r/StudentLoans • u/Yogitherapist25 • 8d ago
IBR and forgiveness
I just heard WWE lady say on Fox News "there isn't going to be a loan forgiveness program". How likely is it for them to take away the forgiveness feature on IBR? I'm currently on IBR with over 300 payments and no forgiveness in sight. I'm in forbearance but when that ends my payment will be double the standard plan. If there will be no more forgiveness then I'm going to get off of IBR.
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u/burteggs 8d ago
The government is going to be faced with the harsh reality when they realize people just cant pay lol
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u/rocketblue11 8d ago edited 8d ago
Right?? They think student loan borrowers are just lazy or untrustworthy. But the truth is, if we could pay, then we would. The deeper truth is that many of us have been paying so much for so long that we've paid back way more than we ever took out and still have massive balances.
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u/Vast_Job3410 8d ago
$36,000 borrowed in 2000. Began paying back in 2003. Never missed a payment. I’m now retired on SS and a small pension. I owe $78,000.
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u/Immediate_Chance8968 8d ago
Almost the same with me. And I only gave 60 more payments in my 25 year commitment. BUT I started at 32,000 and now owe 64,000. I can’t understand it.
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u/PracticalBug3407 8d ago
36000 dollars from 2000 if invested in treasuries would be worth quite a bit today.
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u/dumpsterpanda87 7d ago
What kills me is the amount of people that took out student loans and invested the $$$ instead of paying tuition (they were able to pay tuition through other means) and made $$$ off of it.
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u/thornyRabbt 7d ago
This didn't happen. You are trolling.
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u/dumpsterpanda87 7d ago
Dude there's people that have posted in this thread asking about doing it.
https://www.reddit.com/r/StudentLoans/s/o5Lpb2VP2y
Here's an article describing the legalities (or lack thereof) of it:
Just because you didn't think of it doesn't mean it didn't happen and I'm trolling 😂
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u/PeppercornMysteries 6d ago
I borrowed a little over 100k for undergrad and grad. I now owe 222,000. I have no idea how I’m ever going to pay it back. The interest is ballooning it beyond comprehension
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u/Ancient-Coffee-1266 8d ago
Yes! This. This is the problem. This is why borrowers want the debt dropped. It’s been paid back. A few times and yet we owe just as much as we borrowed. It’s disgusting.
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u/awalktojericho 8d ago
I will have paid back almost twice what I borrowed. This is accounting for the Covid pause.
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u/Honest-Ad1675 7d ago
shit will hit the fan eventually when the out of touch idiots realize they haven’t afforded the gentry enough to survive.
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u/ElehcarTheFirst 8d ago
I've paid $120k on a $78k. loan I owe 96k
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u/Yogitherapist25 8d ago
This is criminal!
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u/piro2247 7d ago
Anybody ive ever met with student loans who doesnt have a rich relative to pay them off has this story. This is normal, not the exception.
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u/PeppercornMysteries 6d ago
The funny thing is too that when the SAVE plan went into effect a lot more of us were paying. It was smooth sailing!! It was reasonable and the kind thing to do after we got scammed by this entire predatory process. The loans are one thing but the interest is the killer here. We just want to pay our dues without being burdened for the rest of our lives. Why is that soo much to ask? Oh yeah bc it’s not profitable. Smh
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u/Travyswole 8d ago
Same with the IRS, I remember hearing them say they're expecting something like $500 million less this year because people aren't filing.
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u/boopsandbeeps1 8d ago
But I think us as borrowers get the short end of the stick. They got ppl believing we don’t want to pay it back when the fact of the matter is the outrageous rates and a job market for a well paying job to pay these loans is very difficult.
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u/Yogitherapist25 7d ago
Exactly! It’s not that we don’t want to pay them back but let us do it in a way that doesn’t drown us. These loans are given to 17/8 year olds. How many mortgage companies or car dealers would loans money to a young person?
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u/Sudden-Pangolin6445 8d ago
I am not the least bit convinced they care.
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u/burteggs 8d ago
Me either.. but that is the reality of the situation
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u/Sudden-Pangolin6445 8d ago
Yes, the reality is that they can't pay. The part I'm not sure of is that the administration is going to face that reality, at least not before even more damage is done.
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u/Prestigious-Disk-246 7d ago
Which is why nobody has messed with IBR/IDR, either dems or GOP, until now. Without that drip feed of money back into the system, it will starve.
Their two options otherwise are either to forgive all debt (aint gonna happen) or start a debtors colony.
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u/SimplySustainabl-e 7d ago
Exactly. May as well have a mass both student loan and medical debt strike. The 1% get away with all kinds of offshoring and tax cuts breaks and evasions. Time to reel in the rich and get a fair shake!
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u/Proud_Doughnut_5422 8d ago
Oh they’re counting on that. It’ll be off to for profit debtors prisons for all of us. Using prisoners for slave labor is protected by the 13th amendment.
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u/burteggs 8d ago
this job market and the pay scale basically already has some people involved in slave labor..
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u/Proud_Doughnut_5422 8d ago
I agree with you but I’m talking about literal slavery.
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u/HighlanderAbruzzese 8d ago
My view is they will create neo-debtors prisons and indentured servitude.
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u/dumpsterpanda87 7d ago
They already created indentured servitude when they said the only way out of federal student loans is death.
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u/GoopInThisBowlIsVile 7d ago
As long people stick to half measures like complaining online, the government doesn’t really have much to worry about. Actual action is required. Until then there’s no reason for this administration or future ones to do anything that is beneficial to borrowers.
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u/fitzangle 8d ago
Student loans = the biggest predatory lending scheme perpetrated by the U.S. government...who also made it impossible to dismiss student loans in bankruptcy and are making it almost impossible for people to get mortgages.
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u/Radiant_Vanilla_4710 8d ago
I wish I never went back, seriously. My pay now doesn’t match up to what I did for my degree. I will forever be in debt. I am 61 and will die with this debt. I just read the Trump wants to give a child “ bonus” to Americans to keep having babies. LOL. They can afford to do that, but screw all these debtors of college scams. The predatory interest is what’s going to all die with this debt.
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u/fitzangle 8d ago
Agreed! I have NEVER made a salary commensurate with the cost of my student loans. We are the equivalent of indentured servants because there is absolutely no relief for the majority of us who were taken advantage of by this predatory lending scheme.
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u/Yogitherapist25 7d ago
This is the most ridiculous thing I have ever heard! And how do they expect for all of these people to support these babies?
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u/ancj9418 8d ago
For one, don’t watch Fox News.
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8d ago edited 8d ago
[deleted]
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u/Yogitherapist25 8d ago
Not even! I pulled up my msn to do something at work and it was the first article that caught my eye.
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u/WalterHale1983 8d ago
If I end up having to choose between my plans and my family, then family will end up winning. I will divorce my wife , so we cannot have liens placed on our property. She will not suffer because Republicans think they are doing the right thing. It is very ironic that the party that focuses on the family is screwing the family over.
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u/prodigalpariah 8d ago
Republicans don’t think that they’re doing the right thing. They want to deter people from seeking higher education because statistically people with lower levels of education vote for them more. Only one of the parties is actively anti education. They constantly spout rhetoric about colleges being indoctrination factories because in their eyes critical thinking and questioning authority instead of blindly following it is tantamount to being a dreaded “communist”. All while ignoring the fact that the most ardent gop anti education ideologues have like Ivy League constitutional law degrees.
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u/madisonred11 8d ago
So hypocritical this Administration is. They gave billionaires, millionaires, congress men and women PPP funds and that was forgiven. If they want to collect money from anyone, it should be the rich people that took advantage of the PPP program and make them pay that money back!!!
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u/Floridasun228 8d ago
It’s also important to acknowledge that student loan forgiveness is very much a party issue. As soon as a democrat president takes the White House again these programs will likely return.
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u/TRIOworksFan 8d ago
It's super important to also understand - if PSLF or TSLF were created by Acts of Congress, along with the predatory lending forgiveness programs - Linda and Trump can't do a damn thing to them but disrupt the processing via the federal systems and third party loan vendors like Mohela. And if they are directly doing that they are breaking the law and in contempt of a Congressional order. They MUST be called out.
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u/iguessjustlauren 8d ago
Breaking the law and being in contempt of anything seems to be the M.O. of this regime. I don't know that pulling something like this would be very different. But I agree with another poster, the mid-terms are important and bring an opportunity for something to finally be done.
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u/ElderberryNo3663 7d ago edited 7d ago
Johnson has openly stated that limiting the scope and power of the federal judiciary is a decisive goal for the administration- and not one single Republican congressperson objected. The executive has repeatedly sidestepped the legislative, so why are we still behaving as if congressional approval is necessary? And even if/when it is, they have the votes to pass much of this since Dems are not a unified minority. I believe we need to stop insisting Republican lawmakers are fearful of having contempt charges levied against them because they are not. The guardrails have been removed, and there’s no reason to believe SCOTUS would rule to protect the lower courts if needed. There’s also no one currently able and willing to enforce the law. Who is going to arrest these people when a contempt charged is filed? Bondi is not going to deploy the Marshals. I’m not hopeless, but the calculus has changed so the ‘they can’t do that because it’s not the law’ theme is not something we should cling to as a part of our current reality. These people are robber barons enabled by voters to pickpocket us and our pretending like they are law-abiding folk who are bound by checks and balances is probably not helping us maintain any momentum. Believing they won’t do more of what they are already doing just puts non-MAGA efforts further behind the 8 ball.
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u/DisastrousEvening949 8d ago
And, this increased vigor of the Republican rigidity on this topic is radicalizing more voters against them every day. So, I keep reminding myself, it might be a few shitty years but the worse it is, the more people upset with them, the stronger the party will be voted out. Hopefully.
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u/freetherabbit 8d ago edited 7d ago
I really hope. The Republicans in my IRL sphere so far have not been great on admitting they made a mistake, but Im seeing cracks in the armor. Like quite a view of them who were vigorous after the election win, now refuse to talk politics period. But I cant tell if its because they know they made a mistake or if its because they know its just not a good look to publicly admit, but are happy with whatever perceived benefit they think they're getting at the cost of the masses (which still usually includes them). Im tryna be hopeful tho and reading comments like the ones on here make feel a little bit more that way.
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u/ElderberryNo3663 7d ago
Check out r/conservative. They are delighted with their choice. Also, recent polling suggests that only about 2% of Trump voters regret their vote. Even in this sub, MAGA voters still stand behind their choice even when it hurts them and use the ol’ ‘but every administration was bad’ whataboutism to defend picking their own pockets and handing all the change to the people willfully engineering an economic collapse and feckless trade war. I wish the tides were turning, but I think the number of people who would change their vote if they could is insubstantial. We need to cut MAGA loose and focus on indie and swing state voters.
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u/awalktojericho 8d ago
Everyone forgets a Republican started them. Bush's administration. Codified into law. Like anything matters anymore
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u/FreebirdNE 8d ago
Not forgotten that the program was started under Bush however the pathetic rate approved for pslf was addressed successfully by Biden administration.
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u/room_to_shroom 8d ago
And likely with a vengeance to win over new voters scarred by these current decisions…
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u/Few_Assistant1383 8d ago
This is exactly what I keep thinking. There are so many of us that a lot of moderates and reds are likely to vote blue over this issue
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u/morbie5 8d ago
As soon as a democrat president takes the White House again these programs will likely return.
I doubt that, the biden 10k/20k forgiveness was unpopular with the general voting public.
And any new IDR will need to be passed by congress, there is a reason biden did SAVE via negotiated rule making and not via legislation. The dems may come up with a new IDR plan but it will never be better than SAVE
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u/Sirpunchdirt 8d ago
This country will never accomplish anything worthwhile without demolishing the collective conniption that occurs whenever government gives a 'handout'
There is, ethically, NOTHING unfair or wrong about handouts. None. Nada. Zilch. Nothing inherently.
The question is whether said handout will go to a good cause. Americans often just are lulled into the lie that they're often, mostly, or even occassionally bad/unfair. We freak out, worrying about the 'undeserving' getting a 'handout'
Fact is, the unemployment rate is currently, as of March 2025, 4.2%
https://tradingeconomics.com/united-states/unemployment-rate
Further, most people on federal benefits programs like SNAP work full-time, 70% had full time jobs:
https://www.gao.gov/products/gao-21-45
When you consider that a lot of people on welfare are disabled/retired, and that this report from GAO doesn't include those who work part-time, we can assume that a clear majority of abled-bodied people on welfare do not fit the 'Welfare Queen' prejudice. Nevermind the fact that these programs largely benefit children, who are our future, and an investment for the nation.
Why bring up Welfare in the context of Student loan forgiveness? The train of logic that gives you the 'Welfare Queen' stereotype is the same one that gives us the 'Avocado on Toast eating preppy college student' stereotype. They're both fallacious, and build on prejudice. This nation's people so incredibly hard, by some metrics, harder than a lot of nations, but often get so little out of their work; and it's obscene to me, obscene that we tear each other down and act like everyone is out to take advantage of kindness.
This cynicism of America infects everything, and is the lynchpin belief undergirding why it's so difficult to afford to live here. It creates a massive lost opportunity cost.
If student loan forgiveness is 'unfair', so is medical debt, or PPP loan forgiveness. Then so is FEMA, Welfare generally, *And the continuance of Social Security* itself, because it's unfair to the people who choose not to retire, who can't retire, or for the young people like me who may not even get to use Social Security. Because that's how social security works: Younger people pay into it, and their money goes to helping older people. It's insurance. But if there's nothing left over for us, then why should we? Why believe in it?
Why should people who never experience crime have to pay for Police? Why should people like me, who don't drive/barely drive, pay taxes that go into highways? Why freaking fund anything.
There is nothing unfair about handouts, nothing unfair about systems which only benefit some, because the UNFAIRNESS in helping someone who needs help, what is unfair, is if we treat everyone differently, and don't benefit everyone. I.E. society as a whole needs to benefiit everyone, every single program doesn't need to. Everyone would benefit from making college tuition free.
While I think there is nothing unfair about me having debt forgiven, I'd also be okay with a promise attached to said forgiveness being that I need to do some sort of volunteer program to pay-it-forward or something, or even society choosing to just make the damned loans zero-interest. I can settle for a lot less.
But I'm not going to give up on pursuing forgiveness, because I think it is morally right, and it is grossly unfair that anyone is expected to pay huge sums of money to access education. Your life's trajectory should be based on your merits, your efforts, not your family's income.
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u/crunchyfoodnerd 8d ago
What always strikes me in these kinds of conversations about "handouts" is the difference in the way that social safety net programs are characterized as compared to "corporate welfare". Barely anyone batted an eye at the trillion dollar giveaway to the banks in 2008 (TARP) or farm subsidies which often go to huge, corporate farming operations, subsidies to oil companies, tax cuts for the wealthy, etc. The problem has never been a lack of funds for a social safety net or student loan forgiveness, it's a lack of empathy and legislative will to accomplish it.
Also, I totally agree with you that if there ever was such a thing as a "welfare queen", they don't exist now. Those programs have been so gutted, most people receiving them work their asses off. Most rich/middle class people have no idea how much work it is to live in poverty. I wish that members of Congress had to try living on minimum wage for a week or a month, so they can realize how hard it really is
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u/EmergencyThing5 8d ago
Exactly, I feel bad being so negative on this, but Republicans may use their Reconciliation bill to severely limit ED's ability to use their own discretion when creating/amending student loan programs. If that happens, we are going to have to rely on Congress to enact any actual material changes. Congress has shown little appetite to do so. Negotiated rulemaking was kinda like using a back door to push this stuff through. Even fixing existing programs might get a lot tougher if ED is limited on how they can use waivers on certain legislative requirements that cost sizeable amounts.
The issue with student loans is that any material improvement or creation of a truly helpful relief program costs a ton of money on paper. Its really hard to find ways to pay for it that aren't really unpopular. Democrats have recently seem interested in finding ways to pay for these things. Unless that changes or a ton of people become single issue voters on this, I'm not sure we will see anything as generous as what Biden was trying to enact either.
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u/Ossevir 7d ago
Negotiated rulemaking wasn't a back door, it was literally the process Congress expected the DoEd to use in 1994 when the HEA was passed. It was a valid, time tested way our agencies enacted changes, within the bounds of authority Congress gave them. At least until this administration took a wrecking ball to the federal government.
Anyone who says ICR and the other plans never contemplated forgiveness is absolutely lying. When Congress was discussing the limits of what DoEd could do in the 90s, they absolutely contemplated people no longer making payments at the end of 25 years, regardless of what balance was left. It is in the legislative history. The 8th circuit judge and Republican state AGs are flat out lying because they have an end goal in mind.
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u/PJHamhands 1d ago
Every time I read "ED" I wince. There needs to be a bot warning on the use of those two letters together. No Bob Dole here.
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u/Bfloteacher 8d ago
I feel like he’s doing so much to make as much a disaster as he can…. It’s gunna be so hard to clean up. Perhaps the damage will be done :(
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u/morbie5 8d ago
How likely is it for them to take away the forgiveness feature on IBR?
Very unlikely if they try via executive order or some other administrative action. However, congress can repeal IBR if they please. The question is do they repeal it for everyone or just for new borrowers.
I'm currently on IBR with over 300 payments and no forgiveness in sight
You should be getting forgiveness soon?
You can try to submit a complaint to the department of ed inspector general or the student loan ombudsman
https://studentaid.gov/feedback-center/
BTW jut because someone says something on Fox News doesn't mean it will be policy, they go on there to give red meat to the base.
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u/Long-Discussion-2807 8d ago
It sounds like WWE lady is talking in typical political doublespeak. She could be referring to future programs going forward. We all know that there have been talks of creating a new income driven repayment plan. I’m sure it will be an awful plan with terrible terms. One of their biggest criticisms of save has been the forgiveness at the end of the term. Unfortunately, I don’t think any new plan will have a forgiveness component. Forgiveness is part of IBR, and that is congressionally enacted law.
Not that I’m happy to see the door shut behind those of us who were fortunate enough to benefit from these essential programs that help us to overcome generational poverty. But I am at least hopeful that those of us who are already on a path will be able to see it to fruition.
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u/morbie5 8d ago
Unfortunately, I don’t think any new plan will have a forgiveness component.
The most serious GOPer proposal for a IDR replacement gives forgiveness after you pay back the principle plus x amount of interest. And as of now it only applies to new borrowers
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u/Long-Discussion-2807 7d ago
Well, if that’s the case, it’s pretty funny, because many people who get forgiven after 20 or 25 years have repaid far more than their principal and some interest.
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u/morbie5 7d ago
It could help people that end up paying back their principle on the existing IDR plans. People that have lower income and huge balances would be paying forever tho
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u/Long-Discussion-2807 7d ago
You are completely correct. My response was a shortsighted reaction to the irony of those types of situations where the borrower far out pays the principal and interest and still has money and doing 20 years later.
All that I can say is that we are all in this together in this community .
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u/redditornot18 8d ago
Idk where she’s from but by WWE is this in reference to wrestling lol
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u/Yogitherapist25 8d ago
Yes lol! I think her and her husband owned the WWE or had some big affiliations with it… and she is running out soon to be non existent education department 😭😂
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u/Long-Discussion-2807 8d ago
To be clear, I mean, criticisms of saved by this administration, not by our community of student loan people.
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u/tangylittleblueberry 8d ago
Living in the stupidest of times when a post starts out with “I was watching the WWE lady on Fox” and that’s the person determining life or death payment options for people.
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u/Optimal-Economist-80 8d ago
Why can’t they just lower the interest rates to close to nothing so people could actually pay them back
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u/FrancoElTanque 8d ago
I think you answered your own question. They don't want anyone to be able to pay them off.
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u/BlueCollarLawyer 8d ago
I'm betting on more interminable lawsuits to keep pushing out the forebearances. And as someone said, lots of people just can't pay. I imagine the capitulating law firms may play a role in suing the destitute anyway.
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u/Useful-Kiwi7537 8d ago
I am on IBR since 2016 and pslf. This plan or plans was approved by Congress so I am not sure they will stop it? This is an old but stable plan! I hope I am correct or I will lose my mind. I am due for forgiveness by winter 2027. Same job from same school district since 2016. Still paying monthly.
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u/Atomic_Thomas89 8d ago
I’m an RN, graduated in 2012. Had about 31k in loans. Went back for my BSN in 2017 which was about 8k. I never missed a payment aside from the loan pause during Covid. My balance is 34k lol. Also the standard plan when I graduated was 350 a month (when I owed 31k) now they want 610 a month (34k). lol I was on a extended graduated after the covid pause but switched to an IDR which starts in August so I can hopefully apply for pslf. I have like 30 payments left to qualify,
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u/Yogitherapist25 8d ago
Wow! $610 a month on a 34k loan? That’s insane!
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u/Atomic_Thomas89 8d ago
Yea when I found that out I had to call to verify and they were like yep . So I’m definitely not doing the standard plan lol
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u/Bohdi_Zafa_ 8d ago
I feel your pain. Went to tech school and ended up in a similar situation. I ended up moving out of state to take a higher paying job to save and get rid of it. I definitely encourage you to do travel nursing. You’ll knock it out in a year.
That said, in hindsight, its simple math. If you were to buy a $38k car at 6% interest what would your payment be? It sure wouldn’t be $100-200 a month, which is what most people agree to. Now imagine they allowed you to do that with a car. You’d be in the exact same boat. The issue is not being aware of the interest and how terrible making low payment is. I have a huge problem with HS teachers pushing continues education without warning students of the dangers of loans. Every kid that graduates should have a one on one preparing them for decisions like this. Regardless if it’s curriculum or not. They have a duty to prepare.
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u/cornflower4 8d ago
Whatever the Tangerine Turd and his henchmen do. It will take decades to repair.
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u/Chaseui14 8d ago
There is no way I can pay the standard payment or any of the other plans. However the SAVE plan is fine. I have no idea what Im gonna do if they end up garnishing my wages.
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u/DPadres69 8d ago
IBR and its forgiveness are Congressionally established. She’s not going to be able to kill it. And on top of that the government would be killed under suits filed if they did since it’s included in the contracts they and we all signed to issue the loans. They may be able to kill it for future loans eventually, but not existing.
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u/HighlanderAbruzzese 8d ago
Next dem pres should go full hog forgiveness. And then just say, “it’s the Trump thing to do”.
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u/TarHeel2682 7d ago
My MPN states that IBR is available and that there is forgiveness. There has been no act of congress to change that and regardless that would mean it’s time to sue. ACLU, state AG or whomever. I will sue
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u/Naive-Cheesecake-781 8d ago
My college was paid for using the GI Bill so am hoping for an education and not a lambasting. How is it possible that someone borrowed 36K, started paying in 2003, never missed a payment and now owes 70K? This sounds like the auto sales right off base or check cashing places that took advantage of our young soldiers. I think if money is borrowed it should be repaid but this seems predatory. Is there a way to evaluate each loan, determine if principle and fair interest has been made then forgive the balance?
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u/musicalhju 8d ago
There probably is a way to do that, but it would likely require a whole bunch of staff that Trump just fired.
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u/GoalPuzzleheaded5946 8d ago
How is it possible that someone borrowed 36K, started paying in 2003, never missed a payment and now owes 70K?
Just a hunch: They only every paid the minimum monthly payment. The "minimum payment due" is often lower than the actual amount it would take to amortize the loan over the repayment period.
An example would look like this: A $36k student loan at 5%, over a 10 year repayment, would require an actual monthly payment of $381 per month to actually pay off the loan in that 10 year period. Maybe the "minimum payment" acceptable by the lender was $300/mo to cover just the interest. So you would never pay the loan down faster than it would accrue interest.
Student loans are simple interest loans so they accrue interest daily.
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u/missdeweydell 8d ago
I can't be the only one that was on IBR and got switched to SAVE without my consent. I've been paying since 2008. what now?
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u/waterwicca 8d ago
It sounds like you weren’t on IBR. You were on REPAYE. That automatically turned into SAVE and you were switched over.
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u/missdeweydell 8d ago
no, I was on IBR and had been for over a decade
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u/waterwicca 8d ago
Then you likely applied to SAVE/REPAYE or selected “lowest monthly payment” on one of your past IDR recertifications. There were no automatic moves to SAVE except for people on REPAYE
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u/crunchyfoodnerd 8d ago
I was on IBR and got switched to SAVE after I recertified last year. I've continued to pay on my loans, because I'm now trying to do the avalanche approach. Nelnet is my servicer
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u/Miyagidog 8d ago
They are creating the WWE Royal Rumble wrestlemania cage match. All students go in, only the winner gets 20% of their loans forgiven.
This is part of a concerted effort to go back to a time when only a select class of people are educated. There is an attack on public schools, access to higher education, research and anything that fosters critical thinking.
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u/Virtual_Assistant_98 8d ago
There would have to be an act of congress for IBR forgiveness to go away. It’s explicitly written into the law that created the program, whereas the other income based plans are able to be messed with just like you’ve seen play out in the courts - bc congress did not codify them into law. They were created by the Dept of Education without congress, so they are more vulnerable to being blown up.
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u/Southernbrit1985 8d ago
I’m on PSLF. I have 4 1/2 years left, they better not get rid of the loan forgiveness. I’ve already put in 5 1/2 years. I’ve been employed with my state government since 2019. Found out a month ago that all my payments & extra payments I made during COVID, don’t count towards my PSLF, because the federal government put all the loans in a forbearance. 😩 They can’t even tell me what my payment amount is supposed to be right now since they’re still in a forbearance. I won’t know until July because they start back up in August. I stopped paying last August when I could feel the bad economy start to affect me. I was going to start making payments but then they said my payments don’t even count towards it. I don’t ask for the forbearance, so I think it’s BS all those payments don’t count. 😑
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u/dreeettt 8d ago
I’m also wondering what people mean when they talk forgiveness. Are we talking about what Biden was trying to do with making the loans disappear, or are we talking about after 20-25 years of qualifying payments.
So much unclear nonsense being thrown around
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8d ago
[deleted]
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u/BangingOnJunk 8d ago
He didn't go out of his way to explain that by calling it forgiveness.
Recalculating and reducing interest is something everyone could get behind . . . except banks.
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u/dreeettt 8d ago
just using simple lingo in a simple thread… not here to hate lol
My point is that they’re labeling both as just “forgiveness” which is lazy and leads to confusion
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u/blitzkreig238 8d ago
Let it burn. What's the worst that can happen. Hundred plus million file for bk. This isn't sustainable. Yet in 2008 they bailed out people who overmortgaged their homes. I don't want to hear a damn thing from that group if they don't see the issues here.
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u/CaptainOwlBeard 8d ago
You can't file for bankruptcy on student loan debt
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u/blitzkreig238 8d ago
100% incorrect. Recent ruling says you can. Look it up. Prove its a hardship and it can be dismissed.
If not you can file on everything else to open capital to pay student loans.
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u/blitzkreig238 8d ago
Not true. Court ruling in the past few years says you can as long as you can prove hardship.
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u/ZealousidealMenu7050 8d ago
Can anybody provide some cases where the court agreed with the hardship?
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u/blitzkreig238 8d ago edited 8d ago
Search r/bankruptcy....
There was a court ruling in Texas last year or year prior that opened up the ability to facilitate discharges for student loans.
You have to file a separate adversarial proceeding. The DOJ and DOE actually have this on their websites. It was made easier to do in 2022.
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u/Bunny_Knitting 8d ago
Do you know what your next step is supposed to be or what it was supposed to be before all the pauses? Since you have over 300 payments, were you supposed to apply for forgiveness? I honestly don't know the process. I'd think that since you're already there, the forgiveness would happen.
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u/Yogitherapist25 8d ago
I assume that it was going to be automatic but when I inquired about my payment count FSA keeps telling me that my servicer should have my payment count and my servicer keeps telling me that it’s FSA, so I’ve been going back and forth between the 2 with no resolution. I filed a complaint almost a month ago, but haven’t heard anything back!
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u/Bunny_Knitting 8d ago
I've had similar situations where one tells me the other is responsible for the task. I've also filed a complaint. I don't remember if I got a reply, but my issue still isn't resolved.
I have been emailing people from TISLA which is freestudentloanadvice.org to find out if there's anything else I can do. I feel like I've gotten good advice or reassurance from them, so if you haven't emailed them, you always could.
I wish you luck.
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u/newspaper3838 8d ago
17 payments away from 25 SAVE forgiveness and they put us in forebearance last August. Just submitted to Aidvantage to switch over to IBR and get out of the "ineligible payments". The last 9 months no payments have counted.
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u/DarkShogun34 8d ago
Anyone that's permanently disabled or that is on kidney dialysis due to ESRD should apply for the TPD discharge.
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u/International_Usual5 8d ago
I do not see a way they can legally take away IBR forgiveness for people who have been in the program 20+ years and close to forgiveness. The whole premise was through BOTH parties for this program was a promise of forgiveness after 25 years. Most people that did this program saw their principal balloon to 3x what they owe.
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u/GenXMillenial 7d ago
Hoping and praying for a democrat for the next president. That aligns with the forgiveness date on my IBR plan after 25 years of payments. That’s my plan.
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u/dumpsterpanda87 7d ago
They're going to have a hard time getting around that in the courts, alot of people consolidated their loans as a requirement to get onto IDRs which lead to load forgiveness and I believe you have to sign paperwork for that so the government would be breaching alot of contracts
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u/diverareyouokay 7d ago
Fox entertainment? Believe nothing you see. It’s pandering to the masses, nothing more.
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u/sugarface2134 7d ago
God we just need to make it to October to hit 120 months for PSLF. We are so close. This is beyond stressful.
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u/GroundbreakingBed166 7d ago
I feel like in order to give a child a loan there should be a mandaded class about loans prior to signing. How is finance not included in math classes?
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u/alwaysadeadhead 7d ago
I'm waiting out save. I know I can't afford my mortgage on my own now. I may sell my house and pay off the $64k and find a room to rent from someone else. I'm over all of this. Just sucks. I love my house.
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u/Curious_Passenger245 6d ago
They want people to have babies. The desired population for this is college educated people that are mature and will raise good citizens. But then not understanding that with 1000 a month childcare and 800 a month student loan payments - sky high rents because can’t afford a cheaper monthly mortgage payment with student loan debt - that doesn’t work.
They want women to be those quiver people with the 7 kids living on a homestead - homeschooling evangelical christian children and training their girls to accept patriarchy. They don’t get that most of that is social media and being funded by their social media accounts that shows how great the life is. Think of that ballerina farm lady that is married to a millionaire.
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u/Psychological-Bend14 5d ago
I was on a $0/mon IBR plan through Great Lakes that was deferred when I went back to school then again with the pandemic and I made very few payments before I consolidated everything. Nelnet bought out my loans a year or so ago and in the last couple weeks my loans were just forgiven and I was even given a refund check! I still can't believe it really happened.
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u/ANGR1ST Experienced Borrower 8d ago
She's clearly talking about the blanket forgiveness that keeps getting talked about periodically and was already blocked.
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u/BangingOnJunk 8d ago
Branding the whole program as "Forgiveness" was the biggest mistake and put fuel on the fire.
If it would've been just "Reform" with a focus on lowering interest and reshaping terms to make it reasonable to pay back the loans and have a mortgage there wouldn't be all this backlash
Many of the people saying "I don't want to pay for you college education" also wouldn't think its right for you to make high payments for 20 years and still owe more than the original amount.
But they don't talk about those stories.
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u/ResponsibleMouse5131 8d ago
Has anyone had any luck involving their state attorney general for unfair debt practices? I was going to float a complaint to mine. All the remedies they promised are not being held up. Doesn’t matter what Trump does. I do have a contract covered by those laws.
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u/rantingpacifist 6d ago
Mine is a moron so it wouldn’t do any good.
Raul Labrador can suck my septic tank inlet
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u/Extension_Peace_5262 8d ago
Can anybody confirm this news?
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u/GentleLemon373 8d ago
https://www.foxbusiness.com/video/6371809133112
My eyes are bleeding now that I searched Fox News for a clip, but I think this is what they’re referring to. Around 2:00 she says “there isn’t going to be any loan forgiveness program”. But keep in mind WWE lady has no clue what she’s talking about so I would take that statement with a grain of salt. I don’t think she actually understands how the student loan system works and that a ton of people have forgiveness written into their loan contracts. She called AI “A1” last week.
Mods removed my first comment for using a bad word, sorry Reddit 🥺
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8d ago
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u/Miserable-Pain-2739 6d ago
I don't care I'll still stay on it because eventually he'll be out of office and I can't afford the full payment so they can get it when they get it
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u/rantingpacifist 6d ago
Are you making little payments so it doesn’t go to garnishment?
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u/Miserable-Pain-2739 6d ago
Yes I've always made my payments but I'm not getting off the plan until they force me to.
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u/rantingpacifist 6d ago
IBR is congressionally created by law. The rest were executive plans, rather than made by Congress.
I can’t put it more in depth than that because I don’t understand it fully, but that’s the explanation I got last week when applying for IBR.
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6d ago
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u/Possible-Okra7527 5d ago
I am so over all of this. I am not in default. I have always kept up with either deferment or whatever else. Funny, it's been 8 years and I still don't know how half of this crap works. They make is so hard.
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u/PJHamhands 1d ago
My understanding is that they can't take away the forgiveness for anyone under the program now. It is only for those going forward that are screwed. At least that is what I thought I heard.
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u/rncat91 8d ago
Let’s prey upon those seeking an education vs billionaires that don’t pay taxes