Student Loan Relief Discussion and Questions - 2022

The Something Awful Forums > Discussion > Debate & Discussion > Student Loan Relief Discussion and Questions - 2022

Epicurius: Apr 10, 2010; College Slice

Blitz of 404 Error posted:

Are graduate loans a part of the forgiveness?

Graduate loans are part of the forgiveness.

# ¿ Aug 25, 2022 00:49

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# ¿ May 17, 2024 16:18

Epicurius: Apr 10, 2010; College Slice

Eric Cantonese posted:

Does anyone have a good link to American income percentiles? I've seen this study get shared a lot.

https://budgetmodel.wharton.upenn.edu/issues/2022/8/23/forgiving-student-loans

I think the following blurb is very deceptive, but people are latching on to it.

I've been trying to reverse engineer what "top 60 percent of the income distribution" means. I guess it means over $82,000 according to their graphs? Assuming working parents, you could theoretically be a couple with $40k salaries each? The wording seems so squirrely to me. Something doesn't sit right.

Sounds close. Here's a visualization of census data.

https://www.visualcapitalist.com/us-household-income-distribution-visualized-100-homes/

Here's the actual census data report if you want o see the source.

https://www.census.gov/content/dam/Census/library/publications/2021/demo/p60-273.pdf

Basically, median household income for a family (That's the amount where half the population has more, half has less) is $67,521.

Now, obviously, this is for everybody. There are demographic breakdowns in the report by race, region, education level, etc. The report has a bunch of other stats too, and is worth checking out.

# ¿ Aug 25, 2022 03:17

Epicurius: Apr 10, 2010; College Slice

Leon Trotsky 2012 posted:

That study also doesn't account for the fact that 60% of borrowers (all on the lower income end) got $20k forgiven.

But, even with the income cap and bonus forgiveness for lower-income people, it is still likely to be around the middle.

Well, 60% of borrowers on the lower income end when they took out the loans and filed for a Pell grant. They might not be poor now. Nitpick, maybe.

# ¿ Aug 25, 2022 03:48

Epicurius: Apr 10, 2010; College Slice

Framboise posted:

1. Is this new PSLF concept where loans are forgiven after 10 years of repayment rather than 20 retroactive? I've been on the "work at a non-profit for 10 years and maybe we'll throw you a bone" plan for about 7 years, collectively, since 2013 when I graduated, but I think I started paying on some of my earlier loans before I even graduated... I think? It's hard to check because all the servicer sites are running at a snail's pace right now.

I started college in 2008 and graduated in 2013. I currently have just about 24k in debt.

After the 10k loan forgiveness, I'd be at 14k. If I knock down that balance to under 12k by sometime next year, would that all be forgiven?

Then again, I haven't paid on my FedLoan since around the time the pause started, so that kind of fucks things up a bit, I think. Not that I can figure it out, I'm having trouble accessing that information now that Nelnet has my loans.

I never stopped paying AES or Navient because I wanted to pay down the interest if at all possible.

Questions for you. First, are your AES/Navient loans government issued or private issued? And are you in the PSLF right now? Because part of getting on that involved consolidating your loans and getting serviced by FedLoan.

Part of the reason I ask is because I didn't think haven't serviced govt loans anymore. Also, if you're on PSLF, they should have been rolled in.

If the Navient/AES loans are private, they don't qualify under the program. Also, if you're on PSLF, it seems to make sense to stay on it. If you've been working for 7 years, you only have 3 left. I don't think there are any details yet if this new income based plan will be accepted by PSLF.

quote:

. Okay, so rephrasing that, if I apply for this IDR plan, is it retroactive in the sense that I've already been paying for nearly 10 years and I can, if I push myself, knock that number from 14k to 12k after the 10k forgiveness? And I wouldn't need to have been at a job I've been miserable at for around 7 years? (2013-2014, left and came back in 2016 and have been back ever since)

Sorry. Didn't know you hated your job. Unfortunately, there doesn't seem to be enough info about the new repayment plan released yet.

Epicurius fucked around with this message at 04:07 on Aug 25, 2022

# ¿ Aug 25, 2022 04:03

Epicurius: Apr 10, 2010; College Slice

Also, if you're not on PSLF now but might be eligible for it, you want to apply for it by October, because there's a temporary waiver to some of the requirements right now that will let you get credit for times you might not get credit for. There's also, for a long time, been this threat hanging over people's heads that PSLF might get cancelled/closed to new applicant. I don't think that will happen as long as Biden is President, but still, it doesn't hurt to apply now and get on record that you're making eligible payments. See here for more info.

https://studentaid.gov/announcements-events/pslf-limited-waiver

# ¿ Aug 29, 2022 03:20

Epicurius: Apr 10, 2010; College Slice

Star Man posted:

I checked the other day and haven't been awarded anything yet.

Trying to apply for PSLF, but I haven't been with my job at the IRS yet to get a W-2, and I can't find the EIN.

If you work for the IRS, try asking them for the EIN. They have to fill put part of the form anyway, I believe.

# ¿ Oct 1, 2022 23:55

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# ¿ May 17, 2024 16:18

Epicurius: Apr 10, 2010; College Slice

Framboise posted:

Mailed in my PSLF form. Kinda pointless if I get a new not-nonprofit job, but whatever.

Some not for profits qualify for PLSF too.

# ¿ Oct 23, 2022 19:12

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