discussion Student Debt - Update: GOP lawsuit attempts, Biden allows opt-out; FFEL restrictions

[publikcitizen]

16 minutes ago, slik said:

I am very happy for anyone this will help out!

 

For those it won't help - I hope more help will happen in the near future for them

 

 

 

 

If you look here for Part 3, it seems like they are going to significantly reform the IDR system to make it more manageable for current and future students that still have more loans to pay off even for those who aren't able to make any payment because they're low income. 

 

The Biden-Harris Administration's Student Debt Relief Plan Explained

[Gui Blackout]

This is very good  and glad to hear this will be a massive help to so many of you!

 

 

[Harriser]

I would love if my government did this, would take a big chunk out of my 35k debt 

Now granted, student loans don't crush people in my country because there are zero compulsory repayments unless you earn above a reasonably high threshold, and they are just indexed to inflation so there's no interest. 

 

This relief should come alongside a complete overhaul in how that system works in the US. But it won't because profiteering off of students somehow makes sense to Americans 

[Katamari]

wait i had pell grant omg so i am debt free now

 

wait is nelnet public or private

[slik]

13 minutes ago, publikcitizen said:

If you look here for Part 3, it seems like they are going to significantly reform the IDR system to make it more manageable for current and future students that still have more loans to pay off even for those who aren't able to make any payment because they're low income. 

 

The Biden-Harris Administration's Student Debt Relief Plan Explained

[rihannabiggestfan]

Bullet points 2 and 4 are actually really good, but have these been approved by executive order? Cuz Congress would not approve these things

 

Edited August 24, 2022 by rihannabiggestfan

[rihannabiggestfan]

Bad

 

 

[harwee]

16 minutes ago, karron0624 said:

Someone clarify for me because im dumb today. Its 10k for everyone and 20k if you got the pell grant right?

 

Yes, its basically$20k forgiveness if received Pell grants, $10k forgiveness if you did not (unless you make $125k/year).

 

 

 

[karron0624]

5 minutes ago, harwee said:

 

Yes, its basically$20k forgiveness if received Pell grants, $10k forgiveness if you did not (unless you make $125k/year).

 

 

 

They best take last years income because if its 22 income im toast ???. 

[Katamari]

25 minutes ago, publikcitizen said:

If you look here for Part 3, it seems like they are going to significantly reform the IDR system to make it more manageable for current and future students that still have more loans to pay off even for those who aren't able to make any payment because they're low income. 

 

The Biden-Harris Administration's Student Debt Relief Plan Explained

 

[rihannabiggestfan]

1 minute ago, karron0624 said:

They best take last years income because if its 22 income im toast ???. 

Hopefully 22 income. If you make that much money, then I don't think you need loan forgiveness tbh

[Cruel Summer]

14 minutes ago, Katamari said:

wait i had pell grant omg so i am debt free now

 

wait is nelnet public or private

Nelnet is just a servicer - the actual origin of your loans is what matters. Nelnet is also my servicer, but as an example, my loans there and on my credit reports show the US Department of Education as the holder, since they’re federal loans.

[Katamari]

Just now, Cruel Summer said:

Nelnet is just a serviced - the actual origin of your loans is what matters. Nelnet is also my servicer, but as an example, my loans there and on my credit reports show the US Department of Education as the holder, since they’re federal loans.

yes me too i looked omg

[rihannabiggestfan]

Not over 3 million

 

 

[GhostBox]

6 minutes ago, rihannabiggestfan said:

Hopefully 22 income. If you make that much money, then I don't think you need loan forgiveness tbh

@ClashAndBurn

 

do you wanna berate your friend like you did me when I suggested this. ?

[Harriser]

20 minutes ago, rihannabiggestfan said:

Bullet points 2 and 4 are actually really good, but have these been approved by executive order? Cuz Congress would not approve these things

 

This is fantastic - exactly the direction things should go. I hope it gets through - this will make more difference to a lot of people than just erasing 10k. Stoked to see it and I hope it makes a difference for some of you.

[Communion]

6 minutes ago, Cruel Summer said:

Nelnet is just a servicer - the actual origin of your loans is what matters. Nelnet is also my servicer, but as an example, my loans there and on my credit reports show the US Department of Education as the holder, since they’re federal loans.

 

5 minutes ago, Katamari said:

yes me too i looked omg

Yeah, action is unfortunately limited to federally held loans. Even on something like Credit Karma it should say this if you didn't end up know. For example my now say "MOHELA / UNITED STATES GOVERNMENT" because Mohela is now the processor they switched to but the fed is the actual lender. 

[GhostBox]

6 minutes ago, Katamari said:

yes me too i looked omg

So happy for you guys ?

[karron0624]

5 minutes ago, harwee said:

 

Yes, its basically$20k forgiveness if received Pell grants, $10k forgiveness if you did not (unless you make $125k/year).

 

 

 

They best take last years income because if its 22 income im toast ???. 

[Sazare]

Is there any way to check whether you’ve had a Pell Grant? I honestly can’t remember now.

[Haus]

$20k isn’t everything but it’s a little more than half, and I’m at a top ten university.
 

They really could’ve given more to Pell Grant recipients, but this would’ve been much worse without it. 

[Gov Hooka]

22 hours ago, GhostBox said:

If you don’t like it you have the right to vote for the only  other side who has a chance of winning who is offering……oh yeah nothing. 
 

 

lmaoooo. This is centrists' winning argument to try and get people to "vote." The fact that you even bring up voting in this instance (for two corporate parties btw) shows that you only care about this issue insofar you can get more support for your team and not about actual people's lives who are burdened by the lack of action on this particular issue. Buh Bye. There's a reason 40 percent of the US population doesn't vote... because the options are nothing and next to nothing...

[rihannabiggestfan]

 

[Communion]

10 minutes ago, Sazare said:

Is there any way to check whether you’ve had a Pell Grant? I honestly can’t remember now.

It may depend on your loan processor. I think that info is unfortunately stored mainly by your college's financial aid office. 

 

I don't remember the grants breakdown being available on MyFedLoan for example - just what loans the fed issued me and when - but haven't yet looked on MOHELA's website for those who also got moved from MyFedLoan to MOHELA. 

 

I imagine the fed may have this information in some way but definitely try to find your original financial aid paperwork from when you went to school to have a physical backup of all documentation. 

 

I hope the fed makes the application process easy but be prepared to fight for every cent via documentation and proof. Those involved in the PSLF before it was expanded due to COVID said the people running the program were idiots and millions of people enrolled were tracking payments that the people paid to run the program weren't tracking at all. 

Edited August 24, 2022 by Communion

[Harriser]

10k if you make 124k and 0 if you make 125k seems wildly unreasonable -  it should be phased in 

Like for every dollar you make above 125k your debt relief reduces by 30 cents or something