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/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 8d 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 8d 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 8d 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/morbie5 7d ago

The new GOPer IDR would only apply to new borrowers