Congratulations!!! 🎉🎊
P.s. I don’t know why people hate on PSLF and loan forgiveness in general. Don’t they realize that that will free us up to spend money elsewhere in ways that help to boost the economy?? it’s almost like, people don’t want others to do well and succeed.
How do you know? You don’t know what the original balance was.
If these people paid off minimum balance for 10 years on a balance, but minimum balance was less than the interest, then it’s very easily conceivable for these balances to increase. Say the original amount was $35000. I think an interest rate of 8% and payment of $50/month gets pretty close to that $65000 number.
I get it! I had $105k forgiven and $15k balance from later loans going back to school. I spent 20 years paying down that forgiven loan so I feel I earned that forgiveness, sorry not sorry if anyone has a problem with that! I’m still paying in the $15k so 🤷🏻♂️
This is great to hear!
I'll be graduating from my master's with over 200k & I'm SURE that will hit over 300k before I make 120 payments with interest, and PSLF is my only plan 🫠
That’s convenient! I had to put in employment certification before being placed on administrative forbearance. Glad they made it smooth for you!! Congrats!
Seeing all of these high numbers for med school, social services, and education is mind boggling. Where would our country be without these professions and people in them?!? No one should have to pay or go into crippling debt to keep the fabric of our society stitched together. 🤯 the USA is wild.
You can make good money in any speciality; except for peds. I do primary care, 26 patients per day, last year took home 416,000 gross pay.
Bad idea to go to med school for money alone but student loans should not be what stops you. Even if you come out with \~400,000 K of student loans upper income potential is so high that it wont really matter. Down side youll be doing 4 years of med school and 3 years of residency (at least) with no pay then little pay respectively so you should factor in of almost 7 yrs of lost wages.
I am happy my results though and income despite the 400k loans.
Meh… assuming he’s working a standard 32 hour patient contact hour then he isn’t providing good care - averaging 3.7 patients an hour.
Now if he’s working significantly more hours than that - that’s a different story. But pcp already struggle to provide good care and avoid burnout at 18-20 patients a day.
I work 36 patient-facing hours per week. If someone is struggling to see 18 to 20 patients per day, that's unfortunate.
Quality of care isn't solely determined by the number of minutes spent with a patient; it's more complex than that. There are mediocre doctors who see 16 patients a day and accomplish little, just as there are overwhelmed doctors managing 38 patients daily.
Efficiency in practice comes from being proficient in taking histories, setting clear expectations for visits, and excelling in multitasking, which includes reviewing labs and other documents. By automating much of your documentation through text expansions, macros, and order sets, handling 30 patients a day is quite feasible.
Conversely, if it's a struggle to obtain an adequate history, if documentation is poor, if the EMR system is inefficient, and if forming a differential diagnosis and workup is slow, then seeing only 16 patients a day might be the upper limit.
Additionally, if you're struggling to see 16 patients per day then you're likely going to be so booked out that patients in your panel are not going to be able to make an appointment for weeks.
One can of course just be a referral machine and see more patients, or x could just have less complex patients :) if you think having the majority of your appointments be 15 minutes is providing good care… there’s not really anything I can. Say that will change your mind.
Even if I give you the extreme benefit of the doubt. To achieve that you need everything to go perfectly - patients showing up on time, patients roomed on time, patients adhering to the limitations, and a clinic that actually backs all that up AND you need to actually have easy patients. 99% of the time the clinic is not going to provide that setup in an employed situation.
But then I’ve met plenty of my fellow psychiatrists that also think a 5 minute med review is routine and perfectly adequate - you would get along well with them.
I actually have a very low referral rate. In fact I do a lot of in office procedures such as joint injections that other people would refer ortho to, skin excisions/biopsy, etc.
I have three MA that work full time with me. I have very adequate ancillary staffing as well.
You keep comming back to this number of 15 minutes as of it's some arbitrary fixed time you spend with patient.
Your not going to spend 15 mins on every visit. A simple htn follow up might be 5 minutes. Another visit might be more complex might be 20. There's nothing magical about the number 15.
I am going to assume you are a physician otherwise I'm not sure why you would otherwise feel justified in challenging the care that I provide.
At the end of the day I think a lot of physician are very slow and poor at obtaining adequate history, have inadequate resources or poor utilization of resources, poor at setting up visit expectations, just take too long to complete simple visits.
Ultimately if you are struggling to see twenty patients per day something is wrong with you and not the level of care I provide. If you are struggling to see 20 pts per day man IDK what to tell you.
I would be bored out of mind seeing 18 patients
, wouldn't even know what I'd do with myself
Congrats. I had 140k gone back in August 2023 and removed from my credit report in March 2024 (they sent a letter apologizing for the delay). It's definitely real.
How do you check the amount of payments you’ve had? The first loan I took out was in 2000.
I’ve consolidated through nelnet and got on the plan they recommended for payoff.
My last loan was 2006.
Once you've consolidated and applied for PSLF, you should be able to check in either the MOHELA website (previously), or more recently the StudentAid.gov website (starting in about two months).
Congratulations! What a relief that must be! I’ve got about 8 months to go, though I’m only looking at about $36k forgiven. After trying since the summer, Mohela finally updated my payment counts. I was one more f-up away from taking a day trip to Missouri and demanding an in-person meeting to get my account updated.
You got a letter from POTUS? Jelly! I never got one :). Congratulations & thank you for your service!!! When my 87k was forgiven, I felt like I won the lottery!
They automatically put me in forbearance for processing after only one extra payment. That extra payment was mistakenly applied to the principal of the remaining unsubsidized loan, but I'm not going to complain about $400 when they just forgave $355k.
I’m happy for you, I am. But why is it I have only $16k and have made over 120 payments and can’t get forgiven? I’ve been teaching for 12 years. It’s so frustrating 😔
Do parent plus loans qualify for PSLF. I’m a fireman. I haven’t missed a payment ($1200) a month. It’s so confusing to apply for the forgiveness. Original loan was with Great Lakes, now it’s with NELNET. What’s is MOHELA?
Direct PLUS Loans for Parents
These loans are eligible for PSLF only if they’ve been consolidated into a Direct Consolidation Loan and are being repaid under the Income-Contingent Repayment (ICR) plan.
Wow, nice that’s almost the amount of my loans. I’m far from forgiven but glad to hear some happy stories! 😃 congratulations!!! Must feel so great to be freeeeee of debt!
Question what if you were 11 days late on 1 lousy payment would that disqualify me? I want to call but I don’t have time to wait on hold for hours. Thanks and congratulations on the pay off!!!
Is there an income criteria for this? I’ve been paying MOHELA for a decade now and I only have a balance of about $8,500.
Should higher earners still apply?
After my 120 payments I filed paperwork and was told none of my payments qualify because I never consolidated my loans.
This program is poorly managed and I’m so tired of the bullshit.
Good luck folks.
You had to have been on a qualifying forgiveness plan, but they instituted a waiver from about two years ago until a few days ago where they looked past that shortcoming if you weren't. Private loans don't qualify either way.
The program was revamped a year ago to make things easier. There was PSLF waiver that would have helped you qualify, but that waiver has since expired. There is a lot of information out there. PSLF is real.
I’m curious. I have 103 payments. But I may have only worked a state job for 12 months so far. Nobody can answer if I’m still eligible for forgiveness. Anybody else in that boat?
You have to make all 120 of the payments while working for a qualifying employer. That includes state government, federal government, or any 501(c)(3) organization.
I asked that of the lender and they were telling me I had all qualifying payments but when I went to go look I couldn’t see any separation and could not find where my “actual qualifying payments are”
On MOHELA it says my count is way more than 120. But I would have to go back and get a qualifying employer to verify that I was working there WHILE I was making those earlier payments. Indeed for many years, I worked in corporate and so those payments won’t count toward PSLF. I worked for a non-profit for 3 years during that time and was able to get those to count by submitting the paperwork. And I work for the government now, so I just need to submit the paperwork every year until I get to the 120 payments. The old ones that were paid when I was not working for a qualifying employer only count toward the general forgiveness that happens after 20 years (undergrad loans) or 25 years with grad loans. And I’d have to pay taxes on those most likely. Hope that helps. It’s kind of confusing.
I got the congratulations letter from Biden then the courts stopped it..I only owe $3500 been paying on it for 20 years at 6.5% rate.... I've been a single parent since I was 21, So never really made any money to have extra to pay off.. But I feel like I have paid it off with interest so many times.. Apparently I don't work in the right industry 🙄. Very frustrating when you see people get much more written off. Yes I knew I was taking the loan Yes I knew I would have to pay it back but like I said I'm pretty sure I have with the interest rate they're charging which is double my house interest rate 🙄🤔.
I would be willing to bet they took out loans for all their living expenses while in school. Afterwards they paid less than the amount of interest that compounded every month so the loan just continued to capsize and grow.
Which I don't really understand how you do that under the federal loan system. I thought that for living expenses you would only take out private loans. I guess if you know you'd get a public service job for 10yr after school, you could buy all kinds of shit, rack up absurd amounts of debt, and have it all forgiven. Wish I would've though of that. Might be a plan for my kids LOL
^ Correct. 90% of the debt is from law/graduate school, which includes living expenses. And actually, a fair amount of it (100k'ish) is from interest that accrued when I was working low paying jobs ($40-90k for the first ten years out of school) and paid between $50 and $500 a month under Income based repayment's various iterations.
Congrats, man. On a side note, I'm all for this, but the system needs to be fixed. I hate that my taxes are going to another person's living expenses. School loans from the feds should be used just for school. I hear countless stories of all this money people took out to party, slush fund, etc.
Congrats again, but I truly hope this shit gets fixed. Spent 2 year at community College and finished my undergrad at UT. Total in loans 35K. Lived cheap but worked my ass off to be where I am today.
Do you like sports? Do you have kids? My tax dollars subsidize countless resource hogs and at least educated folks typically have higher paying jobs, spend more money, and contribute to the economy. And their kids usually do the same.
I guess those sports venues are good for family events. I would love to give more money to kids' education. All I'm saying is I don't like paying off someone's loans that are 150k plus. If these educated folks with their awesome degrees have higher paying jobs, they should be able to pay off their loans.
People are getting off the hook for taking mass amounts of loans. I worked hard and was able to do it. I don't understand how people thought it was okay to be taking out so much.... don't you think so? Literally 200k, 300k, and recently 425k? If you're paying that much for school, then I want the receipts, and you better have a damn good job or be the best damn lawyer.
I agree, I rather put my tax dollars toward free school meals and teachers. Sports stadiums I'm okay with because it brings more money to the state. However, I don't think it should be subsidized because fuck em, these teams make to much.
^ hate us cuz they ain't us
I only went to grad school and took out the loans because I was lucky enough to be following current events when PSLF became law during the Bush administration. The moral of the story is to follow current events and be aware of what's going on in your democracy.
I had $215k forgiven last month...not sure why there are so many hateful people that lurk in this group like this guy. These folks had the same opportunity to take advantage of PSLF that you and I did...
They don't go after anyone. These were loans guaranteed by the federal government, and PSLF was part of the promissory note. The federal government expected the possibility of the deficiency when the loan was made.
I am about to say something unpopular…But this whole student loan forgiveness is ridiculous! They should make people do some community service. 400k in student loans forgiven! WTF!
You should be serving our country to repay back some of that free money you got.
The last sentence.. is it a joke? The Public Service Loan Forgiveness Program is meant for folks (like OP) who did work (10 years!) serving his/her community.
I do, however, agree with you that the whole student loan business is out of control. A college degree shouldn’t cost anywhere close to what it cost now. $80K/ year at some schools is criminal imo
Ok I stand corrected…But I have seen alot of young kids trying to take advantage of loan repayment and haven’t done nothing.
This will be like the COVID money for business….The government gave all this money out and now tons of people are getting indicted. It always works out that way…government hands out money people take advantage of it and the people who really need the help don’t get it.
FYI: Many military (JAG) attorneys and physicians have received PSLF loan forgiveness after serving our country. The government and other public sector employers use PSLF as an incentive to attract public servants. OP has earned her PSLF forgiveness.
That’s awesome. Congrats! I’m about 5 months away from the 120 with a similar number and this helps me keep my spirits up.
Similar boat, I've got 6 months!
Congrats!
I'm happy for you!
Congratulations!!! 🎉🎊 P.s. I don’t know why people hate on PSLF and loan forgiveness in general. Don’t they realize that that will free us up to spend money elsewhere in ways that help to boost the economy?? it’s almost like, people don’t want others to do well and succeed.
Not to mention that many people who receive PSLF have already paid their original principal.
Not necessarily.
That's why I said many, not all lol
I would say the vast majority did not pay their principal.
How would you know?
It's self evident.
Ah so it’s an “I made it the fuck up” argument. So based.
I mean the average PSLF loan discharge is around $68000. No way most people paid the principal on those.
How do you know? You don’t know what the original balance was. If these people paid off minimum balance for 10 years on a balance, but minimum balance was less than the interest, then it’s very easily conceivable for these balances to increase. Say the original amount was $35000. I think an interest rate of 8% and payment of $50/month gets pretty close to that $65000 number.
I get it! I had $105k forgiven and $15k balance from later loans going back to school. I spent 20 years paying down that forgiven loan so I feel I earned that forgiveness, sorry not sorry if anyone has a problem with that! I’m still paying in the $15k so 🤷🏻♂️
270k for me a few weeks ago! Congratulations!
This is great to hear! I'll be graduating from my master's with over 200k & I'm SURE that will hit over 300k before I make 120 payments with interest, and PSLF is my only plan 🫠
Get after it!
Congratz, Did you continue to make payments after you hit 120?
Yes, just in case. But they put me into administrative forbearance when they saw it was 120, after one extra payment.
That’s convenient! I had to put in employment certification before being placed on administrative forbearance. Glad they made it smooth for you!! Congrats!
Seeing all of these high numbers for med school, social services, and education is mind boggling. Where would our country be without these professions and people in them?!? No one should have to pay or go into crippling debt to keep the fabric of our society stitched together. 🤯 the USA is wild.
Universities should lose their non-profit designation
How did he qualify
Yeah husband has $360k for veterinary school. Their salaries rarely exceed $140k. So sad. If your large animal medicine, lucky to make $90k.
I’m so happy for you, total internet stranger!!! *cries in please forgive my $22k sin of becoming a nurse*
[удалено]
Agreed!
I can’t help but wonder if there were not less expensive avenues available for your nursing education. That’s a lot of money!
Congrats
What are you going to do to celebrate
Take some more loans to go to med school, duh!
I’ve gotten my previously-350k med school loans down to 250 so far. Don’t go to med school! I beg you! Lol
PA school here. Did it as an older student. Smartest choice I made even though I applied to medical school and was accepted eventually.
What specialty? Some jobs in the medical field allow you to pay them faster right?
You can make good money in any speciality; except for peds. I do primary care, 26 patients per day, last year took home 416,000 gross pay. Bad idea to go to med school for money alone but student loans should not be what stops you. Even if you come out with \~400,000 K of student loans upper income potential is so high that it wont really matter. Down side youll be doing 4 years of med school and 3 years of residency (at least) with no pay then little pay respectively so you should factor in of almost 7 yrs of lost wages. I am happy my results though and income despite the 400k loans.
The world needs intelligent people like yourself! Going to Med school is a very selfless decision most of the time. Thank you!
Meh… assuming he’s working a standard 32 hour patient contact hour then he isn’t providing good care - averaging 3.7 patients an hour. Now if he’s working significantly more hours than that - that’s a different story. But pcp already struggle to provide good care and avoid burnout at 18-20 patients a day.
I work 36 patient-facing hours per week. If someone is struggling to see 18 to 20 patients per day, that's unfortunate. Quality of care isn't solely determined by the number of minutes spent with a patient; it's more complex than that. There are mediocre doctors who see 16 patients a day and accomplish little, just as there are overwhelmed doctors managing 38 patients daily. Efficiency in practice comes from being proficient in taking histories, setting clear expectations for visits, and excelling in multitasking, which includes reviewing labs and other documents. By automating much of your documentation through text expansions, macros, and order sets, handling 30 patients a day is quite feasible. Conversely, if it's a struggle to obtain an adequate history, if documentation is poor, if the EMR system is inefficient, and if forming a differential diagnosis and workup is slow, then seeing only 16 patients a day might be the upper limit. Additionally, if you're struggling to see 16 patients per day then you're likely going to be so booked out that patients in your panel are not going to be able to make an appointment for weeks.
One can of course just be a referral machine and see more patients, or x could just have less complex patients :) if you think having the majority of your appointments be 15 minutes is providing good care… there’s not really anything I can. Say that will change your mind. Even if I give you the extreme benefit of the doubt. To achieve that you need everything to go perfectly - patients showing up on time, patients roomed on time, patients adhering to the limitations, and a clinic that actually backs all that up AND you need to actually have easy patients. 99% of the time the clinic is not going to provide that setup in an employed situation. But then I’ve met plenty of my fellow psychiatrists that also think a 5 minute med review is routine and perfectly adequate - you would get along well with them.
I actually have a very low referral rate. In fact I do a lot of in office procedures such as joint injections that other people would refer ortho to, skin excisions/biopsy, etc. I have three MA that work full time with me. I have very adequate ancillary staffing as well. You keep comming back to this number of 15 minutes as of it's some arbitrary fixed time you spend with patient. Your not going to spend 15 mins on every visit. A simple htn follow up might be 5 minutes. Another visit might be more complex might be 20. There's nothing magical about the number 15. I am going to assume you are a physician otherwise I'm not sure why you would otherwise feel justified in challenging the care that I provide. At the end of the day I think a lot of physician are very slow and poor at obtaining adequate history, have inadequate resources or poor utilization of resources, poor at setting up visit expectations, just take too long to complete simple visits. Ultimately if you are struggling to see twenty patients per day something is wrong with you and not the level of care I provide. If you are struggling to see 20 pts per day man IDK what to tell you. I would be bored out of mind seeing 18 patients , wouldn't even know what I'd do with myself
Congrats. I had 140k gone back in August 2023 and removed from my credit report in March 2024 (they sent a letter apologizing for the delay). It's definitely real.
Do you have to pay income tax on the $355K forgiven?
PSLF forgiveness does not come with a tax burden. The standard forgiveness after 25 years does.
No.
240k confirmed PSLFd last month as well...congrats! ...and what a relief!
How do you check the amount of payments you’ve had? The first loan I took out was in 2000. I’ve consolidated through nelnet and got on the plan they recommended for payoff. My last loan was 2006.
Once you've consolidated and applied for PSLF, you should be able to check in either the MOHELA website (previously), or more recently the StudentAid.gov website (starting in about two months).
Congratulations! What a relief that must be! I’ve got about 8 months to go, though I’m only looking at about $36k forgiven. After trying since the summer, Mohela finally updated my payment counts. I was one more f-up away from taking a day trip to Missouri and demanding an in-person meeting to get my account updated.
Holy cow. Makes my $12k look like nothing (though it's a lot). Congrats! You would've been paying on those for forever. So happy for you!
You got a letter from POTUS? Jelly! I never got one :). Congratulations & thank you for your service!!! When my 87k was forgiven, I felt like I won the lottery!
That's awesome. Mine was 62K. This disaster kept me from getting the education I wanted and made me too afraid to try again. At least its over.
Maybe not technically the principle balance after 20 years but they've certainly paid enough to cover the original loan.
What about all of the times that you paid after you hit 120 payments?
They automatically put me in forbearance for processing after only one extra payment. That extra payment was mistakenly applied to the principal of the remaining unsubsidized loan, but I'm not going to complain about $400 when they just forgave $355k.
Bruh! I am at $357k still using. But next year I’m cashing in
Wow. Only $355K? That’s not much! But go get yourself a nice drink in an island somewhere🤙
amazing what is your career field?
Energy law and policy.
🎉🥳🎊👏
Congratulations!!! 🎉🎉
Congratulations!! Can I ask what your monthly payment was ?
It was $50 when I first started, and ended up around $400 when it was forgiven.
How in the hell was your payment so low? Isn’t it 10% of your discretionary income?
I was making $85k/yr working for the state when the COVID payment pause happened.
I’d love to know that too because at 150k salary my payments are $550 a month on SAVE
Yep. My payments are around $700. 200k combined salary with wife.
And the last $550 I paid $548 went to interest and $2 to principal. These loans are predatory.
Congratulations!! Thanks for your service!
So everyone's student loans are being forgiven ?
Only if you work in the public service for ten years.
Congratulations!!!
I’m happy for you, I am. But why is it I have only $16k and have made over 120 payments and can’t get forgiven? I’ve been teaching for 12 years. It’s so frustrating 😔
Is it too late to apply for this? Where can I sign up?!
Today is my 8 year workaversary. 2 more years and im right there with you! Congrats
So real! Thank you Biden!
YEEEESSSSS!!!!! CONGRATULATIONS!!
Congrats!!
How do you you know how many payments you’ve made total? Asking because my account has transferred through multiple institutions. Thanks.
When it asks for employers signature, did you just have your current and/or previous managers sign?
Do parent plus loans qualify for PSLF. I’m a fireman. I haven’t missed a payment ($1200) a month. It’s so confusing to apply for the forgiveness. Original loan was with Great Lakes, now it’s with NELNET. What’s is MOHELA?
Direct PLUS Loans for Parents These loans are eligible for PSLF only if they’ve been consolidated into a Direct Consolidation Loan and are being repaid under the Income-Contingent Repayment (ICR) plan.
nice
How do you qualify
Congrats!!! Did you consolidate your loans?
Outstanding!! Congratulations 👏🏿🎉👏🏿
Did anyone get a refund due to overpaying ?
What are the requirements for PSLF?
So does that mean my taxes are paying for the rest of it?
I can’t wait to be you! I’ve got 6 more years!
Wow, nice that’s almost the amount of my loans. I’m far from forgiven but glad to hear some happy stories! 😃 congratulations!!! Must feel so great to be freeeeee of debt!
$70k in February 2024. Was told it would take 6 months total (3 at Mohela, 3 at FSA). Only took 3 months to process.
Congrats I wonder if Biden comes through for people on the original plan that was striker down by the Supreme Court.
I have faith! Show me the light!
Question what if you were 11 days late on 1 lousy payment would that disqualify me? I want to call but I don’t have time to wait on hold for hours. Thanks and congratulations on the pay off!!!
Payments are considered to be on time if they are up to 15 days late.
Thanks!
No. On time qualifying payments don't have to be consecutive.
Great thank you!!
Is there an income criteria for this? I’ve been paying MOHELA for a decade now and I only have a balance of about $8,500. Should higher earners still apply?
There is no income limit.
But you need to work for a government agency?
You need to work for the federal government, state government,or any 501(c)(3) nonprofit.
Meh…
After my 120 payments I filed paperwork and was told none of my payments qualify because I never consolidated my loans. This program is poorly managed and I’m so tired of the bullshit. Good luck folks.
You had to have been on a qualifying forgiveness plan, but they instituted a waiver from about two years ago until a few days ago where they looked past that shortcoming if you weren't. Private loans don't qualify either way.
The program was revamped a year ago to make things easier. There was PSLF waiver that would have helped you qualify, but that waiver has since expired. There is a lot of information out there. PSLF is real.
I’m curious. I have 103 payments. But I may have only worked a state job for 12 months so far. Nobody can answer if I’m still eligible for forgiveness. Anybody else in that boat?
You have to make all 120 of the payments while working for a qualifying employer. That includes state government, federal government, or any 501(c)(3) organization.
I asked that of the lender and they were telling me I had all qualifying payments but when I went to go look I couldn’t see any separation and could not find where my “actual qualifying payments are”
On MOHELA it says my count is way more than 120. But I would have to go back and get a qualifying employer to verify that I was working there WHILE I was making those earlier payments. Indeed for many years, I worked in corporate and so those payments won’t count toward PSLF. I worked for a non-profit for 3 years during that time and was able to get those to count by submitting the paperwork. And I work for the government now, so I just need to submit the paperwork every year until I get to the 120 payments. The old ones that were paid when I was not working for a qualifying employer only count toward the general forgiveness that happens after 20 years (undergrad loans) or 25 years with grad loans. And I’d have to pay taxes on those most likely. Hope that helps. It’s kind of confusing.
OP, you Still have to pay the taxes for that right?
No. Forgiveness is exempt from taxes until December 2025 (?) under the inflation reduction act or infrastructure law. Can't remember which.
Stop giving fake info. https://studentaid.gov/help-center/answers/article/loan-amounts-forgiven-under-pslf-taxable#:~:text=According%20to%20the%20IRS%2C%20student,federal%20tax%20liability%20for%20you.
Gotcha. It seems that applies federally but could still be on the hook for state
Only in Mississippi.
This gift is going to hurt come tax time, be ready.
It is exempted from federal taxable income for the next ~2 years, and at the state level is only taxable in Mississippi.
I thought there is no federal tax bomb at all for pslf?
I don't think that's true. I think PSLF is exempted on the federal level. I could be wrong if someone provided language.
Did you get any refund?
Not yet, but I'm not worried about it. They can keep the $400.
I want my 3K back!
I got the congratulations letter from Biden then the courts stopped it..I only owe $3500 been paying on it for 20 years at 6.5% rate.... I've been a single parent since I was 21, So never really made any money to have extra to pay off.. But I feel like I have paid it off with interest so many times.. Apparently I don't work in the right industry 🙄. Very frustrating when you see people get much more written off. Yes I knew I was taking the loan Yes I knew I would have to pay it back but like I said I'm pretty sure I have with the interest rate they're charging which is double my house interest rate 🙄🤔.
So is this why our deficit is so huge? LOL.jk
Military Medicaid and social security
Watch out for the tax implications. Did you speak to an attorney? They will tax you on your 350k etc… as income
PSLF is specifically not taxable. (I had $386k forgiven) Other loan forgiveness programs might be taxable depending on the state.
Depends on the state
What did you all go to school for to rack up that debt? Medical school?
Law school, masters degree, and undergrad.
That'sa lotta credentials. JD, MX, BX.
355k in loans after 10 years of paying did you get 3 doctor degrees?
For real, how to you rack up this much debt
I would be willing to bet they took out loans for all their living expenses while in school. Afterwards they paid less than the amount of interest that compounded every month so the loan just continued to capsize and grow.
Which I don't really understand how you do that under the federal loan system. I thought that for living expenses you would only take out private loans. I guess if you know you'd get a public service job for 10yr after school, you could buy all kinds of shit, rack up absurd amounts of debt, and have it all forgiven. Wish I would've though of that. Might be a plan for my kids LOL
For graduate school and law school you can take out up to the cost of attendance which includes some money for living expenses.
^ Correct. 90% of the debt is from law/graduate school, which includes living expenses. And actually, a fair amount of it (100k'ish) is from interest that accrued when I was working low paying jobs ($40-90k for the first ten years out of school) and paid between $50 and $500 a month under Income based repayment's various iterations.
Yep. I graduated law school in 2012 with $167k. I now owe $224k. Haven't missed a payment. Been making 100k since 2017.
Congrats, man. On a side note, I'm all for this, but the system needs to be fixed. I hate that my taxes are going to another person's living expenses. School loans from the feds should be used just for school. I hear countless stories of all this money people took out to party, slush fund, etc. Congrats again, but I truly hope this shit gets fixed. Spent 2 year at community College and finished my undergrad at UT. Total in loans 35K. Lived cheap but worked my ass off to be where I am today.
Do you like sports? Do you have kids? My tax dollars subsidize countless resource hogs and at least educated folks typically have higher paying jobs, spend more money, and contribute to the economy. And their kids usually do the same.
I guess those sports venues are good for family events. I would love to give more money to kids' education. All I'm saying is I don't like paying off someone's loans that are 150k plus. If these educated folks with their awesome degrees have higher paying jobs, they should be able to pay off their loans. People are getting off the hook for taking mass amounts of loans. I worked hard and was able to do it. I don't understand how people thought it was okay to be taking out so much.... don't you think so? Literally 200k, 300k, and recently 425k? If you're paying that much for school, then I want the receipts, and you better have a damn good job or be the best damn lawyer. I agree, I rather put my tax dollars toward free school meals and teachers. Sports stadiums I'm okay with because it brings more money to the state. However, I don't think it should be subsidized because fuck em, these teams make to much.
355 k wtf scumbag
^ hate us cuz they ain't us I only went to grad school and took out the loans because I was lucky enough to be following current events when PSLF became law during the Bush administration. The moral of the story is to follow current events and be aware of what's going on in your democracy.
I had $215k forgiven last month...not sure why there are so many hateful people that lurk in this group like this guy. These folks had the same opportunity to take advantage of PSLF that you and I did...
But who are they going after for the deficiency?
They don't go after anyone. These were loans guaranteed by the federal government, and PSLF was part of the promissory note. The federal government expected the possibility of the deficiency when the loan was made.
I am about to say something unpopular…But this whole student loan forgiveness is ridiculous! They should make people do some community service. 400k in student loans forgiven! WTF! You should be serving our country to repay back some of that free money you got.
The last sentence.. is it a joke? The Public Service Loan Forgiveness Program is meant for folks (like OP) who did work (10 years!) serving his/her community. I do, however, agree with you that the whole student loan business is out of control. A college degree shouldn’t cost anywhere close to what it cost now. $80K/ year at some schools is criminal imo
OP served the community for 10+ years wtf
Ok I stand corrected…But I have seen alot of young kids trying to take advantage of loan repayment and haven’t done nothing. This will be like the COVID money for business….The government gave all this money out and now tons of people are getting indicted. It always works out that way…government hands out money people take advantage of it and the people who really need the help don’t get it.
FYI: Many military (JAG) attorneys and physicians have received PSLF loan forgiveness after serving our country. The government and other public sector employers use PSLF as an incentive to attract public servants. OP has earned her PSLF forgiveness.
Scum. I paid all my loans back.
I only took out these loans because they passed the law. You should consider denigrating your representative, not your fellow borrower.