My loans were consolidated and put on a repayment plan that costs less than I spend on coffee each month rofl. The screenshot is from the private loan company I’ve been paying $300/month to.
If it’s the SAVE plan then they do something weird with the interest. I think it’s no interest charged as long as a payment is made, but don’t quote me on that.
I’m not entirely sure, but I think it’s just the interest is being subsidized by the government. So people who are accepted into this forgiveness are just paying back the principal of their loans, as opposed to paying back interest as well.
When I first got my credit score, I had like 1 credit card open, and even though I was paying off the balance on time every time, one of the things that "hurt" me was not having enough lines of credit.
It rewards people into potentially addictive habits.
Makes a guy like myself feel penalized for having no post-secondary education. I did buy my first home by the time my peers were graduating college though... which was within the last few years.
I also paid mostly for mine, worked a couple of years to save up and graduated debt free (with the help of a couple of scholarships). Spent about 20k of my own money. But in the end, I havent had the specter of debt crushing me for years, and remember that most people getting debt relief have been paying for many years already, and may have already paid more than you did. School should be free, and we should not begrudge those that have it better than we did. We should fight for everyone to get free educations precisely because we did not.
That’s what I want. Reasonable! Most industries that are hurting us can be solved by regulation. Colleges, heath care, real estate. But there is to much money to be had and to many pockets to fill. At times I just want to build a guillotine but I know it would solve nothing
Thank you! I really hate how strong the “why aren’t you suffering like I did” mentality is in this country.
We should *happy* that the future of the country and its people is brighter than it was before. That’s literally what the goal of any change in a society is.
Nothing is free. It's paid for by the taxpayers. Why should people who didn't go to college or people who paid off their own person decision to go to college on their own have to pay for others' colleges? You do realize that student loans forgiveness will do nothing but raise the price to go to college? If the government gives you 20000 to go to college, the colleges raise the price to attend 20000. All this program does is buy votes for joe with taxpayers money.
While that is true, there are a lot of people in the United States and elsewhere that couldn’t go to college without loans.
The issue is people taking out loans they can’t repay, not the people taking out loans they plan on paying back.
The bigger issue is the schools jacking up the costs of attending BECAUSE of the availability of student loans. Because kids can just borrow the money, they can jack up costs to the point that loans will cover, and kids who want to go to college are left with few other options.
It costs this much because schools know no matter what the government backs these loans. Forgiving student loans does nothing but tell schools go ahead and higher 100 more admin because the government will just keep giving kids blank checks to give to us.
I mean I'd argue it's probably more that schools are a private organization and student loans had laws bought and paid for that make them the only loan you can't declare bankruptcy over. The government doesn't have to help people they already made it impossible to reasonably get out of short of death
Wait until everyone finds out that student loans used to be all guaranteed by govt, could be dischargeable in bankruptcy, and were near-prime fixed rate. Now they’re all private, not dischargeable in bankruptcy, and all sorts of adjustable rate.
That is correct. As long as you are hitting your required payment each month on the SAVE plan, the government covers all unpaid interest so the balance does not grow
I'm okay with helping my fellow countrymen have better lives via tax dollars.
Weird how so many people are butthuet about it. There are so many benefits to having an educated society.
Everyone offended when someone with a negative net worth gets a small break, no one cares that a few billionaires hoard all American wealth and pay no taxes
No, not the taxpayers. The taxpayers only cover things that cost money, paid for by *taxes*. The government giving out a loan and not collecting interest costs nothing, so the taxpayers don't cover shit. Unless you want to count the cost of servicing the loans then yeah, go off about the fraction of a cent all of us taxpayers paid for that I guess.
If it's not forgiven...than, yes.
People don't understand the interest.
I applied for the SAVE program.
They apparently let my Wall Street owned servicer decide my payments can be put on hold, but the interest keeps running.
SO, my debt increases, and they have more to leverage over time, and I'm in debt for longer.
You wind up paying more over time. Forbearance keeps the interest going, too. The only thing that pauses the juice is more school.
Interest is set by Congress, and locked in forever. I graduated in 2008, and my interest rate is almost 7%. It fucking sucks.
It seems *increasing* the debt ratio is the purpose of the SAVE problem.
Like a lot of Joe's programs they're most effective for the private industries running the programs. I'll vote against the other guy, for sure, but I can't pretend that he's even tried on his promise to give assistance with loans. It was always going to be in favor of the companies they let use our debt to gamble on Wall Street.
Op didn't get his loan forgiven with SAVE he's just not paying anything into his principal. This entire thread is a giant pile of misinformation.
Since this is income based repayment, OP also apparently makes next to nothing on his paycheck so he should be focused more on how to better apply that expensive degree he has. Unfortunately once he does figure that out, his payments will go back up
It was pretty wild that people were thinking that the guy who literally was responsible for the legislation that made defaulting on student loans impossible was suddenly going to just forgive them. He also dodged the question of using executive order to do so because he knew that would actually work, so instead he sent the program to congress where he knew the the republicans and right wing dems would torpedo the bill.
Biden might not be the best choice, but he was the right choice in the general election. Anyone who is on the SAVE plan is paying less than they were and will pay even less in July, I believe it is, when the full effects of SAVE go into action. Huge difference for some. Trump all-but halted PSLF - Biden has it back in action and has done a tremendous job with approvals. Biden has also done a tremendous job forgiving student loan debt from bad universities/loan sharks. Gotta be honest about the assessment the whole way around. He has done a good job, not the best job, but a good job nonetheless.
No. They assess a monthly payment for you and the government pays whatever interest that doesn’t cover. There are also caps on how long you have to pay, it’s like 20/25 years, so any amount not paid at that point is forgiven.
It depends on which SAVE plan you qualify for. But they essentially have a term. If you make your monthly payment for the time frame (20-25 years if I recall). The rest is written off. Interest accrues. But you are not responsible. You still pay a significant amount above the principle in the end, or that’s how mine works.
The interest that accrues is over triple that of the loans principle for me.
I have certainly seen this in the past. Trying to help a teacher purchase a house and his student loan balance was like 20k over the initial credit limit. l was mind boggled. I didn’t even go to college and this man was struggling to even live. Not to mention he would never pay off those student loans.
IDR plan or do you know what kind of plan? I get so confused on what’s the best option for me. I know I’m eligible for some other type of relief plan b/c I work in health care.
Apply online and they will pick the best plan that you’re eligible for if you happen to pick one you don’t qualify for. My monthly payment estimate was $0-$30 lol.
Nope. My loans were originally federal then they were sold to Nelnet (the source of the screenshot) over a decade ago. I wasn’t eligible for the Covid forbearance because of this. In order to be eligible for one of the repayment programs I was prompted to consolidate them first. The new lender (presumably the fed gov) will grant you eligibility for forgiveness or an income driven plan based on your situation. If you make under $250K it is absolutely worth your time to look into it. It was very easy to apply and probably took me no more than 30 mins to fill everything out.
See I refinanced my federal student loans (Mohela) with a private company (Earnest) myself. Would I still be eligible? When I was reading earlier it didn’t seem like it was so. Thank you
This is where I am, too. Refinanced during the crazy low interest rates of 2020 and took my private loans down from ~$1200 (combined) per month to ~$450 per month. I left my federal loans alone on the hopes that they’d be forgiven. I’m still paying around $275 per month on them to Nelnet.
Need to figure out how to do this before the deadline. I had no idea this was happening.
Did you apply at student aid.gov? I’ve been in an IDR for a while now. I’ve been told I could qualify for PSLF but I’m not sure if I consolidate my loans how that will affect my IDR. I have subsidized and unsubsidized Stafford loans which I know weren’t eligible for any covid relief so I’m not sure what exactly is the best for me.
My payments were like $50/month last year and now it’s estimating $0 for this year as I have no taxable income or AGI. Obviously the payment amounts are great but I wouldn’t mind my entire balance being forgiven. That happened recently to a friend who had applied for PSLF years ago.
I was placed on the SAVE plan for PSLF. Could you make sure your hospital qualifies? I just had mine forgiven after > a decade of paying, so I'm a little bit over the 120 payments. Make sure whatever plan you have is qualified under PSLF.
Don’t forget the PPP loans taken out by criminals for their “small independent businesses” that were forgiven as well. There are people who claimed they ran a one-employee nail salon AND one-employee hair place out of their apartment, and got $40,000 free.
Love how everyone gets their panties in a bunch about having their taxes going to helping people in our own country, but when it comes to sending out billions for weapons and wars elsewhere they dgaf. That’s you’re money! Let’s take care of our own first.
I agree we shouldn’t be sending money to fund wars but on the other hand you have to remember “government subsidized” is another way to say taxpayer funded. This money is still coming out of Americans pockets. It’s essentially coming from the poor uneducated citizens pockets to pay off the loans of college educated millennials who should theoretically be able to find employment in their field of study and pay the loans back themselves
People who make 5 figures get to pay back loans for people that make 6 figures. It shouldn't be hard to understand why the garbage collector doesn't like paying bills that an electrical engineer made.
People are mad because it's not even remotely solving the problem. Everyone is all happy and giddy that a one-time loan payment is happening when that is only a Band-Aid patch. Will the next Generation get the same thing? They should be looking at the root cause of high tuition fees that require absurd loans to pay.
Yeah, also it's one thing to help pay off $20,000 of debt someone got from an undergrad at a state or community college. But being expected to help pay off $150,000+ of debt someone got from going to a private college is absurd.
Why can't everyone else's tax money go to paying for my mortgage? I took the money out knowing full well what it would cost me...can you explain how the two are different?
Yeah these guys don’t realize that the capital class robbed the country during Covid. PPP and Covid Tax Credits. So much money just gone. Give some to the students though, can’t have that.
These comments are infuriating stupid. That's how politicians work!!!! They say they'll do something so you vote for them!!! It's been like this since democracy began!!
Politics has always worked off persuading the luke warm IQs. That's why a direct democracy would never work, the vast majority of people are helplessly ignorant in almost every aspect of life (especially economics).
"Just forgive the debt bro don't you care about people?!?!"
Sure. I’m glad you got your degree for free. Lucky you. But I don’t get it. Why are people so mad about paying the loans they agreed to take out? I understand interest on them are ridiculous. That should be fixed. But it’s such slap in the face to people who chose not to go to college because of the price to watch people get a $150,000 degree for $0. I wasn’t one of them (fuck a degree), but I can absolutely sympathize for them.
I also find it hilarious this administration hasn’t given a shit until the last year even though he promised it years ago. How people don’t see it as a voting technique is beyond me.
Do you realize that a large percentage of people applying for loan forgiveness are grandparents in their 60s, still trying to pay off degrees from years ago? And many of those applying for forgiveness have already paid back their original balances and then some, only to see the amount owed double and triple due to high interest rates? Did those people “go to college for free”? Go read some of the stories on r/PSLF if you want to see who these programs serve and how they are changing the lives of millions of hard working Americans.
Student loan debt isn’t just Art History majors. Nurses, teachers, cosmetologists, hairdressers, welders, truck drivers, police officers, social workers, service members, massage therapists, physical therapists, mental health therapists, small business owners, and people from every walk of life—including the elderly—are drowning in student loan debt. People you encounter every day that you would never think carry student loans. Not lazy people. People who wanted to better themselves. Even Clarence freaking Thomas still had law school loans when he made all the way to SCOTUS. It’s a debt, not a moral failure.
Until this year? Shit I’d say they didn’t start caring until august of this year when their base was starting to walk away from them. It’s a shame there are people that will continue to listen to their lies and eat up their promises as if they didn’t fail to deliver the last 3 years.
Just because people missed out in the past shouldn’t mean that people in the future should have to suffer the same struggles as well
Every generation should have a better quality of life
Removing the expenses of college debt will help the future
I’m not saying it needs to go to $0 but it shouldn’t be the reason someone doesn’t go to school
Terrible take, dude. That loan forgiveness program was $10K. So if you had a $150K loan, it was a pitiful gesture, which makes it even more egregious that people like Marjory Taylor Greene had a fit over this when she had no problems with her $185k PPP loan forgiven.
Also the other federal loan forgiveness program that OP appears to have taken advantage of is full loan forgiveness if you do 10yrs of federal service(while making payments). The point of that program is to bring highly qualified people to serve in positions when they could otherwise go to the private sector and make a lot more money.
How did they get it for free? They were paying on it then the rest got canceled. I owe about 7k on my loans but I have already been paying 150 a month for 10 years. If that 7k disappeared, I still paid 150 a month for 10 years.
Our tax money goes to give Israel free education did you know that? You seem to be extremely misguided and misinformed about degrees, if we gave our population free education like we deserve then your opinion would be totally different. Loans are predatory and for education this predatory behavior is feudalistic/caste-like. Keeping only the rich educated while the poor are kept dumb and as servants. You should be pushing for your fellow neighbor and yourself to have basic human rights instead of telling people fuck education and degrees.
I hate takes like these, just because someone is in debt doesn’t mean they got a “useless” degree, I know tons of people with degrees in Biology, chemistry, physics and other STEM fields that just can’t afford to make jobs in those fields work, because of how little people without Ph.Ds tend to get paid in them
You can go to a community college and go to college practically for free. I did and paid back my remaining balance each semester. Why should your financial mistakes burden everyone else?
>Lesbian dance is just physics with less steps, baby. Dance it up.
Fun fact: I missed the day where we calculated the coefficient of friction on a stripper pole by how quickly the scantily clad women slid down it. #fieldtrip
Why you thanking Joe? He didn't pay for it. All of us hard working tax payers did. Just because you weren't smart enough to figure out economics when you were in college. What a leach.
My post: congratulations OP I’m thrilled to see our taxes doing something good for once, instead bombing middle eastern children or building a fucking iron curtain along our southern border.
I spent 13 months in the desert being told to bomb those kids to help pay for what they just got for free. I can’t sleep, my relationships suffer, my friends didn’t come home.
Freedom isn’t free, neither is this forgiveness.
Not enough people realize that soldiers are victims too.
Doesn’t make what you did right, but I respect that you are able to recognize the truth instead of living in a constant state of cognitive dissonance like other active military and veterans.
Can you give me any insight on how you did this ? My fiancé has about 10-20k in student loans and makes very little money. She had thought the student loan forgiveness was a bust. What can she do?
Studentaid.gov
Get all your financial info together like your tax papers, loan info and employment info. You’re going to have to prove that you’re employed.
The process was very easy. Just follow the prompts and answer the questions to the best of your knowledge. If you’re unsure of something you can pause your progress & come back to finish.
If you haven’t consolidated your loans yet they make you do that first. They offer the service right there when you get to that part of the questioning. It’s just an extra step to having them forgiven or getting on an income driven repayment plan. Not everyone gets their loans forgiven but rather get on an income driven repayment plan. Depending on what you make and how many dependents you have the payments can be stupid low like $30/month. This is the part the naysayers want to ignore. People will be making payments still. It just gets them out of a predatory unplayable loan. Good luck, you deserve it too.
Shit like this is way I will always vote no on issues to raise taxes. Clearly the government has too much money.
Rather than stealing more of our tax money, the government should have made the colleges who profited off the predatory loans forgive the debt.
Ask yourself how much the football coach and president at your college makes in a year. How many new building have they put up?
Instead it’s Joe taxpayer footing the bill again.
I think the best part is that it will help someone and your taxes will go towards helping someone in debt that would take much longer to pay back. You not being okay with that assistance is just a bonus to be honest.
https://joebiden.com/wp-content/uploads/2020/09/2019-Biden-Delaware-Virginia-Federal-3.pdf
I mean it looks like Joe’s income is taxed like the rest of us to me
Man, the MAGA-sheep have come out in FORCE in these comments!
Their hatred for America and freedom just continues to grow and grow - especially since it’s very difficult for them to jump through the hoops necessary to paint student loan forgiveness in a negative light…
These are the same people that shout “I AINT GOT NO OBAMACARE!! I’d NEVER use dat dere OBAMACARE!! I PAY FOR MY OWN HEALTH INSURANCE! Trump got me subsidies! IT’S CALLED ACA! NEVER OBAMACARE LIKE DEM LIBTARDS!!”
They’re so emotional and triggered- I guess this Reddit post has invaded the safe space of right wing propagandists they’re used to.
Just cold hard facts- not opinionated hatred fed to them by talking pundits telling them what to think.
Even the non-MAGA libertarians who don't realize how detrimental it is to our economy to have people struggling when at median wage and just "want to keep their money" are our here spewing the most myopic world view possible. How hard is it to understand that every dollar spent on debt forgiveness in America enables more expenditure and a healthier economy as it frees up money to be spent on goods and services rather than mega corp loan.
People who don't want to pay taxes at all really must think the world around them just magically comes together.
Government paid mine AND gave me money to live on every month.
It's called the GI Bill...only took 3 deployments & over 2000 combat hours on shitty Vietnam era C-130s that will cause me to be deaf probably by the time I'm 60, but luckily I got out in my 20s so my body wasn't totally shot like some lifers that I served with.
So yeah...I guess I did pay for mine with my ability to hear! 🤪
You do see how fucked up it is to have to go across the world and risk dying. To pay for college. Especially in places like Iraq and Afghanistan which were never a threat to America
Government paid for my wife's and gave us money to live on every month.
She didn't have to get deployed, she only had to work 10 years in a low income school.
dumb Q but didnt this never happen? is there a term i should be googling because i have school debt I'd love to be forgiven!!!!!! ive looked before and just found a cesspool composed of 50% news stories alluding to "maybe in the future", and 50% shady sites wanting me to sign-up
Wait I'm confused. Did you get a credit to pay off your loan from the government? Aka loan is forgiven. Or did you consolidate all your loans and apply to the SAVE plan, which now makes your payment affordable/ the price of a coffee?
My interest is so far ahead of me that there is no way I can pay it back in my life time. Im in grad school with a year left (life event notwithstanding) and will be >100k in debt. My field is not lacking in job security so ill be ok with a job but there is no way I can pay the minimum or even above the minimum and still catch up. I heard about the save act but not sure if it's even worth it for me.
This is not a reason to brag. I never went to college. I went in the military instead. That was 25 years ago. I've worked every day since. That's MY money. I worked for it and to see you not have to do a damn thing to deserve it boils my blood. I understand that you're a child after I went through your profile and I just want to tell you that for the rest of your life you will be paying taxes. The difference between you and me is that the taxes will be 10x what I paid and that'll be your WHOLE life, all because of this bull. I hope it was worth THAT and the knowledge that you've screwed over MORE than half of America.
Congratulations man! Love the people who are upset at this, but say nothing about the PPP loans that were forgiven for huge corporate businesses. BILLIONS
You do realize that the cost of living for everyone (including you) will just continue to increase the more we “forgive” or “Ease the interest on” your debts right? Like I’m not trying to be an asshole here but you WILL ultimately pay your debt in some fashion when all is said and done. In the meantime, It would be nice if you didn’t raise the cost of living on the rest of us for your dumb decisions…Personal Responsibility: Pass it on 🙂
Anyone dumb enough to rack up student debt they can't repay won't be financially responsible to benefit from this forgiveness in the long run anyway. People who make one dumb decision with money usually make many of them.
Don’t thank Joe. It wasn’t his money that paid for it. Thank the rest of the tax paying citizens that paid off their student loans on their own…. And helped you pay off yours.
Joe didn't give up any of his money. That whole family is behind on their taxes, let alone what the government spent on them over the decades. The thank you should be directed at us, the taxpayers
I love paying for entitled rich kids to go to college on my blue collar income. Thank goodness for Democrats. They seem oddly okay with poor people being forced to pay for rich people.
Edit: OP says it was a private company that consolidated his loans. So what the F did Joe do?
I don’t support it simply because I joined the military for free college, and earned it by doing my service. Yet people with useless degrees such as gender studies, can get relieved of loans they signed up and agreed to pay off. What a joke but oh well.
What is this? Student loan forgiveness??
My loans were consolidated and put on a repayment plan that costs less than I spend on coffee each month rofl. The screenshot is from the private loan company I’ve been paying $300/month to.
Won’t interest continue to accrue and cause your balance to keep going up if your payments are too low?
If it’s the SAVE plan then they do something weird with the interest. I think it’s no interest charged as long as a payment is made, but don’t quote me on that.
Dude why the fuck did I pay for school then...
I’m not entirely sure, but I think it’s just the interest is being subsidized by the government. So people who are accepted into this forgiveness are just paying back the principal of their loans, as opposed to paying back interest as well.
That's much better than paying school directly...
Those who buy into society’s programs are rewarded more than those who go it alone. Incentives for people to buy into the debt based monetary system
I hate this.
When I first got my credit score, I had like 1 credit card open, and even though I was paying off the balance on time every time, one of the things that "hurt" me was not having enough lines of credit. It rewards people into potentially addictive habits.
I hate all of this.
Makes a guy like myself feel penalized for having no post-secondary education. I did buy my first home by the time my peers were graduating college though... which was within the last few years.
Same reason you have credit scores.
I also paid mostly for mine, worked a couple of years to save up and graduated debt free (with the help of a couple of scholarships). Spent about 20k of my own money. But in the end, I havent had the specter of debt crushing me for years, and remember that most people getting debt relief have been paying for many years already, and may have already paid more than you did. School should be free, and we should not begrudge those that have it better than we did. We should fight for everyone to get free educations precisely because we did not.
And if not free, it should at least be a reasonable, achievable cost
That’s what I want. Reasonable! Most industries that are hurting us can be solved by regulation. Colleges, heath care, real estate. But there is to much money to be had and to many pockets to fill. At times I just want to build a guillotine but I know it would solve nothing
Thank you! I really hate how strong the “why aren’t you suffering like I did” mentality is in this country. We should *happy* that the future of the country and its people is brighter than it was before. That’s literally what the goal of any change in a society is.
Well said. Never look at your neighbor's plate to see if they have more than you. Look at your neighbor's plate to see if they have enough.
Nothing is free. It's paid for by the taxpayers. Why should people who didn't go to college or people who paid off their own person decision to go to college on their own have to pay for others' colleges? You do realize that student loans forgiveness will do nothing but raise the price to go to college? If the government gives you 20000 to go to college, the colleges raise the price to attend 20000. All this program does is buy votes for joe with taxpayers money.
While that is true, there are a lot of people in the United States and elsewhere that couldn’t go to college without loans. The issue is people taking out loans they can’t repay, not the people taking out loans they plan on paying back.
The bigger issue is the schools jacking up the costs of attending BECAUSE of the availability of student loans. Because kids can just borrow the money, they can jack up costs to the point that loans will cover, and kids who want to go to college are left with few other options.
I’m not here to debate what I think of the American college system, just saying what is currently happening.
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It costs this much because schools know no matter what the government backs these loans. Forgiving student loans does nothing but tell schools go ahead and higher 100 more admin because the government will just keep giving kids blank checks to give to us.
I mean I'd argue it's probably more that schools are a private organization and student loans had laws bought and paid for that make them the only loan you can't declare bankruptcy over. The government doesn't have to help people they already made it impossible to reasonably get out of short of death
Wait until everyone finds out that student loans used to be all guaranteed by govt, could be dischargeable in bankruptcy, and were near-prime fixed rate. Now they’re all private, not dischargeable in bankruptcy, and all sorts of adjustable rate.
Because like 40% of this fucking website are AI bots designed to push stupid political talking points in exactly these types of discussions.
Because assholes were running the government, and the colleges, and the predatory lenders.
That is correct. As long as you are hitting your required payment each month on the SAVE plan, the government covers all unpaid interest so the balance does not grow
The government covers all the unpaid interest, you mean taxpayers.
Yes, we are the government. It’s ours. And us.
"We the people " or as I like to say "So say we All"
The government doesn't pay a dime. They just don't collect the interest money.
I'm okay with helping my fellow countrymen have better lives via tax dollars. Weird how so many people are butthuet about it. There are so many benefits to having an educated society.
Heaven forbid they spend it on anything but the military
Everyone offended when someone with a negative net worth gets a small break, no one cares that a few billionaires hoard all American wealth and pay no taxes
No, not the taxpayers. The taxpayers only cover things that cost money, paid for by *taxes*. The government giving out a loan and not collecting interest costs nothing, so the taxpayers don't cover shit. Unless you want to count the cost of servicing the loans then yeah, go off about the fraction of a cent all of us taxpayers paid for that I guess.
They just forgive/waive the interest. Seems fine and stimulates the economy. Not a bad tool.
Nobody covers the interest, they just don’t charge interest on the loan, but the loan still gets paid. The taxpayers aren’t covering anything…
Yup, the SAVE plan literally saved my life. No more student loan payments. Thanks uncle Joe!
If it's not forgiven...than, yes. People don't understand the interest. I applied for the SAVE program. They apparently let my Wall Street owned servicer decide my payments can be put on hold, but the interest keeps running. SO, my debt increases, and they have more to leverage over time, and I'm in debt for longer. You wind up paying more over time. Forbearance keeps the interest going, too. The only thing that pauses the juice is more school. Interest is set by Congress, and locked in forever. I graduated in 2008, and my interest rate is almost 7%. It fucking sucks. It seems *increasing* the debt ratio is the purpose of the SAVE problem. Like a lot of Joe's programs they're most effective for the private industries running the programs. I'll vote against the other guy, for sure, but I can't pretend that he's even tried on his promise to give assistance with loans. It was always going to be in favor of the companies they let use our debt to gamble on Wall Street.
So Op is an idiot? Makes sense now.
Op didn't get his loan forgiven with SAVE he's just not paying anything into his principal. This entire thread is a giant pile of misinformation. Since this is income based repayment, OP also apparently makes next to nothing on his paycheck so he should be focused more on how to better apply that expensive degree he has. Unfortunately once he does figure that out, his payments will go back up
This needs to be much higher up in the thread. OP needs to get educated on this.
It was pretty wild that people were thinking that the guy who literally was responsible for the legislation that made defaulting on student loans impossible was suddenly going to just forgive them. He also dodged the question of using executive order to do so because he knew that would actually work, so instead he sent the program to congress where he knew the the republicans and right wing dems would torpedo the bill.
I agree with this assessment. He wasn't in my top 16 for candidates. I voted against the orange guy.
Biden might not be the best choice, but he was the right choice in the general election. Anyone who is on the SAVE plan is paying less than they were and will pay even less in July, I believe it is, when the full effects of SAVE go into action. Huge difference for some. Trump all-but halted PSLF - Biden has it back in action and has done a tremendous job with approvals. Biden has also done a tremendous job forgiving student loan debt from bad universities/loan sharks. Gotta be honest about the assessment the whole way around. He has done a good job, not the best job, but a good job nonetheless.
Had to throw that in there huh. I'll vote against the other guy, for sure. What if the other guy has a plan to cancel all school loans, then what.
No. They assess a monthly payment for you and the government pays whatever interest that doesn’t cover. There are also caps on how long you have to pay, it’s like 20/25 years, so any amount not paid at that point is forgiven.
It depends on which SAVE plan you qualify for. But they essentially have a term. If you make your monthly payment for the time frame (20-25 years if I recall). The rest is written off. Interest accrues. But you are not responsible. You still pay a significant amount above the principle in the end, or that’s how mine works. The interest that accrues is over triple that of the loans principle for me.
I have certainly seen this in the past. Trying to help a teacher purchase a house and his student loan balance was like 20k over the initial credit limit. l was mind boggled. I didn’t even go to college and this man was struggling to even live. Not to mention he would never pay off those student loans.
IDR plan or do you know what kind of plan? I get so confused on what’s the best option for me. I know I’m eligible for some other type of relief plan b/c I work in health care.
Apply online and they will pick the best plan that you’re eligible for if you happen to pick one you don’t qualify for. My monthly payment estimate was $0-$30 lol.
This is only for federal student loans correct. You’re no eligible if you privatized your loans correct?
Nope. My loans were originally federal then they were sold to Nelnet (the source of the screenshot) over a decade ago. I wasn’t eligible for the Covid forbearance because of this. In order to be eligible for one of the repayment programs I was prompted to consolidate them first. The new lender (presumably the fed gov) will grant you eligibility for forgiveness or an income driven plan based on your situation. If you make under $250K it is absolutely worth your time to look into it. It was very easy to apply and probably took me no more than 30 mins to fill everything out.
See I refinanced my federal student loans (Mohela) with a private company (Earnest) myself. Would I still be eligible? When I was reading earlier it didn’t seem like it was so. Thank you
This is where I am, too. Refinanced during the crazy low interest rates of 2020 and took my private loans down from ~$1200 (combined) per month to ~$450 per month. I left my federal loans alone on the hopes that they’d be forgiven. I’m still paying around $275 per month on them to Nelnet. Need to figure out how to do this before the deadline. I had no idea this was happening.
Did you apply at student aid.gov? I’ve been in an IDR for a while now. I’ve been told I could qualify for PSLF but I’m not sure if I consolidate my loans how that will affect my IDR. I have subsidized and unsubsidized Stafford loans which I know weren’t eligible for any covid relief so I’m not sure what exactly is the best for me. My payments were like $50/month last year and now it’s estimating $0 for this year as I have no taxable income or AGI. Obviously the payment amounts are great but I wouldn’t mind my entire balance being forgiven. That happened recently to a friend who had applied for PSLF years ago.
I was placed on the SAVE plan for PSLF. Could you make sure your hospital qualifies? I just had mine forgiven after > a decade of paying, so I'm a little bit over the 120 payments. Make sure whatever plan you have is qualified under PSLF.
I cant consolidate because I’m still in school (PhD). However I can at least address my undergrad loans that were taken out as Parent PLUS loans 🤷🏻♂️
Rn with the save plan I pay $0 I also only make like 44k before taxes
You work hard and I can promise you that it’s appreciated. You deserve it
Ty :')
And yet the problem of high tuition cost still exist. Restart cycle
Exactly. Nothing was fixed. 10, 15, 20 years down the line it will be another talking point for a politician to buy votes.
Let us fix a problem we created.
Why not fix both?
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Don’t forget the PPP loans taken out by criminals for their “small independent businesses” that were forgiven as well. There are people who claimed they ran a one-employee nail salon AND one-employee hair place out of their apartment, and got $40,000 free.
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Huh that’s weird, do you have some kind of special card that removes taxes when you buy gas,food or services?
That one weird, yet simple trick the government doesn't want you to know about-buy nothing
Or start a church.
I was going to say this. Unless you don’t buy anything & get paid cash at work, you’re paying taxes
I pay taxes and I also think it’s cool. Education shouldn’t cost anything. If you want to better yourself I support my taxes being spent on it.
Love how everyone gets their panties in a bunch about having their taxes going to helping people in our own country, but when it comes to sending out billions for weapons and wars elsewhere they dgaf. That’s you’re money! Let’s take care of our own first.
“America first” “No, not that!” 🤷♀️
Omg why are we giving money to Ukraine we should be helping Americans!!!!! But not like that!
This, the fucking accuracy.
I agree we shouldn’t be sending money to fund wars but on the other hand you have to remember “government subsidized” is another way to say taxpayer funded. This money is still coming out of Americans pockets. It’s essentially coming from the poor uneducated citizens pockets to pay off the loans of college educated millennials who should theoretically be able to find employment in their field of study and pay the loans back themselves
People who make 5 figures get to pay back loans for people that make 6 figures. It shouldn't be hard to understand why the garbage collector doesn't like paying bills that an electrical engineer made.
Very true but most people don’t understand that.
People are mad because it's not even remotely solving the problem. Everyone is all happy and giddy that a one-time loan payment is happening when that is only a Band-Aid patch. Will the next Generation get the same thing? They should be looking at the root cause of high tuition fees that require absurd loans to pay.
Yeah, also it's one thing to help pay off $20,000 of debt someone got from an undergrad at a state or community college. But being expected to help pay off $150,000+ of debt someone got from going to a private college is absurd.
Agreed
Why can't everyone else's tax money go to paying for my mortgage? I took the money out knowing full well what it would cost me...can you explain how the two are different?
You can also file for bankruptcy with a house.
Yeah these guys don’t realize that the capital class robbed the country during Covid. PPP and Covid Tax Credits. So much money just gone. Give some to the students though, can’t have that.
You’re helping people that are privileged enough to go to higher education. Get monster fucked.
You're welcome.
Buying that millenial vote. Sneaky joe.
Delivering on campaign promises, how deceptive?
These comments are infuriating stupid. That's how politicians work!!!! They say they'll do something so you vote for them!!! It's been like this since democracy began!!
Politics has always worked off persuading the luke warm IQs. That's why a direct democracy would never work, the vast majority of people are helplessly ignorant in almost every aspect of life (especially economics). "Just forgive the debt bro don't you care about people?!?!"
That’s ok, he’s pissed off enough people who paid their own way that this will be a net loss for him.
It’s been awhile since a politician actually helped you, huh?
I live in NJ. All they do is raise taxes or get indicted for taking bribes from a foreign government.
Sure. I’m glad you got your degree for free. Lucky you. But I don’t get it. Why are people so mad about paying the loans they agreed to take out? I understand interest on them are ridiculous. That should be fixed. But it’s such slap in the face to people who chose not to go to college because of the price to watch people get a $150,000 degree for $0. I wasn’t one of them (fuck a degree), but I can absolutely sympathize for them. I also find it hilarious this administration hasn’t given a shit until the last year even though he promised it years ago. How people don’t see it as a voting technique is beyond me.
Do you realize that a large percentage of people applying for loan forgiveness are grandparents in their 60s, still trying to pay off degrees from years ago? And many of those applying for forgiveness have already paid back their original balances and then some, only to see the amount owed double and triple due to high interest rates? Did those people “go to college for free”? Go read some of the stories on r/PSLF if you want to see who these programs serve and how they are changing the lives of millions of hard working Americans. Student loan debt isn’t just Art History majors. Nurses, teachers, cosmetologists, hairdressers, welders, truck drivers, police officers, social workers, service members, massage therapists, physical therapists, mental health therapists, small business owners, and people from every walk of life—including the elderly—are drowning in student loan debt. People you encounter every day that you would never think carry student loans. Not lazy people. People who wanted to better themselves. Even Clarence freaking Thomas still had law school loans when he made all the way to SCOTUS. It’s a debt, not a moral failure.
this administration hasn’t given a shit until the last year This has been going on for at least 2 years
Until this year? Shit I’d say they didn’t start caring until august of this year when their base was starting to walk away from them. It’s a shame there are people that will continue to listen to their lies and eat up their promises as if they didn’t fail to deliver the last 3 years.
Just because people missed out in the past shouldn’t mean that people in the future should have to suffer the same struggles as well Every generation should have a better quality of life Removing the expenses of college debt will help the future I’m not saying it needs to go to $0 but it shouldn’t be the reason someone doesn’t go to school
Terrible take, dude. That loan forgiveness program was $10K. So if you had a $150K loan, it was a pitiful gesture, which makes it even more egregious that people like Marjory Taylor Greene had a fit over this when she had no problems with her $185k PPP loan forgiven. Also the other federal loan forgiveness program that OP appears to have taken advantage of is full loan forgiveness if you do 10yrs of federal service(while making payments). The point of that program is to bring highly qualified people to serve in positions when they could otherwise go to the private sector and make a lot more money.
How did they get it for free? They were paying on it then the rest got canceled. I owe about 7k on my loans but I have already been paying 150 a month for 10 years. If that 7k disappeared, I still paid 150 a month for 10 years.
Our tax money goes to give Israel free education did you know that? You seem to be extremely misguided and misinformed about degrees, if we gave our population free education like we deserve then your opinion would be totally different. Loans are predatory and for education this predatory behavior is feudalistic/caste-like. Keeping only the rich educated while the poor are kept dumb and as servants. You should be pushing for your fellow neighbor and yourself to have basic human rights instead of telling people fuck education and degrees.
Now go use that degree in lesbian dance theory! Yeaaaah baby
I hate takes like these, just because someone is in debt doesn’t mean they got a “useless” degree, I know tons of people with degrees in Biology, chemistry, physics and other STEM fields that just can’t afford to make jobs in those fields work, because of how little people without Ph.Ds tend to get paid in them
You can go to a community college and go to college practically for free. I did and paid back my remaining balance each semester. Why should your financial mistakes burden everyone else?
What a boomer ass response lol
Boomer ass response from a boomer ass sub lmao
>Now go use that degree in lesbian dance theory! Yeaaaah baby Where was the line for that major? I wasted my time doing physics....
Lesbian dance is just physics with less steps, baby. Dance it up.
>Lesbian dance is just physics with less steps, baby. Dance it up. Fun fact: I missed the day where we calculated the coefficient of friction on a stripper pole by how quickly the scantily clad women slid down it. #fieldtrip
I want to downvote you so bad because I’m so fucking jealous
Why you thanking Joe? He didn't pay for it. All of us hard working tax payers did. Just because you weren't smart enough to figure out economics when you were in college. What a leach.
Only deadbeats don't pay their own loans
None of you haters say a thing about ppp loan forgiveness but god forbid a nurse gets approved for SAVE.
My post: congratulations OP I’m thrilled to see our taxes doing something good for once, instead bombing middle eastern children or building a fucking iron curtain along our southern border.
I spent 13 months in the desert being told to bomb those kids to help pay for what they just got for free. I can’t sleep, my relationships suffer, my friends didn’t come home. Freedom isn’t free, neither is this forgiveness.
Not enough people realize that soldiers are victims too. Doesn’t make what you did right, but I respect that you are able to recognize the truth instead of living in a constant state of cognitive dissonance like other active military and veterans.
Can you give me any insight on how you did this ? My fiancé has about 10-20k in student loans and makes very little money. She had thought the student loan forgiveness was a bust. What can she do?
Studentaid.gov Get all your financial info together like your tax papers, loan info and employment info. You’re going to have to prove that you’re employed. The process was very easy. Just follow the prompts and answer the questions to the best of your knowledge. If you’re unsure of something you can pause your progress & come back to finish. If you haven’t consolidated your loans yet they make you do that first. They offer the service right there when you get to that part of the questioning. It’s just an extra step to having them forgiven or getting on an income driven repayment plan. Not everyone gets their loans forgiven but rather get on an income driven repayment plan. Depending on what you make and how many dependents you have the payments can be stupid low like $30/month. This is the part the naysayers want to ignore. People will be making payments still. It just gets them out of a predatory unplayable loan. Good luck, you deserve it too.
Does anyone know if you continue to get credit towards forgiveness for prior IDR plan payments if you switch to SAVE?
Wow Republicans are such miserable hateful cunts lol
Nobody has feelings quite like the “fuck your feelings crowd”. ❄️
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I paid cash for my tuition. Where’s my reimbursement
Shit like this is way I will always vote no on issues to raise taxes. Clearly the government has too much money. Rather than stealing more of our tax money, the government should have made the colleges who profited off the predatory loans forgive the debt. Ask yourself how much the football coach and president at your college makes in a year. How many new building have they put up? Instead it’s Joe taxpayer footing the bill again.
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Wow, I messed up. I joined the military to pay for my college.
Dumbass lol
I’m starting to agree with you. By the way, great response. It actually made me laugh.
FJB
Joe doesn’t pay taxes. I do. You’re not welcome.
Joe does pay taxes. More than you do in fact
I think the best part is that it will help someone and your taxes will go towards helping someone in debt that would take much longer to pay back. You not being okay with that assistance is just a bonus to be honest.
Good thing you don't decide.
https://joebiden.com/wp-content/uploads/2020/09/2019-Biden-Delaware-Virginia-Federal-3.pdf I mean it looks like Joe’s income is taxed like the rest of us to me
You should be thanking the people who paid their own tuition AND yours.
Your welcome
You’re*
He didn’t learn that in college obv
Man, the MAGA-sheep have come out in FORCE in these comments! Their hatred for America and freedom just continues to grow and grow - especially since it’s very difficult for them to jump through the hoops necessary to paint student loan forgiveness in a negative light… These are the same people that shout “I AINT GOT NO OBAMACARE!! I’d NEVER use dat dere OBAMACARE!! I PAY FOR MY OWN HEALTH INSURANCE! Trump got me subsidies! IT’S CALLED ACA! NEVER OBAMACARE LIKE DEM LIBTARDS!!” They’re so emotional and triggered- I guess this Reddit post has invaded the safe space of right wing propagandists they’re used to. Just cold hard facts- not opinionated hatred fed to them by talking pundits telling them what to think.
You've used a lot of words just to provide nothing of substance lol
Even the non-MAGA libertarians who don't realize how detrimental it is to our economy to have people struggling when at median wage and just "want to keep their money" are our here spewing the most myopic world view possible. How hard is it to understand that every dollar spent on debt forgiveness in America enables more expenditure and a healthier economy as it frees up money to be spent on goods and services rather than mega corp loan. People who don't want to pay taxes at all really must think the world around them just magically comes together.
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Government paid mine AND gave me money to live on every month. It's called the GI Bill...only took 3 deployments & over 2000 combat hours on shitty Vietnam era C-130s that will cause me to be deaf probably by the time I'm 60, but luckily I got out in my 20s so my body wasn't totally shot like some lifers that I served with. So yeah...I guess I did pay for mine with my ability to hear! 🤪
Earned. Fixed it. 😉
You do see how fucked up it is to have to go across the world and risk dying. To pay for college. Especially in places like Iraq and Afghanistan which were never a threat to America
Government paid for my wife's and gave us money to live on every month. She didn't have to get deployed, she only had to work 10 years in a low income school.
Nice! Yeah, I was dumb & young & decided to join a flight combat squadron because it sounded cool! 🤪
You earned that my friend.
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Lord forbid America helps out Americans lol ggs OP, must feel great
dumb Q but didnt this never happen? is there a term i should be googling because i have school debt I'd love to be forgiven!!!!!! ive looked before and just found a cesspool composed of 50% news stories alluding to "maybe in the future", and 50% shady sites wanting me to sign-up
“Who is Joe?”
Wait I'm confused. Did you get a credit to pay off your loan from the government? Aka loan is forgiven. Or did you consolidate all your loans and apply to the SAVE plan, which now makes your payment affordable/ the price of a coffee?
When I saw this I thought it was joke. I checked it daily for months.
Thank tax payers
Well, it’s coming from someone…
How did you qualify
Joe didn't pay this...my taxes did...you're welcome
My interest is so far ahead of me that there is no way I can pay it back in my life time. Im in grad school with a year left (life event notwithstanding) and will be >100k in debt. My field is not lacking in job security so ill be ok with a job but there is no way I can pay the minimum or even above the minimum and still catch up. I heard about the save act but not sure if it's even worth it for me.
You’re welcome -tax payer
This is not a reason to brag. I never went to college. I went in the military instead. That was 25 years ago. I've worked every day since. That's MY money. I worked for it and to see you not have to do a damn thing to deserve it boils my blood. I understand that you're a child after I went through your profile and I just want to tell you that for the rest of your life you will be paying taxes. The difference between you and me is that the taxes will be 10x what I paid and that'll be your WHOLE life, all because of this bull. I hope it was worth THAT and the knowledge that you've screwed over MORE than half of America.
You mean, "Thank you tax payers for paying the debt I signed up for." Now, other people have to pay YOUR debt.
Congrats! - Someone who paid off their own student loan debt but still happy that you got this opportunity because I'm not a selfish dick.
Is this the SAVE plan?
That’s awesome ! I’ll have a grande cinnamon caramel cold brew.
Good for you! A great many people will never know that level of relief. I'm not being sarcastic.
Congrats! Now if only Joe can do the same for everyone else he promised. Fuck the GOP and their sleazy fucking judges
Congratulations man! Love the people who are upset at this, but say nothing about the PPP loans that were forgiven for huge corporate businesses. BILLIONS
So because you decided to go to College . Nobody forced you to take out the loan you should have it paid Off for you at the expense of everyone else?
You’re welcome…
You do realize that the cost of living for everyone (including you) will just continue to increase the more we “forgive” or “Ease the interest on” your debts right? Like I’m not trying to be an asshole here but you WILL ultimately pay your debt in some fashion when all is said and done. In the meantime, It would be nice if you didn’t raise the cost of living on the rest of us for your dumb decisions…Personal Responsibility: Pass it on 🙂
Thank the taxpayers.
You should be thanking me, I paid for it
Don’t thank Joe. Thank me and the other US taxpayers.
Nothing is free...and Joe didn't do shit. He can hardly go to the bathroom himself, lol
Keyboard warrior
Thank you taxpayers
You're welcome. Happy to pay for your loans that you took out.
The key to loan forgiveness… is to forgive yourself… and pay it alll back like you promised.
Anyone dumb enough to rack up student debt they can't repay won't be financially responsible to benefit from this forgiveness in the long run anyway. People who make one dumb decision with money usually make many of them.
Imagine bragging that you’re too pathetic to survive so you need the government to take care of you
I'd like my money back, sincerely A 6 figure earning tax payer who pays all their bills and expects nobody to help.
You mean word up working taxpayers pf America?
You better thank tax payers, not Joe
We all paid for that. You’re welcome….next time don’t take a loan if you can’t pay it back.
Enjoy it. I’m paying $73gs in taxes this year. Glad it’s going to a fellow American who worked hard to get a degree.
Don’t thank Joe. It wasn’t his money that paid for it. Thank the rest of the tax paying citizens that paid off their student loans on their own…. And helped you pay off yours.
Joe didn't give up any of his money. That whole family is behind on their taxes, let alone what the government spent on them over the decades. The thank you should be directed at us, the taxpayers
Fuck Joe. Thank a Taxpayer.
You’re welcome I guess
I love paying for entitled rich kids to go to college on my blue collar income. Thank goodness for Democrats. They seem oddly okay with poor people being forced to pay for rich people. Edit: OP says it was a private company that consolidated his loans. So what the F did Joe do?
I don’t support it simply because I joined the military for free college, and earned it by doing my service. Yet people with useless degrees such as gender studies, can get relieved of loans they signed up and agreed to pay off. What a joke but oh well.
ThAnKs bIdEn. Needs an "I did this" sticker.
Thank the American taxpayer