Student Loan Relief Discussion and Questions - 2022

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Framboise: Sep 21, 2014; To make yourself feel better, you make it so you'll never give in to your forevers and live for always.; Lipstick Apathy

So I've got some questions.

I finally got into the FSA site and I suppose I did not have any Pell grants, which is really a bummer because I could have sworn I did. But FSA says I don't have any grants, so gently caress me I guess.

However:

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.

2. How is the forgiveness allocated? Like I'd like to wipe out my Navient and AES loans first because gently caress Navient. And that's after getting a refund for every diligent payment I've made since the pause if I can.

Then push whatever's left into the higher interest loans from FedLoan/Nelnet.

# ¿ Aug 25, 2022 03:48

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# ¿ May 21, 2024 05:31

Framboise: Sep 21, 2014; To make yourself feel better, you make it so you'll never give in to your forevers and live for always.; Lipstick Apathy

Leon Trotsky 2012 posted:

1) PSLF is different that the new IDR loan terms. PSLF still forgives everything after 10 years of payments while working at a qualifying job.

dear god I don't want to work at this job for 3-4 more years.

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).

I just want this loving dark cloud to stop looming over my head.

# ¿ Aug 25, 2022 03:56

Framboise: Sep 21, 2014; To make yourself feel better, you make it so you'll never give in to your forevers and live for always.; Lipstick Apathy

Epicurius posted:

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.

I could swear I'm in the PSLF, but looking on FSA it looks like my repayment plan is PAYE? I don't understand this stuff, I could swear I signed up for PSLF.

As for AES/Navient, I don't know how to tell if they're govt issued or private issued. I don't think I've ever consolidated though...

quote:

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.

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

yyyyeah this job has been doing tremendous harm to my mental health and I do not know how much longer I can handle it. I've been trying to get a new job but the ones I've been looking at haven't been nonprofits.

Leon Trotsky 2012 posted:

I don't believe the new IDR loan is retroactive, unless you have already been making income based repayments, but the PSLF is retroactive for any qualifying job worked since 2008. The PSFL retroactivity is because the Biden admin issued a special waiver for it. They theoretically could issue a similar waiver for the new IDR loan, but they have not ever said anything about it (partially because the new IDR loan was never mentioned publicly until today). I wouldn't bank on a waiver for it.

You need 10 years total or 120 payments for PSLF forgiveness.

If you have already been making income-based repayments, then you might be able to get the remaining ~12k forgiven in a few years by converting to the IDR plan. If you haven't been on an income-based repayment plan, then it would probably be worth it to just stay at your current job or find another qualifying job for the next 3 years to get the full forgiveness.

Does the PAYE plan count then? That's apparently what my FedLoan ones were under.

I'm not currently on a repayment plan with AES or Navient because they decided I make too much for it, I guess?

# ¿ Aug 25, 2022 04:11

Framboise: Sep 21, 2014; To make yourself feel better, you make it so you'll never give in to your forevers and live for always.; Lipstick Apathy

Leon Trotsky 2012 posted:

PAYE is fine for PSLF. PSLF doesn't determine your monthly payments.

It determines if you get it all forgiven after 10 years/120 payments.

PAYE determines what your monthly payments are and it is income-based, so you might be able to swap it to the new IDR plan if you want.

You are probably all good. You might just want to suck it up for 3 more years at your current job or another qualifying one and make sure you are eligible/enrolled in PSLF to get that last 14k forgiven.

If the new IDR plan is retroactive to IBR/PAYE payments, then you can enroll in it and get it forgiven after 10 years without PSLF. But, they haven't given any details about whether the IDR will be or not, so don't plan on it for now.

gently caress. :smith:

They really did everything they could to make this whole system as arcane and incomprehensible as possible for an 18 year old to get suckered into under extreme pressure of future worthlessness. Surprise, I ended up there anyway, just with hefty debt as the cherry on top.

# ¿ Aug 25, 2022 04:25

Framboise: Sep 21, 2014; To make yourself feel better, you make it so you'll never give in to your forevers and live for always.; Lipstick Apathy

If I request a refund for the payments I made to Navient and AES during the pause, will the balance I paid return to the account?

Also, is any of the 10k forgiveness or the refund I'd request going to be taxed? May as well brace myself for next year's taxes if so.

# ¿ Aug 27, 2022 04:52

Framboise: Sep 21, 2014; To make yourself feel better, you make it so you'll never give in to your forevers and live for always.; Lipstick Apathy

Borlorg posted:

I'm all for people paying off their school debt. College is pricey and has been for a while...

Hate me if you want to, but at the end of the day, this $10k is paid out of the taxpayer's pocket. I pay taxes. How about me not having to pay someone else's school debt? Our current president made that decision for me, screw him for that. I really feel like that the adults should take responsibility for the things they do in life, including taking out massive loans...

We spend around 800 billion dollars a year on the military, which is more than the next top 9 nations in military spending in the world, combined. I don't want my money going to that and nor do I think we should be blowing all of our money on new toys for warlords to murder people with.

Our taxpayer money also went toward bailing out corporations and rich people with PPP loans and forgiving them during covid. Why didn't they take responsibility?

But no, this is where we draw the line, helping out people who were exploited by predatory loans long before most of them could even comprehend that kind of money. This is the real outrage, for sure!

Cope.

# ¿ Aug 27, 2022 14:07

Framboise: Sep 21, 2014; To make yourself feel better, you make it so you'll never give in to your forevers and live for always.; Lipstick Apathy

Borlorg posted:

I think the rich coprs who got bailed out should have taken responsibility instead. You don't need to construct the notion I was somehow in support of that. There are many things in the budget that I, as a registered voter, am not happy with. And I vote accordingly and suggest everyone does so as well. It certainly does not mean that I drew the line at the school loan bailouts and somehow ok with a hunded of other dumb things we pay for.

Higher education is not a constitutional right. People may choose to make this investment in themselves by hiring the services of an educational institution. This is an individual financial decision everyone makes for themselves. Sometimes the investment pays off, other times it does not. Why should I have to pay for someone's investment in a "BS in Left-Handed Puppetry" that comes with $100k debt and does not nearly produce enough income? Eveyone should be able to study where ever and whatever they want, just don't ask for the bailouts if it doesn't pan out.

There are plenty of legitimate options already on the table to get a degree paid for by a 3rd party in a way that most people support. Here's just a few:
- Merit scholarships tied to academic achievments
- Sports scholarships for athletes
- Military Institutions of Higher Learning
- Military service and GI Bill afterwards
- STEM scholarships for those willing to work hard getting their education
- Tution assistance by coprorate emploeyers for their Regular Full-Time Employees

Lastly, not going to college at all and instead picking up a skilled trade is a very sound financial decision. Many Electricians, HVAC people, Plumbers etc. are making $100k+ year after only a few years in the trade. Granted this isn't for everyone, but those physically able and willing to overlook the stigma attached to it, there are great financial rewards to be had.

Everything about this is intensely disingenuous. I had a long essay typed out against this, complete with numbers and sources, but you'd probably just shrug it off anyway, so why bother.

Cope harder. Thanks for the approximate six-tenths of a cent that you'll be paying for my 10k forgiveness.

Anyway, moving on from the very unwelcome half-baked libertarian derail.

I've noticed that some of my loans seem younger (and thus I've made fewer payments on them) since they traded servicers. I can't find where I'd been making payments on those loans from before that time, so it looks as if I've only been paying on them for only a few years rather than nearly 10. I'm concerned that it would take longer to get them forgiven, regardless of IDR or PSLF.

Especially if that is the case, I think the IDR would just be best. If I can consolidate all of my loans under one servicer, it'd still be capped to 5% of my discretionary income (or less? not sure how that works), and then it'll just be gone one day.

# ¿ Aug 28, 2022 13:38

Framboise: Sep 21, 2014; To make yourself feel better, you make it so you'll never give in to your forevers and live for always.; Lipstick Apathy

Leon Trotsky 2012 posted:

Indiana apparently passed a law last year that decoupled the tax changes from the stimulus bill from state taxes and does not plan to undo the changes.

Meaning that student loan forgiveness will be taxed as income in Indiana.

https://www.wdrb.com/news/education/indiana-to-tax-student-debt-forgiveness/article_632f0ff2-2e08-11ed-981b-9bc3d9c4e2fb.html

well this loving sucks

my state literally can't do anything good, ever lmao

Framboise fucked around with this message at 21:53 on Sep 6, 2022

# ¿ Sep 6, 2022 21:33

Framboise: Sep 21, 2014; To make yourself feel better, you make it so you'll never give in to your forevers and live for always.; Lipstick Apathy

god drat it why does this all have to be so complicated?

As far as I know I'm on the PAYE plan, but I'd definitely want to get in line for PSLF, if not only because the deadline is coming up and consolidating just makes sense, if not only to get the gently caress away from AES and Navient... which I guess aren't eligible anyway since I'm pretty sure those are both FFEL? I think?

How hard is it to consolidate anyway? Anything I should need to know before doing so? If I consolidate, would I not need to worry about the loans that were FFEL? I've been autopaying to both this whole time, so I'm not sure if they ever WERE paused...

Framboise fucked around with this message at 20:56 on Sep 29, 2022

# ¿ Sep 29, 2022 20:53

Framboise: Sep 21, 2014; To make yourself feel better, you make it so you'll never give in to your forevers and live for always.; Lipstick Apathy

Space Racist posted:

You will have to log into studentaid.gov to look at the breakdown of what types of loans you have. Who the servicer is doesn't necessarily matter, they can service both FFEL and Direct loans. However as Leon Trotsky has been saying, FFEL loans haven't been issued since June 2010, so you should be good if they're newer than that. If they're all direct loans already, then you don't have to consolidate for PSLF.

Consolidation itself is pretty easy, you also submit the request through studentaid.gov and it takes around 30 minutes. That said the process is quoted as completing "within 30 days" so you'd probably want to start that now if PSLF is the goal. It may also be a good idea to call your servicer to talk about PSLF (the employees at my old servicer, Nelnet, were actually quite helpful).

For reference, I applied for consolidation (to pursue PSLF) on 09/02 and on 09/27 my balance with Nelnet was zeroed out. I still haven't heard anything from Mohela about my new consolidation loan.

I'm starting to work on this right now.

So here's a few issues I'm having.

1. While I've worked at my current place of employment (as much as I desperately want to leave), I haven't worked here consistently since 2013. I started where I work now in October 2013, left in September 2014, and returned in April 2016. On the PSLF employer search, should I be giving the 2013 date or the 2016 date for when I started there? Does my almost-year of working there in 2013 still count?

2. I do indeed have some FFEL(P?) loans. Of the 9 loans I have:

5 subsidized loans, 2 of which are "FFELP Stafford Subsidized" ($3342 FFELP, including what little interest I have on them)
4 unsubsidized loans, 2 of which are "FFELP Stafford Unsubsidized" ($3493 FFELP, including interest)

The loan forgiveness won't affect those ones, right? Should I still be consolidating for PSLF? Does that reset my payments?

3. Assuming I do consolidate for PSLF, will I need to worry about interest rates changing and such?

If I do not consolidate, would I be able to direct the 10k forgiveness to my unsubsidized loans to just kill those off, lowering my interest accumulation?

# ¿ Oct 3, 2022 19:54

Framboise: Sep 21, 2014; To make yourself feel better, you make it so you'll never give in to your forevers and live for always.; Lipstick Apathy

Framboise posted:

I'm starting to work on this right now.

So here's a few issues I'm having.

1. While I've worked at my current place of employment (as much as I desperately want to leave), I haven't worked here consistently since 2013. I started where I work now in October 2013, left in September 2014, and returned in April 2016. On the PSLF employer search, should I be giving the 2013 date or the 2016 date for when I started there? Does my almost-year of working there in 2013 still count?

2. I do indeed have some FFEL(P?) loans. Of the 9 loans I have:

5 subsidized loans, 2 of which are "FFELP Stafford Subsidized" ($3342 FFELP, including what little interest I have on them)
4 unsubsidized loans, 2 of which are "FFELP Stafford Unsubsidized" ($3493 FFELP, including interest)

The loan forgiveness won't affect those ones, right? Should I still be consolidating for PSLF? Does that reset my payments?

3. Assuming I do consolidate for PSLF, will I need to worry about interest rates changing and such?

If I do not consolidate, would I be able to direct the 10k forgiveness to my unsubsidized loans to just kill those off, lowering my interest accumulation?

Any thoughts on this? I'm still kind of stuck.

# ¿ Oct 6, 2022 20:26

Framboise: Sep 21, 2014; To make yourself feel better, you make it so you'll never give in to your forevers and live for always.; Lipstick Apathy

I don't get it. I'm working on consolidation right now, but in reading the terms and conditions:

quote:

J. Any payments I made on the loans I am consolidating (including any Direct Loans) before the date of consolidation will not count toward:

The number of years of qualifying repayment required for loan forgiveness under the REPAYE Plan, the PAYE Plan, the IBR Plan, or the ICR Plan (see BRR Item 11), or
The 120 qualifying payments required for Public Service Loan Forgiveness (see BRR Item 16).

I was on PAYE for my FedLoan-now-Nelnet loans for the past... probably 6-7 years, so I guess I'd be losing that... but my PSLF eligibility wouldn't be valid? I thought that was the whole point of applying for it.

I'm so loving confused and exhausted from trying to wrap my brain around this intentionally esoteric bullshit, can someone please clarify asap?

# ¿ Oct 12, 2022 15:54

Framboise: Sep 21, 2014; To make yourself feel better, you make it so you'll never give in to your forevers and live for always.; Lipstick Apathy

Leon Trotsky 2012 posted:

That is how the plan normally works. But, the Biden admin put in the special exemption period to consolidate and count all previous loans. It expires on November 1st.

Yes. Under the limited PSLF waiver, any prior payment made will count as a qualifying payment, regardless of loan type, repayment plan, or whether or not the payment was made in full or on time. All you need is qualifying employment.

If you haven�t already, you must file a Public Service Loan Forgiveness (PSLF) & Temporary Expanded PSLF (TEPSLF) Certification & Application (PSLF form) for any period for which you may receive additional qualifying payments.

https://studentaid.gov/help-center/answers/article/payments-made-before-loan-consolidation-count-toward-pslf

This link below has an expanded explanation and a step-by-step guide to the process:

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

Okay. I put in the consolidation application. I just did the PSLF help tool and now I need to print this form out and have my employer sign it, yeah?

From what it seems to look like, as long as I've got the consolidation application done and the PSLF application sent in before 10/31, I'm good to go, right?

# ¿ Oct 12, 2022 16:40

Framboise: Sep 21, 2014; To make yourself feel better, you make it so you'll never give in to your forevers and live for always.; Lipstick Apathy

Good. Thank you for putting up with my panicking.

# ¿ Oct 12, 2022 16:43

Framboise: Sep 21, 2014; To make yourself feel better, you make it so you'll never give in to your forevers and live for always.; Lipstick Apathy

Sent in my 10k forgiveness request, and just requested the PSLF form from my employer. Hopefully they can get it to me asap so I can mail it in on time.

As far as my consolidation goes, I don't see any changes yet, but I did notice my credit score take a hit in the past couple days. Must be relevant to that.

# ¿ Oct 17, 2022 22:05

Framboise: Sep 21, 2014; To make yourself feel better, you make it so you'll never give in to your forevers and live for always.; Lipstick Apathy

I need to submit my PSLF form, but my consolidation hasn't gone through yet (expected really, I only applied for consolidation a week or so ago). I'm still good to submit the PSLF form, right?

# ¿ Oct 22, 2022 01:15

Framboise: Sep 21, 2014; To make yourself feel better, you make it so you'll never give in to your forevers and live for always.; Lipstick Apathy

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

# ¿ Oct 22, 2022 17:55

Framboise: Sep 21, 2014; To make yourself feel better, you make it so you'll never give in to your forevers and live for always.; Lipstick Apathy

Epicurius posted:

Some not for profits qualify for PLSF too.

FilthyImp posted:

The temp extension applies to all the time you made payments and we're at a non-profit though. So even if in a month you jump ship, the previous payments get counted towards the forgiveness threshold.

What I'm saying is that I currently work for a nonprofit right now, and the job I have an interview for this Wednesday isn't a nonprofit job (as far as I know?). So the years I've been working at the nonprofit, yeah they count, but if I'm not actively making payments while working for a nonprofit I don't see it being anything meaningful in the long run.

I did it anyway just in case I do end up at another nonprofit sometime in the future, but who knows.

# ¿ Oct 24, 2022 20:23

Framboise: Sep 21, 2014; To make yourself feel better, you make it so you'll never give in to your forevers and live for always.; Lipstick Apathy

B B posted:

https://mobile.twitter.com/mstratford/status/1590856666039607296?s=46&t=2VzIACBvV9Hx-0HJGxkxAg

It's illegal to have loans forgiven if you're not already rich, I guess.

Won't be surprised if Indiana is next.

# ¿ Nov 11, 2022 01:29

Framboise: Sep 21, 2014; To make yourself feel better, you make it so you'll never give in to your forevers and live for always.; Lipstick Apathy

Whether the 10-20k forgiveness happens or not, whatever. If the IDR thing coming next year trivializes or completely nullifies loan payments for 10 years and then it's gone, then that's what I'll do. God knows I don't make enough to be paying a whole lot under that plan.

# ¿ Nov 14, 2022 20:56

Framboise: Sep 21, 2014; To make yourself feel better, you make it so you'll never give in to your forevers and live for always.; Lipstick Apathy

FilthyImp posted:

What if the 10K Forgiveness was the Bailey for the IDR/Loan Servicing restructure Motte?

I understood some of those words and now I have learned a thing.

I mean, it's entirely possible.

# ¿ Nov 15, 2022 20:31

Framboise: Sep 21, 2014; To make yourself feel better, you make it so you'll never give in to your forevers and live for always.; Lipstick Apathy

skylined! posted:

We are never repaying these loans lmao.

Not so long as Democrats are in charge. The second Republicans take control, I can see them not only lifting all pauses, but declaring that everyone paused owes back interest for each month paused.

# ¿ Nov 22, 2022 21:46

Framboise: Sep 21, 2014; To make yourself feel better, you make it so you'll never give in to your forevers and live for always.; Lipstick Apathy

Kind of a long shot but I'm not sure where else to ask:

I've been sleuthing about trying to figure out a weird charge on my bank statement the past couple of months called "AMERICAN UN-[4 digits*] CONS COLL" for around $10, debited on 11/1 and 12/1, and the only thing I've been able to reduce it to is possibly "CONSolidation".

*I don't know if the digits are relevant to any personal info, so I'm redacting them.

Is there a recurring fee for consolidating student loans or something? I'm seriously puzzled right now because I literally cannot figure out what else this weird charge is otherwise.

I haven't received anything from MOHELA to my knowledge, so I have no idea what's even going on when it comes to that. I submitted my consolidation request back in October, though...

# ¿ Dec 5, 2022 02:36

Framboise: Sep 21, 2014; To make yourself feel better, you make it so you'll never give in to your forevers and live for always.; Lipstick Apathy

Did some more digging around to find my loans disbursed to "Aidvantage", but while it shows my loan total on the account history, it doesn't say I have a loan there.

I'm so loving confused.

# ¿ Dec 5, 2022 02:43

Framboise: Sep 21, 2014; To make yourself feel better, you make it so you'll never give in to your forevers and live for always.; Lipstick Apathy

BonoMan posted:

Aidvantage handles the consolidation for MOHELA so that part checks out. I'm guessing your info will slowly update as it all gets into the system.

For what it's worth I consolidated in August and mine still hasn't made it to Aidvantage... But I called them and they confirmed it's in the pipeline

Well, that's one piece of the puzzle explained, so that's good. I'll file that away under "watch and wait".

The "CONS COLL" thing still concerns me though. Have you been getting a charge like that on your bank statements too? I suppose on your end it'd be on the first of the month since September since you consolidated in August.

# ¿ Dec 5, 2022 03:38

Framboise: Sep 21, 2014; To make yourself feel better, you make it so you'll never give in to your forevers and live for always.; Lipstick Apathy

I'm kind of in the same boat, I consolidated but I don't think my pslf payments carried over. My only hope is that I can get on the new IDR and pay just little payments until it just gets forgiven.

# ¿ Jan 18, 2023 05:45

Framboise: Sep 21, 2014; To make yourself feel better, you make it so you'll never give in to your forevers and live for always.; Lipstick Apathy

I hopped onto my MOHELA account to get my new bank account set up for repayment.

I saw a message dated 8/15 in my inbox saying that as of right now, my payment for the next 10 months is $0.00.

I literally do not make enough money to owe under the SAVE plan, and my student loans will be forgiven through PSLF in a bit over a year.

lol. lmao. If it stays like this my loans are effectively null.

(how much tax am I gonna have to pay on the forgiveness though.)

Framboise fucked around with this message at 19:32 on Sep 1, 2023

# ¿ Sep 1, 2023 19:24

Framboise: Sep 21, 2014; To make yourself feel better, you make it so you'll never give in to your forevers and live for always.; Lipstick Apathy

Main Paineframe posted:

No federal tax. PSLF is exempt from taxation. And any student loan forgiveness this year and next year is untaxed - the Dems passed a bill in 2021 that made student loan forgiveness untaxed until 2025.

This loving rules.

# ¿ Sep 1, 2023 19:51

Framboise: Sep 21, 2014; To make yourself feel better, you make it so you'll never give in to your forevers and live for always.; Lipstick Apathy

Main Paineframe posted:

No federal tax. PSLF is exempt from taxation. And any student loan forgiveness this year and next year is untaxed - the Dems passed a bill in 2021 that made student loan forgiveness untaxed until 2025.

Okay to be more specific, I counted that I have 20 payments left, 19 if you count this month, which means I should be done in May 2025. Now, does that "until 2025" count that year, or just until the beginning of that year?

# ¿ Sep 3, 2023 16:35

Framboise: Sep 21, 2014; To make yourself feel better, you make it so you'll never give in to your forevers and live for always.; Lipstick Apathy

TheMadMilkman posted:

Through Dec 31, 2025.

This loving rules.

# ¿ Sep 3, 2023 17:43

Framboise: Sep 21, 2014; To make yourself feel better, you make it so you'll never give in to your forevers and live for always.; Lipstick Apathy

Just had a really cold, dark feeling. Ever since payments resumed, I haven't been enrolled in autopay on MOHELA (or making manual payments) as my amount owed has been $0.00.

Please, please tell me I haven't needed to have been actually making payments of 0 for it to have counted toward PSLF.

# ¿ Jan 31, 2024 21:34

Framboise: Sep 21, 2014; To make yourself feel better, you make it so you'll never give in to your forevers and live for always.; Lipstick Apathy

Craig K posted:

https://www.reddit.com/r/PSLF/comments/176wlk2/does_paying_0_count/

a previous poster here had the same question and the answer is that you are fine. and here it is straight from the dept of ed's mouth:

https://studentaid.gov/help-center/answers/article/monthly-idr-payments-of-zero-count-toward-pslf-payments

Oh thank god.

I have set a time in my head that May 2025 is when I'll finally be able to leave this job and move on to something I actually want to do, so that feeling that I'd have to add more months to that was making me feel very sick.

Almost there. Just need to push through one more year and a few months.

# ¿ Feb 1, 2024 16:45

Framboise: Sep 21, 2014; To make yourself feel better, you make it so you'll never give in to your forevers and live for always.; Lipstick Apathy

killer_robot posted:

If anyone managed to somehow miss the end of April deadline for the SAVE/PSLF one time adjustment, the Biden admin just upped the deadline until end of June.

Now to deal with the thousands of borrowers the student loan servicer I work for just told they were no longer eligible for that.

Wait, what's this about?

Meanwhile I'm dubiously being shipped from MOHELA to somewhere else. I say "dubiously" because I got an email saying I was getting transferred, then another saying I wasn't, then another saying I was.

One more year of this stupid bullshit and I'm done.

# ¿ May 16, 2024 02:25

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# ¿ May 21, 2024 05:31

Framboise: Sep 21, 2014; To make yourself feel better, you make it so you'll never give in to your forevers and live for always.; Lipstick Apathy

killer_robot posted:

Are you on PSLF? MOHELA used to handle these. Now they don't. They lost their contract due to various complications with the feds trying to get non-commercial federal loans more smoothly folded into a unified federal loan system instead of each provider being their own island.

To the other, more complicated part.

If you apply for SAVE (144-240 eligible payments leads to loan forgiveness) or PSLF (120 eligible payments as a non profit or govt employee leads to loan forgiveness) before the end of June, the govt's going to retroactively apply past payments, and various forbearance/deferment time to count as eligible payments towards that loan. This includes the covid forbearance time. This includes time spent .before. the consolidation so you can consolidate your non save eligible (mostly ffelp, or get really fricking tricky/loopholey and double consol your parent plus loans) This is the 2nd time he's extended the deadline on that -- the first was the end of the year, which f'ng lol if you were paying any attention to what was going on with student loans up until Jan or so -- and then until the end of April. It was greatly discussed on these forums last year and led to a ton of activity getting people onto SAVE plans from oct-dec screwing time to actually process these things form their normal 3-4 weeks to 'yeah I think we'll be done with our backlog sometime in July'. Industry's still working with the occasional app that got lost in the clutter.

It's part of the 'Biden reports xxxxx amount of loan forgiveness' that pops up from time to time. People who've been 'paying' on their loans for 13 years sign up for a 12 year save plan or a 10 year pslf and *bam* student loans forgiven once they apply all those retroactive payments without actually making a single dollar on their new save/pslf plan.That and the various lawsuits for junk/fraudulent student loans that should've never been released in the first place he's actually pursuing instead of just sleeping on..

It's also why Repubs are so pissed off at the SAVE plan..aside from the normal 'Biden doing something about student loans even though the supreme court told him nuh - uh never ever ever touch student loans' whining that comes around whenever Biden forgives fraudulent loans given to people without GED's. The plan counts certain time spent on forbearance as eligible payments, and *gasp* people with such crappy income that the SAVE formula of setting your monthly payments to 10% of your income past a 225% fed poverty level allowance (down to 5% in July) means a single person with no dependents can make ~33K a year without actually owing anything a month, then paying the required monthly minimum of zero dollars counts an eligible payment. Forgiving people's student loans without having them pay anything on it is exactly the same as Biden instantly forgiving 10-20K in student loans, apparently.

It's actually .far. more beneficial for borrowers in the long term bc even without the retroactive payment it's an ongoing program that will eventually forgive your loans after 12-20 years instead of a single, never to be repeated, shot across the board to wipe out 10k-20k from (nearly) everyone at once. If you're a low income borrower you can ignore your student loans until they just go away (and you get a tax bill. but you'd get a tax bill even with the 10-20k forgiveness.) It's even useful for mid-income borrowers who've chalked 6 figures in student loans between under/grad student borrowing and have 4 digit monthly payments. Talked to a lady today who was making ~80K annually as a single adult with no dependents and cut her monthly payments down to a third of what a 10 year plan would have been and still less than an extended 20 year loan. It's going to be an even larger reduction once that 10% due after federal poverty level floor turns into 5%.

Yeah, I'm on PSLF; that's what I was referring to in my last post re: "one more year of this bullshit".

I see what you're saying. I guess I was confused because I already did the whole "past payments retroactively count" thing last year, thinking that was the only time that would happen. As of this month, I've got 12 "payments" to go, since with SAVE my monthly payment is $0. I just have to deal with this lovely job one more year since it's a nonprofit and my "payments" count toward PSLF that way. Sucks that I've wasted almost 10 years of my life in a job I don't find fulfilling or remotely pays me enough, but at least this poo poo will finally be off my shoulders. It's liberating in a bittersweet way.

quote:

I can't even begin to articulate how irate it makes me that 'Biden didn't forgive my student loans like he promised!' is apparently an excuse for some young people to lose interest in Biden's presidency.

Considering the way he's handling Israel/Palestine right now, there's plenty of other reasons to lose interest. The way he's handled student loans, milquetoast as it is, has been okay. SAVE has made it so I pay nothing, and for the longest time I was applying to better jobs (that weren't nonprofit) because I had a feeling the PSLF poo poo would never happen anyway since only like 1% of applicants had actually got it, pre-Biden. I can't complain too much about that. Because of SAVE and covid forbearance, I haven't actually made any substantial payments (outside of Navient, pre-consolidation) since 2020.

Framboise fucked around with this message at 15:13 on May 16, 2024

# ¿ May 16, 2024 15:11

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