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Len posted:gently caress Great Lakes Borrower Service they deserve to die.
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Nov 30, 2022 02:56
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When you do that make sure you negotiate because a lot of student loan places will happily take sometimes half just to have that big chunk of money and forgive the rest. Just keep in mind that what they forgive typically has to be listed as income on your taxes. Edit - I should also note that this has a better chance of working if you have not paid in a long time, are in default, or are still low income. Beefed Owl fucked around with this message at 22:29 on Nov 30, 2022 |
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Nov 30, 2022 19:25
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Slugworth posted:The longer the pause goes, the more it sure seems like nothing would fall apart if we just cancelled all student debt permanently. It’s a bit like Comcast removing their data cap when the pandemic began. They made an announcement about how after having the cap removed for a year, nothing broke, proving we don’t need a data cap… Immediately before announcing the cap was coming back and they were taking away one of the free overages per year. Just keeping that in mind for the “turns out people not paying their student debt doesn’t hurt anyway, but….” announcement
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Nov 30, 2022 22:25
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https://mobile.twitter.com/Phil_Lewis_/status/1598156247060348928
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Dec 1, 2022 04:48
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Trump appointee of loving course
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Dec 1, 2022 05:30
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This is a different case from the main one on the 8th circuit. They basically said, "The Supreme Court is already going to hear one case and we'll just kick it up to them so they can combine the cases." Basically, in the same situation as before where the Supreme Court has to decide whether they expedite it or not. If they do, then it could be resolved in 2 or 3 months. If they don't, then it could be 6 or 7 months.
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Dec 1, 2022 05:30
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Dec 1, 2022 06:53
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Edited for being a butt head
Astrochicken fucked around with this message at 12:12 on Dec 1, 2022 |
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Dec 1, 2022 08:21
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Reminder to not threadshit here or you'll get your own pause. In posting. Of at least six hours.
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Dec 1, 2022 08:27
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Still not concerned about this I'm not surprised but all it's doing is kicking the can further down the road Biden is within his authority to do this The thing I don't like is that they keep saying it costs taxpayers $400 billion dollars It doesn't It isn't tied into the budget.
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Dec 1, 2022 13:41
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Beefed Owl posted:Still not concerned about this I'm not surprised but all it's doing is kicking the can further down the road Biden is within his authority to do this The thing I don't like is that they keep saying it costs taxpayers $400 billion dollars It doesn't It isn't tied into the budget. But that's 400 billion less we can pump into planes and boats
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Dec 1, 2022 13:50
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Len posted:But that's 400 billion less we can pump into planes and boats Don't forget tanks, lots of tanks.
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Dec 1, 2022 13:59
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Len posted:But that's 400 billion less we can pump into I fixed this for you.
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Dec 1, 2022 14:12
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Beefed Owl posted:When you do that make sure you negotiate because a lot of student loan places will happily take sometimes half just to have that big chunk of money and forgive the rest. Asfaik This really only works if you’re in collections and have so many insane fees you’re only negotiating to get back closer to your principle. Your original servicer will do everything in their power to make you pay them interest for 30 years
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Dec 1, 2022 14:33
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That's very possible, they won't cut you a break if you only haven't been paying in like the last 6 months. Also if it is purely a fed loan I don't think you can negotiate those down but you can negotiate payments with them without having to go through the shithole process of trying to prove your income every 6 months if you haven't been paying for a long time. As far as I know part of this deal includes allowing students to renegotiate their payment plans so they don't have to pay $400 a month if they can't, while also keeping them from putting it all towards interest so that you never pay down the principle balance. I remember seeing a thing a couple years ago where someone had $80,000 in student debt was paying $400 a month for it and the interest was so high that it only paid the interest and they would literally never pay off the loan. Our education system is so loving cool.
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Dec 1, 2022 20:02
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Beefed Owl posted:That's very possible, they won't cut you a break if you only haven't been paying in like the last 6 months. Also if it is purely a fed loan I don't think you can negotiate those down but you can negotiate payments with them without having to go through the shithole process of trying to prove your income every 6 months if you haven't been paying for a long time. As far as I know part of this deal includes allowing students to renegotiate their payment plans so they don't have to pay $400 a month if they can't, while also keeping them from putting it all towards interest so that you never pay down the principle balance. An underdiscussed part of the Biden Plan (for lack of a better name) is that IDR plans will result in smaller monthly payments and IIRC the interest cannot exceed principle or won't add to principle or something like that.
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Dec 1, 2022 20:45
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Neito posted:An underdiscussed part of the Biden Plan (for lack of a better name) is that IDR plans will result in smaller monthly payments and IIRC the interest cannot exceed principle or won't add to principle or something like that. The IDR details are in the OP. They increase the amount of money that is considered "non-discretionary" up to around $34k. So, only your income above that counts when determining your income. They also lower the amount required from 10% to 5% of disposable income and the government will cover any interest on the loan that your new income-based payment doesn't cover. The full info: New IDR Loan Type: Probably the stealth biggest change of the forgiveness isn't the forgiveness itself, but the new IDR loan type. If you still have federal student loans after forgiveness or get a new student loan in the future, then you will be able to enroll in a new IDR loan plan that caps your payments at 5% of your discretionary income above ~$33k. These loans can also be forgiven after 10 years if your balance is at $12k or less after 10 years of payments. The government will cover all interest that your payment does not cover, so your loan total will never go up. Graduate loans still have a cap of 10% of your discretionary income, but they also receive the new ~$33k floor for "non-discretionary income" that is exempt. If you have both graduate and undergrad loans, then the % you pay is an average between 5% and 9% depending on what the balance of your loans are. The new IDR plan will be available to everyone with a federally held student loan in the Summer of 2023. IDR Details: quote:For undergraduate loans, cut in half the amount that borrowers have to pay each month from 10% to 5% of discretionary income. quote:These reforms would simplify loan repayment and deliver significant savings to low- and middle-income borrowers. For example: quote:For each of these borrowers, their balances would not grow as long as they are making their monthly payments, and their remaining debt would be forgiven after they make the required number of qualifying payments.
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Dec 1, 2022 20:55
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SCOTUS agreed to take the student loan case and expedite a decision. Court case starts in February.
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Dec 1, 2022 21:04
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the supreme court that killed roe sure as gently caress ain't gonna ok any kind of student debt cancellation lmao
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Dec 1, 2022 21:54
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Leon Trotsky 2012 posted:SCOTUS agreed to take the student loan case and expedite a decision. They just want to kill it even faster now that Biden delayed payments again.
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Dec 1, 2022 22:12
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ethanol posted:They just want to kill it even faster now that Biden delayed payments again. Didn’t SCOTUS twice now have the opportunity to stall student loans with two other cases but didn’t? Unless im recounting this wrong
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Dec 1, 2022 22:43
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From the NY Times article (probably paywalled) on this:quote:Since March 2020, most borrowers have been able to skip payments under a coronavirus relief measure that began under President Donald J. Trump and was extended multiple times, including under President Biden. Last week, the Biden administration again extended the pause on payments, pushing them until as late as September. September? I thought it was until July 2023.
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Dec 1, 2022 23:38
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Mad Doctor Cthulhu posted:From the NY Times article (probably paywalled) on this: It’s 3 months after the courts resolve the case or if not completed by June, 3 more months after that. So Septemberish
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Dec 1, 2022 23:41
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I don't know why any response to 'taxpayer dollars' isn't immediately just pointing out the Fed printed like 12+ trillion over 2 years to prop up the rich ghouls, but less than 10% of that going to the non super rich is suddenly this insurmountable burden on the 'taxpayer', specifically.
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Dec 1, 2022 23:46
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So apparently the supreme Court is going to keep the block on the debt relief they're supposed to look at it in February and have a decision by June. And Republicans wonder why they lost the youth vote.
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Dec 2, 2022 00:17
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they can’t die soon enough
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Dec 2, 2022 00:48
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Apologies if this was already clarified, but is the current court case to discuss whether the entire motion is invalid, or just the loan forgiveness part? Because the IDR changes are where the real gold is for me.
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Dec 2, 2022 01:01
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My understanding is it is tied together but I hope not because if I can't get the 10k the IDR would help get me back on track. Why couldn't I have been born in a grown up country where they value education.
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Dec 2, 2022 05:23
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Leon Trotsky 2012 posted:SCOTUS agreed to take the student loan case and expedite a decision. Welp. Seems clear that the SCOTUS is going to find a way, somehow, to say that the people who want to block the program have standing, clearing the way to then be pointlessly evil on the merits.
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Dec 2, 2022 20:34
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I was tortured on the direct orders of a US CEO so that more rainforest could be burned down for slave mining interests: NO STANDING It hurt my feefees when I see someone else get something that I don’t: STANDING
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Dec 2, 2022 21:01
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Beefed Owl posted:And Republicans wonder why they lost the youth vote. I know it's fun to blame the gop for everything but democrats had complete control for two years, chose to do nothing, then let biden make an edict he knew wouldn't pass judicial muster to get votes in midterm elections. Both sides suck here but I'd put more on the democrats at this point.
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Dec 3, 2022 00:40
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Does anybody have a read on whether the suits being brought by the Republicans will also affect PSLF, or does it just target the general debt forgiveness?
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Dec 3, 2022 01:38
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The Cubelodyte posted:Does anybody have a read on whether the suits being brought by the Republicans will also affect PSLF, or does it just target the general debt forgiveness? PSLF was explicitly enacted by legislation 15 years ago and is uncontroversial, so no, it is safe. The student loan debt forgiveness is on shakier legal ground, and we've been counting perhaps too much on the idea/hope that there would be no one with standing to complain in court so that any case against it would never reach the merits.
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Dec 3, 2022 02:45
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ChesterJT posted:I know it's fun to blame the gop for everything but democrats had complete control for two years, chose to do nothing, then let biden make an edict he knew wouldn't pass judicial muster to get votes in midterm elections. Both sides suck here but I'd put more on the democrats at this point. This is still an incredibly disingenuous point, at no point did they have complete, incontestable control.
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Dec 3, 2022 03:04
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I'm going to go ahead and put the blame on the party's judges that are trying to stop it instead of the party that put the effort forward. Besides the youth turnout based on exit polling was entirely motivated by the Dobbs decision and threats to democracy student loans was barely a factor.
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Dec 3, 2022 05:34
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But both sides are bad 
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Dec 3, 2022 06:20
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Corn Glizzy posted:This is still an incredibly disingenuous point, at no point did they have complete, incontestable control. That was an absolutely 100% accurate point. You can choose to ignore reality to keep blaming your boogeyman for everything if you want. Keep that blue wave going, it's obviously working great. (USER WAS PUT ON PROBATION FOR THIS POST)
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Dec 3, 2022 06:38
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Okay, that's enough political arguing and venting in the thread for now. Again, this is primarily intended as an informational thread, not an arena for yelling at each other about politics.
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Dec 3, 2022 07:30
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Even though my debt is small compared to many removing just that minimum 10k would be huge for my family. I’m so sick of systemic punishment! I wonder if anyone in debt has legal recourse to successfully challenge any of the people trying to block this. Of course those people don’t have the money to retain legal counsel, and I’m sure those working against forgiveness know that. Frankly I’m not paying a drat dime after working through an entire pandemic as an essential worker who is STILL exposed to disease on the daily. Too bad I don’t have the money to go to lawyering school because I refuse to believe there isn’t a class action waiting to happen with how all my peers were treated.
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Dec 3, 2022 16:31
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WINTER IS COMING https://twitter.com/StrikeDebt/status/1599204815367593985
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Dec 4, 2022 12:04
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