Student Loan Forgiveness

[SumJongGuy]

The point isn't or shouldn't be about who's getting the cookie and who isn't.. It should be about taxing the people who rigged the system making cookies so damned important for success and then massively jacking up the price of the cookies..

[AdironRider]

And just like that, it's all over.

[riser4]

The point isn't or shouldn't be about who's getting the cookie and who isn't.. It should be about taxing the people who rigged the system making cookies so damned important for success and then massively jacking up the price of the cookies..

And at the same time making sure that people who need a cookie get one.

[JimmyCarter]

And at the same time making sure that people who need a cookie get one.

And also making sure the cookies don’t have raisins in them. Fuck raisin-y cookies.

[::: :::]

If you are truly asking what’s different and not just stirring the pot…

$1B<$400B and farmers produce food which is a basic survival need for most people I know.

I’m sure if you keep digging you can find many other subsidies and debt relief that could be compared.

And if you want a discussion on farm subsidies, I could point you to much larger programs that might actually piss you off as they are not helping the food producers who need the help. But some rich farmers are getting much richer by being on the dole.

just read this this morning in NYT:

in 2020 Donald Trump sent $46 billion in aid to farmers. To get a sense of how huge this was, note that these days there are only about two million farms in America, and annual net farm income is only about $150 billion.

[Cisco Kid]

And just like that, it's all over.

It aint over til the fat lady sings here in America.

[bigdude2468]

Students have a lot of obligations and challenges they have to cope with. Thus, students do not have sufficient income to improve their living conditions, so student loan forgiveness should be determined individually.

Are you suggesting a Means Test, why would we do something so silly as that? They handed out billions in stimulus checks to help people get through the pandemic even if you didn't need it. We prohibited foreclosures & evictions even if the home owner or tenant was working and had the ability to pay their mortgage / rent. We gave PP loans and then forgave them even if the company was running without interruption. We don 't need no stinking Means Test.

[summit]

There is a crude means test. You filing single and making more than $125K AGI or married $250K? That's what the politicians arbitrarily decided.

The other means test was whether your appeared to be of low means way back when you were applying for the loans (Pell qualified).

[Rasputin]

I had my student loans forgiven through the Public Service Student Loan Forgiveness Program. It requires 120 months of payments while working in various public service capacities, such as military service, or working for approved non-profit organizations. In my case, providing direct care to adults with developmental disabilities or traumatic brain injuries.

After applying to the PSSLFP(I applied at the time when I first had met the requirements) it took over two years (29 months) of periodically getting notices crediting me with less than half my qualifying payments (which I most certainly had made), making a number of calls explaining patiently that I had been making payments monthly while working for a qualifying (low paying) nonprofit for years before the program was signed into law, and had continuously (the people on the line always promised to expedite my case, as it was far past the mandatory review date), then having the number of payments I was credited with reduced (prompting another call of exasperation, tempered by empathy, as I learned they had millions of applications, but only hundreds of processors), then came one drastically raising the number I was credited, and finally acknowledgement that I had long since had surpassed the requirements.

It shouldn't be that hard to be forgiven, there should be a smooth accounting system all aspects of the program, but I think those that want to be forgiven, should be willing to provide some service to the society that is footing the bill. Those unwilling to serve should pay their own way.

[BC.]

Update:

As suggested from coworkers/articles...I went ahead and contacted the two different student loan companies…Great Lakes and EdFinancial about refunding the payments we made during the payment pause (basically all the years my kids have been in college). We had been making monthly payments during all their years to take advantage of the 0% interest. We had their loan balances down to a reasonable amount that would hope be forgiven by the Biden act.

Well…it’s been a disaster. Both companies of course immediately reversed all the payments we made and both Stafford loan balances are now actually higher than the original amounts…..(fees that were added to accounts). To add to our misery, all the payment history of those accounts are wiped clean….so now I have no proof within their accounts of all those payments we had been making. (I’m going to have to go through years of bank records to find those online payments we made.)

I now have contacted both companies several times and getting nowhere/ they are talking in circles. Received a letter from Edfinancial today per my request of “their” records of the payments we made….and it’s not even close/not even the right dates/years to what/when we paid our monthly payments.

I’m so frustrated…it’s driving me nuts..I should have never requested the stupid refunds….and just left it alone. We now have 2 student loan/Stafford balances back at/higher than their original amounts….no refund for the payments we made/ and now, no record of the payments we did make.

We are totally screwed now that the Forgiveness Act is dead in the water…/All those payments are gone…wiped clean. It’s so overwhelming/ I don’t even know where to begin/ and the fact I have to do all this BS for 2 different companies.

Sorry/end rant

[Iowagriz]

That sucks.... my daughter hard requested the payoff of a loan to be refunded so the process could start. What you describe is my concern. So far, no adjustments to her loan, not sure of the problem.

Sent from my SM-T580 using Tapatalk

[SumJongGuy]

Yikes. we will make a point to export the years of bank account transactions related to tuition and loan payments before touching ANYTHING. Your situation really sucks but thanks for the heads up!

[BC.]

Yikes. we will make a point to export the years of bank account transactions related to tuition and loan payments before touching ANYTHING. Your situation really sucks but thanks for the heads up!

Yep…these days u never think to print out payment confirmation pages anymore..….but that’s what I should of been doing the past 4 years….that’s why I’m so pissed…I’d have the proof right there in a file folder in my desk.

I should of stuck with my old school OCD printing ways……but I got bit by that f’in Progressive Insurance commercial that makes fun of us as we turn into parents…..telling me not to print the internet. Bastards…lol.


*I’m currently going through all my bank statements from 9/19-present…highlighting/ documenting all the payments we made to Great Lakes Student Loans and Granite State/EdFinancial Student Loans…..

So far, my records do not match what they are saying I paid/what they refunded.

This is gonna be a shitshow….

[SumJongGuy]

Yep…these days u never think to print out payment confirmation pages anymore..….but that’s what I should of been doing the past 4 years….that’s why I’m so pissed…I’d have the proof right there in a file folder in my desk.

I should of stuck with my old school OCD printing ways……but I got bit by that f’in Progressive Insurance commercial that makes fun of us as we turn into parents…..telling me not to print the internet. Bastards…lol.

I'm guilty of at least 50% of it...

[skaredshtles]

Yep…these days u never think to print out payment confirmation pages anymore..….

I still do this pretty religiously with anything bill/investment/bank related - print to PDF and file appropriately. I'm currently facing some mortgage/title/lien bullshit and wish I had electronic records of mortgage shit that is now a *very* long time ago...

[SB]

https://www.supremecourt.gov/DocketP...4-00007015.pdf

[liv2ski]

I think people need to understand that with nearly $1.75 trillion in student loan debt owed, spread out among about 48 million borrowers, that is not going to be forgiven anytime soon.
The Boomers and Millennials should be shitting themselves, as in 2075, the last year for which the Social Security Administration provides numbers, the total annual shortfall is projected to reach an incredible $7.5 trillion in SS.
How the fuck are all these debts going to be resolved with our present spending and revenue collection trends?

[J. Barron DeJong]

I think people need to understand that with nearly $1.75 trillion in student loan debt owed, spread out among about 48 million borrowers, that is not going to be forgiven anytime soon.
The Boomers and Millennials should be shitting themselves, as in 2075, the last year for which the Social Security Administration provides numbers, the total annual shortfall is projected to reach an incredible $7.5 trillion in SS.
How the fuck are all these debts going to be resolved with our present spending and revenue collection trends?

Please don’t throw out big numbers without the details required to put them in context. What is 7.5 trillion compared to the estimate for US GDP at that time? Are we talking a about needing to raise an additional 1% of GDP thru SS taxes which would be easy, or is it more like 40% which would be impossible?

[liv2ski]

Why does GDP matter if a 7.5 trillion deficit is forecast? I doubt GDP then will be $75 Trillion a year.

https://www.thebalancemoney.com/us-gdp-by-year-3305543

[skaredshtles]

Why does GDP matter if a 7.5 trillion deficit is forecast? I doubt GDP then will be $75 Trillion a year.

https://www.thebalancemoney.com/us-gdp-by-year-3305543

Why on earth would you doubt that GDP will be $75 trillion by 2075?

It's almost *certainly* going to be MUCH larger than $75 trillion.

[J. Barron DeJong]

Why does GDP matter if a 7.5 trillion deficit is forecast? I doubt GDP then will be $75 Trillion a year.

https://www.thebalancemoney.com/us-gdp-by-year-3305543

If you take the the estimate of growth from 2016 thru 2050 and extrapolate to 2075, then adjust from 2016 dollars to 2075 nominal dollars (assuming 2% annual inflation) than GDP in 2075 would be ~200 trillion. No idea if my methodology is at all in line with how that 7.5T number was calculated, but knowing how it was calculated is absolutely crucial to putting it in context. 7.5T in a 200T economy is not something to scared about more than 50 year out.

[neufox47]

Why does GDP matter if a 7.5 trillion deficit is forecast? I doubt GDP then will be $75 Trillion a year.

https://www.thebalancemoney.com/us-gdp-by-year-3305543

2% annual growth puts us at $67 Trillion, 2.5% $87T.

[Danno]

Student loan payment pause continues while the forgiveness thing is litigated.

[Conundrum]

At this point, they could at least shut off the juice and credit any interest already paid to principal.

[LongShortLong]

Update:

As suggested from coworkers/articles...I went ahead and contacted the two different student loan companies…Great Lakes and EdFinancial about refunding the payments we made during the payment pause (basically all the years my kids have been in college). We had been making monthly payments during all their years to take advantage of the 0% interest. We had their loan balances down to a reasonable amount that would hope be forgiven by the Biden act.

Well…it’s been a disaster. Both companies of course immediately reversed all the payments we made and both Stafford loan balances are now actually higher than the original amounts…..(fees that were added to accounts). To add to our misery, all the payment history of those accounts are wiped clean….so now I have no proof within their accounts of all those payments we had been making. (I’m going to have to go through years of bank records to find those online payments we made.)

I now have contacted both companies several times and getting nowhere/ they are talking in circles. Received a letter from Edfinancial today per my request of “their” records of the payments we made….and it’s not even close/not even the right dates/years to what/when we paid our monthly payments.

I’m so frustrated…it’s driving me nuts..I should have never requested the stupid refunds….and just left it alone. We now have 2 student loan/Stafford balances back at/higher than their original amounts….no refund for the payments we made/ and now, no record of the payments we did make.

We are totally screwed now that the Forgiveness Act is dead in the water…/All those payments are gone…wiped clean. It’s so overwhelming/ I don’t even know where to begin/ and the fact I have to do all this BS for 2 different companies.

Sorry/end rant

This sounds like the sort of BS that your Representative's office claims to help with.