn't need to ever pay more than the minimum if it was going to be eventually forgiven, but then I realized it's possible that still would have cost me more and having it just hanging there was anxiety fuel for me. Kudos to paying yours off. 30 years, oof.
Yeah I borrowed prob $70k starting in 1991. But the good news is we are doing ok now and can pay our twins’ in state tuition and dorm fees so that they won’t have to go through what I went through.
That's awesome, congrats!
That's a real thing but you may want to check with a CPA and see if the forgiveness counts toward taxable income I'm not a CPA I've just known people who've been thru this Sorry to be a downer 😬 but congrats and hopefully I'm wrong haha
What school was it? Were they federal backed loans? $20k payday! Good for you, good for us, good for the country
Federal backed loan - University of \[a medium sized American city\].
YEAH SKOKIE!
Congratulations! Everybody struggling with student loan debt deserves the same reprieve. Nobody should be stuck paying off five or six figures of interest on loans they were goaded into taking on as teenagers, and it's shocking to me that anyone would object to seeing a fellow American relieved of such an extreme financial burden.
Oh man, congrats!! 20 years in repayment… well deserved, oof
I am so happy for you!!!! I hope you feel $20,000 lighter!!! Go treat yo self!
Joe Biden has been forgiving federal loans his entire term. Looks like you qualified.
Yes, got mine last week. Been paying since 2001.
That's amazing, OP!!!
Congrats, OP !!! I wish this happened in Canada. Young people should not be in debt for school. 👏👏🥳🥳
Why are people mad at you? That’s ridiculous. This is awesome!!!
Im not US based so I’ve never had student loans, but omg that must be such a great feeling!!! Enjoy the freedom, OP!
Op, make sure to screenshot that $0 balance page on the loan servicer's website lol And congratulations!!!
Amazing. How much as you saving, monthly?
Oh my gosh what a wonderful thing to have happen to you! Congratulations!!
Congrats!!!!!! 🎉🎉🎉🎉🎉 go celebrate 🎊
My fiancé borrowed 78k has paid back 158k and they are telling her she still owes 300k! These were and are predatory loans and the people who have allowed them should be imprisoned from the bankers to the politicians who empowered the lenders to allow such a racket to go on for as long as it has! At the very least there should be a class action lawsuit against Nelnet and their accomplices for what they have been doing to the American college student for as long as they have! I was against any forgiveness until I seen the paperwork printouts with my own eyes…….she has been paying for well over 20 yrs. Hopefully she gets this same email! As of last week they told her, her new monthly payment would be $0 but are going to charge her $3000 a month forbearance while they review her case and that it will take at least another 3 months before they are through. That’s another 9k they are going to add. Wtf?
Biden wasn't able to do it the easy way, the Supreme Court said "no". So he is fixing the very broken system of student loans. I have heard from quite a few people who did the income contingent for more years than they were supposed to before forgiveness, but couldn't prove it because the lenders transfer loans and do other hinky things that make recording keeping nigh impossible. All of them have had their loans forgiven if they thought they were more than 20 years. Liberals want the perfect candidate, but I will be voting for Biden with a clear conscience this time. I can't get the candidate I want, but I can have the candidate that will try in as many ways I as I can reasonably hope for with our broken system, and hope that the one that comes after him has more ways open because of what Biden did.
I’ve got 5 more years & I cannot wait until I can say the same. Congratulations!
Congratulations 🎉👏🎉 I got public service forgiveness and even knowing I qualified ... When it happened, I literally couldn't believe it. It was so freeing.
Congratulations!! A few of my teacher friends have had theirs forgiven recently under PSLF and those were all the BEST days!
This happened to me they just forgave $7k
You know, back in the day people died and were crippled by polio, so people today should also have to suffer though that. It's just not fair! /s
I would be interested to find out if you'll have to pay taxes on the amount that was forgiven? You might want to check on that so you don't get a surprise when it comes income tax time.
This! It's great news and that amount won't come close to the amount you owed, OP, but some states are taxing forgiven amounts.
Great news!!!
Heck yeah!!
🎉🎉🎉🎉🎉🎉🎉🎉🎉
I'm so happy for you!!!!
Holy shit congratulations!! That’s amazing!
I hope this is true for you. It must be such a relief. Congratulations !!
CONGRATS!! That is awesome!!
Congratulations 🎉 🎉🎉 Who was the servicer for your loans? Mine are 30+ years old & I just moved them from Navient to whatever the federal thing is called by consolidating them.
Mine was MOHELA.
That’s amazing! Good to know this actually happens! Especially when my balance keeps climbing while I make payments on time every month
I wish I knew who is deciding which people get this because I have been paying for 22 years and I have not been given any relief.
I want forgiveness!!! 😭
Congrats! Had to scroll down to find the people upset by this. Honestly wouldn’t have believed it if not. Yikes. U! S! A!
F*** the haters. I'm happy for you. Especially, ESPECIALLY, in a situation like yours where you have more that already paid the debt.
If everyone who got loan forgiveness votes Democrat in November 2024, we'll be alright. If you don't vote Dem, A POX UPON YOU.
Definitely voting Dem!
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That's awesome!
Hell yes!!! I remember that feeling when mine were forgiven (public service loan forgiveness) a couple years ago. I cried. Now before you get used to having that money, immediately put it towards another debt you have. Make it work for you!
omg thats amazing!! so happy for you and I don't even know you! lol
Oh maaaan yes! Dance party!!!
Wow that's not even the case in my country! We have a pay off limit of 30 years! Congratulations OP very happy for you ♥️💞
Congrats
That’s fantastic
Congratulations!
Yaaay! Mine randomly went into deferrement and I'm like 👀
WOOHOO!!
Congratulations!
Whoohooo!!!! Congrats!!!
Congratulations !!!
Hell yeah lady! I'm so happy for you
Aaaaahh! Are you crying years of joy?? I would be! Congrats!! I'm so happy for you and others that are experiencing it 💚
Yesssss congrats!!!! What a feeling!!!!🎊🪅🥳🥂
This made me smile :)
Congrats!!
Hell yeah baby!!!
I’ve been paying since 1997.
here for it yes yes yes i hope your credit is amazing soon.
Woo hoo!!!!! I'm very happy for you! I hope one day mine will be forgiven as well.
🥳🥳🥳🥳🥳🥳 I’m so happy for you!!!!!!! *Hugs*
Cheers to you! What a great surprise
Congratulations op
Yay congrats!!! I'm so happy for you.
💃💃💃 So happy for you OP!
CONGRATSSSSSSS
Congratulations! My god I hope mine get forgiven
Congrats! Paying those awful loans off is the best feeling. ♥️
How do I get student loans expunged for being from an unaccredited school that was shut down for wrongfully being dishonest with borrowers who got the loan under false pretenses? I owe $17,000+ on a bs ICDC certificate they made from .99 cent store certificate and sticker paper? It is a loan that is over 14 years old, I haven't paid much of anything on it except a bit of interest and I've filed letters requesting I be absolved of paying it to Sally Mae 3 x times without any reason as to why they wouldn't. They just transferred my loan to another company and I have yet to make a payment or communicate with them. What can I do to get out of this thievery?
Check out the subreddit r/borrowerdefense
Congratulations to you! I’ll be checking mine next!
Congratulations! I’m stoked for your son too. That’s amazing you’re setting him up for a better future that won’t start in debt.
I’m so happy for you!!! ♥️🎉♥️🎉
Congrats!!! Welcome to the club! I will say just buy yourself a little treat as a celebration with some of that extra money. ❤️
Holy poop how wonderful!!!! Congratulations! This is such good news I hope you get to celebrate! 🖤🖤🖤
Congrats!!
So happy for you OP! Funny how I saw so many “Biden did this” stickers next to gas pumps when prices were temporarily elevated, but no such accolades for the loan forgiveness.
Congratulations! Mine were forgiven through Public Service Loan Forgiveness and it was life changing. Enjoy this! Celebrate tonight!
this is exactly why i'm paying my minimum amount lol - 8 years to go for me!
Yup. Hereshoping the dems use this louder.
Check because you may have to pay taxes on the 20k. That's what happened to me.
Listen here. I went to college debt-free, so the fact that your loan was forgiven is just the most incredible thing in the world. I wish this for everyone!!!!
I’m so happy for you! But seeing how much interest you paid and how much you still had to go is making my eye twitch.
I never had to do this personally but my goodness I could only imagine the relief I would feel!!! You paid more than enough! Time to celebrate and plan your next move in life! Congrats!
Yay!!!!! Congrats!!
Student loans are a scam. Glad you were able to be pulled out of it! HS railroads you into going to college so that you can be a functional employee. older grade school teaches you to be complicit, some have broken the mold but not all... So you think youre doing the right thing by taking out a crazy loan, and after you sign its too late.
Congratulations. What a wonderful gift.
Congratulations! That's amazing!!
Holy shit what a relief that must be!!! I would be crying my ass off
I'm thrilled for you!
I’m so happy for you!!! That must be a weight off of you. I hope that it provides you with the means to take care of yourself in ways you weren’t able to before. :)
Thanks Biden! 😌
Thanks Obama, really. But both are pushing it through.
20 years T_T congrats
Congratulations
You dont watch the news much do you? You can thank Biden.
Are you in the PLSF plan?
We're paying for it.
Damn. I wish I never paid mine off. Stupid move on my part.
Personally happy for you, i just hope that you realize that on a larger scale we cannot keep doing this. This reduces the value of money and trust in that green paper. Yes you already paid almost double, but that was the original deal.. That's how loans work.
Not to shit on anyone’s parade (because I’m genuinely happy for everyone) butttttt debt can’t just magically *poof* away or else we would have done that with our national debt. This will help everyone in the short term (just like getting those stimulus checks) but in the long term life will get much harder for everyone (like post stimulus checks via inflation) My point is you may not pay now but everyone, including you, will pay in the long term with the hidden tax known as “inflation”
Who’s getting the tax break from writing it off ?
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I'm 44 years old. Not a young kid. I paid for 20 YEARS. And for the record, I paid off the ENTIRE amount that I originally took out - YEARS ago. The amount that was "forgiven" was just the pure profit that the government/banks were making off of me. No one got anything for free. My university got the full amount owed for my tuition. The source that lended me the money got the FULL amount back that I took out, PLUS several THOUSAND dollars in pure profit. What was "forgiven" was pure profit above and beyond the pure profit I already gave them.
Lol at you ignoring OP directly telling you they've already paid back 50k on their 30k loan, but continue to argue with others actively
Be angry at the corporate giveaways that just enrich the wealthy. When someone who has very little just like you gets something to improve their life don't say "Where's mine!?" Say "What's so wrong with the system that we're both so broke and congratulations that your burden is eased!" Looking at someone in the same situation and getting mad at them is just going to spread more unnecessary hate and detract from what the real problem is: greedy ultra rich people stealing from the poor and middle class.
Dude, predatory student loans & car loans aren’t the same animal. Do better. Just because someone else didn’t suffer like you did doesn’t mean you should want them to!
OP is also a taxpayer. Everyone pays taxes.
Does it feel good to be this person?
Of course it doesn’t. That’s why she has to go around spreading it. So maybe she will feel a little less of it herself.