My student loans are forgiven!

[heygrey]

I got an email this morning saying that my loans qualify and they will work with my servicer to process the cancellation over next couple months. I will be very, very happy to see that $6,500 disappear. 

Anyone else benefit from this latest round of forgiveness? 

[StrawberryBlondie]

My loans aren't eligible for forgiveness, but I got a completely, totally, not at all suspicious email from some random dude with a hotmail account yesterday telling me that they are eligible and I need to contact them within 24 hrs or my file will be closed forever.

[fernweh]

Congrats to you. I haven’t been following this news closely- I thought SCOTUS determined Biden couldn’t forgive student loans? How is he getting around this? Or am I misremembering?

[heygrey]

Apr 12, 2024 17:36:10 GMT -5 fernweh said:

Congrats to you. I haven’t been following this news closely- I thought SCOTUS determined Biden couldn’t forgive student loans? How is he getting around this? Or am I misremembering?

There was something recently (January?) about borrowers who had $10k or less originally in federal loans being forgiven with prorated amounts for borrows above $10k. At the time I was fairly confident I would fall into that category if it actually came to fruition. 

His administration has been continuing to try in smaller segments, so something must have worked. 

[ellipses84]

Congratulations! There’s a massive amount of PSLF forgiveness happening this week too!

[gretchenindisguise]

Apr 12, 2024 17:24:34 GMT -5 StrawberryBlondie said:

My loans aren't eligible for forgiveness, but I got a completely, totally, not at all suspicious email from some random dude with a hotmail account yesterday telling me that they are eligible and I need to contact them within 24 hrs or my file will be closed forever.

I got this same email and my loans were forgiven 2 years ago. Should we contact him?!

[gretchenindisguise]

YAYAYYAYAYAYY!! Congratulations!

[ellipses84]

The POTUS IG says it was 277,000 people forgiven today! The PSLF posts I’ve seen are all over $100k and most of those people had ballooning balances despite always paying so that is a lot of interest forgiven!

[gretchenindisguise]

Apr 12, 2024 17:36:10 GMT -5 fernweh said:

Congrats to you. I haven’t been following this news closely- I thought SCOTUS determined Biden couldn’t forgive student loans? How is he getting around this? Or am I misremembering?

This isn't an across the board loan forgiveness - it's related to the income driven repayment account adjustment. 

[Jalapeñomel]

Apr 12, 2024 17:36:10 GMT -5 fernweh said:

Congrats to you. I haven’t been following this news closely- I thought SCOTUS determined Biden couldn’t forgive student loans? How is he getting around this? Or am I misremembering?

I posted an update in the loan thread with a link.

[StrawberryBlondie]

Apr 12, 2024 18:06:02 GMT -5 gretchenindisguise said:

Apr 12, 2024 17:24:34 GMT -5 StrawberryBlondie said:

My loans aren't eligible for forgiveness, but I got a completely, totally, not at all suspicious email from some random dude with a hotmail account yesterday telling me that they are eligible and I need to contact them within 24 hrs or my file will be closed forever.

I got this same email and my loans were forgiven 2 years ago. Should we contact him?!

I think we should.

[heygrey]

Apr 12, 2024 18:07:54 GMT -5 ellipses84 said:

The POTUS IG says it was 277,000 people forgiven today! The PSLF posts I’ve seen are all over $100k and most of those people had ballooning balances despite always paying so that is a lot of interest forgiven!

$7.4 billion forgiven for 277,000 people... I was imagining that many of them would have to be over $100,000. Mine is only $6,500 so teeny tiny fraction of that total amount. 

I cannot imagine the huge amount of relief people must feel to have a mortgage sized student loan balance forgiven. 

[heygrey]

fernweh , this is the forgiveness happening today. I qualified in the first category.

The debt relief announced today is broken down into the following categories:

$3.6 billion for nearly 206,800 borrowers through SAVE. This relief will go to borrowers who are enrolled in the SAVE Plan who had smaller loans for their postsecondary studies. Borrowers can receive relief after at least 10 years of payments if they originally borrowed $12,000 or less for college. Each additional $1,000 in borrowing adds 12 more months until forgiveness. All borrowers on SAVE receive forgiveness after 20 or 25 years, depending on whether they have loans for graduate school. The benefit is based upon the original principal balance of all Federal loans borrowed to attend school, not what a borrower currently owes or the amount of an individual loan. Today’s announcement brings total relief approved under SAVE to $4.8 billion for almost 360,000 borrowers.

$3.5 billion for 65,800 borrowers through administrative adjustments to IDR payment counts that have brought borrowers closer to forgiveness and address longstanding concerns with the misuse of forbearance by loan servicers. Including today’s announcement, the Biden-Harris Administration has now approved $49.2 billion in IDR relief for more than 996,000 borrowers.

$300 million for 4,600 borrowers through fixes to Public Service Loan Forgiveness (PSLF). This update comes shortly after the Department announced new PSLF discharges a few weeks ago. The Administration has now approved $62.8 billion in forgiveness for almost 876,000 borrowers through PSLF.


www.ed.gov/news/press-releases/biden-harris-administration-announces-additional-74-billion-approved-student-debt-relief-277000-borrowers

[estrellita]

Apr 12, 2024 17:24:34 GMT -5 StrawberryBlondie said:

My loans aren't eligible for forgiveness, but I got a completely, totally, not at all suspicious email from some random dude with a hotmail account yesterday telling me that they are eligible and I need to contact them within 24 hrs or my file will be closed forever.

I got this too! Wtf? 🤣

[wanderingback]

Apr 12, 2024 19:12:35 GMT -5 heygrey said:

Apr 12, 2024 18:07:54 GMT -5 ellipses84 said:

The POTUS IG says it was 277,000 people forgiven today! The PSLF posts I’ve seen are all over $100k and most of those people had ballooning balances despite always paying so that is a lot of interest forgiven!

$7.4 billion forgiven for 277,000 people... I was imagining that many of them would have to be over $100,000. Mine is only $6,500 so teeny tiny fraction of that total amount. 

I cannot imagine the huge amount of relief people must feel to have a mortgage sized student loan balance forgiven. 

My $350,000 should be forgiven around December 2025 and I cannot wait!!

Congrats to you for your forgiveness, so wonderful!

[msmerymac]

My brother had all his federal loans discharged a few weeks ago.

[beetea]

I got the email, too, but I can't figure out which category my loans fall into. I'm afraid to get too excited. 😭

[sent]

I didn't get an email. I don't qualify under any of their current plans. I would have qualified under what they had put out originally before the whole SCOTUS thing. Of the new ideas discussed at the bottom of the article, there is one for borrowers who started repaying over 20 years ago. I started repayment in January 2005 so depending on the date they set for that, I may get that one.

[imimahoney]

Congrats!

I had 32k forgiven this summer. Having that payment wiped out was so amazing for me and my family.

[meanie]

Apr 12, 2024 17:24:34 GMT -5 StrawberryBlondie said:

My loans aren't eligible for forgiveness, but I got a completely, totally, not at all suspicious email from some random dude with a hotmail account yesterday telling me that they are eligible and I need to contact them within 24 hrs or my file will be closed forever.

 I got something similar, also from a hotmail account. 

i found it in my trash...


Hello this is Jayden James on behalf of the Student-Loan Debt Department. We tried to contact you at your home and did not hear back. Your StudentLoans have been marked as eligible for forgiveness under the new 2024 guidelines. Your case number is #39143, and your file will remain open in my system for only one more day. If you could please give your dedicated eligibility line a call at: (­­8­4­4-6­­8­­1-3875) Thank you so much and we hope to hear from you soon, Jayden James

His email is [e-mail] if anyone wants to have some fun with this

[StrawberryBlondie]

Apr 17, 2024 8:32:59 GMT -5 meanie said:

Apr 12, 2024 17:24:34 GMT -5 StrawberryBlondie said:

My loans aren't eligible for forgiveness, but I got a completely, totally, not at all suspicious email from some random dude with a hotmail account yesterday telling me that they are eligible and I need to contact them within 24 hrs or my file will be closed forever.

 I got something similar, also from a hotmail account. 

i found it in my trash...


Hello this is Jayden James on behalf of the Student-Loan Debt Department. We tried to contact you at your home and did not hear back. Your StudentLoans have been marked as eligible for forgiveness under the new 2024 guidelines. Your case number is #39143, and your file will remain open in my system for only one more day. If you could please give your dedicated eligibility line a call at: (­­8­4­4-6­­8­­1-3875) Thank you so much and we hope to hear from you soon, Jayden James

His email is [e-mail] if anyone wants to have some fun with this

Isn't Jayden James the name of one of Britney Spears' kids?

[meanie]

Apr 17, 2024 8:34:06 GMT -5 StrawberryBlondie said:

Apr 17, 2024 8:32:59 GMT -5 meanie said:

 I got something similar, also from a hotmail account. 

i found it in my trash...


Hello this is Jayden James on behalf of the Student-Loan Debt Department. We tried to contact you at your home and did not hear back. Your StudentLoans have been marked as eligible for forgiveness under the new 2024 guidelines. Your case number is #39143, and your file will remain open in my system for only one more day. If you could please give your dedicated eligibility line a call at: (­­8­4­4-6­­8­­1-3875) Thank you so much and we hope to hear from you soon, Jayden James

His email is [e-mail] if anyone wants to have some fun with this

Isn't Jayden James the name of one of Britney Spears' kids?

haha omg you're right! Money must be tight living with K-Fed

[ESF]

Apr 12, 2024 17:24:34 GMT -5 StrawberryBlondie said:

My loans aren't eligible for forgiveness, but I got a completely, totally, not at all suspicious email from some random dude with a hotmail account yesterday telling me that they are eligible and I need to contact them within 24 hrs or my file will be closed forever.

If the reason your loans are not eligible for forgiveness is because they are FFEL loans, a federal loan that existed before 2010, you can convert them into direct loans, which makes them eligible.  You have to do this before April 30 to have them put into the next round for forgiveness.

studentaid.gov/loan-consolidation/

[StrawberryBlondie]

Apr 17, 2024 8:59:40 GMT -5 ESF said:

Apr 12, 2024 17:24:34 GMT -5 StrawberryBlondie said:

My loans aren't eligible for forgiveness, but I got a completely, totally, not at all suspicious email from some random dude with a hotmail account yesterday telling me that they are eligible and I need to contact them within 24 hrs or my file will be closed forever.

If the reason your loans are not eligible for forgiveness is because they are FFEL loans, a federal loan that existed before 2010, you can convert them into direct loans, which makes them eligible.  You have to do this before April 30 to have them put into the next round for forgiveness.

studentaid.gov/loan-consolidation/

Nope, they're not eligible because my remaining loans aren't federal. But thanks for putting that out there for anyone in that situation!

[cattledogkisses]

Apr 17, 2024 8:59:40 GMT -5 ESF said:

Apr 12, 2024 17:24:34 GMT -5 StrawberryBlondie said:

My loans aren't eligible for forgiveness, but I got a completely, totally, not at all suspicious email from some random dude with a hotmail account yesterday telling me that they are eligible and I need to contact them within 24 hrs or my file will be closed forever.

If the reason your loans are not eligible for forgiveness is because they are FFEL loans, a federal loan that existed before 2010, you can convert them into direct loans, which makes them eligible.  You have to do this before April 30 to have them put into the next round for forgiveness.

studentaid.gov/loan-consolidation/

I didn't realize that FFEL loan holders were being given a second shot.  I thought they had nixed us being able to consolidate for forgiveness after September 2022 when they reversed guidance to exclude FFEL loan holders.  This all feels so confusing, even when you're trying to pay attention to it.

Although at this point, I'm on track to pay off my loans this year (after paying for 16 years), so it's probably not even worth it now. 

[ESF]

Apr 17, 2024 9:15:36 GMT -5 cattledogkisses said:

Apr 17, 2024 8:59:40 GMT -5 ESF said:

If the reason your loans are not eligible for forgiveness is because they are FFEL loans, a federal loan that existed before 2010, you can convert them into direct loans, which makes them eligible.  You have to do this before April 30 to have them put into the next round for forgiveness.

studentaid.gov/loan-consolidation/

I didn't realize that FFEL loan holders were being given a second shot.  I thought they had nixed us being able to consolidate for forgiveness after September 2022 when they reversed guidance to exclude FFEL loan holders.  This all feels so confusing, even when you're trying to pay attention to it.

Although at this point, I'm on track to pay off my loans this year (after paying for 16 years), so it's probably not even worth it now. 

I find it super confusing too but this is what I am told by a couple people who work exclusively on student loan policy and borrower rights. They are livid that the communication on this has been terrible.  The servicers have no incentive to tell people about this option, because they get paid for each active loan they service, so want people to continue to pay.

[pumpkin]

Apr 12, 2024 17:20:39 GMT -5 heygrey said:

I got an email this morning saying that my loans qualify and they will work with my servicer to process the cancellation over next couple months. I will be very, very happy to see that $6,500 disappear. 

Anyone else benefit from this latest round of forgiveness? 

Congrats!!
This is so amazing!! I celebrated when mine were forgiven.

[heygrey]

Apr 18, 2024 12:27:59 GMT -5 ESF said:

Apr 17, 2024 9:15:36 GMT -5 cattledogkisses said:

I didn't realize that FFEL loan holders were being given a second shot.  I thought they had nixed us being able to consolidate for forgiveness after September 2022 when they reversed guidance to exclude FFEL loan holders.  This all feels so confusing, even when you're trying to pay attention to it.

Although at this point, I'm on track to pay off my loans this year (after paying for 16 years), so it's probably not even worth it now. 

I find it super confusing too but this is what I am told by a couple people who work exclusively on student loan policy and borrower rights. They are livid that the communication on this has been terrible.  The servicers have no incentive to tell people about this option, because they get paid for each active loan they service, so want people to continue to pay.

I have gotten this information in emails repeatedly from the government side, but not once from Aidvantage. I kept double checking that I had done everything correctly because my loans were FFEL that I consolidated and then had to register for SAVE, etc. I did all of it at the tail end of the covid payment pause when I realized my loans were actually eligible.

I do think studentaid.gov and the Dept of Education did a decent job sending out the information about FFEL loans, but I also know how easy it is to disregard emails or just not know enough about your own loans to overlook all of this. 

[kittywalker]

For grad school FFEL loans, it seems like they're forgiven after 25 years. But if you consolidate with the hope that they are forgiven in 4 years, could that change if Biden isn't reelected?

[sent]

I got an email from my state saying I may be eligible for some forgiveness with instructions on what I have to do to and a link. I didn't even go to school in this state and my name has changed since I originally took out the loans so I am impressed they have a database with my most current email and emailed me. Yay taxes.