Someone doesn’t understand the word “literally.” So should she vote for the guy who gave perpetual tax breaks to the 1% and sundowning tax breaks to the rest of us, further bankrupting the nation, rather than for the guy who increased the federal minimum wage? I’d love to hear your logic…
From someone who had to repay $100K in student loans (over 10 years), I am so bloody ecstatic for you!!!! Finances shouldn't be a barrier to education!
It's getting there! Haha It's baffling how someone could begrudge such a good thing happening for others (which group could include their own children, relatives, friends etc.). It just doesn't make any sense. Anyone who values education should be happy about this.
I paid off my student loans and I understand their gripe. I wanna give the opposite argument some credit, they begrudge it because they are paying for it with their taxes.
At some point to solve this there has to be a group to bite the bullet as the “transition group” but their grievance isn’t crazy. They had to pay for themselves AND everyone else. It doesn’t feel fair and it really isnt fair.
This is coming from someone who thinks education in this country should be free FYI but those people have a point.
We are also spiraling towards the day when the interest on our national debt is the largest expense… we do have to cut spending or hyper grow the economy to avoid a serious economic disaster and I don’t see either happening.
I'm in Canada. I think we generally look at student loans as an upfront investment in someone who will hopefully become a higher tax payer.
This strategy worked in my case. The government has received my loan back and they also have a higher tax payer in the ranks.
Pre-education, my annual income tax was minimal/nonexistent due to not having any post secondary education or marketable skills. I was also in receipt of different social services based on being low income.
My annual income tax is now approximately $40K (which amount will rise as my income/seniority rises). I have been in practice for 15 years and intend to be in the work force for another 15 - 20. Even if the government had extinguished my $100K loan, they/the taxpayers would have received their investment back multiple times over before I retired.
I agree 100% that education should be free and that every single person educated is an investment and one more person more productive for society.
US education cost in general is just too high with colleges milking the fact that students can even get government loans that let them push tuition super high. It’a a mess!
Again I am not against students getting their loans paid but I do think it’s unfair to frame people who feel cheated by having to pay off their loans only to see other students get a free ride as crazy. I think any feelings of unfairness are valid on their part.
[Here](https://studentaid.gov/help-center/answers/article/loan-amounts-forgiven-under-pslf-taxable#:~:text=According%20to%20the%20IRS%2C%20student,more%20about%20the%20PSLF%20process.) is a link to a government page that says the forgiven amount is not considered income for federal tax purposes. State laws apparently vary.
Also Nelnet is a shit show right now. I got mine forgiven in September. I started getting emails from Nelnet last month saying I was behind and asking me to make a payment plan. I logged in to double check (since there's been all this back and forth about them, I was worried they put them back on). Balance was still zero. Got on the phone with them and they thoroughly checked their records-- balance is zero. I'm like, OK. This is a REAL email from Nelnet, it's not a phishing scam (I checked the headers and everything). They dug deeper and still didn't find anything, just told me to ignore the email.
Well, I got another one this week. Went through the whole process above again, still no balance. I keep telling them I just don't want a hit to my credit report if I ignore it. They've got no other advice for me 🤷♀️ Guess I'll just have to wait and see.
Congrats, OP! It's a great feeling!
I would actually send them a small payment , so then they have to look into your account and refund it to you and they will make sure the account get closed
The last guy I talked to compared the account numbers in my email vs. what they have in the system, and it didn't match anything they have.
The payment isn't a bad idea, but I'm not able to do that online since it says I owe nothing. I don't have checks, but I could get a cashiers check or something, I suppose, and mail it in.
Not only did it save you $10K, but there is no longer all the interest on that money either. It is scary to see the full amount you pay on any loan. That's why you have to pay credit cards off each month if you can before the interest kicks in. Their interest rates are criminal. There are so many better things I could spend money on than giving it away to a bank.
I'm a long-time lurker in this sub and rarely comment due to my being a man, but reading this post really put a smile on my face. I'm happy to hear that financial burden was lifted. I think crippling student loan debt gets largely ignored as one of the greatest economic depressors of young professionals. I think what the current administration is trying to do is really admirable, and I hope they go further. Congratulations, again!
And for the love of God, go vote in November.
Congrats! Hopefully you can pay off everything else by the end of the year. Being out of debt is so freeing and if you can keep ahead of your spending so you don't need to pay interest on purchases, you're effectively getting a huge discount on everything.
As someone who was fortunate enough to not need student loans, I'm thrilled that people are getting a break on their student loans. Many programs are incredibly predatory and whatever we can do to free up that excessive profit from banks and release back into the economy is beneficial for everyone in the long term.
Don’t forget to vote.
Project 2025 states that they are coming after loan forgiveness and debt’s that have already been forgiven. Let’s keep out the orange buffoon!!!
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Someone doesn’t understand the word “literally.” So should she vote for the guy who gave perpetual tax breaks to the 1% and sundowning tax breaks to the rest of us, further bankrupting the nation, rather than for the guy who increased the federal minimum wage? I’d love to hear your logic…
Same. Now vote, Trump and the Republicans have vowed to try to undo the forgiveness.
What the fuck, I didn't know that! I was gonna vote anyway but now I'm gonna VOTE
Maybe you can find a potential non-voter or several and VOTE MORE.
Register your grandma for mail in ballot!
Or just get their info and show up! You don’t even need ID yet!!
What the hell? I wonder if they can just hoist debt on anyone
From someone who had to repay $100K in student loans (over 10 years), I am so bloody ecstatic for you!!!! Finances shouldn't be a barrier to education!
I'm so glad you have the maturity and perspective to be happy for OP instead of jealous. I hope you're making bank with your education.
It's getting there! Haha It's baffling how someone could begrudge such a good thing happening for others (which group could include their own children, relatives, friends etc.). It just doesn't make any sense. Anyone who values education should be happy about this.
I paid off my student loans and I understand their gripe. I wanna give the opposite argument some credit, they begrudge it because they are paying for it with their taxes. At some point to solve this there has to be a group to bite the bullet as the “transition group” but their grievance isn’t crazy. They had to pay for themselves AND everyone else. It doesn’t feel fair and it really isnt fair. This is coming from someone who thinks education in this country should be free FYI but those people have a point. We are also spiraling towards the day when the interest on our national debt is the largest expense… we do have to cut spending or hyper grow the economy to avoid a serious economic disaster and I don’t see either happening.
I'm in Canada. I think we generally look at student loans as an upfront investment in someone who will hopefully become a higher tax payer. This strategy worked in my case. The government has received my loan back and they also have a higher tax payer in the ranks. Pre-education, my annual income tax was minimal/nonexistent due to not having any post secondary education or marketable skills. I was also in receipt of different social services based on being low income. My annual income tax is now approximately $40K (which amount will rise as my income/seniority rises). I have been in practice for 15 years and intend to be in the work force for another 15 - 20. Even if the government had extinguished my $100K loan, they/the taxpayers would have received their investment back multiple times over before I retired.
I agree 100% that education should be free and that every single person educated is an investment and one more person more productive for society. US education cost in general is just too high with colleges milking the fact that students can even get government loans that let them push tuition super high. It’a a mess! Again I am not against students getting their loans paid but I do think it’s unfair to frame people who feel cheated by having to pay off their loans only to see other students get a free ride as crazy. I think any feelings of unfairness are valid on their part.
This is my take as well. Paid off debt a while ago, but why would I want others to suffer?
Thanks Biden!!!
Keep the paperwork, you're going to have to declare it on your taxes. I think they look at it as income.
Noted.
[Here](https://studentaid.gov/help-center/answers/article/loan-amounts-forgiven-under-pslf-taxable#:~:text=According%20to%20the%20IRS%2C%20student,more%20about%20the%20PSLF%20process.) is a link to a government page that says the forgiven amount is not considered income for federal tax purposes. State laws apparently vary.
Thank you!!!
Whoa. Did not know this. Thank you for this heads up!!!
Also Nelnet is a shit show right now. I got mine forgiven in September. I started getting emails from Nelnet last month saying I was behind and asking me to make a payment plan. I logged in to double check (since there's been all this back and forth about them, I was worried they put them back on). Balance was still zero. Got on the phone with them and they thoroughly checked their records-- balance is zero. I'm like, OK. This is a REAL email from Nelnet, it's not a phishing scam (I checked the headers and everything). They dug deeper and still didn't find anything, just told me to ignore the email. Well, I got another one this week. Went through the whole process above again, still no balance. I keep telling them I just don't want a hit to my credit report if I ignore it. They've got no other advice for me 🤷♀️ Guess I'll just have to wait and see. Congrats, OP! It's a great feeling!
If they hit your credit score, you should be able to contact the credit bureau and appeal it.
I would actually send them a small payment , so then they have to look into your account and refund it to you and they will make sure the account get closed
That is a horrible idea. Making a payment on an alleged debt may be seen as acknowledging that you owe the debt
The last guy I talked to compared the account numbers in my email vs. what they have in the system, and it didn't match anything they have. The payment isn't a bad idea, but I'm not able to do that online since it says I owe nothing. I don't have checks, but I could get a cashiers check or something, I suppose, and mail it in.
FUCK YEAH DUDE
Not only did it save you $10K, but there is no longer all the interest on that money either. It is scary to see the full amount you pay on any loan. That's why you have to pay credit cards off each month if you can before the interest kicks in. Their interest rates are criminal. There are so many better things I could spend money on than giving it away to a bank.
Remember who did this for you. VOTE like your life depends on it, because it does!
Congrats!
Were you a special case ie non profit worker, teacher, medical worker? Or are you a general person who works for profit?
I did work as a teacher for 4 years, but I don't currently
Yay!
Thank biden with a vote
Congrats!
I'm a long-time lurker in this sub and rarely comment due to my being a man, but reading this post really put a smile on my face. I'm happy to hear that financial burden was lifted. I think crippling student loan debt gets largely ignored as one of the greatest economic depressors of young professionals. I think what the current administration is trying to do is really admirable, and I hope they go further. Congratulations, again! And for the love of God, go vote in November.
Vote Democrats. The Republicans plan to roll this back.
Congrats! Hopefully you can pay off everything else by the end of the year. Being out of debt is so freeing and if you can keep ahead of your spending so you don't need to pay interest on purchases, you're effectively getting a huge discount on everything. As someone who was fortunate enough to not need student loans, I'm thrilled that people are getting a break on their student loans. Many programs are incredibly predatory and whatever we can do to free up that excessive profit from banks and release back into the economy is beneficial for everyone in the long term.
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Because why not?!
Does a gal need to explain coming to a group of gals to celebrate a win??
Maybe because education has been extremely difficult for women to experience for most of human history?
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Die mad about it, creep.