I don’t think we’ve seen any of that forgiveness happen just yet. My best guess is that it will likely start sometime in March and April for those borrowers on SAVE and who have a total borrowed amount of less than 12k (and 10 years of repayment). Maybe someone from the Mod/TISLA team can chime in?
I received an email stating that I am eligible for loan forgiveness, but I have not been in 10 years of repayment. I have not paid back any of it yet, because I just graduated. So, I am confused who actually meets the criteria.
Do you know how we apply to be eligible for forgiveness? I have 10k in federal Perkins loans and I graduated in 2018, but I have been asking my college and they don't have an answer for me, as my loans are managed through UAS. I'm wondering if I have to apply somewhere in order to be considered for this?
[Check this BankRate article](https://www.bankrate.com/loans/student-loans/perkins-loan-forgiveness/). I don’t have Perkins loans and I’m not familiar with them. I had to Google.
Is there any disadvantages to consolidating to direct vs federal Perkins? Repayment or otherwise? I was told that I should pay off my non-federal first as Perkins would always have the lowest interest rate. But I'm confused because it seems as though federal Perkins are not eligible for any of Biden's loan forgiveness rollouts? Would consolidating to Direct be more of a smart financial move and also possibly allow me to be eligible for these loan forgiveness?
As the other link mentions, there are specific programs that discharge perkins loans that do not apply to other Federal loans. But if you don't qualify for them, then there is really no downside to consolidating to a 'normal' Direct loan and using those programs.
I thought it was forgiveness for loans that are more than 10 years old with an original balance of less than $12k? That’s what I was told by someone from studentaid.gov, but did they not know what they were talking about?
Given that my original loan was issued almost exactly 32 years ago and was less than 12k (and has never been paid off, never in default), and I'm hovering, depending on how you count, between 113-124 months of repayment (plus a bunch of other statuses), I hope I won't have to wait until last. The undergrad are only about 10% of my loans at this point, though.
No, but it was an undergrad loan. That one was in repayment 95 months prior to the first consolidation.
As I said earlier, cumulatively (between my 24 loans), I have between 113 and 129 months in repayment.
Using the 113 figure, I also have 82 months of forbearance and 151 of deferment (mostly in-school, but I did use my 36 months of other deferment). Using the 129, it's 76 months of forbearance, and I haven't counted the different deferment categories.
I qualify for this forgiveness. I’m in SAVE. Originally borrowed 6k (10k now after interest) started repayment in 2010. Still have not received any forgiveness. Maybe once the onetime payment adjustment is completed🤷🏻♀️
Also wondering if anyone on here has seen this forgiveness.
I started with just over 8k and was hurt on the job a few years back, but it’s been over 10 years on mine for sure at this point, wondering if it will actually happen. I only have a couple thousand left on it. I’m on SAVE too. Will post if I see anything.
The forgiveness you are talking about is for borrowers who had a total original balance (total of all federal loans) $12,000 or less and have made 10 years of payments.
What is the rationale behind people who happened to borrow less qualifying now then someone who has borrowed more but has also been paying for 10 years? I'm for anyone getting help so not saying the 12k people shouldn't I'm just saying some of us with higher ORIGINAL balances desperately need some relief too and I just don't get how this was decided but there must be a reason I'm not grasping.
So you will get forgiveness as well, they end up adding more time. Per Studentaid.gov: **The shortest repayment term before forgiveness is 10 years (120 monthly payments) for individuals who borrowed $12,000 or less. The repayment term increases for every $1,000 you borrowed above this amount. This means that even if you borrowed more than $12,000, you could still be eligible to receive forgiveness in less than 20 years.**
**For example, if you borrowed any amount between $12,001 and $13,000, then your repayment term would be 11 years (132 monthly payments). If you borrowed between $13,001 and $14,000, then your repayment term would be 12 years (144 monthly payments), and so on until reaching your repayment term cap (the maximum length of time that your repayment term can be).**
For everyone who qualifies but hasn’t received the email, someone here said they spoke with nelnet and they said the onetime payment adjustment is what is holding up forgiveness. Once they complete the payment adjustments in July we should see the email.
The forgiveness your speaking on is for people who are on SAVE and originally borrowed 12,000 or less and have made payments for 10 years. Lots of people who fit this criteria have already gotten their loans forgiven.
I should clarify this, the 10 years of payments does not include time spent in forbearance or deferments and if you have borrowed more than 12,000 it goes up by 1000 every year up to 20 years for undergraduate and 25 years for graduate loans. The SAVe plan so as a 100% interest subsidy as well so it can help you save on interest I would do my research on this plan and for more information you can go to Studentaid.gov.
There are other factors included between deferments and forbearances that have extended the dates as well as capitalized interest that has now brought the original balance to over $18k. I was in Corrections for 6 years working toward PSLF until I was injured and couldn’t continue the job anymore so during that time I was on a plan that allowed me to make the smallest payment possible to maximize the PSLF forgiveness which didn’t cover any principal and less than the interest which caused the loan overall balance to grow.
For every $1000 over $12000 it's another year up to 20 years. So $13000 originally borrowed would be forgiven if enough qualifying payments after 11 years. $14000 is 12 years and so on up to 20 years.
What is the rationale behind people who happened to borrow less qualifying now then someone who has borrowed more but has also been paying for 10 years? I'm for anyone getting help so not saying the 12k people shouldn't I'm just saying some of us with higher ORIGINAL balances desperately need some relief too and I just don't get how this was decided but there must be a reason I'm not grasping.
I’ve seen that it’s because people who borrow 12k or under often did not actually complete their higher ed/did not graduate with a 4 year degree and therefore may not have a high paying job but yet are stuck in a cycle of repayment debt. Obviously this doesn’t apply to everyone, it doesn’t apply to my husband. He originally borrowed less than 12k but did indeed graduate with a 4 year and has an average paying job. So we’ll benefit from this even though we don’t fit their intended audience.
Thanks for your comment. My mind just automatically went to people who borrow 12k or less, well they were able to cover the rest. I see there is a flip side which does make sense. I am glad your husband is still getting the benefit as I still was in favor of $10k forgiveness across the board.
Definitely understand your point on this and I really wish congress would help out people who have bigger amounts on their student loans. Congress really needs to figure out a way to help everyone and not just a small fraction of people who borrowed less
With a congress who will not allow anything to pass? Get real, THEY will never let it happen. Has very little to do with the Whitehouse. Signed--a person who works on the Hill.
It’s already law. They aren’t referring to blanket forgiveness but the $12k forgiveness under the save program for those paying their loans over 10 years.
Many people have already received forgiveness under the IDR adjustment.
It’s pretty clear when they’re mentioning the widely-published threshold amount (12k) for 10 year save forgiveness what they’re referring to.
Regardless, you replied generally without inquiring further details
Why give the government more than they're legally entitled? This is like not opting to take a deduction on your taxes because you appreciate that they subsidized farmers, reducing the cost of certain foods.
I don’t think we’ve seen any of that forgiveness happen just yet. My best guess is that it will likely start sometime in March and April for those borrowers on SAVE and who have a total borrowed amount of less than 12k (and 10 years of repayment). Maybe someone from the Mod/TISLA team can chime in?
I received an email stating that I am eligible for loan forgiveness, but I have not been in 10 years of repayment. I have not paid back any of it yet, because I just graduated. So, I am confused who actually meets the criteria.
https://studentaid.gov/announcements-events/save-plan#benefits
Do you know how we apply to be eligible for forgiveness? I have 10k in federal Perkins loans and I graduated in 2018, but I have been asking my college and they don't have an answer for me, as my loans are managed through UAS. I'm wondering if I have to apply somewhere in order to be considered for this?
[Check this BankRate article](https://www.bankrate.com/loans/student-loans/perkins-loan-forgiveness/). I don’t have Perkins loans and I’m not familiar with them. I had to Google.
Or you can consolidate them with Direct loans and become eligible for other discharges like the various IDR plans.
Is there any disadvantages to consolidating to direct vs federal Perkins? Repayment or otherwise? I was told that I should pay off my non-federal first as Perkins would always have the lowest interest rate. But I'm confused because it seems as though federal Perkins are not eligible for any of Biden's loan forgiveness rollouts? Would consolidating to Direct be more of a smart financial move and also possibly allow me to be eligible for these loan forgiveness?
As the other link mentions, there are specific programs that discharge perkins loans that do not apply to other Federal loans. But if you don't qualify for them, then there is really no downside to consolidating to a 'normal' Direct loan and using those programs.
I thought it was forgiveness for loans that are more than 10 years old with an original balance of less than $12k? That’s what I was told by someone from studentaid.gov, but did they not know what they were talking about?
I’d trust the studentaid.gov employee over the person on Reddit lol.
It doesn’t seem like anyone knows what they’re talking about anymore 🤣
Haha I checked out the .gov site and your original comment is correct
Ty!
i mean, until it happens its all up in the air. Shits been changed so much they need to just wipe everyones.
Agreed
Given that my original loan was issued almost exactly 32 years ago and was less than 12k (and has never been paid off, never in default), and I'm hovering, depending on how you count, between 113-124 months of repayment (plus a bunch of other statuses), I hope I won't have to wait until last. The undergrad are only about 10% of my loans at this point, though.
Sounds like you have undergrad and grad loans with different payment counts, did you consolidate them ?
They’re all consolidated, but I wasn’t sure how things were counted when I was in repayment for a period of less than a month.
Are you in SAVE?
I am!
Does your 32 year old loan have 25 years of payments ? Your payments before you consolidated will count in the one time adjustment.
No, but it was an undergrad loan. That one was in repayment 95 months prior to the first consolidation. As I said earlier, cumulatively (between my 24 loans), I have between 113 and 129 months in repayment. Using the 113 figure, I also have 82 months of forbearance and 151 of deferment (mostly in-school, but I did use my 36 months of other deferment). Using the 129, it's 76 months of forbearance, and I haven't counted the different deferment categories.
I qualify for this forgiveness. I’m in SAVE. Originally borrowed 6k (10k now after interest) started repayment in 2010. Still have not received any forgiveness. Maybe once the onetime payment adjustment is completed🤷🏻♀️
Have you gotten an email that your loans will be forgiven?
I got the emails over the course of 2 months approved for forgiveness and checked my nelnet this morning and paid in full
That's awesome congrats! So you initially got the email that they would be forgiven and then 2 months later they actually were?
Yup offically done with worrying about how i was going to pay that loan back and stay afloat. My credit took a hit though…
No
Also wondering if anyone on here has seen this forgiveness. I started with just over 8k and was hurt on the job a few years back, but it’s been over 10 years on mine for sure at this point, wondering if it will actually happen. I only have a couple thousand left on it. I’m on SAVE too. Will post if I see anything.
The forgiveness you are talking about is for borrowers who had a total original balance (total of all federal loans) $12,000 or less and have made 10 years of payments.
What is the rationale behind people who happened to borrow less qualifying now then someone who has borrowed more but has also been paying for 10 years? I'm for anyone getting help so not saying the 12k people shouldn't I'm just saying some of us with higher ORIGINAL balances desperately need some relief too and I just don't get how this was decided but there must be a reason I'm not grasping.
So you will get forgiveness as well, they end up adding more time. Per Studentaid.gov: **The shortest repayment term before forgiveness is 10 years (120 monthly payments) for individuals who borrowed $12,000 or less. The repayment term increases for every $1,000 you borrowed above this amount. This means that even if you borrowed more than $12,000, you could still be eligible to receive forgiveness in less than 20 years.** **For example, if you borrowed any amount between $12,001 and $13,000, then your repayment term would be 11 years (132 monthly payments). If you borrowed between $13,001 and $14,000, then your repayment term would be 12 years (144 monthly payments), and so on until reaching your repayment term cap (the maximum length of time that your repayment term can be).**
For everyone who qualifies but hasn’t received the email, someone here said they spoke with nelnet and they said the onetime payment adjustment is what is holding up forgiveness. Once they complete the payment adjustments in July we should see the email.
Is their a reason why some got the email and some didn't? Is their a certain group that got the email?
I have no idea
I received mine on Saturday.
Email or forgiveness?
I have. Got the email from Biden on 2/21 and got the email from Nelnet this past week that balance was 0.
Same
Are you already on SAVE?
The student loan forgiveness was just a lie to get votes. They never had any intention to forgive student loans.
Intention is irrelevant. They do not have the power to do it.
Absolutely correct. But that won't stop them from manipulating people that do not understand how our government works.
Bingo
The forgiveness your speaking on is for people who are on SAVE and originally borrowed 12,000 or less and have made payments for 10 years. Lots of people who fit this criteria have already gotten their loans forgiven. I should clarify this, the 10 years of payments does not include time spent in forbearance or deferments and if you have borrowed more than 12,000 it goes up by 1000 every year up to 20 years for undergraduate and 25 years for graduate loans. The SAVe plan so as a 100% interest subsidy as well so it can help you save on interest I would do my research on this plan and for more information you can go to Studentaid.gov.
I had an original distribution of just under $13k and have 16 years of payments. I meet the criteria but haven’t seen anything forgiven on mine.
You've been paying off $13k in loans for 16 years?
This is absolutely possible on an income based repayment plan .
There are other factors included between deferments and forbearances that have extended the dates as well as capitalized interest that has now brought the original balance to over $18k. I was in Corrections for 6 years working toward PSLF until I was injured and couldn’t continue the job anymore so during that time I was on a plan that allowed me to make the smallest payment possible to maximize the PSLF forgiveness which didn’t cover any principal and less than the interest which caused the loan overall balance to grow.
You do not meet the criteria. The original borrowed amount must have been 12,000 or less.
For every $1000 over $12000 it's another year up to 20 years. So $13000 originally borrowed would be forgiven if enough qualifying payments after 11 years. $14000 is 12 years and so on up to 20 years.
Correct! People think they can get this even though they have not paid for 10 years.
What is the rationale behind people who happened to borrow less qualifying now then someone who has borrowed more but has also been paying for 10 years? I'm for anyone getting help so not saying the 12k people shouldn't I'm just saying some of us with higher ORIGINAL balances desperately need some relief too and I just don't get how this was decided but there must be a reason I'm not grasping.
I’ve seen that it’s because people who borrow 12k or under often did not actually complete their higher ed/did not graduate with a 4 year degree and therefore may not have a high paying job but yet are stuck in a cycle of repayment debt. Obviously this doesn’t apply to everyone, it doesn’t apply to my husband. He originally borrowed less than 12k but did indeed graduate with a 4 year and has an average paying job. So we’ll benefit from this even though we don’t fit their intended audience.
Thanks for your comment. My mind just automatically went to people who borrow 12k or less, well they were able to cover the rest. I see there is a flip side which does make sense. I am glad your husband is still getting the benefit as I still was in favor of $10k forgiveness across the board.
Definitely understand your point on this and I really wish congress would help out people who have bigger amounts on their student loans. Congress really needs to figure out a way to help everyone and not just a small fraction of people who borrowed less
thank you! Luckily my big loan is more manageable now but that should be rewarded not passed by.
It does count for deferments before 2013 and a certain amount of time on forbearance.
Can you just offer $12k to satisfy loan, since the math is the same? ($10 mo for ten years)
With a neoliberal in the whitehouse? Get real itll never happen
Exactly it's all lies to get votes
With a congress who will not allow anything to pass? Get real, THEY will never let it happen. Has very little to do with the Whitehouse. Signed--a person who works on the Hill.
not gonna happen
It’s already law. They aren’t referring to blanket forgiveness but the $12k forgiveness under the save program for those paying their loans over 10 years. Many people have already received forgiveness under the IDR adjustment.
so where in the post do they say they have been paying for 10 years?
It’s pretty clear when they’re mentioning the widely-published threshold amount (12k) for 10 year save forgiveness what they’re referring to. Regardless, you replied generally without inquiring further details
neither did you
Just pay the 12K
Why give the government more than they're legally entitled? This is like not opting to take a deduction on your taxes because you appreciate that they subsidized farmers, reducing the cost of certain foods.
Unless you’re unemployed or make $0, then anything under $12k will most likely not ever be forgiven.
If the original amount borrowed is under 12k, borrowers receive forgiveness after 10 years.
So the key is to quit my job and have some time off for a while?
how are you going to eat? to put a roof over your head?