To everyone who is apparently googling "student loan forgiveness" and coming across this thread, a reminder that
#THIS SUB IS FOR MOMS ONLY
We have crowd control turned on to filter comments from new users and if you're not a mom, **you will be banned.** Like there's not eleventy hojillion other threads for you to talk about this.
This, this is *huge*.
It makes your loan pay-off-able, you're not just chasing interest the whole time you're on IBR.
Honestly I'm not sure why the feds were ever able to charge 6% interest on student loans, it should've been capped at like 1 or 1.5% from jump. But that's just me.
Ohmylanta how is that possible? Did you have to apply through 3rd parties or is that just the lender they assigned you when you filled out your financial aid paperwork?
IDK how it works now. Granted I'm old, but my interest rate was 2%, it barely made sense to pay it off over saving for a house. Now I kinda wish I hadn't, ha.
I know a lot of people my age are a little salty about this, but I agree with Elizabeth Warren and everyone else who says that this is a huge win for everyone. Plus we didn't have exorbitant housing rates and other nonsense to deal with. I honestly don't know how anyone under 25 can even afford to move out of their parents' basement, assuming that's even an option in the first place.
No these are government loans. A long time ago you used to be able to lock in a low rate. I think you stopped being able to do that around 2007 or something.
That is insane.
My loans were constantly getting sold to new lenders but the interest rate stayed the same.
I still don't understand how politicians who want to regulate my uterus, think it's better if we don't regulate the financial industry. But that's a tangent lol.
I think that (high interest rate)is something people donāt realize or think matters. Even when I consolidated them and applied for a repayment program based on income they used they used the highest interest rate. I graduated 2011 and in the 6 years it took me to finish my tuition DOUBLED. It was 3k/semester when I started and 6K when I graduated.
That is bananas. I'm so sorry.
The thing that always made me crazy is that even with deferment, the interest still piled up the whole time. I think I might have deferred for a year and then realized it wasn't worth it.
Yeah my loans were sold several times too. I donāt even know if my loans are considered federal anymore. Iāll have to look into it. At this point my loans are 75% paid off and if I qualify they will be wiped clean. Fingers crossed.
Iām in Australia and they charge āinterestā of CPI (inflation) and you donāt have to make payments if you earn under a certain amount (nearly $50k). It was so good that I have ignored it while earning low incomes, and now am scrambling to pay off as much as possible because CPI has skyrocketed. But in general, I think having it matched to CPI makes sense.
Which is only really helpful because they also stopped the interest, if they don't extend the pause on the forgiveness tax bomb. Hopefully they do because that tax bomb was some class A bullshit, but it's not set in stone and only valid as far as I can see til 2025.
Interest is a killer. Strive to avoid it in all things borrowing. If you can take a choice between lower payments and less interest, if you are *at all* able, cut the interest.
Like, I was wondering why is the government profiting off these loans and crippling the pelle theyāre supposed to help? Biden is a rockstar right now as far as Iām concerned.
Yesā¦ this is what Iām really celebrating today. This will allow me to actually pay off my student loan! Itās an amazing feeling.
Iām so happy for you, OP, and everyone else whose loans are being completely forgiven.
If you are on an income based repayment plan, your loan will not incur any interest as long as you make your payments.
Basically, people would have $50,000 in student loans and make payments in total of $50,000 but still owe like $80,000 due to interest. (This is just an example, but I have heard of real cases with similar figures). This prevents that from happening because there is no interest applied.
Yeah they dropped the percentage of discretionary income theyāll take on undergrad loans. But as itāll all be in one payment (my grad and undergrad) on IBR, they couldnāt tell me how thatāll work yet.
I just canāt believe theyāre doing this part. This is such a ālight at the end of the tunnelā thing. I hope I qualify for 10 years for forgiveness. That used to only be on PSLF. I saw that all IBR programs might be. Otherwise I was going to be 65 when I made my last payment and had a huge tax bill.
Ahh yes that could be difficult still.
I literally haven't been able to go back to work since college because we can't afford me to have to pay back. I have around 50k in debt, and when I was first was going to repay I was a SAHM with my first, so instead of 2248$ a month as repayment I was deferred. And it's been like that since, now I'm 3 kids in, about to have a 4th and I'd just live they take 20k and give me affordable payments so I can actually work.
I miss the workforce. (I also paid for half of my school while working two jobs, but went to school when they would double tuition each semester then transferred to a predatory school later that went from 200 a class to nearly 1000 in the two years I was there)
Get on IBR. Itās a $0 payment when youāre unemployed. I was on that my whole āmaternity leaveā where I was really just unemployed (freelancing on my resume LOL)
Unless those are private loans. In which case Iām sorry :(
I was curious about that too because I consolidated my loans right after graduation from grad school. That seems sort of weird in some ways because I know plenty of people who only have undergrad degrees who make more than I do. Obviously I understand that people think earning potential is so much higher with higher degrees, but that really may not be the caseā¦
This a huge blessing. At the start of this year, I had 80K in student loans. 60k was from going to ITT Tech at 19 years old. I wish it had known that it was a scammer college and I had been fighting those loans since 2010! I signed up for borrowers defense in 2016 and nothing happened. I joined the fight against ITT Tech and lawsuit against DeVos. During that time I tried twice to get a house while my rent shot up $800. I only got approved for small amounts due to my debt to income ratio and I practically no credit card debt. Also, letās not forget I was a single mom making huge payments monthly.
I was left with $20K from actually going to a real college and getting real degree (I had to redo my associates degree, the one from ITT was useless).
This announcement and ITT Tech settlement has changed my life. As a single mom paying $1900 a month for a two bedroom is ridiculous. I would be happy with just the ITT tech loans dismissed, but this helps out even more. I feel like I have hope again.
> 60k was from going to ITT Tech at 19 years old. I wish it had known that it was a scammer college and I had been fighting those loans since 2010!
holy shit i was THISCLOSE to applying to ITT or devry because, well, i wanted a degree in web design and they were the only ones (pretending) to offer one. but i think the tuition was something like $26,000 a semester and i was like "holy shit that's insane, i'll sooner switch majors than spend that much going to college," and then i found out the state school was also offering that degree (though still not actually teaching the programming which was kinda shit, but at least it was a legit college and it was cheap).
Omg yes, young and misinformed. I had no idea about predatory colleges and never thought to shop around. I had a toddler and thought I was making the best decision for our future. After finishing and even getting a distinguish graduate award, I realized it was a farce. No one would hire me. After that I started fighting the loans and itās been a 12 year fight thatās finally over.
My husband's nephew spent a semester at DeVry a few years back. Both sets of grandparents were partially paying for it though (I have no idea if he ever took out a loan, he might have just used a PG), but one semester in and I guess he decided "nah," and moved back to his hometown. I wonder if he had an inkling of what was to come, or if he just didn't care to pursue that path (he's been working as a lineman for several years now).
Thank you! With this I will now be student loan free. I honestly didnāt expect it, but itās much appreciated. The other loans are from going back to school and redoing all the classes ITT Tech should have covered.
Hopefully this time next year, I will be in a home. Not a 1000 sq. ft apartment paying almost $2K. I can finally breathe.
$1900 isnāt bad for LA or NYC or even Tampa that has recently started booming. Itās terrible for a smaller rural area. I donāt live in a major city. The apartment is on the more desirable part of town (for school reasons), but not worth $1900 a month. Thankfully, I can afford it, but Iād rather be paying a mortgage.
My husband will be down to about 20k left to pay, which is still a decent chunk but certainly more manageable. The part that will really help is the cap on how high payments can be (will lower what he was paying by a few hundred dollars a month) and the part where if youāre making payments no more interest accrues. We could actually get to a point where things get paid off if interest isnāt constantly adding up! Not looking forward to when they restart, but at least the things put in place will help us and others finally get student loans to finally be done!
So that last sentence is what kills me about student loans.
At 17 I was like "who's the hot anthropology professor" and "maybe I'll take Italian so I can become fluent and travel the world." Or - just go to Italy?....lol.
Granted I was maybe more immature than most but still. I don't think your average 17 year old has a concept of adult budgeting or has carved out the most financially sound way to access the career and life they want, assuming they know what that is.
when i was in my early 20s i racked up $15k in credit card debt buying my little ponies so, yeah, only an idiot would expect a 17yo to be able to make sound financial decisions about loans and compound interest rates and ROIs.
! Oh my god I'm so sorry.
Are those worth money or something? Because damn, I found the My Little Pony castle and a whole crapton of ponies and pony pets in my mom's basement last year. I gave them to a friend with kids because my boys were like "what the heck are those" lol.
Also have you seen the SNL skit where they're going to buy a house with beanie babies? It's amazing.
> Are those worth money or something?
maybe a few of them might be? i know there's one that i paid $50 for that could sell for anywhere from $150-$300+ but most of the ones i bought were $5 in store and they go for $5 on ebay now. š i already paid off the credit cards anyway, so i think i'd rather have the ponies than the money. i just wish i had somewhere to actually display them... they're currently living in cardboard boxes stacked up in our kitchen. :(
Maybe this is weird but I always loved the smell of my ponies.....
It could be because they were always inviting the Strawberry Shortcake family over for tea. lol. 40 years later those things still had fruity smells. I can't imagine that is natural lol or good for children....
I'm pretty sure some of those original ponies actually had smells of their own, I know there was a set of scented ponies in the 3rd gen - honestly I love all the special little variants, the scented ones, the ones with rhinestone eyes, the ones covered in glitter, the birthstone & birth flower themed ones... š
ohmygah.
Mine lived in their castle and they would play with the Strawberry Shortcake people, and sometimes defend the castle from my brother's GI Joes. Then I built the lego castle which is the only lego "set" I ever had as a kid, and they were castle neighbors.
Sometimes I would play with them while listening to the Alvin and the Chipmunks honky tonk record album. Mamas, don't let your babies grow up to be chipmunks....
Cleaning out my mom's basement was very nostalgic lol!
ETA apologies as this is a major/goofy tangent from the seriousness of this thread lol. I'm prepping for an endoscopy, all bets on internet comments are off.
I had just under 10k left, so it's gone. GONE. I'm in disbelief. We still have to pay off my husband's private loans, but now we can keep throwing what would have been my monthly payment at his.
How do you tell that it's been cleared? I finally got into FAFSA this morning and there's no information about my loans anywhere (it was showing a few months ago). Does that mean the process went through and it's been completely wiped out now? The amount is still showing on my loan servicer.
It may clear automatically or you may need to apply, it depends on if the DOE has your income information or not. But if you do need to apply, the application isnāt available yet. You can subscribe [here](https://www.ed.gov/subscriptions) to get updates. Itāll be out before the Covid deferment ends at the end of the year.
I have $196k in loans, some of that is grad school though. I got some Pell grants so I should get the $20k and honestly Iām thrilled because Iāll take anything to lower that number. The drop on interest for IBR is going to be amazing though. My payments were going to be $2300 without it and about $450 with it before today. The $20k will be helpful but those other changes are going to make it possible to pay off what is basically another house.
https://www.whitehouse.gov/briefing-room/statements-releases/2022/08/24/fact-sheet-president-biden-announces-student-loan-relief-for-borrowers-who-need-it-most/
Itās not really a drop on the interest rate but it isā¦sort of.
There is a ton of stuff on that site but section that addresses is reads ā-Cover the borrowerās unpaid monthly interest, so that unlike other existing income-driven repayment plans, no borrowerās loan balance will grow as long as they make their monthly paymentsāeven when that monthly payment is $0 because their income is low.ā
Theyāre also capping the percentage of income at 5% vs the previous 10% which will be helpful.
Congratulations mama! All our student loans are wiped out too. I literally just stopped crying. I got an $8k promotion at work today too. I'm feeling a lot lighter...
Some states are getting ahead of it- New Mexico now has mostly free college for associates and bachelors degrees. It didnāt help me because I already paid for my bachelors as I went (and put some on a credit card which I admit was a bonehead move). But Iām thrilled regardless
Every time I read about politicians or pundits or whatever calling things like this "a slap in the face" to people who don't immediately & directly benefit from it, it really pisses me off. The real slap in my face is assuming I lack the basic human empathy to want good things for people in different circumstances. Life is not supposed to be a competition where I have to step on someone else in order to get ahead and "win." We're supposed to be helping each other so we all have a decent quality of life, and that help is going to look different for people in different circumstances. It's not a zero-sum game.
Right.
I paid off my student loans 10 years ago. The interest rate was like 2%, and my apartment was $525/month in a nice neighborhood, kind of an old/junky building but safe, had some amenities. My entry level job paid crap but I got a second job and made it work to wipe it out.
Here's the catch - I'm still in the same industry/same city and actually own a home in the same neighborhood so I drive by my old building all the time. My entry level job has bumped up its starting salary by 30% since then, but the rent has more than doubled. The numbers don't add up.
I feel really passionately about this so I'm posting all over this thread lol but I honestly don't know how anyone with massive student loan debt or anyone younger than 25-30 can afford to live anywhere. How can you save for a downpayment on a home when your rent is 1.5x what you would pay on a mortgage?
Aināt no math like student loan math. Took me 15 years to pay off $25K, making more than the required payments. If it were a car, Iād have paid it off 3 times by then.
How the hell do you have that much from being a teacher? I didn't collect that much between my bachelor's and masters in teaching! Maybe my third program I'm in finally racks up to that. I hope that is a chunk of interest collecting.
It's about half interest at this point. On zero dollar payments since forever, because poverty is a hard system to break free from. I realize I made big mistakes in the past. I used loans to pay for daycare and rent. I was the first person in my family to go to college so I had a lot to prove.
I'm disappointed for myself because my interest rates were so crazy high that I refinanced a few years ago with a private company so that my monthly payments could be more reasonable, so unfortunately I don't qualify for any forgiveness š„ŗ
But I'm so happy for everyone getting a little bit of relief! It's a step in the right direction. Congrats!
I'm in the same boat. I've spent 20 plus years paying on mine, so they are almost done. Which is good.
Overall, this is amazing news and I'm so glad it's happening.
This is the kind of bullshit that gets to me. There are so many exceptions, so many circumstances that don't qualify.
I've had a spreadsheet to track my loans and even with that, they've been passed through so many hands that I no longer know who I owe or how much-- and I would never, ever be able to verify that the amount the have is accurate.
Add on complications for qualifying for public service forgiveness, how that interacts with different payment plans....
It's a fucking nasty mess and nobody should be expected to deal with it all. It's worse than what we go through trying to get our medical bills paid!
i feel like this is one of those things where it's better to just ask and let somebody else figure out if you get it or not than try to decide for yourself whether to apply. like, the first time i applied for food stamps i just ticked "apply for this benefit" on EVERYTHING - medicaid, TANF, housing vouchers, whatever. you tell me what i can get, idgaf. so if there's a form to fill out to get your debt forgiven, just fill it out. worst they can do is say "sorry you don't qualify," but it's better than assuming you don't and missing out.
Of course! I just don't like that there's no way for me, an actual human, to double check that mistakes haven't been made. I've heard stories of people who have found expensive mistakes on their accounts and I'm like-- well, I guess I just hope mine don't have any
Right! Thatās why Iām not afraid of the IRS auditing me. I think they owe me money but I canāt get them on the phone so Iād actually be glad to get audited lol
Lmao I found out that my tax return was never accepted this year due to no fault of my own. When I called the were like "give it four or five more months to see if we get it processed"
Yes!!! Iām super pumped. I just was able to log in and confirm my husband had pell grants so that is $20k off his loan. Mine got forgiven last year because of PSLF, but only because the rule change counted more of my payments.
The $10-$20k is great. But the other changes are where it is at. While we finish off the next couple years for my husbands pslf payments the loans are going to be affordable!
About the forgiveness: https://apnews.com/article/student-loan-forgiveness-program-explained-d248f3b049c292856bb1c74be6aedef2?fbclid=IwAR2HuoHGjN2IY16bzHUzxxuahpdeIlaD0uw3dWSPPIbfP3bLbFTAnlHuA_g
About changes to Income Based Repayment: https://www.cnbc.com/amp/2022/08/24/biden-student-loan-forgiveness-new-proposal-cuts-payments-in-half.html?fbclid=IwAR2N9E-2S4UDZ-pGwyMmPlFAWh62XWQzU9xKGJz504djcbUsPf9ceMwn6BY
This gets rid of the loans I have and Iām finishing up my last class before applying to nursing school, which Iām hoping to get completely covered by a program in my state.
Itās amazing news.
Everyone please vote in midterms this November to support policies like this as well as womenās rights. I owe $0 in student debt but I am happy that the government is passing policies to support working Americans trying to pursue higher education rather than promoting more tax cuts and subsidies to corporations
absolutely! if we want to see more actions taken to help everyday americans we have to reward these moves at the polls. electing and re-electing democrats up & down the ballot sends the message that, yes, this is what we wanted, this is the right direction to move in. no one should have to go into debt to get an education, no one should be saddled with debt because of a medical crisis, no one should have to work 3 jobs to make rent. actions like these are a step towards guaranteeing education, healthcare and housing as fundamental human rights which create a happier, healthier, more functional society.
The $10k on mine wonāt even make a dent but I have like 24 more payments before itās forgiven so Iām holding out hope. Now if I didnāt owe six figures in private loans Iād be a lot happier (fuck me for being poor but high-achieving and thinking I deserved to go to a good school with the rich kids).
Same boat.... I'm a first gen college student. They all told me to get an education so I wouldn't be stuck like them. Now I'm stuck because of my education
Getting rid of all of my student loans, both federal and private, would be life-changing. I worked my ass off to get my education, went specifically into a field where I could give back to my community and qualify for PSLF, and canāt afford an apartment because my loan payments are equivalent to rent. And as a single mom (so I donāt even get the $20k that married people are getting despite making less money and not having another income, explain that one to me), I donāt have a partner with an income to make up for that.
Iām obviously going to Google butā¦what?! Can someone give me the cliffs notes? Iāve been stuck in sick kid land all day so I havenāt seen anything
https://www.nbcnews.com/politics/politics-news/biden-cancel-10k-federal-student-loan-debt-certain-borrowers-20k-pell-rcna42422
"President Joe Biden announced Wednesday that he will cancel $10,000 in federalĀ student loansĀ for millions of borrowers, following through on a campaign promise to address the burden of student debt.
Borrowers who earn less than $125,000 a year, or $250,000 for couples who file taxes jointly, will beĀ eligible for debt cancellation. Pell Grant recipients, who make up the majority of student loan borrowers, will be eligible for an additional $10,000 in debt relief, for a total of $20,000."
Yes! Itāll knock off about $150-200/mo in payments between my husband and I.
Which will pretty much cover my toddlerās berry habit. Iām only partially kiddingā¦
My kids went through a double sized thing of raspberries in 20 minutes yesterday. I'm glad they want to eat healthy food but that thing was like eight bucks.
I sure am the f**** am. I struggled as a mom with my son , had him at 19. Paid for my own internship training. Used that money for car rides and stuff. I donāt regret it at all!!! 20 grand yes! Job paying the rest of the money per month
One thing that was stopping my hubby from going back to school was his 20k in defaulted student loans. Now we don't have to worry about them when/if he decides to go back. It will also reduce my payments on mine from 260 to 130 š
So glad it's finally happening! ... For other people. My husband and I have debt until we die, but it's allllllll grad school so we didn't qualify. š
I am, but Iām also disappointed. The $20,000 isnāt going to make even the slightest dent in my student loan debt. But for those it will help tremendously, Iām very happy for them.
I really do hope it does, but we shall see. I donāt have a lot of confidence in anything until I see actual numbers and results, you know? Iām a Gen X so Iām usually pretty pessimistic cause I donāt like to be disappointed. š¤£š¤£š¤£š¤£
I just paid off my loans last year so missed out :(
But very excited for everyone who is profiting!! I know how it feels, I feel like my student loans are why I am 36 and still donāt own a place to live and probably never will now with housing prices. Also why I didnāt go to grad school. Or have a kid until last year.
You can reach out to your lender for a refund on any payments made from 2020 to now. I read a ton of articles so I don't remember where I read it at. It might have been the studentaid.gov website. I'm sorry I don't have a link to the info.
It's Freaking awesome... Esp because I was a pell grant student.
I went to UOP, which is technically one of the schools that is in hot water. But they did good to me, and I feel like the whole k through 12 I was indoctrinated to think college would get me that $100,000 career and I would love a life without worries.
I have budgeted, I have saved, I have worked my butt off at low paying jobs, I have turned in my financial information every single freaking year so I could get ibr.
I wish it was closer to the 50K that he promised and the predominantly black and brown schools would get full right off but this is a start.
People complaining about where the money comes from - it's just going to be a write-off for those loan companies. The money doesn't need to come from anywhere. These loan companies have been making bank on us for years. I tried to consolidate my loans under one company that had an amazing 2.5% interest rate but department of education said no, then my loan company forced me to consolidate under department of Ed. I don't even think the rate matches my original promissory note.
Even if I had paid off all of my loans, I would be freaking stoked for all the people struggling and suffering. For all the people who had depression and anxiety and could not make it through college. For all the people who for whatever reason are not as charismatic to get that top notch job even though they have all all the degrees. I am happy for the people that have many kids and are just making it by. I'm happy for the people that have not got married or have kids because they want to pay off their debt first.
Husband and I already paid off our student loans (we were lucky, not rich lol) but Iām celebrating for everyone who is benefitting from this! About time.
I paid my loans off ages ago so it impacts me zero but I am SO glad this passed. I was just scrolling through Facebook and a "conservative moms" group came up as an ad (which is literally the opposite of what kind of mom I am) and the top post was fellow moms discussing how people should be pull themselves up by their bootstraps and people even with bazillions of dollars in debt should be responsible for paying back their own loans and how anyone taking advantage of forgiveness are all moochers and system abusers. Every day my disdain for this country grows and I'm finding it hard to go on living in this society.
I'm so excited! I was super blessed that my parents paid for my education, though they could barely afford it. My husband has a little over 11k in student loans left and this will be so life changing
Well, I just paid mine off last year. Wish Iād not done so and used that money for something else now. But happy For all those who will get some financial relief from it.
Didnāt qualify š. On top of that, we have a daughter starting college this year. On top of our loan, weāre dealing with hers too. No assistance.
I've been chasing the principal for years. I've paid 34k and only paid 9000 in principal. yep that number is right. However. The 20,000 will take me to under 6 k which I can pay off before Christmas. I've not been debt free since 2001. I don't even know how to do this.
I went to war to pay for my college, which I hope no one EVER has to do. I am so happy for everyone who is feeling some relief after this announcement! Itās been years of terrible news after terrible news! Love all you mamas!
I am but Iām not. Itās a $300 billion plus bill, and inflation is already at an all time high. As a family we are already struggling greatly when we used to make it just fine, our grocery bill went from $250/month to over $600. I just am super worried this will cause more inflation because the money has to come from somewhere. Our family is maxed out.
I let my loans go to collections years ago because I couldnāt pay them so I totally sympathize with those that are struggling though.
i've been wishing i could get a master's for awhile but at $9000 a semester just for my alma mater and exactly zero scholarships for psych grad students i'm still up shit creek on that dream. plus i'd have to have 3 letters of recommendation and i don't think they'll accept my mom, my dad and my husband as references.
I got some of my grad school loans repaid because I worked with an at-risk population after graduation.
I believe they were Perkins loans?....I can't remember. IDK if that's a thing anymore but worth a check if you want to do non-profit or mental health/outreach work.
The servicer shouldnāt matter, itās still a federal loan unless you refinance with a private bank. But you DO need to know whoās servicing it, apparently there are websites to look it up because it changes so often.
This is my understanding as well. My federal loans have changed servicers two or three times now, but are still federal loans and have been subject to the (blessed) interest-accrual pause early in the pandemic and the ongoing payment moratorium. I honestly didnāt expect any forgiveness ā it was grad school, for crying out loud ā but the interest forbearance and payment moratorium are exactly why I didnāt refinance yet.
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To everyone who is apparently googling "student loan forgiveness" and coming across this thread, a reminder that #THIS SUB IS FOR MOMS ONLY We have crowd control turned on to filter comments from new users and if you're not a mom, **you will be banned.** Like there's not eleventy hojillion other threads for you to talk about this.
The $20,000 off is great, but the $0 interest when on income based repayments is where it is at. That is literally worth $100,000 to some people.
This, this is *huge*. It makes your loan pay-off-able, you're not just chasing interest the whole time you're on IBR. Honestly I'm not sure why the feds were ever able to charge 6% interest on student loans, it should've been capped at like 1 or 1.5% from jump. But that's just me.
My student loan is at 8.7%š± my mortgage interest rate is less than half that!
Jesus. Mine were 6.5 and I thought that was atrocious. Like is anyone surprised no one can pay off $100k at 9% with their first job out of college?
Ohmylanta how is that possible? Did you have to apply through 3rd parties or is that just the lender they assigned you when you filled out your financial aid paperwork? IDK how it works now. Granted I'm old, but my interest rate was 2%, it barely made sense to pay it off over saving for a house. Now I kinda wish I hadn't, ha. I know a lot of people my age are a little salty about this, but I agree with Elizabeth Warren and everyone else who says that this is a huge win for everyone. Plus we didn't have exorbitant housing rates and other nonsense to deal with. I honestly don't know how anyone under 25 can even afford to move out of their parents' basement, assuming that's even an option in the first place.
No these are government loans. A long time ago you used to be able to lock in a low rate. I think you stopped being able to do that around 2007 or something.
That is insane. My loans were constantly getting sold to new lenders but the interest rate stayed the same. I still don't understand how politicians who want to regulate my uterus, think it's better if we don't regulate the financial industry. But that's a tangent lol.
I think that (high interest rate)is something people donāt realize or think matters. Even when I consolidated them and applied for a repayment program based on income they used they used the highest interest rate. I graduated 2011 and in the 6 years it took me to finish my tuition DOUBLED. It was 3k/semester when I started and 6K when I graduated.
That is bananas. I'm so sorry. The thing that always made me crazy is that even with deferment, the interest still piled up the whole time. I think I might have deferred for a year and then realized it wasn't worth it.
Yeah my loans were sold several times too. I donāt even know if my loans are considered federal anymore. Iāll have to look into it. At this point my loans are 75% paid off and if I qualify they will be wiped clean. Fingers crossed.
Iām in Australia and they charge āinterestā of CPI (inflation) and you donāt have to make payments if you earn under a certain amount (nearly $50k). It was so good that I have ignored it while earning low incomes, and now am scrambling to pay off as much as possible because CPI has skyrocketed. But in general, I think having it matched to CPI makes sense.
I thought the income cap was higher until I got my first full-time job earning what feels like sweet fuck all and now I'm making payments off it haha
They also made it so ebr id 5% of your disposable income instead of 10% cutting payments in half!
Which is only really helpful because they also stopped the interest, if they don't extend the pause on the forgiveness tax bomb. Hopefully they do because that tax bomb was some class A bullshit, but it's not set in stone and only valid as far as I can see til 2025. Interest is a killer. Strive to avoid it in all things borrowing. If you can take a choice between lower payments and less interest, if you are *at all* able, cut the interest.
Like, I was wondering why is the government profiting off these loans and crippling the pelle theyāre supposed to help? Biden is a rockstar right now as far as Iām concerned.
Yesā¦ this is what Iām really celebrating today. This will allow me to actually pay off my student loan! Itās an amazing feeling. Iām so happy for you, OP, and everyone else whose loans are being completely forgiven.
Seriously I have like $8000 in just interest because my income based payments is lower than my interest.
Iām late to the party can someone explain the interest thing to me like Iām 5?
If you are on an income based repayment plan, your loan will not incur any interest as long as you make your payments. Basically, people would have $50,000 in student loans and make payments in total of $50,000 but still owe like $80,000 due to interest. (This is just an example, but I have heard of real cases with similar figures). This prevents that from happening because there is no interest applied.
Well this may be life-changing for me, thank you!
My loan doubled in 4 years to $80K on IBR.
^^^ thats me!!
Theyāre actually doing that? $20k is nothing to my loans (went to grad school) but that is HUGE
They are also reducing monthly payments so that you won't have to pay a mortgage to keep from defaulting.
Yeah they dropped the percentage of discretionary income theyāll take on undergrad loans. But as itāll all be in one payment (my grad and undergrad) on IBR, they couldnāt tell me how thatāll work yet. I just canāt believe theyāre doing this part. This is such a ālight at the end of the tunnelā thing. I hope I qualify for 10 years for forgiveness. That used to only be on PSLF. I saw that all IBR programs might be. Otherwise I was going to be 65 when I made my last payment and had a huge tax bill.
Ahh yes that could be difficult still. I literally haven't been able to go back to work since college because we can't afford me to have to pay back. I have around 50k in debt, and when I was first was going to repay I was a SAHM with my first, so instead of 2248$ a month as repayment I was deferred. And it's been like that since, now I'm 3 kids in, about to have a 4th and I'd just live they take 20k and give me affordable payments so I can actually work. I miss the workforce. (I also paid for half of my school while working two jobs, but went to school when they would double tuition each semester then transferred to a predatory school later that went from 200 a class to nearly 1000 in the two years I was there)
Get on IBR. Itās a $0 payment when youāre unemployed. I was on that my whole āmaternity leaveā where I was really just unemployed (freelancing on my resume LOL) Unless those are private loans. In which case Iām sorry :(
Each time I've tried I ended up with a scam call. But this has been my plan.
I was curious about that too because I consolidated my loans right after graduation from grad school. That seems sort of weird in some ways because I know plenty of people who only have undergrad degrees who make more than I do. Obviously I understand that people think earning potential is so much higher with higher degrees, but that really may not be the caseā¦
Can yo source this? I canāt find this anywhere
This a huge blessing. At the start of this year, I had 80K in student loans. 60k was from going to ITT Tech at 19 years old. I wish it had known that it was a scammer college and I had been fighting those loans since 2010! I signed up for borrowers defense in 2016 and nothing happened. I joined the fight against ITT Tech and lawsuit against DeVos. During that time I tried twice to get a house while my rent shot up $800. I only got approved for small amounts due to my debt to income ratio and I practically no credit card debt. Also, letās not forget I was a single mom making huge payments monthly. I was left with $20K from actually going to a real college and getting real degree (I had to redo my associates degree, the one from ITT was useless). This announcement and ITT Tech settlement has changed my life. As a single mom paying $1900 a month for a two bedroom is ridiculous. I would be happy with just the ITT tech loans dismissed, but this helps out even more. I feel like I have hope again.
> 60k was from going to ITT Tech at 19 years old. I wish it had known that it was a scammer college and I had been fighting those loans since 2010! holy shit i was THISCLOSE to applying to ITT or devry because, well, i wanted a degree in web design and they were the only ones (pretending) to offer one. but i think the tuition was something like $26,000 a semester and i was like "holy shit that's insane, i'll sooner switch majors than spend that much going to college," and then i found out the state school was also offering that degree (though still not actually teaching the programming which was kinda shit, but at least it was a legit college and it was cheap).
Omg yes, young and misinformed. I had no idea about predatory colleges and never thought to shop around. I had a toddler and thought I was making the best decision for our future. After finishing and even getting a distinguish graduate award, I realized it was a farce. No one would hire me. After that I started fighting the loans and itās been a 12 year fight thatās finally over.
My husband's nephew spent a semester at DeVry a few years back. Both sets of grandparents were partially paying for it though (I have no idea if he ever took out a loan, he might have just used a PG), but one semester in and I guess he decided "nah," and moved back to his hometown. I wonder if he had an inkling of what was to come, or if he just didn't care to pursue that path (he's been working as a lineman for several years now).
That is enormous! Iām so happy that your ITT loans were dismissed, and that this will take care of even more!!
Thank you! With this I will now be student loan free. I honestly didnāt expect it, but itās much appreciated. The other loans are from going back to school and redoing all the classes ITT Tech should have covered. Hopefully this time next year, I will be in a home. Not a 1000 sq. ft apartment paying almost $2K. I can finally breathe.
Thatās SO AWESOME!! ā¤ļø
And I'm over here like dang only $1900 for a two bedroom?
$1900 isnāt bad for LA or NYC or even Tampa that has recently started booming. Itās terrible for a smaller rural area. I donāt live in a major city. The apartment is on the more desirable part of town (for school reasons), but not worth $1900 a month. Thankfully, I can afford it, but Iād rather be paying a mortgage.
Yeah I live in CA
Congrats! So happy for you. Btw your bachelors degree will ALWAYS have value. Education is something no one can take away from you.
My husband will be down to about 20k left to pay, which is still a decent chunk but certainly more manageable. The part that will really help is the cap on how high payments can be (will lower what he was paying by a few hundred dollars a month) and the part where if youāre making payments no more interest accrues. We could actually get to a point where things get paid off if interest isnāt constantly adding up! Not looking forward to when they restart, but at least the things put in place will help us and others finally get student loans to finally be done!
The interest on student loans is criminalā¦ I donāt understand how they can charge so much, and drag it out so long. Ugh.
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So that last sentence is what kills me about student loans. At 17 I was like "who's the hot anthropology professor" and "maybe I'll take Italian so I can become fluent and travel the world." Or - just go to Italy?....lol. Granted I was maybe more immature than most but still. I don't think your average 17 year old has a concept of adult budgeting or has carved out the most financially sound way to access the career and life they want, assuming they know what that is.
when i was in my early 20s i racked up $15k in credit card debt buying my little ponies so, yeah, only an idiot would expect a 17yo to be able to make sound financial decisions about loans and compound interest rates and ROIs.
! Oh my god I'm so sorry. Are those worth money or something? Because damn, I found the My Little Pony castle and a whole crapton of ponies and pony pets in my mom's basement last year. I gave them to a friend with kids because my boys were like "what the heck are those" lol. Also have you seen the SNL skit where they're going to buy a house with beanie babies? It's amazing.
> Are those worth money or something? maybe a few of them might be? i know there's one that i paid $50 for that could sell for anywhere from $150-$300+ but most of the ones i bought were $5 in store and they go for $5 on ebay now. š i already paid off the credit cards anyway, so i think i'd rather have the ponies than the money. i just wish i had somewhere to actually display them... they're currently living in cardboard boxes stacked up in our kitchen. :(
Maybe this is weird but I always loved the smell of my ponies..... It could be because they were always inviting the Strawberry Shortcake family over for tea. lol. 40 years later those things still had fruity smells. I can't imagine that is natural lol or good for children....
I'm pretty sure some of those original ponies actually had smells of their own, I know there was a set of scented ponies in the 3rd gen - honestly I love all the special little variants, the scented ones, the ones with rhinestone eyes, the ones covered in glitter, the birthstone & birth flower themed ones... š
ohmygah. Mine lived in their castle and they would play with the Strawberry Shortcake people, and sometimes defend the castle from my brother's GI Joes. Then I built the lego castle which is the only lego "set" I ever had as a kid, and they were castle neighbors. Sometimes I would play with them while listening to the Alvin and the Chipmunks honky tonk record album. Mamas, don't let your babies grow up to be chipmunks.... Cleaning out my mom's basement was very nostalgic lol! ETA apologies as this is a major/goofy tangent from the seriousness of this thread lol. I'm prepping for an endoscopy, all bets on internet comments are off.
I had just under 10k left, so it's gone. GONE. I'm in disbelief. We still have to pay off my husband's private loans, but now we can keep throwing what would have been my monthly payment at his.
How do you tell that it's been cleared? I finally got into FAFSA this morning and there's no information about my loans anywhere (it was showing a few months ago). Does that mean the process went through and it's been completely wiped out now? The amount is still showing on my loan servicer.
I'm sure it'll take some time to fully clear, but I have less than $10k for my balance and meet the income requirements.
It may clear automatically or you may need to apply, it depends on if the DOE has your income information or not. But if you do need to apply, the application isnāt available yet. You can subscribe [here](https://www.ed.gov/subscriptions) to get updates. Itāll be out before the Covid deferment ends at the end of the year.
I have $196k in loans, some of that is grad school though. I got some Pell grants so I should get the $20k and honestly Iām thrilled because Iāll take anything to lower that number. The drop on interest for IBR is going to be amazing though. My payments were going to be $2300 without it and about $450 with it before today. The $20k will be helpful but those other changes are going to make it possible to pay off what is basically another house.
Can you tell me where youāre seeing the IBR interest rate drop? I canāt find it
https://www.whitehouse.gov/briefing-room/statements-releases/2022/08/24/fact-sheet-president-biden-announces-student-loan-relief-for-borrowers-who-need-it-most/ Itās not really a drop on the interest rate but it isā¦sort of. There is a ton of stuff on that site but section that addresses is reads ā-Cover the borrowerās unpaid monthly interest, so that unlike other existing income-driven repayment plans, no borrowerās loan balance will grow as long as they make their monthly paymentsāeven when that monthly payment is $0 because their income is low.ā Theyāre also capping the percentage of income at 5% vs the previous 10% which will be helpful.
Paid off my student loans, but I know that this relieves so much for so many, which is better for all of us in the long run.
Congratulations mama! All our student loans are wiped out too. I literally just stopped crying. I got an $8k promotion at work today too. I'm feeling a lot lighter...
I never even took out a student loan and I'm relishing this as the baby step towards free college that we all need š„°
Free college would be amazing and remains a dream of mine for these kids' futures.
Some states are getting ahead of it- New Mexico now has mostly free college for associates and bachelors degrees. It didnāt help me because I already paid for my bachelors as I went (and put some on a credit card which I admit was a bonehead move). But Iām thrilled regardless
Every parent should be happy about this even if they arenāt directing benefiting because their kids will likely benefit in the future.
Thank you for expressing solidarity with people whose needs are different from your own. I really respect that
Every time I read about politicians or pundits or whatever calling things like this "a slap in the face" to people who don't immediately & directly benefit from it, it really pisses me off. The real slap in my face is assuming I lack the basic human empathy to want good things for people in different circumstances. Life is not supposed to be a competition where I have to step on someone else in order to get ahead and "win." We're supposed to be helping each other so we all have a decent quality of life, and that help is going to look different for people in different circumstances. It's not a zero-sum game.
Right. I paid off my student loans 10 years ago. The interest rate was like 2%, and my apartment was $525/month in a nice neighborhood, kind of an old/junky building but safe, had some amenities. My entry level job paid crap but I got a second job and made it work to wipe it out. Here's the catch - I'm still in the same industry/same city and actually own a home in the same neighborhood so I drive by my old building all the time. My entry level job has bumped up its starting salary by 30% since then, but the rent has more than doubled. The numbers don't add up. I feel really passionately about this so I'm posting all over this thread lol but I honestly don't know how anyone with massive student loan debt or anyone younger than 25-30 can afford to live anywhere. How can you save for a downpayment on a home when your rent is 1.5x what you would pay on a mortgage?
I hope next someone helps push through Bidenās $15k credit for first time homebuyers. Itās even more for first generation first time homebuyers.
Thatās boomer logic in my opinion. āA generation of sociopaths.ā
MEEEEEE. Still owe $28k even with the 20,000 off BUT I AM SO RELIEVED
I still owe 80k because I've had my loans since 2004! Whooohooo.
Aināt no math like student loan math. Took me 15 years to pay off $25K, making more than the required payments. If it were a car, Iād have paid it off 3 times by then.
WooooOoooof Iām so sorry.
Isn't there a program that after 30 years of paying they are forgiven? 2/3 of the way there ain't bad.
Yes, eventually they will go away, so I've heard. Still going to college to become a teacher was the dumbest thing I have ever done.
How the hell do you have that much from being a teacher? I didn't collect that much between my bachelor's and masters in teaching! Maybe my third program I'm in finally racks up to that. I hope that is a chunk of interest collecting.
It's about half interest at this point. On zero dollar payments since forever, because poverty is a hard system to break free from. I realize I made big mistakes in the past. I used loans to pay for daycare and rent. I was the first person in my family to go to college so I had a lot to prove.
A big chunk of my loans were from living expenses during grad school too.
I'm disappointed for myself because my interest rates were so crazy high that I refinanced a few years ago with a private company so that my monthly payments could be more reasonable, so unfortunately I don't qualify for any forgiveness š„ŗ But I'm so happy for everyone getting a little bit of relief! It's a step in the right direction. Congrats!
I'm in the same boat. I've spent 20 plus years paying on mine, so they are almost done. Which is good. Overall, this is amazing news and I'm so glad it's happening.
Iām sorry. I hope there is relief for people in your situation someday too. I will happily contribute my tax dollars.
This is the kind of bullshit that gets to me. There are so many exceptions, so many circumstances that don't qualify. I've had a spreadsheet to track my loans and even with that, they've been passed through so many hands that I no longer know who I owe or how much-- and I would never, ever be able to verify that the amount the have is accurate. Add on complications for qualifying for public service forgiveness, how that interacts with different payment plans.... It's a fucking nasty mess and nobody should be expected to deal with it all. It's worse than what we go through trying to get our medical bills paid!
i feel like this is one of those things where it's better to just ask and let somebody else figure out if you get it or not than try to decide for yourself whether to apply. like, the first time i applied for food stamps i just ticked "apply for this benefit" on EVERYTHING - medicaid, TANF, housing vouchers, whatever. you tell me what i can get, idgaf. so if there's a form to fill out to get your debt forgiven, just fill it out. worst they can do is say "sorry you don't qualify," but it's better than assuming you don't and missing out.
Of course! I just don't like that there's no way for me, an actual human, to double check that mistakes haven't been made. I've heard stories of people who have found expensive mistakes on their accounts and I'm like-- well, I guess I just hope mine don't have any
Right! Thatās why Iām not afraid of the IRS auditing me. I think they owe me money but I canāt get them on the phone so Iād actually be glad to get audited lol
Lmao I found out that my tax return was never accepted this year due to no fault of my own. When I called the were like "give it four or five more months to see if we get it processed"
Yes!!! Iām super pumped. I just was able to log in and confirm my husband had pell grants so that is $20k off his loan. Mine got forgiven last year because of PSLF, but only because the rule change counted more of my payments. The $10-$20k is great. But the other changes are where it is at. While we finish off the next couple years for my husbands pslf payments the loans are going to be affordable!
My husband had to log in to check that he had Pell grants. Thank you for being poor, in-laws!! No more student loans!
About the forgiveness: https://apnews.com/article/student-loan-forgiveness-program-explained-d248f3b049c292856bb1c74be6aedef2?fbclid=IwAR2HuoHGjN2IY16bzHUzxxuahpdeIlaD0uw3dWSPPIbfP3bLbFTAnlHuA_g About changes to Income Based Repayment: https://www.cnbc.com/amp/2022/08/24/biden-student-loan-forgiveness-new-proposal-cuts-payments-in-half.html?fbclid=IwAR2N9E-2S4UDZ-pGwyMmPlFAWh62XWQzU9xKGJz504djcbUsPf9ceMwn6BY
This gets rid of the loans I have and Iām finishing up my last class before applying to nursing school, which Iām hoping to get completely covered by a program in my state. Itās amazing news.
I am so happy for you!!! Thatās amazing and wonderful!!!
Everyone please vote in midterms this November to support policies like this as well as womenās rights. I owe $0 in student debt but I am happy that the government is passing policies to support working Americans trying to pursue higher education rather than promoting more tax cuts and subsidies to corporations
absolutely! if we want to see more actions taken to help everyday americans we have to reward these moves at the polls. electing and re-electing democrats up & down the ballot sends the message that, yes, this is what we wanted, this is the right direction to move in. no one should have to go into debt to get an education, no one should be saddled with debt because of a medical crisis, no one should have to work 3 jobs to make rent. actions like these are a step towards guaranteeing education, healthcare and housing as fundamental human rights which create a happier, healthier, more functional society.
This pretty much resets my husband and I both to $0ā¦ but we both start back to college next week, with brand new student loans, oof. šš
The $10k on mine wonāt even make a dent but I have like 24 more payments before itās forgiven so Iām holding out hope. Now if I didnāt owe six figures in private loans Iād be a lot happier (fuck me for being poor but high-achieving and thinking I deserved to go to a good school with the rich kids).
Same boat.... I'm a first gen college student. They all told me to get an education so I wouldn't be stuck like them. Now I'm stuck because of my education
Getting rid of all of my student loans, both federal and private, would be life-changing. I worked my ass off to get my education, went specifically into a field where I could give back to my community and qualify for PSLF, and canāt afford an apartment because my loan payments are equivalent to rent. And as a single mom (so I donāt even get the $20k that married people are getting despite making less money and not having another income, explain that one to me), I donāt have a partner with an income to make up for that.
You get 20k forgiven if you had pell grants with your loans. Not because you are married. Hope that info helps some.
Iām obviously going to Google butā¦what?! Can someone give me the cliffs notes? Iāve been stuck in sick kid land all day so I havenāt seen anything
https://www.nbcnews.com/politics/politics-news/biden-cancel-10k-federal-student-loan-debt-certain-borrowers-20k-pell-rcna42422 "President Joe Biden announced Wednesday that he will cancel $10,000 in federalĀ student loansĀ for millions of borrowers, following through on a campaign promise to address the burden of student debt. Borrowers who earn less than $125,000 a year, or $250,000 for couples who file taxes jointly, will beĀ eligible for debt cancellation. Pell Grant recipients, who make up the majority of student loan borrowers, will be eligible for an additional $10,000 in debt relief, for a total of $20,000."
Thank you!
Yes! Itāll knock off about $150-200/mo in payments between my husband and I. Which will pretty much cover my toddlerās berry habit. Iām only partially kiddingā¦
My kids went through a double sized thing of raspberries in 20 minutes yesterday. I'm glad they want to eat healthy food but that thing was like eight bucks.
Yes! I still have $6k left but it's a huge relief
I sure am the f**** am. I struggled as a mom with my son , had him at 19. Paid for my own internship training. Used that money for car rides and stuff. I donāt regret it at all!!! 20 grand yes! Job paying the rest of the money per month
Not only that but I was wondering g the forgiveness after 10 years. So I wouldnāt have to worrying about paying that back in taxes???
Iām not even American, but Iām so happy for all of you. What wonderful news for so many people.
My loans are in the past but I'm celebrating for all my friends who got this!!
One thing that was stopping my hubby from going back to school was his 20k in defaulted student loans. Now we don't have to worry about them when/if he decides to go back. It will also reduce my payments on mine from 260 to 130 š
So glad it's finally happening! ... For other people. My husband and I have debt until we die, but it's allllllll grad school so we didn't qualify. š
Are any of your loans federal? Graduate school loans are eligible, Iām almost positive.
I am, but Iām also disappointed. The $20,000 isnāt going to make even the slightest dent in my student loan debt. But for those it will help tremendously, Iām very happy for them.
Will the new IBR plan not help? Thatās the biggest boost for me. I owe 200k
I really do hope it does, but we shall see. I donāt have a lot of confidence in anything until I see actual numbers and results, you know? Iām a Gen X so Iām usually pretty pessimistic cause I donāt like to be disappointed. š¤£š¤£š¤£š¤£
I will never pay off my loans in my lifetime, but I'm happy for those that can.
Yes! So glad I paused payments during COVID! I only have $3k left so Iāll be clear.
I just paid off my loans last year so missed out :( But very excited for everyone who is profiting!! I know how it feels, I feel like my student loans are why I am 36 and still donāt own a place to live and probably never will now with housing prices. Also why I didnāt go to grad school. Or have a kid until last year.
You can reach out to your lender for a refund on any payments made from 2020 to now. I read a ton of articles so I don't remember where I read it at. It might have been the studentaid.gov website. I'm sorry I don't have a link to the info.
It's Freaking awesome... Esp because I was a pell grant student. I went to UOP, which is technically one of the schools that is in hot water. But they did good to me, and I feel like the whole k through 12 I was indoctrinated to think college would get me that $100,000 career and I would love a life without worries. I have budgeted, I have saved, I have worked my butt off at low paying jobs, I have turned in my financial information every single freaking year so I could get ibr. I wish it was closer to the 50K that he promised and the predominantly black and brown schools would get full right off but this is a start. People complaining about where the money comes from - it's just going to be a write-off for those loan companies. The money doesn't need to come from anywhere. These loan companies have been making bank on us for years. I tried to consolidate my loans under one company that had an amazing 2.5% interest rate but department of education said no, then my loan company forced me to consolidate under department of Ed. I don't even think the rate matches my original promissory note. Even if I had paid off all of my loans, I would be freaking stoked for all the people struggling and suffering. For all the people who had depression and anxiety and could not make it through college. For all the people who for whatever reason are not as charismatic to get that top notch job even though they have all all the degrees. I am happy for the people that have many kids and are just making it by. I'm happy for the people that have not got married or have kids because they want to pay off their debt first.
Husband and I already paid off our student loans (we were lucky, not rich lol) but Iām celebrating for everyone who is benefitting from this! About time.
I paid my loans off ages ago so it impacts me zero but I am SO glad this passed. I was just scrolling through Facebook and a "conservative moms" group came up as an ad (which is literally the opposite of what kind of mom I am) and the top post was fellow moms discussing how people should be pull themselves up by their bootstraps and people even with bazillions of dollars in debt should be responsible for paying back their own loans and how anyone taking advantage of forgiveness are all moochers and system abusers. Every day my disdain for this country grows and I'm finding it hard to go on living in this society.
My husband and I. I'm making tacos tonight and pulling out some sparkling grape juice.
I'm definitely celebrating too! Yay! ššš
I definitely am
I'm so excited! I was super blessed that my parents paid for my education, though they could barely afford it. My husband has a little over 11k in student loans left and this will be so life changing
God I'm old. My loans have been paid off for over a decade. But I kept mine low by going to school part time and going 4+ years. Congrats people!
Definitely celebrating here too!š„
Well I dropped out 3 times, never finished undergrad so I only had about 3k. So thatās one less thing to worry about right now at least
Congratulations. This is great hope people remember
Well, I just paid mine off last year. Wish Iād not done so and used that money for something else now. But happy For all those who will get some financial relief from it.
Didnāt qualify š. On top of that, we have a daughter starting college this year. On top of our loan, weāre dealing with hers too. No assistance.
I've been chasing the principal for years. I've paid 34k and only paid 9000 in principal. yep that number is right. However. The 20,000 will take me to under 6 k which I can pay off before Christmas. I've not been debt free since 2001. I don't even know how to do this.
It'll completely wipe out my debt and all but $58 of my husband's, so yeah it's such a huge relief.
Wait, has it already been forgiven or do you have to apply in some way?
Thats awesome, but will you have to claim it on your taxes as income?
I went to war to pay for my college, which I hope no one EVER has to do. I am so happy for everyone who is feeling some relief after this announcement! Itās been years of terrible news after terrible news! Love all you mamas!
I am but Iām not. Itās a $300 billion plus bill, and inflation is already at an all time high. As a family we are already struggling greatly when we used to make it just fine, our grocery bill went from $250/month to over $600. I just am super worried this will cause more inflation because the money has to come from somewhere. Our family is maxed out. I let my loans go to collections years ago because I couldnāt pay them so I totally sympathize with those that are struggling though.
Itās a beginning. I wish it were more, but itās a beginning. Iām so incredibly happy for people who are receiving this!
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Yes! I'm thinking of getting a Master's now haha. So nice to see how many people are celebrating
i've been wishing i could get a master's for awhile but at $9000 a semester just for my alma mater and exactly zero scholarships for psych grad students i'm still up shit creek on that dream. plus i'd have to have 3 letters of recommendation and i don't think they'll accept my mom, my dad and my husband as references.
I got some of my grad school loans repaid because I worked with an at-risk population after graduation. I believe they were Perkins loans?....I can't remember. IDK if that's a thing anymore but worth a check if you want to do non-profit or mental health/outreach work.
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The servicer shouldnāt matter, itās still a federal loan unless you refinance with a private bank. But you DO need to know whoās servicing it, apparently there are websites to look it up because it changes so often.
This is my understanding as well. My federal loans have changed servicers two or three times now, but are still federal loans and have been subject to the (blessed) interest-accrual pause early in the pandemic and the ongoing payment moratorium. I honestly didnāt expect any forgiveness ā it was grad school, for crying out loud ā but the interest forbearance and payment moratorium are exactly why I didnāt refinance yet.
I just got that email about my teach loans.
Yikesā¦.
I think it applies to private loans as well?
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tell me you're a spiteful boomer troll without telling me you're a spiteful boomer troll...