re: Subject Line: Your Student Loans Have Been Forgiven

You’re welcome, free loader.

You better still pay yourself the amount your monthly payments were so you aren't blindsided when this is taken to court and reversed like most of Joe's vote buying schemes.

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Subject Line: Your Student Loans Have Been Forgiven

email from my loan servicer. login to site and the balance is 0

studentaid.gov still has a balance. anyone else getting this???

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Mine were forgiven right after I paid them. If you borrowed the money pay it back scumbag.

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He is trying to understand conflicting information, and (in your mind) this makes him a "scumbag?"

Strange.

Isn't that cute.

While I sit here and talk to my son reassuring him that I will make sure he's whole on his balance because my no college degree arse makes too much money for him to qualify for subsidized loans.

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Inflation is something like 3.5% annually under Biden right now. I think you’re making money.

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I can get 5% on a freaking savings account right now, so yeah, I won't be in a hurry to pay this off.

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Do you know any of the details? What does the statute say about loan forgiveness and what were the administrative failures?

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The Department of Education on Friday announced that it will forgive the debts of 804,000 people, an effort to fix what it calls "administrative failures" that denied student loan borrowers relief they were eligible for under their repayment plans.

Those 804,000 borrowers are people who have been paying their loans back through income-driven repayment plans, which allow debts to be forgiven once they've been paid for 20 or 25 years, depending on the plan.

But because of errors in tracking payments, officials said, many borrowers have been left paying well beyond their payment end-dates.

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Though there are multiple types of income-driven repayment plans offered by the Department of Education, they all have the same goal: set a borrower's monthly payment based on their income and cancel any remaining loans after 20 to 25 years of payments.

Friday's debt relief for over 800,000 people acknowledges that the second part of the plan -- cancellation -- often isn't happening, an issue that has also been well-documented by government watchdogs.

In 2022, the Government Accountability Office wrote that "the Department of Education has had trouble tracking borrowers' payments and hasn't done enough to ensure that all eligible borrowers receive the forgiveness to which they are entitled."

"We found thousands of borrowers still in repayment who could be eligible for forgiveness now," the GAO, a nonpartisan watchdog, wrote in its report.

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LINK

I hope not. I paid mine off in full literally yesterday.

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Though there are multiple types of income-driven repayment plans offered by the Department of Education, they all have the same goal: set a borrower's monthly payment based on their income and cancel any remaining loans after 20 to 25 years of payments.

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Thanks for the info, Green.

I’m glad it’s in the statute and not an unconstitutional power grab by the executive.

Nevertheless, I still have questions. It still looks like a Progressive boondoggle.

Do I understand this correctly? Some people, but not all, are allowed to have a repayment plan established based on their income, regardless of whether there is any chance that they can repay the whole loan?

And is this repayment plan reviewed every year to account for changes in income, or is it set once when the borrower is still young and working (if at all) at an entry level job?

Who gets to receive this taxpayer largess?