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Borrowers can submit their applications, but they won’t be processed until later this month. The application is available here, though the agency said it would pause the site periodically for maintenance.
The feds have encouraged borrowers to file their forms by Nov. 15 if they want to see their balances shrink before the end of a freeze on payments that began during the pandemic and ends in January.
As part of that, they will self-attest that they earn less than $125,000 a year, or $250,000 for couples, and those who provide false information could face fines or jail time. Some borrowers may have to file proof of their income. The application is available in English and Spanish and via desktop computer or cell phones.
I paid my student loans off years ago, so it doesn't directly help me. I'm not bitter about that at all. I went to college at a time when it was easy to do so, without incurring a ruinous about of debt. I think it's not impossible to do that today, but it's much harder.
My sister's three kids are all young adults (20, 23, and 26) and each of them will get loans forgiven. My sister also took out PLUS loans on their behalf, and she gets forgiveness too.
It will be very helpful to them. I'm glad to see middle class families getting a leg up.
I've got 2 kids. The one graduated from college debt free. He paid for his college with a combination of merit scholarships, dual enrollment college credits earned during HS, some college savings and he also worked full time while he was a student.
My other son will also graduate debt free.
My husband went back to school as an adult and his job paid for his schooling. He too graduated with no student loan debt.
I am currently taking college courses, myself, to complete my degree and I'm doing it on my own dime.
I can't say that I'm a fan of this loan forgiveness. That "free" money is going to be coming out of the rest of our pockets unfortunately which isn't right.
Rep. Alexandria Ocasio-Cortez (D-NY) this week took to Instagram Live and Twitter to explain how parent borrowers benefit from President Joe Biden’s student loan forgiveness.
Not only are student loans parents took out for their own college eligible for forgiveness, she pointed out, but also ParentPlus loans they took out for their children’s education.
I've got 2 kids. The one graduated from college debt free. He paid for his college with a combination of merit scholarships, dual enrollment college credits earned during HS, some college savings and he also worked full time while he was a student.
My other son will also graduate debt free.
My husband went back to school as an adult and his job paid for his schooling. He too graduated with no student loan debt.
I am currently taking college courses, myself, to complete my degree and I'm doing it on my own dime.
I can't say that I'm a fan of this loan forgiveness. That "free" money is going to be coming out of the rest of our pockets unfortunately which isn't right.
Congrats to both of your sons for going student loan free. You show it can still be done. Similar for your hub, employer pays for it.
Good for you for going back to school at our age. I'm sure it's not easy to not be in school since the 80's to now going lol
For my wife, this makes a small dent in her loans (doctorate). For me, this will wipe out the remainder of my federal loans, although I was on the PSLF plan and had about a year left before forgiveness anyway. I do still have some refinanced private loans out there, and I can choose to increase payment on those or other debts.
What this does do for me personally is encourage me to begin a Masters level program now instead of later, again taking out some federal money and utilizing the PSLF program and a workplace reimbursement program.Of course the difference now is researching and choosing the most economical distance-learning university available to fulfill my needs.
Going forward, part of the overall plan is to restructure the interest schedule, which was deemed predatory in its nature. I look at the 10k per head as the government's acknowledgement of that, as it seems to be in line with forgiveness given out for the closed for-profit colleges and penalties that they would seek for any private lender in the same situation. Those comparing to a mortgage or auto loan fail to realize the distinction between the types of financial product.
I also think that the 10k has some basis in predictions that a certain amount of money would never be recovered by the feds anyway. Between PSLF, refinancing, charge offs, or simple non-payment, a chunk of potential returns were never going to be realized.
Congrats to both of your sons for going student loan free. You show it can still be done. Similar for your hub, employer pays for it.
Good for you for going back to school at our age. I'm sure it's not easy to not be in school since the 80's to now going lol
Agree forgiveness is on our tax payer backs
It can still be done with support. That's the key thing here. It's great that springfieldva and her family were able to do it, but it's very unrealistic and judgmental to think that everyone can, or should be able to.
I took out a small student loan to try to finish my college degree and became disabled. I also had to quit to take care of my elderly mother who got sick and died soon after. Should I have turned my back on her and told her to suffer while I got on with my life? Should I tell my body, hey you can't get disabled now while I'm trying to finish college and get a better job?!
In my late teens I took out a student loan which I paid of at the rate of $31/mo for 7 years. That amount in today's money is $219/mo. Not chump change. I've done it before. But I'm a jerk and a grifter because I'm going for the loan forgiveness as a single, elderly, disabled person on Social Security? Every situation is different. By the way, I paid for 12 years on my most recent loan and received a letter from the government that I had paid a percentage of the loan and was eligible for forgiveness as a disabled senior. I did not bite. I kept paying.
Every situation is different.
Student loans were EXTREMELY predatory when I took out a loan, but someone talked me into it (a counselor at a "women starting over" program). Student loans were extremely predatory at the same time that Fannie Mae and Freddie Mac were wielding their evil. A lot of people fell for it. A lot of people needed it.
I refuse to judge people for taking out loans to try and better their lives.
I paid off my student loans. That's kinda the way we did things back in the "old days". When my son went to college, I paid for it. Maybe I should have waited for Biden's America.
There again, you did it because you could. I guess people should just work at Walmart or sling hash because they need a student loan to go to college.
Why are people who've done it so judgmental of those who can't?
Life isn't fair, but some of you seem to think it should be. Believe me, life has been VERY unfair to me, and I don't complain about others who have it better than I do.
There again, you did it because you could. I guess people should just work at Walmart or sling hash because they need a student loan to go to college.
Why are people who've done it so judgmental of those who can't?
Life isn't fair, but some of you seem to think it should be. Believe me, life has been VERY unfair to me, and I don't complain about others who have it better than I do.
Life is unfair enough without our government looking for new ways to make it more unfair.
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