No one explains this stuff to young people, and it a scam in its own right.
I have managed to make a good life , via hard work, long hours, and sacrifices.
The kids getting involved in this today, I have no idea how they will make do.
It's sad but I think it's probably better for most parents to tell their kids to go into the trades --- get a CDL right after high school and make $65-$85,000 a year as a trucker and then save up money for college if they still want to pursue it
To every single person working at Sallie Mae and Navient who made me want to give up over the years by peddling misinformation, deliberately denying my IBR renewal application EVERY SINGLE YEAR even though it was the same exact application, and just generally being unhelpful with an accent that was often impossible to understand, may the bird of paradise fly up their collective noses!
Thank you for this because I have been praying for a long time and to know you are praying for helps a lot. I pray every day that the debt will be forgiven after 24 years for me.
Congrats! Wow, those numbers! And I thought I was up there with $188,000 paid on $82,000 loans (GLC, AES). You've been a real trooper.
And yeah, my chin may not be up but it's...level. $28,000 left and I *should* be in the next wave. Of course I thought that about 4/12 also didn't I, ha.
Could you post your stats in this thread, please?
https://www.reddit.com/r/StudentLoans/s/Q3AwjFe3gB
Stories like yours illuminate that many people receiving forgiveness have often already paid above and beyond basic loan + interest by now.
I had like $30-40k worth of loans initially in my 20s, deferred them all the way until my 30s, never paid a single dime. The interest grew the loans to like $65k. They forgave $45k of the loans so I’m down to $20k owed (I got a second degree so those loans are from another college.) Just started making my first payments. $20k sucks but atleast it’s not $65k!!!
I saw $0 on my Nelnet account yesterday and I received the email this morning, $249,000 gone! I've been paying since '93 and it seems it was all going to interest so I'm so thankful to President Biden. I thought I was going to die and still owe this debt. I'm praying you all get your golden email soon!
I also had Sallie Mae FFELP loans and they also screwed me multiple times. Mine were zeroed out yesterday on my AidVantage account and I still can’t believe it. 28 years of repayment. Just…..surreal that I don’t have to pay that anymore. Congratulations, my guy. We deserve to be done.
Commercial FFEL loans with Navient have to be consolidated into the Direct loan program to have any hope of qualifying for the one-time IDR Account Adjustment as per https://studentaid.gov/announcements-events/idr-account-adjustment
It would also make your loan debt eligible for SAVE, which may have a lower payment than your current old IBR plan
If you have private loans then this info is not applicable, but if you have the older FFEL loan type please look at the links
CONGRATS!!!! I'm so so glad that you got forgiveness finally! That's a tremendous weight off your shoulders, and seeing so many usernames from people I've talked to over the years on this sub finally get their long-overdue forgiveness just brings a tear to my eye. I am so happy for you, and I'm so glad to see things finally work out for so many people who have been paying for *decades*
Super congrats! It's mind-blowing you paid $480,000 toward your loans. That's like a really nice house!
The bottom line is --- you are now DEBT FREE and your "2nd life" has begun. Please enjoy it and put every cent into your pocket and not some stupid loan servicer, OK?
As far as getting drunk --- PLEASE DO and have a couple shots on me!
VOTE BLUE up and down the ballot in November --- send those wicked right wingers a clear message!
Not driving, and maybe exaggerating about the drunk part, cause obviously if I have been paying for 25 years, I am too old to get that smashed anymore !!! LOL!
But I am going to have a nice steak and several martinis.
This struck me as funny and true. I’m mid 50s and recently had my loans forgiven (congrats to you by the way). Anyway I figured I should celebrate and drank more than I should and harder alcohol than I should. Then I got those “sleep twitches” or “hypnic jerks” that wake you up as you fall asleep. Couldn’t sleep right for a few nights and became sleep deprived. Alcohol (especially hard stuff) causes inflammation and I’m susceptible to sleep problems. My wife said I should just stick to 1-2 glasses of red wine from now on. I’m too old to be partying.
And why is the Ukraine and Israel our responsibility? At least this is going to US citizens. We have no control over where the money will go. Trust me, it wouldn’t have gone anywhere different that would have benefitted you.
u/Therocknrolclown could you post your stats from the OP in this thread, please?
https://www.reddit.com/r/StudentLoans/s/Q3AwjFe3gB
Stories like yours illuminate that many people receiving forgiveness have often already paid above and beyond basic loan + interest by now.
Voting blue makes zero sense here. Biden has only forgiven loans for folks who borrowed far less than you. You would have never qualified. Please explain why that statement makes any sense
Isn’t the whole problem of student loans that the government doesn’t allow bankruptcy while also guaranteeing student loans, so colleges can maximize profits like any other institution would. The whole student loans system is the problem. Now we have to forgive loans because they’ve gotten so out of hand lol. What a system. They need to remove it and replace it with something that makes sense and doesn’t cause students to go deeply into debt.
Although most students aren’t leaving college with 100k in debt. Vote for anyone because no one is helping. The idea that team blue will do more than team red is a silly one.
100% with you on this. I am a family physician with 300k debt. Not complaining but also silly to see student debt <12k be forgiven when that is not really the issue. The issue is the cost for education being astronomical and unsustainable no matter what field you go into.
It's insane to think you've paid almost half a million dollars to student loans and still had that much left. Kudos to you for the work you put into it.
However, for a lot of us, help ISN'T coming. What avenues toward forgiveness are there for someone paying on a Parent Plus Loan (a type ineligible for most forgiveness programs) that was consolidated prior to COVID (thus making it ineligible for the double consolidation loophole) when the bearer is ineligible for PSLF and has an income too high to make ICR worthwhile? None.
There are a lot of us whose only options are to pay our loans off as aggressively as possible or sacrifice any semblance of a relationship with our parents by not paying them at all and tanking their credit and getting their pension and social security checks garnished. There are plenty of us who have already paid more than our fair share, too, yet remain ineligible for any lifeline the government might give others.
Congratulations to all the people who benefited from forgiveness, but plenty of us are still suffering and will continue to suffer because the only person we can rely on is ourselves.
My mom's parent plus loans were also forgiven ?
Are you sure you're getting good info?
I might add I also paid off 2 parent plus loans also , those numbers were just my loans.
I also paid 80k in parent plus.
PPLs can be forgiven if the owner qualified for PSLF and the required number of payments have been made. Not everyone works a PSLF-eligible job and depending on the age of the parent who has the loans, they may be too old to switch into one for the number of years required.
ETA: PPLs are also eligible for total and permanent disability discharge and death discharge, but I'm not counting those as viable options because presumably most people do not wish such a fate on their parents.
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I'm upset that people who havent had them as long are getting them forgiven first, thats all. And more upset that taxpayers are paying for it, even those who didnt go to college.
I find way more things my tax dollars got to be upset with besides returning some of it to the tax payers....hell I was even if with PPP loans which ended up as handouts with zero paid back.
With that logic, wouldn’t that also mean others would be left having to “start paying for someone else’s (yours)” before theirs were forgiven, as well?
Unless your loan was the last loan to ever be forgiven someone else could say the very same about “paying” yours.
No...what I said was if I'm going to have my taxes increased to pay for someone else, then mine should be paid for first, not the random people who are getting it forgiven.
But its not the solution. The solution is for colleges to be responsible for their own loans, so they drop costs and get rid of garbage degrees, and have to recoup their investment. Right now its a guaranteed paycheck and they can do what they want.
But that’s what I’m saying. Why should yours be forgiven first when others won’t be forgiven yet and they would also be paying for yours first? Not understanding what you mean by “random people”…other taxpayers? Because that’s what they are.
And what makes them “random”? And why wouldn’t you be a “random” too?
If the taxpayers had to fork over $400 million for Commie Trump's golf trips while he was in office, then it's only fair that right wingers be forced to pay the student loans of Democrats. Politics is all about tit for tat and getting revenge on the people who screwed you over. The Republicans screwed us over from 2016 to 2020, and now we're getting revenge on them.
I'm fine paying for any Presidents vacation, regardless of party, since they're running the country.
"The Republicans screwed us over from 2016 to 2020, and now we're getting revenge on them."
That is the stupidest thought. You should want your President to be the best one, since they affect everyone, regardless of party, instead of "we gonna get them now" bullshit.
Jumping in to link this: I have a jumbo comment of triage advice here https://www.reddit.com/r/StudentLoans/comments/1bef7gi/stanley_tates_service_what_do_you_learn_from_his/kuuwc2u/ which should help you plan and weigh your options
Private medical school, terrible idea but my parents were financially illiterate and just wanted me out of the house so they could retire to Florida ....
It worked out overall as I have had steady work , but my finacial contributions to the economy would have been much greater had I not been saddled with 8.2% loans at 25.
I genuinely hope you win the lottery tomorrow. You got a terrible deal and I’m sorry that we, as a country, let this happen.
No one explains this stuff to young people, and it a scam in its own right. I have managed to make a good life , via hard work, long hours, and sacrifices. The kids getting involved in this today, I have no idea how they will make do.
It's sad but I think it's probably better for most parents to tell their kids to go into the trades --- get a CDL right after high school and make $65-$85,000 a year as a trucker and then save up money for college if they still want to pursue it
We decided on community college, which was free for 2 years for my son, followed by state school. his total bill will be 90k
Holy shit. Wow. Those numbers.
To every single person working at Sallie Mae and Navient who made me want to give up over the years by peddling misinformation, deliberately denying my IBR renewal application EVERY SINGLE YEAR even though it was the same exact application, and just generally being unhelpful with an accent that was often impossible to understand, may the bird of paradise fly up their collective noses!
LOL I would have much harsher things to say to Navient but I'd get kicked off this board !!
Thank you for this because I have been praying for a long time and to know you are praying for helps a lot. I pray every day that the debt will be forgiven after 24 years for me.
It's coming, you're almost there.
Congrats! Wow, those numbers! And I thought I was up there with $188,000 paid on $82,000 loans (GLC, AES). You've been a real trooper. And yeah, my chin may not be up but it's...level. $28,000 left and I *should* be in the next wave. Of course I thought that about 4/12 also didn't I, ha.
Could you post your stats in this thread, please? https://www.reddit.com/r/StudentLoans/s/Q3AwjFe3gB Stories like yours illuminate that many people receiving forgiveness have often already paid above and beyond basic loan + interest by now.
I had like $30-40k worth of loans initially in my 20s, deferred them all the way until my 30s, never paid a single dime. The interest grew the loans to like $65k. They forgave $45k of the loans so I’m down to $20k owed (I got a second degree so those loans are from another college.) Just started making my first payments. $20k sucks but atleast it’s not $65k!!!
Who was the holder of the loan? Was it private or federal? How did you get 45K of the loans forgiven? Nice work.
I saw $0 on my Nelnet account yesterday and I received the email this morning, $249,000 gone! I've been paying since '93 and it seems it was all going to interest so I'm so thankful to President Biden. I thought I was going to die and still owe this debt. I'm praying you all get your golden email soon!
I also had Sallie Mae FFELP loans and they also screwed me multiple times. Mine were zeroed out yesterday on my AidVantage account and I still can’t believe it. 28 years of repayment. Just…..surreal that I don’t have to pay that anymore. Congratulations, my guy. We deserve to be done.
Wow, congrats! How will you celebrate? Please treat yourself to a $150 Wagyu steak and $100 bottle of Dom.
I’m celebrating by moving the $90 payment from my SL to my new HVAC system. 😭 I swear it’s always something. Lol
Congrats man! Still not real right? I mean it's what we all signed up for, it's just nice to have it finished.
I have Navient and I can’t get any relief. Will Navient be a part of loan forgiveness at some point. My loans go back 22 years
Commercial FFEL loans with Navient have to be consolidated into the Direct loan program to have any hope of qualifying for the one-time IDR Account Adjustment as per https://studentaid.gov/announcements-events/idr-account-adjustment It would also make your loan debt eligible for SAVE, which may have a lower payment than your current old IBR plan If you have private loans then this info is not applicable, but if you have the older FFEL loan type please look at the links
CONGRATS!!!! I'm so so glad that you got forgiveness finally! That's a tremendous weight off your shoulders, and seeing so many usernames from people I've talked to over the years on this sub finally get their long-overdue forgiveness just brings a tear to my eye. I am so happy for you, and I'm so glad to see things finally work out for so many people who have been paying for *decades*
Super congrats! It's mind-blowing you paid $480,000 toward your loans. That's like a really nice house! The bottom line is --- you are now DEBT FREE and your "2nd life" has begun. Please enjoy it and put every cent into your pocket and not some stupid loan servicer, OK? As far as getting drunk --- PLEASE DO and have a couple shots on me! VOTE BLUE up and down the ballot in November --- send those wicked right wingers a clear message!
$480,000 invested could also have been much more $$ for retirement.
Very true --- $480K invested into index funds would be over a million bucks in the bank right now
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Congratulations! 🎊 Be smart and stay safe tomorrow. 😊
Not driving, and maybe exaggerating about the drunk part, cause obviously if I have been paying for 25 years, I am too old to get that smashed anymore !!! LOL! But I am going to have a nice steak and several martinis.
Haha! I know the feeling perfectly well. Congrats again!
The Best steak available! Congrats to you & your hard work.
This struck me as funny and true. I’m mid 50s and recently had my loans forgiven (congrats to you by the way). Anyway I figured I should celebrate and drank more than I should and harder alcohol than I should. Then I got those “sleep twitches” or “hypnic jerks” that wake you up as you fall asleep. Couldn’t sleep right for a few nights and became sleep deprived. Alcohol (especially hard stuff) causes inflammation and I’m susceptible to sleep problems. My wife said I should just stick to 1-2 glasses of red wine from now on. I’m too old to be partying.
Same. But wine and I do not get along. 2 drink Rum and cokes is the norm. Tonight maybe martinis.
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Both sides screw you over financially in different ways unfortunately.
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And why is the Ukraine and Israel our responsibility? At least this is going to US citizens. We have no control over where the money will go. Trust me, it wouldn’t have gone anywhere different that would have benefitted you.
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Wonderful. Ditto girl of squirrels. I’m not forgiveness status yet but he was great at just explaining consolidations.
u/Therocknrolclown could you post your stats from the OP in this thread, please? https://www.reddit.com/r/StudentLoans/s/Q3AwjFe3gB Stories like yours illuminate that many people receiving forgiveness have often already paid above and beyond basic loan + interest by now.
What qualified you? Do you HAVE to be in loan consolidation? If I consolidate, it takes my payment from less than $100 to over $800.
$210k in 1999 is a gigantic loan. Wonder what that was in today’s dollars.
Blessings on your new life and thank you for your good thoughts for those of us still waiting
If you pay back the loan plus the original 5-10% interest it should all go away. It’s not even the loan lenders original money….
Voting blue makes zero sense here. Biden has only forgiven loans for folks who borrowed far less than you. You would have never qualified. Please explain why that statement makes any sense
Isn’t the whole problem of student loans that the government doesn’t allow bankruptcy while also guaranteeing student loans, so colleges can maximize profits like any other institution would. The whole student loans system is the problem. Now we have to forgive loans because they’ve gotten so out of hand lol. What a system. They need to remove it and replace it with something that makes sense and doesn’t cause students to go deeply into debt. Although most students aren’t leaving college with 100k in debt. Vote for anyone because no one is helping. The idea that team blue will do more than team red is a silly one.
100% with you on this. I am a family physician with 300k debt. Not complaining but also silly to see student debt <12k be forgiven when that is not really the issue. The issue is the cost for education being astronomical and unsustainable no matter what field you go into.
It's insane to think you've paid almost half a million dollars to student loans and still had that much left. Kudos to you for the work you put into it. However, for a lot of us, help ISN'T coming. What avenues toward forgiveness are there for someone paying on a Parent Plus Loan (a type ineligible for most forgiveness programs) that was consolidated prior to COVID (thus making it ineligible for the double consolidation loophole) when the bearer is ineligible for PSLF and has an income too high to make ICR worthwhile? None. There are a lot of us whose only options are to pay our loans off as aggressively as possible or sacrifice any semblance of a relationship with our parents by not paying them at all and tanking their credit and getting their pension and social security checks garnished. There are plenty of us who have already paid more than our fair share, too, yet remain ineligible for any lifeline the government might give others. Congratulations to all the people who benefited from forgiveness, but plenty of us are still suffering and will continue to suffer because the only person we can rely on is ourselves.
My mom's parent plus loans were also forgiven ? Are you sure you're getting good info? I might add I also paid off 2 parent plus loans also , those numbers were just my loans. I also paid 80k in parent plus.
PPLs can be forgiven if the owner qualified for PSLF and the required number of payments have been made. Not everyone works a PSLF-eligible job and depending on the age of the parent who has the loans, they may be too old to switch into one for the number of years required. ETA: PPLs are also eligible for total and permanent disability discharge and death discharge, but I'm not counting those as viable options because presumably most people do not wish such a fate on their parents.
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Congratulations! How did you acquire all of this debt? 210k is a lot for 25 years ago.
Not for a medical degree....Grad School loans.
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Better use of taxes than wars and corporate bailouts.
True, but mine should be forgiven before I start paying for someone elses
So, upset cause yours not forgiven yet? I mean I spent 25 years paying and waiting.....
I'm upset that people who havent had them as long are getting them forgiven first, thats all. And more upset that taxpayers are paying for it, even those who didnt go to college.
I find way more things my tax dollars got to be upset with besides returning some of it to the tax payers....hell I was even if with PPP loans which ended up as handouts with zero paid back.
With that logic, wouldn’t that also mean others would be left having to “start paying for someone else’s (yours)” before theirs were forgiven, as well? Unless your loan was the last loan to ever be forgiven someone else could say the very same about “paying” yours.
No...what I said was if I'm going to have my taxes increased to pay for someone else, then mine should be paid for first, not the random people who are getting it forgiven. But its not the solution. The solution is for colleges to be responsible for their own loans, so they drop costs and get rid of garbage degrees, and have to recoup their investment. Right now its a guaranteed paycheck and they can do what they want.
But that’s what I’m saying. Why should yours be forgiven first when others won’t be forgiven yet and they would also be paying for yours first? Not understanding what you mean by “random people”…other taxpayers? Because that’s what they are. And what makes them “random”? And why wouldn’t you be a “random” too?
If the taxpayers had to fork over $400 million for Commie Trump's golf trips while he was in office, then it's only fair that right wingers be forced to pay the student loans of Democrats. Politics is all about tit for tat and getting revenge on the people who screwed you over. The Republicans screwed us over from 2016 to 2020, and now we're getting revenge on them.
I'm fine paying for any Presidents vacation, regardless of party, since they're running the country. "The Republicans screwed us over from 2016 to 2020, and now we're getting revenge on them." That is the stupidest thought. You should want your President to be the best one, since they affect everyone, regardless of party, instead of "we gonna get them now" bullshit.
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Jumping in to link this: I have a jumbo comment of triage advice here https://www.reddit.com/r/StudentLoans/comments/1bef7gi/stanley_tates_service_what_do_you_learn_from_his/kuuwc2u/ which should help you plan and weigh your options
What did you get a degree in that cost that much?
Private medical school, terrible idea but my parents were financially illiterate and just wanted me out of the house so they could retire to Florida .... It worked out overall as I have had steady work , but my finacial contributions to the economy would have been much greater had I not been saddled with 8.2% loans at 25.
Damn, that’s a lot. Hopefully everything works out in the end for you.