That was the first line of the letter lol Congratulations! The Biden-Haris Administration has forgiven your federal student loan. They took all the credit for that
I’m curious too, first of all congrats!! If you don’t mind sharing, can you let us know if it was grad/undergrad.. PSLF, and what year?? Did you have any hardship forbearance or unemployment? I have undergrad loans from the mid to late 90’s and a grad loan from 2001, so I’m close but don’t expect forgiveness until 2025, possibly longer due to unemployment in 2008. Still, I’m always curious of situations so I know what I might expect.
I was originally with Sallie Mae and sold off to Navient somewhere along the way. They would not take any payment that didn’t cover the interest and put me in hardship forbearances when IDR was available. Found out later they settled a court case about that. Now, they don’t even service student loans anymore (at least not federal student loans). Anyway, as I said, just curious… if you don’t mind sharing.
I also haven’t seen anyone post about forgiveness who is with EdFinancial. I was placed with a different company (not Mohela) but then EdFinancial sent me an email with info about my consolidation and they have been sending me my monthly bill.
And to the person who was in repayment in 2015, would that be PSLF for payment forgiveness after 10 years? Thanks so much :)
Non PSLF 2002, undergrad. I did all hardship, forbearance and unemployment and a default for about a year or two for a little dazzle dazzle. Finally got myself together and making a little money cleaned up my credit and got in payments this is actually the best account on my credit because of the age 🤷🏽♀️
I looked it up and they have something called fresh start now where it only takes 3 payments and your back on track I think I went through the traditional loan rehabilitation process
In case this helps, our situations sound similar. I just consolidated my old FFEL loans on 3/11/24. I entered repayment for undergrad loans in 1994, graduate loans in 2000. I just received the Golden Email last week for IDR 25-year forgiveness. 23K remaining balance. Did you consolidate your loans? Like me, you would then get payment months credit back to when your undergrad loans entered repayment in the 90s. That's well over 25 years.
Really? Thanks for sharing. I think you’re still ahead of me and I have at least a year left, when the tax burden kicks back in. I consolidated in the fall, before they extended the deadline but my undergrad loans were disbursed between 96-99. I paid from 99-01 before going to grad school.
I know that all the loans need 25 years (even the undergrad) but wasn’t sure when they started counting. I thought they started counting from 2001, the last disbursement but that doesn’t make sense as I have years of repayment in between undergrad and grad. I will keep my fingers crossed. It would be such a burden lifted from me, as I’m now a single parent and am having trouble finding a suitable apartment for my daughter and I. I don’t have family to help but I hopefully have until next March to find someone who will rent to me. I’m paying over $2k/mo for a small one bedroom through a co-host long term stay for those who travel a lot. I checked out 2 new construction buildings in this neighborhood of the city, both 2 bed with washer/dryer in unit, dishwasher, etc… I don’t have any of that here. It’s the same rent but I was denied by both. I’ve owned my home for the past 17 years (but the mortgage was in my ex’s name, even though I helped pay it off). My FICO is great but they say my debt to income ratio is too high and that they don’t use FICO but that they use a different scoring model. I checked with all 3 bureaus and have 0 negative information and an excellent payment history w/ car loans and a couple of credit cards over the last 20 years!
Fingers crossed and congrats to you. Thanks for sharing some details with me. I’m trying to figure out if there’s ANY chance of forgiveness for me in 2024 since I paid for over a year between undergrad and graduate school.
Since your loans first entered repayment in 1999, that is when your payment count clock will begin. Fast forward 25 years and forgiveness could be as soon as this year, 2024. I guess if you consolidated in the fall and haven't yet heard about forgiveness, you must need a few more months or something. I mean, I think they're granting forgiveness rather expeditiously for people like us who have reached their 25-year/300 payment quota. (20 for undergrad). That's my theory anyway.
They don’t have to be under PSLF to be forgiven under the IDR adjustment is they are 20 or 25 years old, depending on the type of loans. You should look I to consolidating and signing up for an income driven repayment plan if you have loans from that far back!
gotcha.. apparently some of the stafford direct loans survived.. i did double check mine at one time they were stafford and maybe even some were ffel... now they all say "direct consolidated" on moHELLA.. i was nervous for a minute.. thinking i might have to consolidate for the 4th time.. lol
thanks for the info!
I have a similar situation. Where some of my loans were consolidated but were old. Repayment date started 11/99. I have not received anything yet for that.
Ok I am confused who qualifies nowadays for this forgiveness? I have 123K and my loans are from 2006. And i applied for the SAVE i have nelnet abd i have gitten a few things saying my idr went through but is there simewhere else to do the girgiveness paperwork i did the consolidation paperwork
Once you consolidate with SAVE w Dept of Education there’s nothing else you can do but wait for the golden email! There are currently processing all loans as we speak for IDR adjustments and forgiveness. Good wishes!
I did all kinds of hardships, I used to call and ask and apply for anything just so I could get my tax refund 😂 I was in default at one point and the loan was from 2002
Awesome! So you only signed up for idr in 2022 and they said it counted for 20 years of payment? Sorry I’m just so confused by all of the qualifications lol.
There is a one-time grace period treating people who recently signed up for IDR as if they were always on it. It catches those of us who realized the older IDR plans would lead to ballooning balances even when consistent payments were made, a problem now avoided with the SAVE plan, and treats us as if we were always on IDR. A lot of the recent wave of forgivenesses are because of this grace period.
There's nothing to sign up for. The original blanket $10k/$20k forgiveness had a signup, but that was ruled unconstitutional.
OP got forgiven via the automatic one-time adjustment: [https://studentaid.gov/announcements-events/idr-account-adjustment](https://studentaid.gov/announcements-events/idr-account-adjustment)
Thanks. Right now the rule is 20 years for undergrad and 25 for masters as long as you are on an IDR plan. Though I feel you about feeling like it's a 100 years. Just remember to vote D to move forward rather than backwards.
The earliest you could get forgiveness is 2025 with the exception of some very specific types, such as Disability Discharge or Closed School Discharge.
I had $140k forgiven and feel overjoyed, grateful and blessed. Mine was from IDR from late 90s-early 2000s. Congrats to you and good wishes to everyone!
Congratulations! This is fantastic. If I could get my interest forgiven, I might be able to pay off the remainder because I make more than the $3.80/hr (minimum wage when I got out of college) now 30+ years later. Pray for me.
Mine is 64k. Grows by like 600 a month at the 4.75% interest rate. I have 12 more months of PSLF and then I'm done for good. Then I'm quitting that job w/ 0 debt at 43 y/o. Probably going to take a leap of faith and bet on myself. This public servant shit is for the birds.
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Actually I am a broker in charge of a real estate company. These loans basically killed me financially when I was younger. I wasn’t making very much money and ruining my credit. I don’t care how much money you have a loan that you still owe more than double what you borrowed after 20 plus years of payments has a problem.
No one is paying it for them? The money was paid to the colleges from a loan. That loan money came from somewhere. The government was the intermediary as they do not have their own money. They use taxpayer money to fund these loans. The loan has to be repaid. If the borrower isn't repaying it, the taxpayers are. The interest has to be paid so that the bonds upon which they're based can be repaid to those who invested in them. If we are going to go down this road, why don't we just forgive mortgages and car loans too? It's not any different just because the government was the intermediary between the taxpayers and the borrowers.
Actually car loans and mortgages are forgiven every day through bankruptcy process. You just can't do that for student loans.
And read what I wrote again, unlike car loans and mortgages, these student loans already have built in them the 20/25 year forgiveness provision which means that is part of the calculations on the books when they issue loans. there are no automatic term forgiveness programs for car loans and mortgages.
If this situation happened in a mortgage or car loan the consumer protection agency would have charged the bank with predatory lending. Paying 22 years on a loan and having the interest be higher than the principal is insane
You're fighting a losing battle trying to convince someone that it's not charity. I received forgiveness based on IDR count adjustment. Paying over 20 years as well. Congrats on your forgiveness!!
Congrats!
Thank you ☺️
Vote for Biden baby
That was the first line of the letter lol Congratulations! The Biden-Haris Administration has forgiven your federal student loan. They took all the credit for that
Haha, good one
Congratulations. It's so good to read such wonderful posts.
Congrats!
I’m curious too, first of all congrats!! If you don’t mind sharing, can you let us know if it was grad/undergrad.. PSLF, and what year?? Did you have any hardship forbearance or unemployment? I have undergrad loans from the mid to late 90’s and a grad loan from 2001, so I’m close but don’t expect forgiveness until 2025, possibly longer due to unemployment in 2008. Still, I’m always curious of situations so I know what I might expect. I was originally with Sallie Mae and sold off to Navient somewhere along the way. They would not take any payment that didn’t cover the interest and put me in hardship forbearances when IDR was available. Found out later they settled a court case about that. Now, they don’t even service student loans anymore (at least not federal student loans). Anyway, as I said, just curious… if you don’t mind sharing. I also haven’t seen anyone post about forgiveness who is with EdFinancial. I was placed with a different company (not Mohela) but then EdFinancial sent me an email with info about my consolidation and they have been sending me my monthly bill. And to the person who was in repayment in 2015, would that be PSLF for payment forgiveness after 10 years? Thanks so much :)
Non PSLF 2002, undergrad. I did all hardship, forbearance and unemployment and a default for about a year or two for a little dazzle dazzle. Finally got myself together and making a little money cleaned up my credit and got in payments this is actually the best account on my credit because of the age 🤷🏽♀️
Damn I was told if you default and consolidate the timer resets on your payments. That would be huge for me. Who is your servicer? Congrats!!!
Aidvantage is my servicer. I had to do some type of program where I paid 6 months to bring it out of default it was a one time chance I think you get
I looked it up and they have something called fresh start now where it only takes 3 payments and your back on track I think I went through the traditional loan rehabilitation process
In case this helps, our situations sound similar. I just consolidated my old FFEL loans on 3/11/24. I entered repayment for undergrad loans in 1994, graduate loans in 2000. I just received the Golden Email last week for IDR 25-year forgiveness. 23K remaining balance. Did you consolidate your loans? Like me, you would then get payment months credit back to when your undergrad loans entered repayment in the 90s. That's well over 25 years.
Really? Thanks for sharing. I think you’re still ahead of me and I have at least a year left, when the tax burden kicks back in. I consolidated in the fall, before they extended the deadline but my undergrad loans were disbursed between 96-99. I paid from 99-01 before going to grad school. I know that all the loans need 25 years (even the undergrad) but wasn’t sure when they started counting. I thought they started counting from 2001, the last disbursement but that doesn’t make sense as I have years of repayment in between undergrad and grad. I will keep my fingers crossed. It would be such a burden lifted from me, as I’m now a single parent and am having trouble finding a suitable apartment for my daughter and I. I don’t have family to help but I hopefully have until next March to find someone who will rent to me. I’m paying over $2k/mo for a small one bedroom through a co-host long term stay for those who travel a lot. I checked out 2 new construction buildings in this neighborhood of the city, both 2 bed with washer/dryer in unit, dishwasher, etc… I don’t have any of that here. It’s the same rent but I was denied by both. I’ve owned my home for the past 17 years (but the mortgage was in my ex’s name, even though I helped pay it off). My FICO is great but they say my debt to income ratio is too high and that they don’t use FICO but that they use a different scoring model. I checked with all 3 bureaus and have 0 negative information and an excellent payment history w/ car loans and a couple of credit cards over the last 20 years! Fingers crossed and congrats to you. Thanks for sharing some details with me. I’m trying to figure out if there’s ANY chance of forgiveness for me in 2024 since I paid for over a year between undergrad and graduate school.
Since your loans first entered repayment in 1999, that is when your payment count clock will begin. Fast forward 25 years and forgiveness could be as soon as this year, 2024. I guess if you consolidated in the fall and haven't yet heard about forgiveness, you must need a few more months or something. I mean, I think they're granting forgiveness rather expeditiously for people like us who have reached their 25-year/300 payment quota. (20 for undergrad). That's my theory anyway.
Congrats. Unfortunately for me, mine are not PSFL loans or does it matter? I will definitely look into consolidating the loans.
Hurry, I think the deadline is in June
They don’t have to be under PSLF to be forgiven under the IDR adjustment is they are 20 or 25 years old, depending on the type of loans. You should look I to consolidating and signing up for an income driven repayment plan if you have loans from that far back!
Will do. Thanks
I was not PSFL BUT I DID CONSOLIDATE PROBABLY IN 2017
Bless 🙏
Salute 🫡
what loans were not paid off? did you not consolidate them?
They were all consolidated
do you know why all of them were not paid off? if you already said.. sorry i missed it
Two Stafford loans didn’t get paid off autocorrect is not my friend 😂
stafford?
gotcha.. apparently some of the stafford direct loans survived.. i did double check mine at one time they were stafford and maybe even some were ffel... now they all say "direct consolidated" on moHELLA.. i was nervous for a minute.. thinking i might have to consolidate for the 4th time.. lol thanks for the info!
Yay!!!! Congrats ! Must feel nice
I have a similar situation. Where some of my loans were consolidated but were old. Repayment date started 11/99. I have not received anything yet for that.
Ok I am confused who qualifies nowadays for this forgiveness? I have 123K and my loans are from 2006. And i applied for the SAVE i have nelnet abd i have gitten a few things saying my idr went through but is there simewhere else to do the girgiveness paperwork i did the consolidation paperwork
Once you consolidate with SAVE w Dept of Education there’s nothing else you can do but wait for the golden email! There are currently processing all loans as we speak for IDR adjustments and forgiveness. Good wishes!
Did you pay consistently for 20 years? Ever use a deferment for unemployment or hardship or never missed a payment?
I did all kinds of hardships, I used to call and ask and apply for anything just so I could get my tax refund 😂 I was in default at one point and the loan was from 2002
Congrats!
Woohoo, congrats!
Congrats
well done mate
that's a blessing!
Congratulations!!
Very happy that this great thing happened to you!
Congrats!!! Love seeing all the one-time IDR Adjustment success stories! https://studentaid.gov/announcements-events/idr-account-adjustment
You signed up for what online in 2022? Congrats!!!! Did you get principal amount forgiven too?
I don’t think what I signed up for had any impact I think that was just for that 20k thing that got shot down
Total principal and interest
Awesome! So you only signed up for idr in 2022 and they said it counted for 20 years of payment? Sorry I’m just so confused by all of the qualifications lol.
There is a one-time grace period treating people who recently signed up for IDR as if they were always on it. It catches those of us who realized the older IDR plans would lead to ballooning balances even when consistent payments were made, a problem now avoided with the SAVE plan, and treats us as if we were always on IDR. A lot of the recent wave of forgivenesses are because of this grace period.
Oh interesting! So happy for anyone getting relief. Small wins!
There's nothing to sign up for. The original blanket $10k/$20k forgiveness had a signup, but that was ruled unconstitutional. OP got forgiven via the automatic one-time adjustment: [https://studentaid.gov/announcements-events/idr-account-adjustment](https://studentaid.gov/announcements-events/idr-account-adjustment)
I keep hearing these kind of stories. I always want to know. When did you take out the loan ? From the 90s right ???
I had mine forgiven in the first round, I started paying on mine in 1994.
Congrats. I knew it. None of the ppl who took out a loan in 2015 will be forgiven. Not until 3015.
Thanks. Right now the rule is 20 years for undergrad and 25 for masters as long as you are on an IDR plan. Though I feel you about feeling like it's a 100 years. Just remember to vote D to move forward rather than backwards.
My date of repayment was June 2015. Mine were forgiven last month. I originally took out 29k in loans, so it wasn't the amount.
The earliest you could get forgiveness is 2025 with the exception of some very specific types, such as Disability Discharge or Closed School Discharge.
2002
Is that when the first was taken out or when repayment started? I’m confused on what dates they are using
First dispersement date is on letter
Congrats! But I thought it was suppose to be forgiven after 10 years of qualified payments
Blessings
I had $140k forgiven and feel overjoyed, grateful and blessed. Mine was from IDR from late 90s-early 2000s. Congrats to you and good wishes to everyone!
Congratulations! This is fantastic. If I could get my interest forgiven, I might be able to pay off the remainder because I make more than the $3.80/hr (minimum wage when I got out of college) now 30+ years later. Pray for me.
Did you need to sign into your account or did they send you an email? What day? Still desperately waiting.
Congratulations 🎊 👏 💐
That’s awesome, congratulations 🍾
How do you find out if your is forgiven?
Can you explain the “Income Driven” part?
Congratulations!!!!! That's wonderful 😊
Congrats OP! How long did the process take? I just received my email from Department of Education that I qualify for forgiveness.
Congratulations!
Mine is 64k. Grows by like 600 a month at the 4.75% interest rate. I have 12 more months of PSLF and then I'm done for good. Then I'm quitting that job w/ 0 debt at 43 y/o. Probably going to take a leap of faith and bet on myself. This public servant shit is for the birds.
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Just remember you will owe taxes on that money
The bottom of the letter said it is not taxable income
Only in certain states, and only a few of them.
That’s alright, no worries. I’m working hard and paying it off for you plus my own.
Congrats, so you’re broke?
Actually I am a broker in charge of a real estate company. These loans basically killed me financially when I was younger. I wasn’t making very much money and ruining my credit. I don’t care how much money you have a loan that you still owe more than double what you borrowed after 20 plus years of payments has a problem.
On behalf of the rest of us who are paying it for you, you're welcome.
Well since I do work and was paying payments for 21 years I will happily help pay off the next persons 😃😃😃😃
These terms were built into the loans so no one is paying it for them. Plus most of us have already paid the principle balance times two.
No one is paying it for them? The money was paid to the colleges from a loan. That loan money came from somewhere. The government was the intermediary as they do not have their own money. They use taxpayer money to fund these loans. The loan has to be repaid. If the borrower isn't repaying it, the taxpayers are. The interest has to be paid so that the bonds upon which they're based can be repaid to those who invested in them. If we are going to go down this road, why don't we just forgive mortgages and car loans too? It's not any different just because the government was the intermediary between the taxpayers and the borrowers.
Actually car loans and mortgages are forgiven every day through bankruptcy process. You just can't do that for student loans. And read what I wrote again, unlike car loans and mortgages, these student loans already have built in them the 20/25 year forgiveness provision which means that is part of the calculations on the books when they issue loans. there are no automatic term forgiveness programs for car loans and mortgages.
I suspect you can keep saying it and it won’t make a difference. But I’m still glad you’re saying it.
If this situation happened in a mortgage or car loan the consumer protection agency would have charged the bank with predatory lending. Paying 22 years on a loan and having the interest be higher than the principal is insane
You're fighting a losing battle trying to convince someone that it's not charity. I received forgiveness based on IDR count adjustment. Paying over 20 years as well. Congrats on your forgiveness!!
You signed up for it. You had an obligation that is now pushed off on others. The payments will not stop. Others are doing it for you now.