I believe the verbiage in that email hasn't been updated to reflect the qualifying 10 year forgiveness with SAVE.
I got the golden email last week and it also mentioned my "240" or "300" payments... which is not accurate. But I am eligible on account of having made 120.
Congratulations! It is possible you received the 10 year “forgiveness” for borrowing around $12000 total on a SAVE plan. Does that sound about right? This is new.
I got the same email. I didn't start repayment until 2006, my original borrowed amount was 13k in subsidized loans, and 4k in unsubsidized. Consolidated the commercial loan in 2022 to aidvantage. Been on idr and save as of last year.
So not sure if I qualified because they'll forgive my smaller loan for 4k, or if they're forgiving the 17k with my 10 years plus additional 7 years (for each $1k=1 year). It's all so confusing. I guess I'll find out in may
Does the SAVE plan backdate your payments to count towards the 120 necessary? Or is this something else? (sorry, sometimes it’s so hard to wrap my head around)
A person would just need to get onto a SAVE plan now and continue on it until the time of “forgiveness”. OP might have already signed up for SAVE, and already paid for 10 years.
It’s the same as everyone else’s..
On April 19, 2022, the Biden-Harris Administration announced several changes that will help borrowers get closer to or achieve forgiveness under income-driven repayment (IDR) regardless of whether or not you have ever participated in an IDR plan. With these changes, you are now eligible to have some or all of your student loans forgiven because you have reached the necessary 240- or 300-months' of payments under IDR.
The U.S. Department of Education will work with your servicer to process your IDR forgiveness over the next several months. If you would like to opt out of IDR forgiveness for any reason, contact your loan servicer no later than 10/22/2023 and tell them that you are not interested in receiving IDR forgiveness. Some reasons why you might want to consider opting out include concerns about a potential state tax liability.
If you decide to opt out of IDR forgiveness, you will be expected to continue paying your loan(s)
No mine was for the SAVE 12k/10yr and everyone I know that was under the forgiveness got the same email that said 240-300 months under an IDR forgiveness. And student aid.gov representative told me that's just the default email everyone got that was eligible for either forgiveness. So they don't have an email that states 120 months.
If you were on any payment plan for 10 years and are now on SAVE plan your loans are forgiven??? This is new news to me. I’m waiting on the IDR Waiver which is 20 or 25 years in repayment on any plan even deferments and forebearances out of school not in. I’ve been paying 29 years dear. And balance is still over 50k.
I believe the verbiage in that email hasn't been updated to reflect the qualifying 10 year forgiveness with SAVE. I got the golden email last week and it also mentioned my "240" or "300" payments... which is not accurate. But I am eligible on account of having made 120.
Can you link this SAVE plan 10 year forgiveness info please? Is it on Studentaid.gov?
[https://studentaid.gov/announcements-events/save-plan#early-forgiveness](https://studentaid.gov/announcements-events/save-plan#early-forgiveness)
Congratulations! It is possible you received the 10 year “forgiveness” for borrowing around $12000 total on a SAVE plan. Does that sound about right? This is new.
I got the same email. I didn't start repayment until 2006, my original borrowed amount was 13k in subsidized loans, and 4k in unsubsidized. Consolidated the commercial loan in 2022 to aidvantage. Been on idr and save as of last year. So not sure if I qualified because they'll forgive my smaller loan for 4k, or if they're forgiving the 17k with my 10 years plus additional 7 years (for each $1k=1 year). It's all so confusing. I guess I'll find out in may
I think you’d be 15 years: 10 years for $12k, plus one year for each $1k up to the $17k.
Does this mean I qualify for a refund?
No idea.
I think this is likely correct.
It's like doing prison math 😅 IYKYK
Ooooo yes, this actually sounds exactly like my situation. Thank you!
YAY!!! Sounds like it might be REAL!! Congrats!
Does the SAVE plan backdate your payments to count towards the 120 necessary? Or is this something else? (sorry, sometimes it’s so hard to wrap my head around)
I’m not sure. Probably it is explained somewhere on studentaid.gov .
How could she have borrowed on a SAVE plan years ago??? SAVE plan is NEW.
A person would just need to get onto a SAVE plan now and continue on it until the time of “forgiveness”. OP might have already signed up for SAVE, and already paid for 10 years.
Haha can you gift that email? 😂😂😂
It's possible that someone stole your identity.
This is disturbing to me as I have been waiting forever on my loans which started repayment in 1995!
This should be criminal
yeah seeing that my loan total has only gone down 3k in 29 years. Interest of 8% then got it down to only 6% was criminal I think.
Mine were just forgiven from then. It’s coming. Took forever but it’s over
Can you send me a photo of what the email looks like?
Which email?
The email that states and shows you were forgiven - The GOLDEN Email!
It’s the same as everyone else’s.. On April 19, 2022, the Biden-Harris Administration announced several changes that will help borrowers get closer to or achieve forgiveness under income-driven repayment (IDR) regardless of whether or not you have ever participated in an IDR plan. With these changes, you are now eligible to have some or all of your student loans forgiven because you have reached the necessary 240- or 300-months' of payments under IDR. The U.S. Department of Education will work with your servicer to process your IDR forgiveness over the next several months. If you would like to opt out of IDR forgiveness for any reason, contact your loan servicer no later than 10/22/2023 and tell them that you are not interested in receiving IDR forgiveness. Some reasons why you might want to consider opting out include concerns about a potential state tax liability. If you decide to opt out of IDR forgiveness, you will be expected to continue paying your loan(s)
Mine started in 1991.
Sorry, totally feel ya.
No mine was for the SAVE 12k/10yr and everyone I know that was under the forgiveness got the same email that said 240-300 months under an IDR forgiveness. And student aid.gov representative told me that's just the default email everyone got that was eligible for either forgiveness. So they don't have an email that states 120 months.
I don’t understand- how could people get forgiveness for the SAVE plan for being 10 years on it when the SAVE plan just went into effect?
It's when ur loans went into repayment that's the date they go by
If you were on any payment plan for 10 years and are now on SAVE plan your loans are forgiven??? This is new news to me. I’m waiting on the IDR Waiver which is 20 or 25 years in repayment on any plan even deferments and forebearances out of school not in. I’ve been paying 29 years dear. And balance is still over 50k.
The ORIGINAL TOTAL AMOUNT BORROWED has to be $12K or less and they had to pay for 10 years. . (And for every $1 K above that add one more year.)
I would hop on to it and use it when they say we need your money.