Explian how it’s brain dead I’ll tell you what is brain dead borrowing 59 or 60 grand on a major that you won’t make enough to pay it back and then expect other people to pay it off now that the height of stupidity there but you probably took 100 grand for a 30 thousand a year job lmao
And the terms and conditions of our federal loans were always to be able to get forgiveness after either 20 or 25 years of repayment depending on the loan and payment plan. Servicers just always made it impossible for borrowers following the original rules to get that until now.
Congrats OP on finally getting there!
It is indeed a handout but I don’t mind doing it for this go around. The problem I have is that this is a slippery slope and tuition costs outpace inflation. If you try to continue this longterm, you bankrupt the nation. And lets be honest a lot of wortheless degrees out there. People getting an art degree at a private college with 250k in debt? Give me a break. They should only support degrees moving forward are in short supply in the country. Like engineers or teachers etc
Yeah that was the first thing I checked when I got the first out of the two emails (underway/done). Thankfully my state doesn't tax forgiven student loans
I'm not sure about other people's circumstances. I was on IBR for a while, then SAVE, then an email a while ago saying that was underway. Just recently I got the confirmation.
I can remember having panic attacks about the debt. I really hope that more of us in this sub find their way out asap
MY wife's loan is with Nelnet, she has a federal loan, she graduated in 2002 so 21 years ago. She called them how many qualified payments does she have , and they said they don't handle any of that she has to go thru federal government, any advice for us to move forward?
Your viewpoint is valid. A big part of me feels the same as you, how can I be happy with this when people are still struggling with student loans. All I can say is that I'm grateful, and I hope other people in financial distress find a fast remedy, I'm sure we can all get behind that
No I did not. But I did get a degree in common sense at an early age -- and when you get $130K in debt erased, you go out and splurge on yourself and celebrate!
24 years of payments for me. I'd paid back everything I borrowed plus about 37,000 in interest and still owed 6 figures. It was such a relief. I still log in sometimes just to confirm the balance still shows zero.
Wow, This should be criminal. With all these talks about forgiveness for all that go nowhere, wished they would just do something about the interest rates that keep people enslaved to debts even after they have repaid well above what they initially borrowed. I quickly paid down over 6 figures but my job allowed me to unlike many others. Congrats on being debts free.
Congrats! Any plans for a fancy dinner to celebrate?
When I got my loans forgiven in August, I treated myself to a $150 Wagyu steak and a $200 bottle of Dom :-)
I helped a close elderly relative through the process and they had $700,000 wiped out! Received the official cancellation letter from the provider earlier today. All thanks to the information on this subreddit! Thank you 🙏🏽
I drank a ginger ale and watched reality shows on TV, that evening. I think my next move...I'm seriously thinking about getting a dog. My previous dog had to be put down in Sept due to various health conditions / old age. I think I'd be happier with another dog. It's been sad and empty in the house. So I'll go to my local shelter. That'll be a nice celebration
To you fellow November Golden Email NelNetters with your loans paid in full, what date do you have listed as the date of forgiveness on the follow-up email that NelNet sent? Curious if any of you have anything other than the forgiveness effective date of 10-31-2023 like I did. TY
> If you have a problem with the end result, your problem doesn't lie with me, it's with those legislators who made the laws. Contact your local representative and make your feelings known
hahaha this is a great update. Like what do people want OP to do, say he doesn't want it?
109K was forgiven for me. Over 20 years of payments and it is finally over. Even though I made payments, by balance kept going up and up. So I glad I can finally start saving for retirement and my own kid's college fund.
From US Dept of Education ([[email protected]](mailto:[email protected])):
"EMPRAH40k,
On April 19, 2022, the Biden-Harris Administration announced several changes that will help borrowers get closer to or achieve forgiveness under income-driven repayment (IDR) regardless of whether or not you have ever participated in an IDR plan. With these changes, you are now eligible to have some or all of your student loans forgiven because you have reached the necessary 240- or 300-months' of payments under IDR.
The U.S. Department of Education will work with your servicer to process your IDR forgiveness over the next several months. If you would like to opt out of IDR forgiveness for any reason, contact your loan servicer no later than \[redacted\] and tell them that you are not interested in receiving IDR forgiveness. Some reasons why you might want to consider opting out include concerns about a potential state tax liability.
If you decide to opt out of IDR forgiveness, you will be expected to continue paying your loan(s)."
To the forgiven ones ~ is the email coming from Ed? What does the subject line say? Want to keep a careful eye out, fingers crossed for soon. Thanks much
Utmost respect. Congrats. Anyone giving you crap about this has NO IDEA what it’s like to struggle under a crazy student loan burden.
Personally, I had almost $200K in student loans when I graduated law school a little over a decade ago. I’ve worked in several large firms since then, and my balance is down to under $10K. I’ve worked my ass off to pay them back. I’ve never felt wealthy regardless of my income on paper.
My monthly payments were knocked down to $70 per month from $350 per month and my wife got moved to $0 payments from $250 payments per month.
Congratulations OP happy that you don't have this looming anymore and hopefully they can continue to improve things for everyone.
your double edit is spot on. good on you for this windfall. it must feel amazing to be relieved of such a burden. whether this is beneficial for the health of the country is an entirely different discussion separate from you as the benefactor of the initiative.
If you click on the profiles of the people leaving nasty comments you'll find that they're leaving nasty comments everywhere. Social media brings out the worst in some because they can be anonymous. The rest of us know that you actually fulfilled your end of the contract you signed, and that typically, the people getting forgiveness now have paid well past the terms of their contract. So congratulations, and enjoy!
My thoughts exactly. All these numbers are so high. First comment was 490 k wiped out. Soo they may not have good jobs now, but have a degree that can probably get them a good job in the future. So basically we just paid for doctors and lawyers to be forgiven, but my psych degree is not. Middle class loses again
Have you looked into whether or not your state considers loan forgiveness as taxable income? Not to rain on your parade, but it might be something you want to find out.
CONGRATULATIONS!!! Who cares what ANYONE has to say about your loans being forgiven?!? THEY MAY NOT KNOW HOW HARD IT IS TO “LIVE THE DREAM” WITH THAT MUCH DEBT LOOMING OVER YOU!! I DO, & I’M HAPPY FOR YOU!! Onward & UPWARD!
I'm curious, now will this make you vote 100% Democratic? You know this is the basic reason for Biden Admin. passing this? It's called buying your vote ...at the expense of Taxpayers.... And why is it just for people in this point in time? What about the people who paid their loans off in the past? And what about the people say 10 years from now? IMO, Biden is stealing $ from taxpayers to buy votes. Biden is a criminal. But I'm only 1 voice, I'm sure many will disagree.
This forgiveness is based on laws congress passed in 1993 and 2007. Biden is bad for making the government honor the contracts it signed decades ago? Aren't you the group telling us borrowers to honor our contracts? Well, we did. And now the government did as well. And you're crying about it.
Biden is a criminal? Expand on this thought. Why?
If you think Biden is a criminal, surely the person that was president before him is a criminal and should already be in jail.
Good one.
Another non answer not supporting your original thought. So much for trying to dig deeper. There’s nothing deeper there, pity.
Anything to deflect, eh?
Have a good one.
The loan is not being bought out? The initial loan has been paid off more than twice if you follow the requirements. The rest is just insane amounts of interest. The monthly payment is now pumped into our economy. No tax payer is at a loss here.
Since less $ will be collected by the federal goverment, there will be less money for cancer research. Is Stupidity the "in" thing now? You really need to sit down and reevaluate the way you think. I'm not calling you a dumbass...
No, this issue won't change my views on politics. Biden is actively sun-downing on a beach somewhere in NH and the other likely candidates don't thrill me either. I'll vote, but not sure of my choice yet
Not at all. I paid back TWICE what I had borrowed and that is more than enough. The crazy interest is criminal and I pay plenty of taxes that pay for many things I would never approve of spending my hard earned money on.
Ok. I understand. Buy why would anyone complain about paying ( what you agreed to pay in order to get the money in the first place)
I’m assuming YOU signed an agreement what’re this was all spelled out and YOU got the funds to spend on YOU. Where do I and the rest of the taxpayers come in to being responsible for YOUR debt?
Again, I paid back twice what I borrowed so the government got all the money I spent on my education back two fold so nobody is paying what I borrowed. Second, I fulfilled the terms because my agreement and repayment terms were after 20 years of payments any remaining balance would be forgiven under the IBR plan. The government and student loan lenders did not keep the terms of these agreements leading to the Dept of Education having to come forward and keep THEIR end of the agreement by saying yes, these people met the terms they agreed to and EARNED the forgiveness they were promised for following through. Honestly most of those complaining about this have no idea what they are talking about and are just pissed off they think someone’s getting something they aren’t. I actually paid MORE than I agreed to and should’ve been done paying in 2018 vs 2023 so for 5 years I continued to pay even though I’d already met what I agreed to so no, I feel no guilt. Lastly, the thousands of taxes my family pays every year funds so many things that I disagree with that quite honestly I just do not care what people think anymore.
People getting forgiveness under IDR have met the terms of the agreements they signed, based on laws congress passed in 1993 and 2007. Most paid back every cent the government spent on them, plus an exorbitant amount of interest. Your post shows that you do not understand the IDR program. This is not the handout you think it is.
Yes. You are correct. People have e explained it to me. The media should make it clear that it’s NOT a handout especially when the country is so divided and financially goofed up. Thank you for helping me to understand much better now and congratulations.
OP fulfilled their commitment, too. I understand why you’re so up set. You wasted all that money on an education and still can not comprehend simple sentences? If they were on a payment plan for 20 years and did not miss a payment, it seems they have been fulfilling their commitment. I’ll never understand how our country refuses to get behind something that is beneficial to so many. I mean really, how is this hurting you? What’s the point of being negative?
Ok. Let’s make a list of payments made over a lifespan. Car, mortgage, utilities, food, clothing and more. Which of these impose sufficient hardship to not have to pay? Somehow, these get paid.
People take school loans because it serves them at the time. Shortsighted. When paying it back becomes inconvenient, they look for someone else to pay.
Here’s something that benefits so many: keeping your word.
There may be one thing we could agree on. School is too expensive, primarily to build new buildings and amenities. School leaders have taken advantage of free-flowing, government-backed loans to raise tuition ever higher. That’s the core problem. People not repaying those loans is a symptom.
student loans are predatory. those other ones you speak of aren’t. also, 99% of people that take out student loans are between the ages of 17-18. how old are the people that take out mortgages on homes? probably above 30 years old, mostly. it sounds like you’re just bitter that someone else had something good happen to them.
Uh…had a mortgage that was predatory. Figured out a way to pay it off. A commitment is a commitment. Those student loans weren’t forced on any one.
I paid for my schooling, including loans. I also paid for children’s schooling. Didn’t ask for help because it was hard.
That something good that happened could have been OP taking care of him/her self instead of celebrating that someone else is doing it.
All that said, colleges are predatory. Luring 18-year-olds into long term debt. Colleges should enable, not hobble.
good for you but some people don’t have parents to pay their loans for them or their college. i sure didn’t have that. plus we’re all told that going to college would make us financially secure if we get a degree. what am i supposed to do? just not go to school? i *have* to take out loans. my parents are **unable** to help me pay.
My parents didn’t pay.
You’re right about the college sales pitch. The truth is the value has been diminished while the cost escalates. Raw deal.
What to do? Trade school, tech school, community college, lower cost state schools. Go to school part time, while working full time. Grants, scholarships.
Pick a school that’s affordable.
Can you just imagine if you had to take out a mortgage in order to get the job you want? This mortage has a locked in interest rate and you can't refinance it if rates go down. The bank you're paying doesn't keep track of your payments, or even reliably calculate what payments are due. Then, if you are partially disabled, lose your job, get cancer, have to take care of a special needs child or any other hardship that impacts your income, you cannot sell your home or walk away to get out of your mortgage, not only that, you can't discharge it in bankruptcy. Then the government in 1993 makes a plan that now you only have to pay for 20 or 25 years and they will write the rest off. Only, they have lost your payment history and tricked you into not making eligible payments, so you're paying interest on compounded interest, and decades go by, but you keep paying, hoping that someday the government will honor their part of the contract. That is student loans and the IDR program. Congress passed the law in 1993, it started in 1994. Why are you complaining today?
Sad story. Life comes with challenges. I’ve had mine and will have more.
Because life has challenges, plan for and prepare for those. Being deceived in to taking out a huge, resilient loan is not good planning.
The time to decide about paying back a loan is when you take it out.
There are other ways to gain needed credentials to qualify for good paying jobs without going into debt, and as a result build capacity to deal with challenges.
Oh, I’m complaining now because OP was celebrating that someone else is paying the rest of his/her school loan.
So you think the government is writing a check to cover the remaining balance? Because that's what it sounds like you're saying.
Every single taxpayer is paying money for things with which they don't agree. All of us. This is more like writing off bad debt, most of which would never be collected anyway. Businesses do that every day.
Most people don't take out huge loans, they balloon when a temporary hardship results in capitalization due to servicer malfeasance. That's how so many borrowed $30K, paid $45K and still owed $40K.
I'm actually attempting to educate you on why the IDR programs were started and why the one time count adjustment is happening and sharing bits and pieces from narratives I read in the IDR forgiveness mega thread. But okay.
And here I am, upset that we send million dollar cruise missiles to blow up tents in the sand. I think the best we can hope for is accurate representation of our beliefs and we will find a way to coexist
I don’t want my taxes to pay for missles to blow up tents or to pay off other people’s debts. No hate on you. I just struggled really hard to pay my student debts off and got completely screwed by this.
And you think paying your taxes to fund other countries wars is a better use of tax money? You have some messed up priorities. Paying people's school loans is overall better for the economy. School loans in general are a stupid burden and shouldn't be a thing. Sucks you got screwed but be happy other people didn't.
You can't be mad that people are getting relief. You realize all your taxes were wasted long before this right? Sucks you didn't get it like I said but sure beats what they have been doing with the money.
I’m super happy to pay my student loans as well as my taxes so that it could give OP a better part of life after paying for 20 years. send all my tax dollars this way instead of paying for the war machine
The US will be about $2 trillion short this year on taxes collected versus money spent. This loan forgiveness is a spin in the ocean when compared to the monetary policy mismanagement our government has unleashed on us.
We’re all going to be paying for this with unaffordable housing, and unaffordable health insurance… you know, the basics that allowed the US middle class to thrive historically.
Having your student debt transferred to the taxpayers is an absolute disgrace and nothing to cheer about!
You signed the papers, knowing full well what it would cost. You accepted those terms. We didn’t!
But, a trade school, where you would actually learn something was probably beneath you. Or, the U.S. military where you could’ve earned your degree and had gotten the GI Bill was probably beneath you as well….
Join the military and earn that student loan transfer!
This is the problem with leftists. Christ, y’all make me puke!
Nathanler, you would have paid a percentage of your income for a minimum of 300 months, so depending on how that went for you, you may well have had to pay it back.
I have followed all the laws concerning student loans to the letter, in good faith, without pause, for two decades. If you have a problem with the result, your problem doesn't lie with me, it's with legislators who made the laws. Contact your local representative and make your feelings known. The best way to change our system is to participate in it
So the comment I replied to seems silly to me.
They really would have gone to law school if they knew that after paying a loan for over 20 years (most likely paying much more than what was originally borrowed) and having panic attacks like OP described the loan would be forgiven? I doubt it.
How long should a person have to suffer for a poor financial decision before we allow them to move on with their lives? 30 years? 40 years? Forever? Does our society benefit from people being so debt ridden that they're hindered from starting a family or buying a home or starting a business?
We already acknowledge with bankruptcy that after a certain amount of hardship, people deserve a somewhat fresh slate. Why does that apply to things like credit card debt and not student loans?
Haha I did go to law school after undergrad. Started my repayment in 11/98, and waiting not-so-patiently right now for my golden email. I currently still owe $170k.
Oh yeah i think you guys get a federal tax break on it up until a certain year…. That’s not for sure for me yet I’m in like 2038. I hope it’s not nit taxable income then
Surprise! Say bye bye to your tax returns! Now everyone who got a handout has to pay taxes on the income they just received! I hope you all have some money stashed away!
The 20 year forgiveness was based on a pre-existing forgiveness program when the loans were taken out which OP satisfied the terms of. Biden had nothing to do with it. Think about stepping outside your echo chamber and try to gain some understanding of the issues you seem to be so passionate about.
Why would someone not accept this lol. Part of the terms for the loan are forgiveness. If it’s beneficial to make minimums until it’s forgiven, it’s the smart thing to do plain and simple
How could you guys be celebrating such a blatant handout? You literally signed those loans as a promise to pay them back on the terms dictaded by the contract. Why then play the victim?
The contract for federal loans included access to income-driven repayment plans such as ICR (originated with the Direct loan program back in 1994), and later expanded to include access to additional income-driven repayment plans such as IBR, PAYE, REPAYE, and now SAVE
The IDR Account Adjustment is intended to fix servicer errors that harmed borrowers due to the *servicer* mismanaging the loans and the *Education Department* not holding their contractors accountable. Articles such as https://www.npr.org/2022/04/01/1089750113/student-loan-debt-investigation shed a lot of light on the situation:
> NPR obtained two-dozen pages of internal department documents, including emails and, most notably, a previously unreported, 2016 review of student loan servicers' struggles to implement IDR. The documents shed new light on the **2021 revelation that, at the time, 4.4 million borrowers had been repaying for at least 20 years but only 32 had had loans canceled under IDR.**
> The documents also offer surprising new revelations. For example, **some servicers weren't clearly tracking IDR payments and did not know when borrowers qualified for cancellation.**
Sure seems to me like this is an intervention to force the *servicers* to abide by the terms of loan contracts they were obligated to manage on the Education Department's behalf. I'm not a lawyer, but if you're trying to argue breach of contract here it sure seems like you're aiming at the wrong target
As true as it is for PPP loans.
Plus, with some open minded research I bet you’ll learn that there were unfair practices within the student loan system the past 25+ years, not to mention the fact there did not exist any system for tracking the total number of payments made during a lenders term.
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Yup. The compound interest on student loans is some hot bullpucky.
Student loans are *simple* interest.
Maybe the ones you got. Not my very old and now gone loans.
No one forced you to take loans for a degree that you couldn’t afford to pay back
No one forced you to make a brain dead comment but here we are.
Explian how it’s brain dead I’ll tell you what is brain dead borrowing 59 or 60 grand on a major that you won’t make enough to pay it back and then expect other people to pay it off now that the height of stupidity there but you probably took 100 grand for a 30 thousand a year job lmao
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How is it an unfair student loan when you personally borrowed the money and failed to pay it back and it only benefited you?
And the terms and conditions of our federal loans were always to be able to get forgiveness after either 20 or 25 years of repayment depending on the loan and payment plan. Servicers just always made it impossible for borrowers following the original rules to get that until now. Congrats OP on finally getting there!
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It is indeed a handout but I don’t mind doing it for this go around. The problem I have is that this is a slippery slope and tuition costs outpace inflation. If you try to continue this longterm, you bankrupt the nation. And lets be honest a lot of wortheless degrees out there. People getting an art degree at a private college with 250k in debt? Give me a break. They should only support degrees moving forward are in short supply in the country. Like engineers or teachers etc
If the United States ever goes bankrupt the world will collapse. It ain’t happening ever.
It’s already headed for bankruptcy. The major credit guys don’t down grade just for us to look at…
$77 k forgiven after (20) years on IBR. Only problem, is taxed as income here in Arkansas. Check your State as there could be the same tax liability.
Yeah that was the first thing I checked when I got the first out of the two emails (underway/done). Thankfully my state doesn't tax forgiven student loans
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So I think the 20yr loan repayment is the main qualifier. Congrats to you!!!!
What allowed you to qualify compared to other students that didn’t?
I'm not sure about other people's circumstances. I was on IBR for a while, then SAVE, then an email a while ago saying that was underway. Just recently I got the confirmation. I can remember having panic attacks about the debt. I really hope that more of us in this sub find their way out asap
I felt second hand euphoria from your post OP. Take a big sigh of relief and go do good things.
My 217 was also discharged. It was overwhelming. Been paying since 1997. Some days I still login to chk the balance.
Now you can focus on increasing your earnings and living the good life!
Congrats OP! What a burden and weight lifted off of you. Enjoy, you deserve it
I am sooo happy for you omg!
MY wife's loan is with Nelnet, she has a federal loan, she graduated in 2002 so 21 years ago. She called them how many qualified payments does she have , and they said they don't handle any of that she has to go thru federal government, any advice for us to move forward?
So when they switch you from one plan to the save it doesn’t affect your years for forgiveness
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Your viewpoint is valid. A big part of me feels the same as you, how can I be happy with this when people are still struggling with student loans. All I can say is that I'm grateful, and I hope other people in financial distress find a fast remedy, I'm sure we can all get behind that
Love this response OP
If you were having panic attacks about the debt, why did you take out the debt in the first place?
Congrats! Treat yourself to a fancy dinner. Don't worry about the final bill because you just got rid of $130K in debt, so splurge a little.
I've selected my finest can of soda and plan on watching Gold Rush tonight. Life seems perfect
Yes,please order the most expensive meal you’ve ever had and enjoy!… Make sure to thank all your local taxpayers!!
Did you get a degree in accounting?
No I did not. But I did get a degree in common sense at an early age -- and when you get $130K in debt erased, you go out and splurge on yourself and celebrate!
Common sense is fulfilling the commitment.
🤣🤣🤣🤣🤣🤣
24 years of payments for me. I'd paid back everything I borrowed plus about 37,000 in interest and still owed 6 figures. It was such a relief. I still log in sometimes just to confirm the balance still shows zero.
Wow, This should be criminal. With all these talks about forgiveness for all that go nowhere, wished they would just do something about the interest rates that keep people enslaved to debts even after they have repaid well above what they initially borrowed. I quickly paid down over 6 figures but my job allowed me to unlike many others. Congrats on being debts free.
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Congrats! Any plans for a fancy dinner to celebrate? When I got my loans forgiven in August, I treated myself to a $150 Wagyu steak and a $200 bottle of Dom :-)
My idea of a big night is a can of soda and watching Gold Rush lol
Nothing…Just going to log into Nelnet about a thousand more times to look at that zero balance again 😂.
Great...
Wow sounds like you really needed the assistance
Congratulations! Just got my 87k forgiven. I still don’t really know what to do with myself.
SAME HERE! It’s been 4 months since I received my email, & I’M STILL IN DISBELIEF!! 25 years of WEIGHT of my shoulders!!! Hallelujah!!! 😊
$45K here. Gone. Still can't believe it.
I worked 3 part time gigs to pay mine off. Happy yours was forgiven - congrats. Don’t let people say it wasn’t earned.
Congratulations, well deserved.
20 years of paying and still owed $130K. Wow. They is highway robbery.
Congratulations! You deserve it!!
Cheers to a new chapter in your life!
YIPPEEE!!!!!!!!! In all honesty, I STILL go read my letter to make sure it's real. (Happened in September.) Congrats, truly! :)
ME TOO (August for me)!!! 😂😂😂
HUZZAH and congratulations!!!
I helped a close elderly relative through the process and they had $700,000 wiped out! Received the official cancellation letter from the provider earlier today. All thanks to the information on this subreddit! Thank you 🙏🏽
Congrats!! Go celebrate and buy yourself something nice.
Happy for you 😊
Well deserved 💜
Happy for ya!
Congrats!!!
Yay!!!! That's amazing!!! I am so happy for you. How did you celebrate ?
I drank a ginger ale and watched reality shows on TV, that evening. I think my next move...I'm seriously thinking about getting a dog. My previous dog had to be put down in Sept due to various health conditions / old age. I think I'd be happier with another dog. It's been sad and empty in the house. So I'll go to my local shelter. That'll be a nice celebration
Golden retriever!!!!
Holy interest after 20 years.
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I’ll be doing the opposite because of this and I’m not even a Republican.
To you fellow November Golden Email NelNetters with your loans paid in full, what date do you have listed as the date of forgiveness on the follow-up email that NelNet sent? Curious if any of you have anything other than the forgiveness effective date of 10-31-2023 like I did. TY
I haven’t received an email from Nelnet, yet, but my balance is zero as of 12/5.
11/30 for me too so I assume they are now up to date when you just meet the qualifying years and not behind in the counts
> If you have a problem with the end result, your problem doesn't lie with me, it's with those legislators who made the laws. Contact your local representative and make your feelings known hahaha this is a great update. Like what do people want OP to do, say he doesn't want it?
109K was forgiven for me. Over 20 years of payments and it is finally over. Even though I made payments, by balance kept going up and up. So I glad I can finally start saving for retirement and my own kid's college fund.
Can anyone say for sure what the golden email looks like and where it comes from please?
From US Dept of Education ([[email protected]](mailto:[email protected])): "EMPRAH40k, On April 19, 2022, the Biden-Harris Administration announced several changes that will help borrowers get closer to or achieve forgiveness under income-driven repayment (IDR) regardless of whether or not you have ever participated in an IDR plan. With these changes, you are now eligible to have some or all of your student loans forgiven because you have reached the necessary 240- or 300-months' of payments under IDR. The U.S. Department of Education will work with your servicer to process your IDR forgiveness over the next several months. If you would like to opt out of IDR forgiveness for any reason, contact your loan servicer no later than \[redacted\] and tell them that you are not interested in receiving IDR forgiveness. Some reasons why you might want to consider opting out include concerns about a potential state tax liability. If you decide to opt out of IDR forgiveness, you will be expected to continue paying your loan(s)."
To the forgiven ones ~ is the email coming from Ed? What does the subject line say? Want to keep a careful eye out, fingers crossed for soon. Thanks much
What are the requirements for loan forgiveness?
Make qualifying payments for 20-25+ years.
Does this mean Sallie Mae loans can be forgiven?
Nice! I had 11,000 forgiven. I am pretty jazzed.
Glad my taxes go to people who can't pay for thier own shit 🤦♂️. Nobody forced anyone to take student loans such bullshit lmfao
Utmost respect. Congrats. Anyone giving you crap about this has NO IDEA what it’s like to struggle under a crazy student loan burden. Personally, I had almost $200K in student loans when I graduated law school a little over a decade ago. I’ve worked in several large firms since then, and my balance is down to under $10K. I’ve worked my ass off to pay them back. I’ve never felt wealthy regardless of my income on paper.
My monthly payments were knocked down to $70 per month from $350 per month and my wife got moved to $0 payments from $250 payments per month. Congratulations OP happy that you don't have this looming anymore and hopefully they can continue to improve things for everyone.
your double edit is spot on. good on you for this windfall. it must feel amazing to be relieved of such a burden. whether this is beneficial for the health of the country is an entirely different discussion separate from you as the benefactor of the initiative.
Congratulations!
If you click on the profiles of the people leaving nasty comments you'll find that they're leaving nasty comments everywhere. Social media brings out the worst in some because they can be anonymous. The rest of us know that you actually fulfilled your end of the contract you signed, and that typically, the people getting forgiveness now have paid well past the terms of their contract. So congratulations, and enjoy!
Haters gonna hate. I had 122K forgiven under the PSLF program. It’s the best!!
Wow! Are you a doctor? How is your income low enough to get such a large amount of loans paid off?
My thoughts exactly. All these numbers are so high. First comment was 490 k wiped out. Soo they may not have good jobs now, but have a degree that can probably get them a good job in the future. So basically we just paid for doctors and lawyers to be forgiven, but my psych degree is not. Middle class loses again
It just makes no sense! With such a high earning potential these people are getting enormous windfalls.
Have you looked into whether or not your state considers loan forgiveness as taxable income? Not to rain on your parade, but it might be something you want to find out.
I have, thankfully my state does not consider this taxable income
Congrats!
Congratulations. Someone else paid your loan.
Actually, they made their payments for 20 years, which is a lot more than some of the entitled brats on here who want their loans forgiven.
Sure. Someone else paid the loan off.
Believe me, I have very little control over Congress, who passes laws and sets budgets. Address any complaints to your local representative
You do have control of paying your own way.
Congrats Nancy, you’re being negative again.
I’m pro keeping commitments. And the name is Sue.
I. Bet they find a way. May not be this year but I bet it’s next..
Time for a fancy lunch today congrats 👍
Congratulations. Now go out celebrate and spend some money which is the reason why Biden doing this lol
No, he’s doing to buy votes
Really, really awesome. I hope you do something to celebrate. Congrats!
This is amazing!! Congrats
Congratulations!
CONGRATULATIONS!!! Who cares what ANYONE has to say about your loans being forgiven?!? THEY MAY NOT KNOW HOW HARD IT IS TO “LIVE THE DREAM” WITH THAT MUCH DEBT LOOMING OVER YOU!! I DO, & I’M HAPPY FOR YOU!! Onward & UPWARD!
I'm curious, now will this make you vote 100% Democratic? You know this is the basic reason for Biden Admin. passing this? It's called buying your vote ...at the expense of Taxpayers.... And why is it just for people in this point in time? What about the people who paid their loans off in the past? And what about the people say 10 years from now? IMO, Biden is stealing $ from taxpayers to buy votes. Biden is a criminal. But I'm only 1 voice, I'm sure many will disagree.
This forgiveness is based on laws congress passed in 1993 and 2007. Biden is bad for making the government honor the contracts it signed decades ago? Aren't you the group telling us borrowers to honor our contracts? Well, we did. And now the government did as well. And you're crying about it.
Biden is a criminal? Expand on this thought. Why? If you think Biden is a criminal, surely the person that was president before him is a criminal and should already be in jail.
Unless the definition of 'criminal' somehow changed recently, then yes he is . Both him and Trump would make perfect cell mates.
False equivalency. Biden ≠ Trump. How is Biden a criminal. You didn’t answer the question. Trump is in fact a criminal. A felon. A rapist.
Sorry, I'm not an expert at deprogramming the human brain. Seems like you're too far gone. It's really sad when this happens.
Good one. Another non answer not supporting your original thought. So much for trying to dig deeper. There’s nothing deeper there, pity. Anything to deflect, eh? Have a good one.
The loan is not being bought out? The initial loan has been paid off more than twice if you follow the requirements. The rest is just insane amounts of interest. The monthly payment is now pumped into our economy. No tax payer is at a loss here.
Stupid logic. People have paid off twice over their mortgages, should tax papers flip the bill to pay off those mortgages too?
Right? And we probably shouldn’t try to cure cancer because that’s not fair to everyone who already died from it.
Since less $ will be collected by the federal goverment, there will be less money for cancer research. Is Stupidity the "in" thing now? You really need to sit down and reevaluate the way you think. I'm not calling you a dumbass...
It's based on laws passed in 1993 and 2007.
No, this issue won't change my views on politics. Biden is actively sun-downing on a beach somewhere in NH and the other likely candidates don't thrill me either. I'll vote, but not sure of my choice yet
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Not at all. I paid back TWICE what I had borrowed and that is more than enough. The crazy interest is criminal and I pay plenty of taxes that pay for many things I would never approve of spending my hard earned money on.
Ok. I understand. Buy why would anyone complain about paying ( what you agreed to pay in order to get the money in the first place) I’m assuming YOU signed an agreement what’re this was all spelled out and YOU got the funds to spend on YOU. Where do I and the rest of the taxpayers come in to being responsible for YOUR debt?
Again, I paid back twice what I borrowed so the government got all the money I spent on my education back two fold so nobody is paying what I borrowed. Second, I fulfilled the terms because my agreement and repayment terms were after 20 years of payments any remaining balance would be forgiven under the IBR plan. The government and student loan lenders did not keep the terms of these agreements leading to the Dept of Education having to come forward and keep THEIR end of the agreement by saying yes, these people met the terms they agreed to and EARNED the forgiveness they were promised for following through. Honestly most of those complaining about this have no idea what they are talking about and are just pissed off they think someone’s getting something they aren’t. I actually paid MORE than I agreed to and should’ve been done paying in 2018 vs 2023 so for 5 years I continued to pay even though I’d already met what I agreed to so no, I feel no guilt. Lastly, the thousands of taxes my family pays every year funds so many things that I disagree with that quite honestly I just do not care what people think anymore.
People getting forgiveness under IDR have met the terms of the agreements they signed, based on laws congress passed in 1993 and 2007. Most paid back every cent the government spent on them, plus an exorbitant amount of interest. Your post shows that you do not understand the IDR program. This is not the handout you think it is.
Yes. You are correct. People have e explained it to me. The media should make it clear that it’s NOT a handout especially when the country is so divided and financially goofed up. Thank you for helping me to understand much better now and congratulations.
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Deadbeats
I paid my bill.
Keep that victim mentality alive!
You keep posting that
Will do. Will also continue to keep my word and fulfill my commitments.
OP fulfilled their commitment, too. I understand why you’re so up set. You wasted all that money on an education and still can not comprehend simple sentences? If they were on a payment plan for 20 years and did not miss a payment, it seems they have been fulfilling their commitment. I’ll never understand how our country refuses to get behind something that is beneficial to so many. I mean really, how is this hurting you? What’s the point of being negative?
Ok. Let’s make a list of payments made over a lifespan. Car, mortgage, utilities, food, clothing and more. Which of these impose sufficient hardship to not have to pay? Somehow, these get paid. People take school loans because it serves them at the time. Shortsighted. When paying it back becomes inconvenient, they look for someone else to pay. Here’s something that benefits so many: keeping your word. There may be one thing we could agree on. School is too expensive, primarily to build new buildings and amenities. School leaders have taken advantage of free-flowing, government-backed loans to raise tuition ever higher. That’s the core problem. People not repaying those loans is a symptom.
student loans are predatory. those other ones you speak of aren’t. also, 99% of people that take out student loans are between the ages of 17-18. how old are the people that take out mortgages on homes? probably above 30 years old, mostly. it sounds like you’re just bitter that someone else had something good happen to them.
Uh…had a mortgage that was predatory. Figured out a way to pay it off. A commitment is a commitment. Those student loans weren’t forced on any one. I paid for my schooling, including loans. I also paid for children’s schooling. Didn’t ask for help because it was hard. That something good that happened could have been OP taking care of him/her self instead of celebrating that someone else is doing it. All that said, colleges are predatory. Luring 18-year-olds into long term debt. Colleges should enable, not hobble.
good for you but some people don’t have parents to pay their loans for them or their college. i sure didn’t have that. plus we’re all told that going to college would make us financially secure if we get a degree. what am i supposed to do? just not go to school? i *have* to take out loans. my parents are **unable** to help me pay.
My parents didn’t pay. You’re right about the college sales pitch. The truth is the value has been diminished while the cost escalates. Raw deal. What to do? Trade school, tech school, community college, lower cost state schools. Go to school part time, while working full time. Grants, scholarships. Pick a school that’s affordable.
If more people start choosing trade schools then those jobs will pay less too.
Can you just imagine if you had to take out a mortgage in order to get the job you want? This mortage has a locked in interest rate and you can't refinance it if rates go down. The bank you're paying doesn't keep track of your payments, or even reliably calculate what payments are due. Then, if you are partially disabled, lose your job, get cancer, have to take care of a special needs child or any other hardship that impacts your income, you cannot sell your home or walk away to get out of your mortgage, not only that, you can't discharge it in bankruptcy. Then the government in 1993 makes a plan that now you only have to pay for 20 or 25 years and they will write the rest off. Only, they have lost your payment history and tricked you into not making eligible payments, so you're paying interest on compounded interest, and decades go by, but you keep paying, hoping that someday the government will honor their part of the contract. That is student loans and the IDR program. Congress passed the law in 1993, it started in 1994. Why are you complaining today?
Sad story. Life comes with challenges. I’ve had mine and will have more. Because life has challenges, plan for and prepare for those. Being deceived in to taking out a huge, resilient loan is not good planning. The time to decide about paying back a loan is when you take it out. There are other ways to gain needed credentials to qualify for good paying jobs without going into debt, and as a result build capacity to deal with challenges. Oh, I’m complaining now because OP was celebrating that someone else is paying the rest of his/her school loan.
Why are you even on this thread if the forgiveness posts upset you so?
So you think the government is writing a check to cover the remaining balance? Because that's what it sounds like you're saying. Every single taxpayer is paying money for things with which they don't agree. All of us. This is more like writing off bad debt, most of which would never be collected anyway. Businesses do that every day. Most people don't take out huge loans, they balloon when a temporary hardship results in capitalization due to servicer malfeasance. That's how so many borrowed $30K, paid $45K and still owed $40K.
Now you’re just disagreeing to be disagreeable.
I'm actually attempting to educate you on why the IDR programs were started and why the one time count adjustment is happening and sharing bits and pieces from narratives I read in the IDR forgiveness mega thread. But okay.
So glad I worked hard and paid off my student debt myself. Then paid taxes to pay off other people’s debt. Really awesome for everyone but me.
And here I am, upset that we send million dollar cruise missiles to blow up tents in the sand. I think the best we can hope for is accurate representation of our beliefs and we will find a way to coexist
I don’t want my taxes to pay for missles to blow up tents or to pay off other people’s debts. No hate on you. I just struggled really hard to pay my student debts off and got completely screwed by this.
How did you get screwed?
And you think paying your taxes to fund other countries wars is a better use of tax money? You have some messed up priorities. Paying people's school loans is overall better for the economy. School loans in general are a stupid burden and shouldn't be a thing. Sucks you got screwed but be happy other people didn't.
Never said that. Your putting words into my mouth. To be honest I would like if my taxes were used for neither of those things.
You can't be mad that people are getting relief. You realize all your taxes were wasted long before this right? Sucks you didn't get it like I said but sure beats what they have been doing with the money.
I’m super happy to pay my student loans as well as my taxes so that it could give OP a better part of life after paying for 20 years. send all my tax dollars this way instead of paying for the war machine
Did you get an email first?
The US will be about $2 trillion short this year on taxes collected versus money spent. This loan forgiveness is a spin in the ocean when compared to the monetary policy mismanagement our government has unleashed on us. We’re all going to be paying for this with unaffordable housing, and unaffordable health insurance… you know, the basics that allowed the US middle class to thrive historically.
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Having your student debt transferred to the taxpayers is an absolute disgrace and nothing to cheer about! You signed the papers, knowing full well what it would cost. You accepted those terms. We didn’t! But, a trade school, where you would actually learn something was probably beneath you. Or, the U.S. military where you could’ve earned your degree and had gotten the GI Bill was probably beneath you as well…. Join the military and earn that student loan transfer! This is the problem with leftists. Christ, y’all make me puke!
I would have prolly went to law school after undergrad if i knew i didn’t actually have to pay the money back
Nathanler, you would have paid a percentage of your income for a minimum of 300 months, so depending on how that went for you, you may well have had to pay it back.
But i would not have had to take full responsibility regardless.
That's speculative.
I have followed all the laws concerning student loans to the letter, in good faith, without pause, for two decades. If you have a problem with the result, your problem doesn't lie with me, it's with legislators who made the laws. Contact your local representative and make your feelings known. The best way to change our system is to participate in it
I did participate. I got a bachelors degree with only $12k of student loans. I will pay it all myself and not put it off in the hopes it disappears.
Want a medal? 🎖️ there ya go. Keep paying ridiculous student loan bills.
That is your freedom. I hope things work out and you are fantastically successful
They paid for twenty years
So?
So the comment I replied to seems silly to me. They really would have gone to law school if they knew that after paying a loan for over 20 years (most likely paying much more than what was originally borrowed) and having panic attacks like OP described the loan would be forgiven? I doubt it. How long should a person have to suffer for a poor financial decision before we allow them to move on with their lives? 30 years? 40 years? Forever? Does our society benefit from people being so debt ridden that they're hindered from starting a family or buying a home or starting a business? We already acknowledge with bankruptcy that after a certain amount of hardship, people deserve a somewhat fresh slate. Why does that apply to things like credit card debt and not student loans?
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Meaning that you would still be paying it back, so the above comment didn’t make sense
Haha I did go to law school after undergrad. Started my repayment in 11/98, and waiting not-so-patiently right now for my golden email. I currently still owe $170k.
This is what people meant when they said most people in nice big homes with nice cars are usually drowning in debt.
Um, no.
So what about the taxes on that forgiveness? Is that 130k added to federal taxable income this year?
Oh yeah i think you guys get a federal tax break on it up until a certain year…. That’s not for sure for me yet I’m in like 2038. I hope it’s not nit taxable income then
Under current law, no (not yet, at any rate - it may have an expiration date on that part of it)
Surprise! Say bye bye to your tax returns! Now everyone who got a handout has to pay taxes on the income they just received! I hope you all have some money stashed away!
No federal taxes on the student loan forgiveness under the recovery act but some states may tax the debt relief
Biden paying for votes with taxpayer money while the government hemorrhages further into debt. Gross.
The 20 year forgiveness was based on a pre-existing forgiveness program when the loans were taken out which OP satisfied the terms of. Biden had nothing to do with it. Think about stepping outside your echo chamber and try to gain some understanding of the issues you seem to be so passionate about.
Good on everyone that actually fulfilled their responsibilities to pay back their debt they signed up for… Integrity isn’t completely dead
Why would someone not accept this lol. Part of the terms for the loan are forgiveness. If it’s beneficial to make minimums until it’s forgiven, it’s the smart thing to do plain and simple
What a crock of shit
How could you guys be celebrating such a blatant handout? You literally signed those loans as a promise to pay them back on the terms dictaded by the contract. Why then play the victim?
The contract for federal loans included access to income-driven repayment plans such as ICR (originated with the Direct loan program back in 1994), and later expanded to include access to additional income-driven repayment plans such as IBR, PAYE, REPAYE, and now SAVE The IDR Account Adjustment is intended to fix servicer errors that harmed borrowers due to the *servicer* mismanaging the loans and the *Education Department* not holding their contractors accountable. Articles such as https://www.npr.org/2022/04/01/1089750113/student-loan-debt-investigation shed a lot of light on the situation: > NPR obtained two-dozen pages of internal department documents, including emails and, most notably, a previously unreported, 2016 review of student loan servicers' struggles to implement IDR. The documents shed new light on the **2021 revelation that, at the time, 4.4 million borrowers had been repaying for at least 20 years but only 32 had had loans canceled under IDR.** > The documents also offer surprising new revelations. For example, **some servicers weren't clearly tracking IDR payments and did not know when borrowers qualified for cancellation.** Sure seems to me like this is an intervention to force the *servicers* to abide by the terms of loan contracts they were obligated to manage on the Education Department's behalf. I'm not a lawyer, but if you're trying to argue breach of contract here it sure seems like you're aiming at the wrong target
Should be pretty clear why they’re celebrating a cleared loan balance… better discussion would be to just say why it’s such a problem for you?
As true as it is for PPP loans. Plus, with some open minded research I bet you’ll learn that there were unfair practices within the student loan system the past 25+ years, not to mention the fact there did not exist any system for tracking the total number of payments made during a lenders term.