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Post by workingclassdog on Aug 24, 2022 16:11:30 GMT
Looks like my daughter and her husband will be getting a good chunk paid off. I am thrilled for them. Newborn baby and house, this will really help them move along and maybe they will be able to get a bigger house sooner rather than later and without a huge hole in the ceiling from a leak that, at this time, hasn't been able to figure out why it is happening after two plumbers.
They will still owe a little but at least manageable. If all goes well, they should have less than $8,000 to pay off.
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Post by jeremysgirl on Aug 24, 2022 16:13:59 GMT
Not my kids but me. I think I should qualify.
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Post by sabrinae on Aug 24, 2022 16:15:48 GMT
I already qualified under Public Service Loan Forgiveness. I’m just waiting for them to calculate that I’ve made the 120 payments.
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Post by mikklynn on Aug 24, 2022 16:19:13 GMT
Yes. My DD has been doubling down on paying hers off since they suspended the interest. I think she has just over $10k left. This means she can now look into buying a house.
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paget
Drama Llama
Posts: 7,039
Jun 25, 2014 21:16:39 GMT
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Post by paget on Aug 24, 2022 16:22:22 GMT
I should be getting 10,000 off. But I haven’t made my 120 payments yet. Dd1 makes too much to qualify.
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Post by librarylady on Aug 24, 2022 16:26:36 GMT
A niece's husband has his loan already in collections. Will that be forgiven, I wonder?
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Post by workingclassdog on Aug 24, 2022 16:27:19 GMT
I'm sorry I should have said anyone getting their student loans paid off.. not just the kids.. (brain fart) since I don't have student debt I just think of it as young kids. lol.
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Post by sabrinae on Aug 24, 2022 16:30:49 GMT
A niece's husband has his loan already in collections. Will that be forgiven, I wonder? I believe he will. They are supposed to be working on programs to help those already in default.
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leeny
Pearl Clutcher
Posts: 4,760
Location: Northern California
Site Supporter
Jun 27, 2014 1:55:53 GMT
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Post by leeny on Aug 24, 2022 16:35:08 GMT
I already qualified under Public Service Loan Forgiveness. I’m just waiting for them to calculate that I’ve made the 120 payments. This is me. Mine was originally denied and I had to reapply. I actually received a refund in addition to the amount being forgiven because by the time it was approved I had made a lot of extra payments. That was a pleasant surprise.
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Post by epeanymous on Aug 24, 2022 16:39:13 GMT
Part of the reason I am an academic is for the tuition. My university is in an exchange with a long list of other schools; my oldest is going to school at a fraction of the sticker price and much less than a state school here (my kids can attend my own university for free).
It took me fifteen years to pay off my student loans and I am thrilled that some other people will get relief. It is not like people pick their parents, and the majority of my classmates at my college had parents who wrote a check every year.
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Post by SweetieBugs on Aug 24, 2022 16:40:12 GMT
How do you find out for sure? My DD should qualify. Graduated 4 years ago with great science degree and has only worked maybe 20 months and earned less than $45,000 that whole time. Currently unemployed. She could really use this loan forgiveness.
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breetheflea
Drama Llama
Posts: 6,379
Location: PNW
Jul 20, 2014 21:57:23 GMT
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Post by breetheflea on Aug 24, 2022 16:43:44 GMT
My kids aren't in college yet (I have a hs senior) but I paid mine off this year. It took 19.5 years, just in time to start paying for dd's college... I'm glad other people will get some help though.
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Post by sabrinae on Aug 24, 2022 16:56:54 GMT
I already qualified under Public Service Loan Forgiveness. I’m just waiting for them to calculate that I’ve made the 120 payments. This is me. Mine was originally denied and I had to reapply. I actually received a refund in addition to the amount being forgiven because by the time it was approved I had made a lot of extra payments. That was a pleasant surprise. I’m hoping I’ll get a refund. I have made a year and a half or so of extra payments
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Post by workingclassdog on Aug 24, 2022 17:07:58 GMT
How do you find out for sure? My DD should qualify. Graduated 4 years ago with great science degree and has only worked maybe 20 months and earned less than $45,000 that whole time. Currently unemployed. She could really use this loan forgiveness. My daughter was looking at something online but she couldn't get in as it kept crashing probably due to everyone trying to check if they qualify. Sounds like she would qualify though.
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Rhondito
Pearl Clutcher
MississipPea
Posts: 4,798
Jun 25, 2014 19:33:19 GMT
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Post by Rhondito on Aug 24, 2022 17:39:14 GMT
How do you find out for sure? My DD should qualify. Graduated 4 years ago with great science degree and has only worked maybe 20 months and earned less than $45,000 that whole time. Currently unemployed. She could really use this loan forgiveness. studentaid.gov/debt-relief-announcement/
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Rhondito
Pearl Clutcher
MississipPea
Posts: 4,798
Jun 25, 2014 19:33:19 GMT
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Post by Rhondito on Aug 24, 2022 17:42:15 GMT
My daughter's remaining balance should be wiped out. Yay!
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Post by Merge on Aug 24, 2022 17:47:04 GMT
Ours are paid off and our kids will not have undergraduate loans. We are still thrilled for those getting some relief. I really hope this comes with other reforms, like controlling the cost of public university tuition and giving more grants than they currently do. People shouldn’t have to mortgage their lives away to participate in a middle class economy.
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sharlag
Drama Llama
I like my artsy with a little bit of fartsy.
Posts: 6,580
Location: Kansas
Jun 26, 2014 12:57:48 GMT
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Post by sharlag on Aug 24, 2022 17:51:21 GMT
DS's girlfriend got $20,000
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samantha25
Pearl Clutcher
Posts: 3,077
Jun 27, 2014 19:06:19 GMT
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Post by samantha25 on Aug 24, 2022 17:54:36 GMT
I already qualified under Public Service Loan Forgiveness. I’m just waiting for them to calculate that I’ve made the 120 payments. sabrinae When did you put your application in? I faxed my application at the end of May and haven't heard anything.
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samantha25
Pearl Clutcher
Posts: 3,077
Jun 27, 2014 19:06:19 GMT
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Post by samantha25 on Aug 24, 2022 17:56:22 GMT
I think I will get $10,000 relief for sure. I had Pell grants in undergraduate in 1993. Do you think they would count for the additional $10,000?
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Post by workingclassdog on Aug 24, 2022 18:03:18 GMT
I think I will get $10,000 relief for sure. I had Pell grants in undergraduate in 1993. Do you think they would count for the additional $10,000? I am pretty sure Pell grants qualify for the additional $10,000.. That is what my DD has and that is what she is counting hoping on.
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CeeScraps
Pearl Clutcher
~~occupied entertaining my brain~~
Posts: 3,894
Jun 26, 2014 12:56:40 GMT
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Post by CeeScraps on Aug 24, 2022 18:13:51 GMT
Nope.....she didn't have any loans. She was able to get through school without them.
Ours have been paid off for awhile.
Kudos to those who have them paid off.
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Post by Basket1lady on Aug 24, 2022 18:48:07 GMT
How do you find out for sure? My DD should qualify. Graduated 4 years ago with great science degree and has only worked maybe 20 months and earned less than $45,000 that whole time. Currently unemployed. She could really use this loan forgiveness. studentaid.gov/debt-relief-announcement/The site won’t open for me. Either it’s overwhelmed or won’t let me in using a VPN/from a foreign ISP. Can anyone tell me the terms? Does it work for grad school loans? DS has a loan from his grad program but no undergrad debt. DD will need to take out a loan next year for her PT doctorate. Does it apply to future loans as well?
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Post by sabrinae on Aug 24, 2022 20:02:14 GMT
I already qualified under Public Service Loan Forgiveness. I’m just waiting for them to calculate that I’ve made the 120 payments. sabrinae When did you put your application in? I faxed my application at the end of May and haven't heard anything. I faxed mine in early May. I got a letter about 6 weeks later telling me my employment and loans qualified and I would be getting information from Mohela about the servicing of the loans. I then got a letter about 2 weeks ago from Mohela saying they were going to be servicing my loans but to give them a couple of weeks to get everything transferred and I should hear from them in a month or so. I still haven’t anything more from Mohela but I need to log in to the website and see if I can see anything there.
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Post by Laurie on Aug 24, 2022 20:05:47 GMT
Not my college child as I am cashflowing her tuition. However, I don't think mine will be since it isn't held by the Dept of Ed. Just like I haven't been able to have the pause in payments since my servicer is Navient.
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Post by mom on Aug 24, 2022 20:06:28 GMT
Nope, neither of my kids had loans.
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Post by mom on Aug 24, 2022 20:07:27 GMT
Not my college child as I am cashflowing her tuition. However, I don't think mine will be since it isn't held by the Dept of Ed. Just like I haven't been able to have the pause in payments since my servicer is Navient. Nope, private loans aren't eligible and many people don't realize that.
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Post by mom on Aug 24, 2022 20:08:51 GMT
The site won’t open for me. Either it’s overwhelmed or won’t let me in using a VPN/from a foreign ISP. Can anyone tell me the terms? Does it work for grad school loans? DS has a loan from his grad program but no undergrad debt. DD will need to take out a loan next year for her PT doctorate. Does it apply to future loans as well? The Biden-Harris Administration's Student Debt Relief Plan Explained What the program means for you, and what comes next President Biden, Vice President Harris, and the U.S. Department of Education have announced a three-part plan to help working and middle-class federal student loan borrowers transition back to regular payment as pandemic-related support expires. This plan includes loan forgiveness of up to $20,000. Many borrowers and families may be asking themselves “what do I have to do to claim this relief?” This page is a resource to answer those questions and more. There will be more details announced in the coming weeks. To be notified when the process has officially opened, sign up at the Department of Education subscription page. The Biden Administration's Student Loan Debt Relief Plan Part 1. Final extension of the student loan repayment pause Due to the economic challenges created by the pandemic, the Biden-Harris Administration has extended the student loan repayment pause a number of times. Because of this, no one with a federally held loan has had to pay a single dollar in loan payments since President Biden took office. To ensure a smooth transition to repayment and prevent unnecessary defaults, the Biden-Harris Administration will extend the pause a final time through December 31, 2022, with payments resuming in January 2023. Frequently Asked Questions: Do I need to do anything to extend my student loan pause through the end of the year? No. The extended pause will occur automatically. Part 2. Providing targeted debt relief to low- and middle-income families To smooth the transition back to repayment and help borrowers at highest risk of delinquencies or default once payments resume, the U.S. Department of Education will provide up to $20,000 in debt cancellation to Pell Grant recipients with loans held by the Department of Education and up to $10,000 in debt cancellation to non-Pell Grant recipients. Borrowers are eligible for this relief if their individual income is less than $125,000 or $250,000 for households. In addition, borrowers who are employed by non-profits, the military, or federal, state, Tribal, or local government may be eligible to have all of their student loans forgiven through the Public Service Loan Forgiveness (PSLF) program. This is because of time-limited changes that waive certain eligibility criteria in the PSLF program. These temporary changes expire on October 31, 2022. For more information on eligibility and requirements, go to PSLF.gov. Frequently Asked Questions: How do I know if I am eligible for debt cancellation? To be eligible, your annual income must have fallen below $125,000 (for individuals) or $250,000 (for married couples or heads of households) If you received a Pell Grant in college and meet the income threshold, you will be eligible for up to $20,000 in debt cancellation. If you did not receive a Pell Grant in college and meet the income threshold, you will be eligible for up to $10,000 in debt cancellation. What does the “up to” in “up to $20,000” or “up to $10,000” mean? Your relief is capped at the amount of your outstanding debt. For example: If you are eligible for $20,000 in debt relief, but have a balance of $15,000 remaining, you will only receive $15,000 in relief. What do I need to do in order to receive loan forgiveness? Nearly 8 million borrowers may be eligible to receive relief automatically because relevant income data is already available to the U.S. Department of Education. If the U.S. Department of Education doesn't have your income data - or if you don't know if the U.S. Department of Education has your income data, the Administration will launch a simple application in the coming weeks. The application will be available before the pause on federal student loan repayments ends on December 31st. If you would like to be notified by the U.S. Department of Education when the application is open, please sign up at the Department of Education subscription page. What is the Public Service Loan Forgiveness Program? The Public Service Loan Forgiveness (PSLF) program forgives the remaining balance on your federal student loans after 120 payments working full-time for federal, state, Tribal, or local government; military; or a qualifying non-profit. Temporary changes, ending on Oct. 31, 2022, provide flexibility that makes it easier than ever to receive forgiveness by allowing borrowers to receive credit for past periods of repayment that would otherwise not qualify for PSLF. Enrollments on or after Nov. 1, 2022 will not be eligible for this treatment. We encourage borrowers to sign up today. Visit PSLF.gov to learn more and apply. Part 3. Make the student loan system more manageable for current and future borrowers Income-based repayment plans have long existed within the U.S. Department of Education. However, the Biden-Harris Administration is proposing a rule to create a new income-driven repayment plan that will substantially reduce future monthly payments for lower- and middle-income borrowers. The rule would: Require borrowers to pay no more than 5% of their discretionary income monthly on undergraduate loans. This is down from the 10% available under the most recent income-driven repayment plan. Raise the amount of income that is considered non-discretionary income and therefore is protected from repayment, guaranteeing that no borrower earning under 225% of the federal poverty level—about the annual equivalent of a $15 minimum wage for a single borrower—will have to make a monthly payment. Forgive loan balances after 10 years of payments, instead of 20 years, for borrowers with loan balances of $12,000 or less. Cover the borrower's unpaid monthly interest, so that unlike other existing income-driven repayment plans, no borrower's loan balance will grow as long as they make their monthly payments—even when that monthly payment is $0 because their income is low. The Biden-Harris Administration is working to quickly implement improvements to student loans. Check back to this page for updates on progress. If you'd like to be the first to know, sign up for email updates from the U.S. Department of Education.
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Post by cindosha on Aug 24, 2022 21:14:34 GMT
Looks like my daughter and her husband will be getting a good chunk paid off. I am thrilled for them. Newborn baby and house, this will really help them move along and maybe they will be able to get a bigger house sooner rather than later and without a huge hole in the ceiling from a leak that, at this time, hasn't been able to figure out why it is happening after two plumbers. They will still owe a little but at least manageable. If all goes well, they should have less than $8,000 to pay off. Looks like you will be paying your kids college loans after all!!! I for one am NOT thrilled to be paying off YOUR kids college loans. what a clusterfuck. That’s all we need is another $300+ TRILLION added to the disaster of an economy we have with this pathetic administration. Inflation reduction??? We are truly fucked with this idiot in office.
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Post by playingcinderella on Aug 24, 2022 21:15:08 GMT
I already qualified under Public Service Loan Forgiveness. I’m just waiting for them to calculate that I’ve made the 120 payments. This is me. Mine was originally denied and I had to reapply. I actually received a refund in addition to the amount being forgiven because by the time it was approved I had made a lot of extra payments. That was a pleasant surprise. I am also waiting for them to officiay forgive mine. DH and I both have made more than 120, but had the wrong kind of loans so we didn't qualify until Biden's temporary changes to the program. DH had his forgiven in July and we are just waiting on mine. Started moving our monthly loan payments to a fund for our kids for college.
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