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Student Loan Forgiveness


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Student loan forgiveness: Education Department erased $2 billion in debt for 30,000 borrowers

The Education Department rolled out a series of major changes to the troubled Public Service Loan Forgiveness (PSLF) program for student loan borrowers in public service in October, and the level of debt cancellation is topping even the government's estimates.

 

According to a tweet by Education Secretary Miguel Cardona on Thursday, roughly 10,000 borrowers who were on PSLF have already had $715 million erased because of the change in policy and another 20,000 will be notified in the "coming weeks." Altogether, according to Cardona, 30,000 borrowers will see roughly $2 billion forgiven.

 

An ED spokesperson confirmed the debt cancellation totals with Yahoo Finance.

 

"This is fantastic news for those who will have their debts cancelled and demonstrates how the Biden administration has the power to make life better for all people with student debt," Mike Pierce, executive director at the Student Borrower Protection Center, told Yahoo Finance. "With payments currently set to restart in less than 90 days, there is much more work to be done for our public servants and all Americans with student loan debt." ...

 

https://twitter.com/SecCardona/status/1458839964620410886

 

 

Unfortunately, this is fraught with problems. I mean... what have all the equity studies told them? And then there is this response to the above tweet.

https://twitter.com/elgranpangolin/status/1458865737389461519

 

 

Anyone seen that Giant Meteor lately?

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2 hours ago, Ann said:

Is this like teaching or doctoring on an Indian reservation for a few years to get your student loans forgiven? Or is this something else?

 

 

If you work for the government, or a 503(c) for 10 years, and make 120 consecutive on-time payments, the balance of your loan is forgiven.

 

Of course, they go out of their way to &#%$ you over so that they don't have to forgive the debt. They play games both with the payment schedule as well as your type of payment plan. If you select the wrong repayment plan (income contingent, rather than income based), and they don't make it easy to figure out which one is correct, you're not eligible. If you pay ahead one month, they do not credit any future payments as being on time, and you're not eligible. If you sneeze incorrectly, you are not eligible.

 

When I applied last year - after making 120 consecutive payments and working for an eligible employer for 10 years - they credited me with less than 60 consecutive payments, when I had never missed a payment (or even had one late). I was told to reapply in 2027. Of course, the loan would have been long repaid by then.

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  • 1 month later...
21 minutes ago, Foxx said:

 

That's totally unfair! I have a basic human right to make poor financial decisions, such as spending $200,000 to get a degree in gender studies (with a minor in basket weaving), and not have to repay the money I pissed down the drain partying while getting a useless degree!

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On 12/13/2021 at 3:13 PM, Koko said:

 

That's totally unfair! I have a basic human right to make poor financial decisions, such as spending $200,000 to get a degree in gender studies (with a minor in basket weaving), and not have to repay the money I pissed down the drain partying while getting a useless degree!

 

You joke...but the minor in basket weaving is at least useful.  

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  • 2 weeks later...

Am I correct that student loan forgiveness does not apply to everyone? I just paid of my $30,000 student loans, every penny and never qualified for forgiveness. Is it because I work in private sector and not for the government? Is it because I am a white male and have been born with special privelages? 

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10 minutes ago, johtaf said:

Am I correct that student loan forgiveness does not apply to everyone? I just paid of my $30,000 student loans, every penny and never qualified for forgiveness. Is it because I work in private sector and not for the government? Is it because I am a white male and have been born with special privelages? 

 

You didn't borrow more than you could pay off, and paid off what you borrowed.

 

You're not eligible because you're fiscally responsible.

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14 minutes ago, johtaf said:

Am I correct that student loan forgiveness does not apply to everyone? I just paid of my $30,000 student loans, every penny and never qualified for forgiveness. Is it because I work in private sector and not for the government? Is it because I am a white male and have been born with special privelages? 


Your special privilege is being fiscally responsible. 

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4 minutes ago, Foxx said:

I think I saw where Joe extended the resumption of payments again. June or something like that.

 

Yeah the "squad pressured" him to. Apparently, they must think forbearance and forgiveness are the same thing. :classic_dry:

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56 minutes ago, Ann said:

 

Yeah the "squad pressured" him to. Apparently, they must think forbearance and forgiveness are the same thing. :classic_dry:

 

No, they know the difference.  They're pissed that he didn't simply forgive student loans.

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2 minutes ago, Crap Throwing Monkey said:

 

No, they know the difference.  They're pissed that he didn't simply forgive student loans.


With that cast of characters? I'm sticking with they do not know the difference.

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2 minutes ago, Billsandhorns said:

I think they are trying to keep kicking the can down the road, till they have a chance to try and ram it through again


It is such a political loser, they couldn't do it the first time. As we get closer to the 2022 elections, it becomes even more poisonous. Saying that, I think you are correct. And they are super stupid to think it has a chance.

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1 minute ago, Ann said:


With that cast of characters? I'm sticking with they do not know the difference.

 

Well...AOC does have a degree in economics, so I'm pretty sure she's completely ignorant of such terms...

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2 minutes ago, Crap Throwing Monkey said:

 

No, they know the difference.  They're pissed that he didn't simply forgive student loans.

Yeah , cause they have student loans and can't seem to find a way to pay them on the 'measley" congress critter salary

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6 minutes ago, Crap Throwing Monkey said:

 

Well...AOC does have a degree in economics, so I'm pretty sure she's completely ignorant of such terms...

I wonder if she "earned' her degree, the same way Kamala worked her way up politically

Edited by Billsandhorns
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