re: SL Cancellations: 20k for Pell Grant Recipients, 10k for others up to 125k in income

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was wrong. 250k household limit for married filing jointly

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So then if both spouses make a combined income of less than $250k, that's $20k forgiveness of both have outstanding loans? I don't get this.

A lot of colleges won’t be accepting poor people or those wanting to major in art studies because they won’t get their money back.

“The rule would:

Require borrowers to pay no more than 5% of their discretionary income monthly on undergraduate loans. This is down from the 10% available under the most recent income-driven repayment plan.

Raise the amount of income that is considered non-discretionary income and therefore is protected from repayment, guaranteeing that no borrower earning under 225% of the federal poverty level—about the annual equivalent of a $15 minimum wage for a single borrower—will have to make a monthly payment.

Forgive loan balances after 10 years of payments, instead of 20 years, for borrowers with loan balances of $12,000 or less.

Cover the borrower's unpaid monthly interest, so that unlike other existing income-driven repayment plans, no borrower's loan balance will grow as long as they make their monthly payments—even when that monthly payment is $0 because their income is low.”

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A lot of colleges won’t be accepting poor people or those wanting to major in art studies because they won’t get their money back.

“The rule would:

Require borrowers to pay no more than 5% of their discretionary income monthly on undergraduate loans. This is down from the 10% available under the most recent income-driven repayment plan.

Raise the amount of income that is considered non-discretionary income and therefore is protected from repayment, guaranteeing that no borrower earning under 225% of the federal poverty level—about the annual equivalent of a $15 minimum wage for a single borrower—will have to make a monthly payment.

Forgive loan balances after 10 years of payments, instead of 20 years, for borrowers with loan balances of $12,000 or less.

Cover the borrower's unpaid monthly interest, so that unlike other existing income-driven repayment plans, no borrower's loan balance will grow as long as they make their monthly payments—even when that monthly payment is $0 because their income is low.”

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Student loan payments don't go to the college, they already got paid.

That's a big part of the problem - the colleges and universities have no skin in the game. They admit students that may be barely capable of college level work, charge whatever tuition they want, student gets government backed loans, pays tuition, may or may not go to class, may or may not graduate, may or may not ever get a job and pay a single loan payment. College doesn't care, they got paid years ago and moved on to the next student.

The majority of pell grants went to university of pheonix and other for profit colleges.


what a fricking scam

I’m torn on this. Because I have pell grants and makes less than 125 a year I’m eligible. At the same time I’ve always been very independent and don’t ask others to support me. Am I an idiot if I choose not to take part in the debt forgiveness or a hypocrite if I do take part?

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I’m torn on this. Because I have pell grants and makes less than 125 a year I’m eligible. At the same time I’ve always been very independent and don’t ask others to support me. Am I an idiot if I choose not to take part in the debt forgiveness or a hypocrite if I do take part?

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100% you are an idiot if you don't take it and not even sure if its possible to turn it down.

I have 17k left to pay and think its a terrible idea to forgive any of it but never turn down free money from the government. It doesn't do anyone a bit of good

What about me I paid back my wife's student loans and at the time struggled to do so. I want a re-imbursement

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I want a re-imbursement

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Get back to work. Others are depending on you to pay off their loans too. Sucker.