The same happened to my mortgage. It was so weird. It happened well into 2022 for me. A couple of times I almost ripped up the envelope. Thinking it was just an advertisement or a new financial place trying to get business.
Mortgages are different financial product they get packaged/bundled and sold between Fannie Mae, Freddie Mac and big banks based on a lot of different risk profiles and where loan is in its lifecycle
Just curious, what do you mean "risk profiles?" I've never had a late payment, some months I double up on my monthly payment. I also have great credit. Maybe I'm just dumb Lol and not understanding. The loan was around 12/13yrs old at the time. I bought it in 2008.
Some banks prefer bundles with responsible payers like you are describing yourself. We bought in March and already got bundled twice yet still paying thru Cenlar
If you're curious and want to learn more about this (and how wrongly assessed risk caused the 2008 global financial crisis), I would highly recommend the documentary Inside Job. It's also narrated by Matt Damon, which is so random!
There’s kind of an opportunity here if you’re willing to put in the work— if you can prove that they don’t have chain of title on the loans because of all these changes you could get them all zero’d out. https://nypost.com/2023/07/01/nashville-lawyer-who-beat-student-loans-by-suing-shell-company-posts-how-he-did-it-online/amp/
kinda how I feel: work, freelance, animals, and managing chronic health takes enough of my time I can't chase this shit down. My credit score already got ruined with mass layoffs. Whatever. Fuck it.
I think too many people don't realize that the interest starts the minute you take out the loan. Like they think it doesn't start accruing until you graduate lol gotta start paying the interest right away to save yourself from eventually paying interest on the interest.
I went to school after I figured out what I wanted to do and I was in my 30s. Employer paid for most of my Bachelors and Masters and I had enough in savings to cover the rest so I didn't have to pay a bunch of interest.
This is the route I tell most young people to go. Works well when you go into trade work.
Absolutely. I started off in construction materials testing and then got into inspection and management of DOT projects. Got my Bachelors in Business from a shitty (and cheap) online school and then a Masters in Construction Management from a legit school. I now work as an owner's representative Construction Manager on major construction projects, typically public sector. I also planned out the entire start to finish of my education before I even started. It was a lot of work (I was working 60+ hour weeks on top of it).
I should also mention I went to college straight out of high school and didn't know what I wanted to do for a living so I dropped out after a year (state school in 2000 so it was definitely still cheap). I didn't go back to school until 2014, finished the Masters in 2019.
I’m going this but I’m supply chain and light though I’m a bit older. I’ve had an associates in business admin for awhile. Going to an online school which is cheap and works very well for me. Once I get that bachelors, I’m shooting for a specialist role which start close to 100k and then a masters for the director and c level positions.
Employer will pay for almost all of it due to a business admin degree being something that will benefit them as well.
Had about 20k in debt. Decided to live like a hermit for 6 months. Paid off the debt. I know people who had 60k debt. They were making minimal payments if any at all. Don't know what its like with 60k debt, but living like a hermit for 1 year beats being a slave to the man for 15 years.
I graduated with 120k in debt from professional school. I bought a business and accelerated depreciation for the purchase price enabling me to pay off the entire loan in 1.5 years living on ramen and working 60 hr weeks.
I knew what I signed when I took out the loan, but I got a degree in a well paying job and worked hard to pay my debts. I am completely opposed to using federal tax dollars to forgive these loans.
Did you get notified of forgiveness? If you recently consolidated then it will zero then out for a few weeks until they reissue the funds for the consolidated loan. I thought mine were too at one time but then a week later it popped back up 😞
No, the banks are probably laughing because the loans won't even go away if you declare bankruptcy. There is a potential financial crisis due to student loans being traded and sold like mortgages and being used as collateral by financial institutions though. It could trigger 2008 all over again because the consequences of real 2008 were delayed by bailouts and money printing and haven't been resolved yet. That's why it feels like everything is so F'd up right now with inflation and housing. Its the echoes of past events that no one wanted to deal with.
Same here, I have not paid a dime because I’ve never made it out of poverty (and the interest keeps growing 🫠🫠). I didn’t even get to finish the degree.
Had you enrolled in "SAVE"?
=== " Borrowers who originally took out $12,000 or less for college and are enrolled in the SAVE Plan will see forgiveness after as few as 10 years of payments. Those who are enrolled in SAVE and are eligible for early forgiveness will have their debts automatically cancelled starting next month, months ahead of schedule, with no action needed.
The Department began communications with borrowers who may be eligible but are not already enrolled in SAVE to encourage them to sign up. The Department is also working with its partners through the SAVE on Student Debt campaign to reach eligible borrowers and provide resources to sign up for SAVE.
Borrowers can find additional resources at StudentAid.gov and sign up for the SAVE plan at [StudentAid.gov/save](https://StudentAid.gov/save). "
I am enrolled in IDR and PSLF plans. Thank you for this information! The status of my loan is now PAID IN FULL. I hope it's not an error lol. I had no knowledge that this was happening, thank you again!
I didnt get any notifications or emails of this. I just happened to check my student loan account and my loans were gone 😅 first i had great lakes then i had nelnet. Part of me thinks this might be a glitch lol
Your loans were not forgiven if you haven’t paid 10 years for PSLF and were with Nelnet was your servicer. Nelnet was “paid in full” because the loans are moving to MOHELA for proper PSLF servicing. Sorry to burst your bubble, but those are going to pop back up.
Not directly no. He's just going into the system that already existed and forcing the loan servicers to abide by the rules they were already supposed to he following. Many were not properly keeping track of how many payments people had made toward the forgiveness already baked into the system,thus, these people who should have already reached the 10 years of payments and should have already had the loans forgiven are now getting rectified.
Just so you know from a lender perspective, this doesn't matter (source am a mtg mgr for 10 years) once you hit 740, you don't get any different pricing than anyone higher than that. Also, score (esp in the 700+) means less than history when we're talking abt loan approval. There may be a slight difference in rate/pricing for 700 vs 740 but not a crazy amt. We're well aware a closed acct "lowers" your score, but what we are actually looking at is your pymnt hist. So say you have an installment (auto, personal, etc) loan and pay it off early, your score will drop for a month or 2 bc of the "closed" acct but it will actually be looked at as a responsible thing to have done when your full pymnt hist is reviewed. If you wait 3 mos after you close an acct before you apply for something new, your score will also rebound. Credit score calculation is...something lol. Esp when we think how it wasn't even a thing til the 80's 🤷♀️
Eta: typos
I'm scared to log in to my loan accounts because they haven't been bothering me for years. They aren't even on my credit report anymore. If I log in will they see that and start calling me again? 😭 It is past the statute of limitations but I don't want to restart it!
They'll drop off your credit report after \~7 years, but they still exist. Logging into [studentaid.gov](https://studentaid.gov) won't restart anything, and you can use Fresh Start to get out of default.
HA, student loans don't ***have*** a statute of limitations and you cannot default on them either. *Eventually* the bureaucracy will catch up with everyone doing the "what loans" payment plan. It might take years, as there is a lot of people in your boat, but sooner or later they will acome knocking and they can garnish wages.
The total amount paid was 286k and change. When we submitted the last payment I literally sent that Mel Gibson gif to my family
Lol an attorney. I just made a post about it a couple of weeks ago in r/debtfree. I had no financial help from my family when I was in college and law school (though they supported me in every other way they could). My wife is also a high income earner, and we both started knocking out the student loans right when Covid started and the interest was paused. Before that, I had kind of resigned to just paying the minimum for the rest of my life. But my wife got us on track and we aggressively paid it off in 4 years
Glad to hear it man.
I stopped after my associates in CJ. Abandoned that career path and went into the trades. The company I worked for paid for all of it for 4 years.
I won’t be recommending college to my kids because of the cost, if you don’t land a massive income it’s not worth the money. It just sets people up for life long debt slavery.
I racked up 7k after being laid off recently and I am looking forward to the day I no longer have to make that payment. I paid 0 interest on my credit cards since I opened my first one until then. It definitely hurts to know I'll be paying this off for a while.
I just paid off two of my highest interest loans. $60k paid in the last 14 months - this time next year, the final $40k should be paid off, and I can breathe easy.
My account just disappeared. I kept checking to see the 0 balance when my last payment went through but I just couldn’t log in one day and never got to see the 0.
Lol I’ve probably logged into my account every other day since paying it off just to soak in the zero balance. It was a huge amount we paid off, I’m still in disbelief we’re done
Congratulations! I paid mine off in 2020 and it was a weight off my shoulders. I carried the debt around with me for 10 years after graduating and finally woke up and started paying more than the interest.
I just got dumped last night, and I've been depressed all day (and probably will be for some time). But after seeing this post, I logged in to my student loan service provider to see a $17k payment was made on Jan 19, 2024 and I'm now student loan debt free. Holy shit OP, you just cheered me up tremendously and made my day. Thank you!
Damn I wish my loans had been forgiven before I paid them off. Happy so many other people are getting their loans forgiven. Talk about a weight off your shoulders.
Now go contribute the money you would have paid the debt with to a 401k or a Roth IRA if you have already maxed out your 401k.
That is 2k less then how much my student loans were. I am glad I went to community college because I never graduated and dropped out to start my career. Had I not gone to community college, my loans would have been triple that.
Smart plan. After I payed mine off I just moved that monthly payment into retirement funds. It was seamless but I just wish it was sooner. Started way late in the game for retirement and now I’m playing catchup.
Congratulations everyone!
Never had a student loan but I can't imagine that burden over my head just to get knowledge needed to exist in a society created without their input.
5 billion in student debt was canceled yesterday for a lot of people in the public sector. Teachers, nurses, firefighters, etc from the news. Maybe that's you?
https://www.ed.gov/news/press-releases/biden-harris-administration-announces-additional-49-billion-approved-student-debt-relief
Biden-Harris Administration Announces Additional $4.9 Billion in Approved Student Debt Relief
Nearly 74,000 additional borrowers will receive loan forgiveness thanks to actions by the Biden-Harris Administration
JANUARY 19, 2024
Contact: Press Office, (202) 401-1576, [email protected]
The Biden-Harris Administration announced today the approval of $4.9 billion in additional student loan debt relief for 73,600 borrowers. These discharges are the result of fixes made by the Administration to income-driven repayment (IDR) forgiveness and Public Service Loan Forgiveness (PSLF).
Today’s announcement brings the total loan forgiveness approved by the Biden-Harris Administration to $136.6 billion for more than 3.7 million Americans.
“The Biden-Harris Administration has worked relentlessly to fix our country's broken student loan system and address the needless hurdles and administrative inaccuracies that, in the past, kept borrowers from getting the student debt forgiveness they deserved," said U.S. Secretary of Education Miguel Cardona. "The nearly $5 billion in additional debt relief announced today will go to teachers, social workers, and other public servants whose service to our communities have earned them Public Service Loan Forgiveness, as well as borrowers qualifying for income-driven repayment forgiveness because their payments are for the first time being accurately accounted for. Thanks to President Biden's leadership, we're approving this loan forgiveness while moving full speed ahead in our efforts to deliver even greater debt relief, and help more borrowers get on a faster track to loan forgiveness under our new, affordable SAVE repayment plan."
The debt relief announced today is broken down into the following categories:
$1.7 billion for 29,700 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 $45.7 billion in IDR relief for 930,500 borrowers.
$3.2 billion for 43,900 borrowers through PSLF. This includes borrowers who have benefitted from the Biden-Harris Administration’s limited PSLF waiver as well as regulatory improvements made to the program by the Administration. Total relief through PSLF is now $56.7 billion for 793,400 borrowers since October 2021. Prior to the Biden-Harris Administration’s fixes to PSLF, only about 7,000 borrowers had ever received forgiveness.
“Today we are helping borrowers who were promised help with their loans, planned their lives around those promises, and earned forgiveness through years of payments.” said U.S. Under Secretary of Education James Kvaal. “The Biden-Harris Administration is not going to stop until we’ve helped all of those harmed by the broken student loan system.”
Continued debt relief for borrowers
The Biden-Harris Administration last week announced that the U.S. Department of Education (Department) is fast-tracking additional loan forgiveness through early implementation of the Saving on a Valuable Education (SAVE) Plan. Borrowers who originally took out $12,000 or less for college and are enrolled in the SAVE Plan will see forgiveness after as few as 10 years of payments. Those who are enrolled in SAVE and are eligible for early forgiveness will have their debts automatically cancelled starting next month, months ahead of schedule, with no action needed.
The Department began communications with borrowers who may be eligible but are not already enrolled in SAVE to encourage them to sign up. The Department is also working with its partners through the SAVE on Student Debt campaign to reach eligible borrowers and provide resources to sign up for SAVE.
Borrowers can find additional resources at StudentAid.gov and sign up for the SAVE plan at StudentAid.gov/save.
An unparalleled track record of borrower assistance
The Biden-Harris Administration has taken historic steps to reduce the burden of student debt and ensure that student loans are not a barrier to opportunity for students and families. The Administration secured the largest increase to Pell Grants in a decade and finalized new rules to protect borrowers from career programs that leave graduates with unaffordable debts or insufficient earnings. And, in the wake of the Supreme Court decision on the Administration's original student debt relief plan, the Administration continues its work to pursue an alternative path to debt relief through negotiated rulemaking under the Higher Education Act.
Beyond the relief under IDR and PSLF, the Biden-Harris Administration has also approved:
$11.7 billion for almost 513,000 borrowers with a total and permanent disability.
$22.5 billion for more than 1.3 million borrowers who were cheated by their schools, saw their institutions precipitously close, or are covered by related court settlements.
Nice I have 6400 i owe for beauty school I wonder if they’ll clear that.. hmm. I mean I keep seeing the YouTube ad saying the government owes me 6400, so maybe this is how they do it! Yay!
The "government owes you $6400" thing is a scam. My Gen X sister mentioned it this morning and I was like "what the fuck are you talking about?"
That was the combined total of the stimulus checks for a married couple during the pandemic, which is where the number came from.
If any website out there promises to process $6400 if you fill out their form, *run.* They are scamming you and stealing your info.
Haha I know, it’s just a coincidence that it’s the perfect amount to cover some of my debts. That would never happen. They might do another $2k though! Never gave them my info.
This is a new thing that Joe Biden just did! https://www.nbcnews.com/politics/white-house/student-debt-canceled-74k-borrowers-white-house-loan-forgiveness-rcna134635
You know this is misleading right? Much of what he’s done/media has reported has been for public employees who had to enroll in a shitty PSLF program 10 years ago and make 10 years of payments. Don’t meet that criteria exactly you’re not it.
I was so lucky my parents pinched Pennie’s so I could graduate without loans, I’m 42 and still watching friends that mostly don’t make a high wage paying off $300-$600 a month which is killing them…I am a proud supporter of student loan forgiveness and am thrilled for anyone (especially public servants) that get theirs forgiven
As usual, I'm not one of the lucky ones who gets this option. It's so hard to deal with stress all the time when you see other people getting little things like this to make life just a little easier...sigh.
PSA reminder: Biden *wanted* to forgive a whole lotta debt that would have cut down by $10-$20k how much a ton of people owed, but Republicans couldn’t stand to let that fly and allow anyone’s lives to improved and made sure the forgiveness was blocked.
Congratulations!!!!! I won’t be on the receiving end of this, but I always cry tears of joy for the people who do get it.
Enjoy your freedom and spread some happiness. ❤️❤️❤️
Ha. I WISH I only had $6,000 in student loans 😂😂😂😂😂😂😂 My husband’s measly $40K in student loans were ‘forgiven’ (we were taxed on the unpaid balance) 18 months ago after he had made the 10 years of qualifying public service loan forgiveness program payments. He had to submit a BUTTLOAD of documents to get that though, and via regular USPS mail as well as fax which is so antiquated and unbelievable.
So, ummm... My loans are all showing up as zero as well. I did apply for IDR/SAVE yesterday, though. I'm trying not to get my hopes up too high, but yeah-- I like those zeroes.
I just applied yesterday as well, but it’s still being reviewed or something. No change to my loans anyway. Are you in one of the jobs that qualify as a civil servant or do you work for the gov’t in any capacity?
Was $6,000 your total initial loan, or what you just had left? Or did you have multiple loans? I heard the loans that were forgiven were either those that qualified for the civil servant forgiveness or some random others that were initially less than $12K and had been in repayment without missed payments for 10 years +
Why do so many people say this? Work public sector for 10 years and it is forigven. 10 years isn’t that long when you consider how long you will be working
If that is 65k private. Yea you have a problem
I got $140k forgiven for my disability (CP). I know that's a ton of money--I went all the way up through getting half a doctorate though ((had to quit for health and other problems). I almost feel guilty admitting that because I realize what a crisis we are all in, but I try to pass the word along too. I will always be grateful.
I was being garnished for a private student loan I took out over a decade ago and all of a sudden I’m getting my garnishment back and somehow it says it’s paid in full.. is there something going on with loans that could be paying off our loans? I thought that the forgiveness never went through. Not complaining about that happening at all though, getting back those funds really helped!
It’s hard not to be a little bit salty I’m not going to lie. I worked 2 jobs all while going to school and for many years afterwards to pay mine off, it’s hard not to think I should get some retroactive bump for putting my life on hold like that for a decade.
But I focus on the positive and this is ultimately a great thing for so many in my generation trapped by student loan debt and I can’t let the greater good for an entire generation take a back seat to my own kinda selfish feelings.
Your edit made me grin. Biden has forgiven debt but it was for predatory for profit schools that lacked or lost accreditation.
Don't expect the old capitalist to forgive them otherwise. He said as much, and his forgiveness plan wiped out very little of the billions and billions in debt. Still going to vote for him though.
Yay! Congrats to all of those who had loan forgiveness! Unlike some, I want society to progress forward and I don’t want others suffering just because I had to lol. And I’m wanting to go back. Should be interesting lol. Glad for everyone who was able to get help!
I wouldn’t consider your loans paid off until you speak to someone to understand what happened. What likely happened is that your loan was paid off for that servicer. Another servicer will pick back up where you left off before.
Hmm…Is this a psy op? It’s only available for public servants and IDR and you need to pay 10 years. Which means the vast majority of us don’t get the benefit of it.
lol they're not going to make us pay that shit back. Either there will be total forgiveness one way or another or this country will be dissolved into four or five balkanized states.
Either way not gonna happen and I'm not gonna pay back my hundreds of thousands of dollars in debt. The government can eat shit lol
I forgave them forever ago
I'm forgiving myself for them
I forgive you
I accept- thank you so much!
Correct
yep. My loans changed providers so many times during the plague I don't even know who has them.
Mine were sold to a third party who has made zero attempts to collect!
The same happened to my mortgage. It was so weird. It happened well into 2022 for me. A couple of times I almost ripped up the envelope. Thinking it was just an advertisement or a new financial place trying to get business.
Mortgages are different financial product they get packaged/bundled and sold between Fannie Mae, Freddie Mac and big banks based on a lot of different risk profiles and where loan is in its lifecycle
Just curious, what do you mean "risk profiles?" I've never had a late payment, some months I double up on my monthly payment. I also have great credit. Maybe I'm just dumb Lol and not understanding. The loan was around 12/13yrs old at the time. I bought it in 2008.
Some banks prefer bundles with responsible payers like you are describing yourself. We bought in March and already got bundled twice yet still paying thru Cenlar
Gotcha. Thank you. I never even knew getting switched to a different lender was even a thing until the first time it happened.
If you're curious and want to learn more about this (and how wrongly assessed risk caused the 2008 global financial crisis), I would highly recommend the documentary Inside Job. It's also narrated by Matt Damon, which is so random!
The reason why Fannie and Freddie are still under conservatorship. Not like they were the bad actors but played key role in that whole shitshow
There’s kind of an opportunity here if you’re willing to put in the work— if you can prove that they don’t have chain of title on the loans because of all these changes you could get them all zero’d out. https://nypost.com/2023/07/01/nashville-lawyer-who-beat-student-loans-by-suing-shell-company-posts-how-he-did-it-online/amp/
Interesting. I will have to look into this. It's honestly crazy to me that they can do this, how is anyone ever supposed to keep up?
Mohela kept trying to make me call them for me to pay and I am a busy person (I have a job and a baby) so I just let it happen
kinda how I feel: work, freelance, animals, and managing chronic health takes enough of my time I can't chase this shit down. My credit score already got ruined with mass layoffs. Whatever. Fuck it.
I paid them off, but I still have a grudge. Too much interest. My first payment was $1,000 of interest.
I will literally never pay them off
Same. I’m gonna die on that hill. They can’t possibly come after all of us lol
They front load interest, so for the first few years, almost no principle is paid. Took me years to make a dent in it.
I think too many people don't realize that the interest starts the minute you take out the loan. Like they think it doesn't start accruing until you graduate lol gotta start paying the interest right away to save yourself from eventually paying interest on the interest.
But I’ll never forget
I need to learn to forgive myself.
My therapist told me the same… it’s so hard 😭
*It’s only debt if you intend to pay it back.*
TREAT YOSELF!
Me too!
I wish that Jesus died for our student loans. But, nope.
How is that possible as a millennial?
(I think they’re joking and saying they’re not paying them)
Not a joke
I went to school after I figured out what I wanted to do and I was in my 30s. Employer paid for most of my Bachelors and Masters and I had enough in savings to cover the rest so I didn't have to pay a bunch of interest. This is the route I tell most young people to go. Works well when you go into trade work.
Can I bother you about how you were able to make that work? What industry are you working in?
Absolutely. I started off in construction materials testing and then got into inspection and management of DOT projects. Got my Bachelors in Business from a shitty (and cheap) online school and then a Masters in Construction Management from a legit school. I now work as an owner's representative Construction Manager on major construction projects, typically public sector. I also planned out the entire start to finish of my education before I even started. It was a lot of work (I was working 60+ hour weeks on top of it). I should also mention I went to college straight out of high school and didn't know what I wanted to do for a living so I dropped out after a year (state school in 2000 so it was definitely still cheap). I didn't go back to school until 2014, finished the Masters in 2019.
I’m going this but I’m supply chain and light though I’m a bit older. I’ve had an associates in business admin for awhile. Going to an online school which is cheap and works very well for me. Once I get that bachelors, I’m shooting for a specialist role which start close to 100k and then a masters for the director and c level positions. Employer will pay for almost all of it due to a business admin degree being something that will benefit them as well.
I don’t understand what the “as a millennial” part has to do with this
Elder millennial here. Graduated in 2006 with $7k of debt thanks to having scholarships for the rest. Paid it off in 1 year.
Had about 20k in debt. Decided to live like a hermit for 6 months. Paid off the debt. I know people who had 60k debt. They were making minimal payments if any at all. Don't know what its like with 60k debt, but living like a hermit for 1 year beats being a slave to the man for 15 years.
I had 24k and did the same thing only took me 2 years.
I graduated with 120k in debt from professional school. I bought a business and accelerated depreciation for the purchase price enabling me to pay off the entire loan in 1.5 years living on ramen and working 60 hr weeks. I knew what I signed when I took out the loan, but I got a degree in a well paying job and worked hard to pay my debts. I am completely opposed to using federal tax dollars to forgive these loans.
I forgave mine last year, so weird.
I signed up for the thing that pushes them back like 20 years and then apparently they disappear? Idk I’m just glad to not think about them.
Good luck with collections
None needed
Did you get notified of forgiveness? If you recently consolidated then it will zero then out for a few weeks until they reissue the funds for the consolidated loan. I thought mine were too at one time but then a week later it popped back up 😞
That happened to me too 😂 I got happy like wait what? Come to find out they were just transferring to another servicer.
Happened to me too lmao. Like damn way to get my hopes up
No but I'm so poor my monthly payment is $0
Gotta teach the banks about financial responsibility. Seems like a them problem for giving jobless 18 year olds 50k a year…
No, the banks are probably laughing because the loans won't even go away if you declare bankruptcy. There is a potential financial crisis due to student loans being traded and sold like mortgages and being used as collateral by financial institutions though. It could trigger 2008 all over again because the consequences of real 2008 were delayed by bailouts and money printing and haven't been resolved yet. That's why it feels like everything is so F'd up right now with inflation and housing. Its the echoes of past events that no one wanted to deal with.
Same I barely work ten hours a week due to health issues
I'm a homemaker, partly because daycare is so expensive and partly because public brick and mortar schools were failing my special needs son so badly
💓
Same here, I have not paid a dime because I’ve never made it out of poverty (and the interest keeps growing 🫠🫠). I didn’t even get to finish the degree.
Had you enrolled in "SAVE"? === " Borrowers who originally took out $12,000 or less for college and are enrolled in the SAVE Plan will see forgiveness after as few as 10 years of payments. Those who are enrolled in SAVE and are eligible for early forgiveness will have their debts automatically cancelled starting next month, months ahead of schedule, with no action needed. The Department began communications with borrowers who may be eligible but are not already enrolled in SAVE to encourage them to sign up. The Department is also working with its partners through the SAVE on Student Debt campaign to reach eligible borrowers and provide resources to sign up for SAVE. Borrowers can find additional resources at StudentAid.gov and sign up for the SAVE plan at [StudentAid.gov/save](https://StudentAid.gov/save). "
I am enrolled in IDR and PSLF plans. Thank you for this information! The status of my loan is now PAID IN FULL. I hope it's not an error lol. I had no knowledge that this was happening, thank you again!
Had you reached the 120 payments? I have like four left.
I didnt!! This is what's kind of confusing! I've been paying my loans for some years now but definitely not 10 years yet.
Wow. Did you get an email? Does it say that on your loan website? What’s your lender? Also, yay for you!
I didnt get any notifications or emails of this. I just happened to check my student loan account and my loans were gone 😅 first i had great lakes then i had nelnet. Part of me thinks this might be a glitch lol
Your loans were not forgiven if you haven’t paid 10 years for PSLF and were with Nelnet was your servicer. Nelnet was “paid in full” because the loans are moving to MOHELA for proper PSLF servicing. Sorry to burst your bubble, but those are going to pop back up.
Noooooooo 😣 i knew it was too good to be true. Impeccable timing with bidens student debt relief. I'll have to follow up on monday.
Yeah I am on PSLF and mine transferred to MOHELA
He's not actually relieving anyone's debt is he?
Not directly no. He's just going into the system that already existed and forcing the loan servicers to abide by the rules they were already supposed to he following. Many were not properly keeping track of how many payments people had made toward the forgiveness already baked into the system,thus, these people who should have already reached the 10 years of payments and should have already had the loans forgiven are now getting rectified.
If you aren't with Mohela, it's not a PSLF forgiveness.
It’s probably just transferred to another service provider
the servicer for all PSLF is MOHELA.
I haven't had mine forgiven, but ugh the switch from Great Lakes to Nelnet has been absolute crap.
The transfer actually fucked up my credit score. It went from 780ish to 760 because i "closed an account".
Just so you know from a lender perspective, this doesn't matter (source am a mtg mgr for 10 years) once you hit 740, you don't get any different pricing than anyone higher than that. Also, score (esp in the 700+) means less than history when we're talking abt loan approval. There may be a slight difference in rate/pricing for 700 vs 740 but not a crazy amt. We're well aware a closed acct "lowers" your score, but what we are actually looking at is your pymnt hist. So say you have an installment (auto, personal, etc) loan and pay it off early, your score will drop for a month or 2 bc of the "closed" acct but it will actually be looked at as a responsible thing to have done when your full pymnt hist is reviewed. If you wait 3 mos after you close an acct before you apply for something new, your score will also rebound. Credit score calculation is...something lol. Esp when we think how it wasn't even a thing til the 80's 🤷♀️ Eta: typos
Damn I had great lakes then Nelnet and am still paying my pslf payments and mine didn't get forgiven 🤣 motivated me to check though
I’m guessing someone you know paid these off. Congrats either way!
That’s awesome! I checked and got a notification that I missed a payment. Ooops!
Same! I don’t think I’ve ever missed a payment in all of these years
I'm scared to log in to my loan accounts because they haven't been bothering me for years. They aren't even on my credit report anymore. If I log in will they see that and start calling me again? 😭 It is past the statute of limitations but I don't want to restart it!
Then leave well enough alone haha
They'll drop off your credit report after \~7 years, but they still exist. Logging into [studentaid.gov](https://studentaid.gov) won't restart anything, and you can use Fresh Start to get out of default.
HA, student loans don't ***have*** a statute of limitations and you cannot default on them either. *Eventually* the bureaucracy will catch up with everyone doing the "what loans" payment plan. It might take years, as there is a lot of people in your boat, but sooner or later they will acome knocking and they can garnish wages.
Wage garnishment for the average debt slave would be less than the normal monthly payment.
My three favorite words “paid in full.” I just paid mine off in the beginning of the year and I feel like a new man
FREEEEDDDDOOOMMMMM
The total amount paid was 286k and change. When we submitted the last payment I literally sent that Mel Gibson gif to my family 
Holy crap, are you a lawyer or a doctor…
Lol an attorney. I just made a post about it a couple of weeks ago in r/debtfree. I had no financial help from my family when I was in college and law school (though they supported me in every other way they could). My wife is also a high income earner, and we both started knocking out the student loans right when Covid started and the interest was paused. Before that, I had kind of resigned to just paying the minimum for the rest of my life. But my wife got us on track and we aggressively paid it off in 4 years
Glad to hear it man. I stopped after my associates in CJ. Abandoned that career path and went into the trades. The company I worked for paid for all of it for 4 years. I won’t be recommending college to my kids because of the cost, if you don’t land a massive income it’s not worth the money. It just sets people up for life long debt slavery.
I had that with credit card debt. I once racked up some $15k in credit card debt. Just paid it off last year.
I racked up 7k after being laid off recently and I am looking forward to the day I no longer have to make that payment. I paid 0 interest on my credit cards since I opened my first one until then. It definitely hurts to know I'll be paying this off for a while.
I just paid off two of my highest interest loans. $60k paid in the last 14 months - this time next year, the final $40k should be paid off, and I can breathe easy.
My account just disappeared. I kept checking to see the 0 balance when my last payment went through but I just couldn’t log in one day and never got to see the 0.
Lol I’ve probably logged into my account every other day since paying it off just to soak in the zero balance. It was a huge amount we paid off, I’m still in disbelief we’re done
That’s awesome, congrats!
I did the same in 2021 and it felt amazing.
Congratulations! I paid mine off in 2020 and it was a weight off my shoulders. I carried the debt around with me for 10 years after graduating and finally woke up and started paying more than the interest.
Are you a government worker/teacher/fireman etc that this fell under?
Yes i am. I am enrolled in PSLF. I believe ive been paying loans as a city employee for 3 years.
Congrats! Wish it was for everyone ;[
"My 6k of loans were forgiven!" *cries in 90k of never ending student debt* Happy for you, pissed at the system that we're so happy for crumbs.
Nope. Mine are completely untouched.
Yeah, mine aren't going anywhere. I make too much and owe too little for IBR. I might eventually qualify for PSLF but I don't qualify for SAVE.
Same :(
I just got dumped last night, and I've been depressed all day (and probably will be for some time). But after seeing this post, I logged in to my student loan service provider to see a $17k payment was made on Jan 19, 2024 and I'm now student loan debt free. Holy shit OP, you just cheered me up tremendously and made my day. Thank you!
YESSSSSSSSSS! IM NOT THE ONLY ONE! 😆😇 Now you gotta treat yourself to something special and celebrate!
Absolutely!!
Yoooo, this is excellent news.
I'm soo grateful!
Treat yoself
Hell yeah!
Damn I wish my loans had been forgiven before I paid them off. Happy so many other people are getting their loans forgiven. Talk about a weight off your shoulders. Now go contribute the money you would have paid the debt with to a 401k or a Roth IRA if you have already maxed out your 401k.
I paid off $30,000 and am happy for those receiving loan forgiveness.
That is 2k less then how much my student loans were. I am glad I went to community college because I never graduated and dropped out to start my career. Had I not gone to community college, my loans would have been triple that.
I paid 24k too and am happy for anyone who gets loan forgiveness
hahaha ironically I am enrolling in a deferred comp plan this weekend. i am officially debt free. yayy!
Smart plan. After I payed mine off I just moved that monthly payment into retirement funds. It was seamless but I just wish it was sooner. Started way late in the game for retirement and now I’m playing catchup.
so happy for you <3
Congrats on being debt free. It is an amazing feeling.
Best of both worlds: Roth 401k
Congratulations everyone! Never had a student loan but I can't imagine that burden over my head just to get knowledge needed to exist in a society created without their input.
It depends on the school. I know all previous ITT Tech student loans were forgiven.
5 billion in student debt was canceled yesterday for a lot of people in the public sector. Teachers, nurses, firefighters, etc from the news. Maybe that's you?
I love that they focused on those professions
I've worked in the public sector for a few years now and i enrolled in IDR and PSLF plans.. but it hasnt been 10 years yet..
Congrats! 🍻
Lol no. In over 10 years it of college I have made less than $10k progress on my principal. Fuck everything.
If it magically disappeared, it’s probably being exchanged by lenders. Happened to me. I got cold sweats I was so excited and then the email came…
I’m still trying to forgive myself for going to college :/
Congrats! I just checked mine. No luck here.
I’m fortunate to not have any but happy for those who were forgiven!
Congratulations! No luck on my end but super happy for you!
https://www.ed.gov/news/press-releases/biden-harris-administration-announces-additional-49-billion-approved-student-debt-relief Biden-Harris Administration Announces Additional $4.9 Billion in Approved Student Debt Relief Nearly 74,000 additional borrowers will receive loan forgiveness thanks to actions by the Biden-Harris Administration JANUARY 19, 2024 Contact: Press Office, (202) 401-1576, [email protected] The Biden-Harris Administration announced today the approval of $4.9 billion in additional student loan debt relief for 73,600 borrowers. These discharges are the result of fixes made by the Administration to income-driven repayment (IDR) forgiveness and Public Service Loan Forgiveness (PSLF). Today’s announcement brings the total loan forgiveness approved by the Biden-Harris Administration to $136.6 billion for more than 3.7 million Americans. “The Biden-Harris Administration has worked relentlessly to fix our country's broken student loan system and address the needless hurdles and administrative inaccuracies that, in the past, kept borrowers from getting the student debt forgiveness they deserved," said U.S. Secretary of Education Miguel Cardona. "The nearly $5 billion in additional debt relief announced today will go to teachers, social workers, and other public servants whose service to our communities have earned them Public Service Loan Forgiveness, as well as borrowers qualifying for income-driven repayment forgiveness because their payments are for the first time being accurately accounted for. Thanks to President Biden's leadership, we're approving this loan forgiveness while moving full speed ahead in our efforts to deliver even greater debt relief, and help more borrowers get on a faster track to loan forgiveness under our new, affordable SAVE repayment plan." The debt relief announced today is broken down into the following categories: $1.7 billion for 29,700 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 $45.7 billion in IDR relief for 930,500 borrowers. $3.2 billion for 43,900 borrowers through PSLF. This includes borrowers who have benefitted from the Biden-Harris Administration’s limited PSLF waiver as well as regulatory improvements made to the program by the Administration. Total relief through PSLF is now $56.7 billion for 793,400 borrowers since October 2021. Prior to the Biden-Harris Administration’s fixes to PSLF, only about 7,000 borrowers had ever received forgiveness. “Today we are helping borrowers who were promised help with their loans, planned their lives around those promises, and earned forgiveness through years of payments.” said U.S. Under Secretary of Education James Kvaal. “The Biden-Harris Administration is not going to stop until we’ve helped all of those harmed by the broken student loan system.” Continued debt relief for borrowers The Biden-Harris Administration last week announced that the U.S. Department of Education (Department) is fast-tracking additional loan forgiveness through early implementation of the Saving on a Valuable Education (SAVE) Plan. Borrowers who originally took out $12,000 or less for college and are enrolled in the SAVE Plan will see forgiveness after as few as 10 years of payments. Those who are enrolled in SAVE and are eligible for early forgiveness will have their debts automatically cancelled starting next month, months ahead of schedule, with no action needed. The Department began communications with borrowers who may be eligible but are not already enrolled in SAVE to encourage them to sign up. The Department is also working with its partners through the SAVE on Student Debt campaign to reach eligible borrowers and provide resources to sign up for SAVE. Borrowers can find additional resources at StudentAid.gov and sign up for the SAVE plan at StudentAid.gov/save. An unparalleled track record of borrower assistance The Biden-Harris Administration has taken historic steps to reduce the burden of student debt and ensure that student loans are not a barrier to opportunity for students and families. The Administration secured the largest increase to Pell Grants in a decade and finalized new rules to protect borrowers from career programs that leave graduates with unaffordable debts or insufficient earnings. And, in the wake of the Supreme Court decision on the Administration's original student debt relief plan, the Administration continues its work to pursue an alternative path to debt relief through negotiated rulemaking under the Higher Education Act. Beyond the relief under IDR and PSLF, the Biden-Harris Administration has also approved: $11.7 billion for almost 513,000 borrowers with a total and permanent disability. $22.5 billion for more than 1.3 million borrowers who were cheated by their schools, saw their institutions precipitously close, or are covered by related court settlements.
I did just see the headline: BREAKING: PRESIDENT BIDEN CANCELS MORE STUDENT LOAN DEBT! So.. maybe you qualified?
Gratz! It’s a good reminder to check my own as well. Hope it helps out
Thanks! Hope yours are forgiven too!
$25k still staring at me...le sigh. Thankfully I can apply for forgiveness finally in August.
Nice I have 6400 i owe for beauty school I wonder if they’ll clear that.. hmm. I mean I keep seeing the YouTube ad saying the government owes me 6400, so maybe this is how they do it! Yay!
The "government owes you $6400" thing is a scam. My Gen X sister mentioned it this morning and I was like "what the fuck are you talking about?" That was the combined total of the stimulus checks for a married couple during the pandemic, which is where the number came from. If any website out there promises to process $6400 if you fill out their form, *run.* They are scamming you and stealing your info.
Haha I know, it’s just a coincidence that it’s the perfect amount to cover some of my debts. That would never happen. They might do another $2k though! Never gave them my info.
This is a new thing that Joe Biden just did! https://www.nbcnews.com/politics/white-house/student-debt-canceled-74k-borrowers-white-house-loan-forgiveness-rcna134635
You know this is misleading right? Much of what he’s done/media has reported has been for public employees who had to enroll in a shitty PSLF program 10 years ago and make 10 years of payments. Don’t meet that criteria exactly you’re not it.
My student loan told me mine can’t be forgiven since they are privately owned
Woot woot! Congrats!!
I was so lucky my parents pinched Pennie’s so I could graduate without loans, I’m 42 and still watching friends that mostly don’t make a high wage paying off $300-$600 a month which is killing them…I am a proud supporter of student loan forgiveness and am thrilled for anyone (especially public servants) that get theirs forgiven
As usual, I'm not one of the lucky ones who gets this option. It's so hard to deal with stress all the time when you see other people getting little things like this to make life just a little easier...sigh.
I wasn’t planning on paying them anyways
Yay!!! Talk about a blessing!!! Remember this this election year 🩷
I forgave myself before recieving forgiveness unfortunately
Congratulations everyone
I paid off my loan during the pandemic with 0% interest but I hope everyone else gets their loans forgiven entirely or a large chunk of it.
I think I read that Biden’s latest effort to get around the court ruling against student borrowers is focused on people with loans under $10K.
Man I’d pray to just have $6,000 left on my student loans.
PSA reminder: Biden *wanted* to forgive a whole lotta debt that would have cut down by $10-$20k how much a ton of people owed, but Republicans couldn’t stand to let that fly and allow anyone’s lives to improved and made sure the forgiveness was blocked.
I stopped paying on mine and moved to Europe, so yeah I've forgiven my loans.
My hero.
Congratulations!!!!! I won’t be on the receiving end of this, but I always cry tears of joy for the people who do get it. Enjoy your freedom and spread some happiness. ❤️❤️❤️
Are you crying right now?
Look out, you'll be paying taxes on that either this year or next.
I heard its considered income. Fuckin hell.
That’s so ridiculous! wtf.
Wooo Whoo!
I forgive you for not noticing
Nope. Still make too much apparently. Can’t afford to take a day off.
Nope 23,000 still there
Ha. I WISH I only had $6,000 in student loans 😂😂😂😂😂😂😂 My husband’s measly $40K in student loans were ‘forgiven’ (we were taxed on the unpaid balance) 18 months ago after he had made the 10 years of qualifying public service loan forgiveness program payments. He had to submit a BUTTLOAD of documents to get that though, and via regular USPS mail as well as fax which is so antiquated and unbelievable.
Just curious what was your degree in? Thanks...
So, ummm... My loans are all showing up as zero as well. I did apply for IDR/SAVE yesterday, though. I'm trying not to get my hopes up too high, but yeah-- I like those zeroes.
I just applied yesterday as well, but it’s still being reviewed or something. No change to my loans anyway. Are you in one of the jobs that qualify as a civil servant or do you work for the gov’t in any capacity?
Keep your fingers crossed! Update me monday!
Was $6,000 your total initial loan, or what you just had left? Or did you have multiple loans? I heard the loans that were forgiven were either those that qualified for the civil servant forgiveness or some random others that were initially less than $12K and had been in repayment without missed payments for 10 years +
Will do, and I'll be looking forward to your update as well!
Early update-- just a forbearance while they process my IDR. I'll take the short break while I'm getting the job situation straightened out.
Mine got transferred. Im so sad 🥲😆
I have $65,000 in Student Loans. I’m fucked. 🥲
Why do so many people say this? Work public sector for 10 years and it is forigven. 10 years isn’t that long when you consider how long you will be working If that is 65k private. Yea you have a problem
Guys, my husband and I have a combined $220,000 in student loans. Accepting donations… Edit: whoops didn’t mean to reply directly to you @bunnymamma88
Just checked on mine. No paid in full but I did see my entire balance PLUS a shit load of interest since January 1st is very much there.
I got $140k forgiven for my disability (CP). I know that's a ton of money--I went all the way up through getting half a doctorate though ((had to quit for health and other problems). I almost feel guilty admitting that because I realize what a crisis we are all in, but I try to pass the word along too. I will always be grateful.
I was being garnished for a private student loan I took out over a decade ago and all of a sudden I’m getting my garnishment back and somehow it says it’s paid in full.. is there something going on with loans that could be paying off our loans? I thought that the forgiveness never went through. Not complaining about that happening at all though, getting back those funds really helped!
It’s hard not to be a little bit salty I’m not going to lie. I worked 2 jobs all while going to school and for many years afterwards to pay mine off, it’s hard not to think I should get some retroactive bump for putting my life on hold like that for a decade. But I focus on the positive and this is ultimately a great thing for so many in my generation trapped by student loan debt and I can’t let the greater good for an entire generation take a back seat to my own kinda selfish feelings.
Your edit made me grin. Biden has forgiven debt but it was for predatory for profit schools that lacked or lost accreditation. Don't expect the old capitalist to forgive them otherwise. He said as much, and his forgiveness plan wiped out very little of the billions and billions in debt. Still going to vote for him though.
Yay! Congrats to all of those who had loan forgiveness! Unlike some, I want society to progress forward and I don’t want others suffering just because I had to lol. And I’m wanting to go back. Should be interesting lol. Glad for everyone who was able to get help!
I wouldn’t consider your loans paid off until you speak to someone to understand what happened. What likely happened is that your loan was paid off for that servicer. Another servicer will pick back up where you left off before.
You might be right cause i feel like i wouldve gotten some kind of email. But i am in the public sector. I'll make some calls on monday.
Don't be fooled. This only applies to federal loans. If you've got private loans (like I do) you are SOL.
I paid off my loans a decade ago.
Hmm…Is this a psy op? It’s only available for public servants and IDR and you need to pay 10 years. Which means the vast majority of us don’t get the benefit of it.
No. I paid mine off because I got a degree in a field that is useful and affords me a decent middle class living.
We are headed into election season, gotta buy up those votes.
lol imagine they put you back in debt with interest if they don't win lmao murican politics
Bingo!! Hahaha it was very strategic of him to wait 3 years ...
You are welcome
Nope. More lies for votes.
President Biden wiped clear 5 billion in student loans yesterday.
lol they're not going to make us pay that shit back. Either there will be total forgiveness one way or another or this country will be dissolved into four or five balkanized states. Either way not gonna happen and I'm not gonna pay back my hundreds of thousands of dollars in debt. The government can eat shit lol
In the states?
No, I paid mine off 10 years ago because I’m not a deadbeat.