Public Student Loan Forgiveness?

[LeviF]

PSLF is built into the fed loan agreement. Taking advantage of something that the G freely offered when you signed your note isn’t exactly robbing anyone. It’s an alternative way of paying your loan back, 10 years in public service. 

Of course it might help if the title of the thread was correct 😂😂😂

[Johnny Hammersticks]

38 minutes ago, LeviF said:

PSLF is built into the fed loan agreement. Taking advantage of something that the G freely offered when you signed your note isn’t exactly robbing anyone. It’s an alternative way of paying your loan back, 10 years in public service. 

Of course it might help if the title of the thread was correct 😂😂😂

Public Service Loan Forgiveness…sorry jerk 😉😅

[Simon]

4 hours ago, Johnny Hammersticks said:

Very curious to see Westhole’s response to that post.  

 

Since I'm sure you're waiting with abated breath, I'll spare you the suspense and suggest it might be quite a while on that response. 

 

 

[Augie]

2 hours ago, Johnny Hammersticks said:

Public Service Loan Forgiveness…sorry jerk 😉😅

 

Forgive me, for I’m not really familiar with all this. Did I read you have to work as some type of “public servant” (that is a terrible term IMO, so please let me know if something else is more palatable) for a period of years?  If that is the case, hell ya! You earned that! 

[LeviF]

2 minutes ago, Augie said:

 

Forgive me, for I’m not really familiar with all this. Did I read you have to work as some type of “public servant” (that is a terrible term IMO, so please let me know if something else is more palatable) for a period of years?  If that is the case, hell ya! You earned that! 

Government or NFP work

[Johnny Hammersticks]

13 minutes ago, Augie said:

 

Forgive me, for I’m not really familiar with all this. Did I read you have to work as some type of “public servant” (that is a terrible term IMO, so please let me know if something else is more palatable) for a period of years?  If that is the case, hell ya! You earned that! 

Yes.  Ra Ra Hammersticks!!

[Johnny Hammersticks]

So how bout those Sabres?  

[muppy]

38 minutes ago, Johnny Hammersticks said:

So how bout those Sabres?  

pretty danged good wooooooooot!

[Augie]

59 minutes ago, Johnny Hammersticks said:

Yes.  Ra Ra Hammersticks!!

 

Damn! When I recently turned 62 in my county in Georgia we no longer had to pay the school board part of property taxes. Our bill dropped by 2/3, and I’m not apologizing for it.

 

[ExiledInIllinois]

2 hours ago, Augie said:

 

Forgive me, for I’m not really familiar with all this. Did I read you have to work as some type of “public servant” (that is a terrible term IMO, so please let me know if something else is more palatable) for a period of years?  If that is the case, hell ya! You earned that! 

That's how my wife got her MLIS (Masters Library & Information Science) degree (U of I) paid for. This was like over 25 years ago... She had to agree to stay working in Illinois for a certain number of years. 

[Johnny Hammersticks]

11 hours ago, ExiledInIllinois said:

That's how my wife got her MLIS (Masters Library & Information Science) degree (U of I) paid for. This was like over 25 years ago... She had to agree to stay working in Illinois for a certain number of years. 

Kind of like Northern Exposure when Joel Fleichman had to work in Alaska for 10 years to pay off his medical school bills.  I did 3 years in Fairbanks!  I should get a bonus!  😂 

[Just Jack]

14 hours ago, ExiledInIllinois said:

That's how my wife got her MLIS (Masters Library & Information Science) degree (U of I) paid for. This was like over 25 years ago... She had to agree to stay working in Illinois for a certain number of years. 

 

New York has a similar program.

 

Tuition-Free Degree Program: The Excelsior Scholarship (ny.gov)

[Johnny Hammersticks]

Here in Vermont you can go to school to get your nursing degree for free.  Such a shortage.

[ExiledInIllinois]

6 minutes ago, Johnny Hammersticks said:

Here in Vermont you can go to school to get your nursing degree for free.  Such a shortage.

Who wants to be a nurse? Such a grind. Give the medical degree away free, now we are in business... That's why healthcare is so expensive... The damn doctors.  They need a sweet return on their medical education expenses...

 

😏

 

[Johnny Hammersticks]

2 hours ago, ExiledInIllinois said:

Who wants to be a nurse? Such a grind. Give the medical degree away free, now we are in business... That's why healthcare is so expensive... The damn doctors.  They need a sweet return on their medical education expenses...

 

😏

 

I want to dunk your head in a toilet and give you a swirly so bad.  Nerd.

[ExiledInIllinois]

1 hour ago, Johnny Hammersticks said:

I want to dunk your head in a toilet and give you a swirly so bad.  Nerd.

It's the truth. You can make as much being a lock operator. 

[EmotionallyUnstable]

My wife is in an interesting spot. Similar to @Johnny Hammersticks, she is a school psych (not a PhD, just a MS) and this is her 8th year in a public school here in NY. Obviously we are awaiting the supreme court’s decision on the 10k she is eligible for in relief via Biden’s plan. 

 

If it goes through, we will pay off the remaining balance no matter what.

 

Although, I am assuming it won’t, and she’ll be on the hook for the full remaining balance (around 16k). We are contemplating what it’d look like to pay outright a large sum and be done with it vs. paying on the loans for two more years while incruing interest and seeing is the PSLF would wipe out the remainder, ultimately saving us money in the long run. We’ve run a few amortization schedules in the past, and it seems to come down to how fast she could get approved and the loans forgiven. 
 

We’ll see! She’s contemplated returning to school for her PhD and looking into private practice. A few of her old classmates at her graduate program went on to do that. She currently works with one of the most needy inner city populations. Her job is difficult. She’s a warrior. Either way I am happy for her, and us, to be done with that unnecessary burden.  I know she has more than earned it. 

[Johnny Hammersticks]

3 minutes ago, EmotionallyUnstable said:

My wife is in an interesting spot. Similar to @Johnny Hammersticks, she is a school psych (not a PhD, just a MS) and this is her 8th year in a public school here in NY. Obviously we are awaiting the supreme court’s decision on the 10k she is eligible for in relief via Biden’s plan. 

 

If it goes through, we will pay off the remaining balance no matter what.

 

Although, I am assuming it won’t, and she’ll be on the hook for the full remaining balance (around 16k). We are contemplating what it’d look like to pay outright a large sum and be done with it vs. paying on the loans for two more years while incruing interest and seeing is the PSLF would wipe out the remainder, ultimately saving us money in the long run. We’ve run a few amortization schedules in the past, and it seems to come down to how fast she could get approved and the loans forgiven. 
 

We’ll see! She’s contemplated returning to school for her PhD and looking into private practice. A few of her old classmates at her graduate program went on to do that. She currently works with one of the most needy inner city populations. Her job is difficult. She’s a warrior. Either way I am happy for her, and us, to be done with that unnecessary burden.  I know she has more than earned it. 

DM me if you have any questions about PSLF.  Now is the time to do it.  I can at least get you all started.  Not a very complicated process, especially if your wife has only had one employer.

 

PS: Don’t count on the Biden student loan relief legislation to come through.

[LeviF]

10 hours ago, EmotionallyUnstable said:

My wife is in an interesting spot. Similar to @Johnny Hammersticks, she is a school psych (not a PhD, just a MS) and this is her 8th year in a public school here in NY. Obviously we are awaiting the supreme court’s decision on the 10k she is eligible for in relief via Biden’s plan. 

 

If it goes through, we will pay off the remaining balance no matter what.

 

Although, I am assuming it won’t, and she’ll be on the hook for the full remaining balance (around 16k). We are contemplating what it’d look like to pay outright a large sum and be done with it vs. paying on the loans for two more years while incruing interest and seeing is the PSLF would wipe out the remainder, ultimately saving us money in the long run. We’ve run a few amortization schedules in the past, and it seems to come down to how fast she could get approved and the loans forgiven. 
 

We’ll see! She’s contemplated returning to school for her PhD and looking into private practice. A few of her old classmates at her graduate program went on to do that. She currently works with one of the most needy inner city populations. Her job is difficult. She’s a warrior. Either way I am happy for her, and us, to be done with that unnecessary burden.  I know she has more than earned it. 

 

Yeah you can apply now so all the payments she's already made are certified or recognized or whatever so it's a little more seamless at the 10 year mark.

[teef]

11 hours ago, EmotionallyUnstable said:

My wife is in an interesting spot. Similar to @Johnny Hammersticks, she is a school psych (not a PhD, just a MS) and this is her 8th year in a public school here in NY. Obviously we are awaiting the supreme court’s decision on the 10k she is eligible for in relief via Biden’s plan. 

 

If it goes through, we will pay off the remaining balance no matter what.

 

Although, I am assuming it won’t, and she’ll be on the hook for the full remaining balance (around 16k). We are contemplating what it’d look like to pay outright a large sum and be done with it vs. paying on the loans for two more years while incruing interest and seeing is the PSLF would wipe out the remainder, ultimately saving us money in the long run. We’ve run a few amortization schedules in the past, and it seems to come down to how fast she could get approved and the loans forgiven. 
 

We’ll see! She’s contemplated returning to school for her PhD and looking into private practice. A few of her old classmates at her graduate program went on to do that. She currently works with one of the most needy inner city populations. Her job is difficult. She’s a warrior. Either way I am happy for her, and us, to be done with that unnecessary burden.  I know she has more than earned it. 

my wife is a school psych in a similar situation.  she recently had all of her remaining loans forgiven i think after paying on time for 10 years.  i'm sure hammersticks can walk you through this better than anyone, but all i know is that my wife is 37 with no remaining loans.  on top of that, she always let me know how she's retiring at 55 when she has her 30 years in.  that one bugs me.

[Gugny]

On 2/24/2023 at 6:41 PM, Simon said:

 

Since I'm sure you're waiting with abated breath, I'll spare you the suspense and suggest it might be quite a while on that response. 

 

 

 

Did you tread on him?!?

[Just Jack]

The wife got her official notice today that her loans are forgiven.  
 

Original loan was $90K

She's paid back $50K

She still owed $117K

 

Yes, she still owed almost $30K more than the original loan. 

[Draconator]

Doesn't this have to clear the Supreme Court first? I got the notice that $20K of the $25K I owe is forgiven, but if the high court says "Nah dog, we're good, " we all would have to pay them back.

[Just Jack]

21 minutes ago, Draconator said:

Doesn't this have to clear the Supreme Court first? I got the notice that $20K of the $25K I owe is forgiven, but if the high court says "Nah dog, we're good, " we all would have to pay them back.

This is a different program than what the Supreme Court is looking at. 

[Johnny Hammersticks]

On 4/29/2023 at 8:15 AM, Just Jack said:

The wife got her official notice today that her loans are forgiven.  
 

Original loan was $90K

She's paid back $50K

She still owed $117K

 

Yes, she still owed almost $30K more than the original loan. 

Nice!

 

My wife just last Friday got notice that her loans were also forgiven through the PSLF program.  Between the two of us, that’s ~$1200/month in additional income.  Life altering.  We both made about 50-60 additional payments than the 120 required.

[transplantbillsfan]

On 2/24/2023 at 9:05 AM, Westside said:

You burdening other tax payers to pay your bills even though you can afford to pay them yourself and I'm the A-hole? I am having a wonderful day and a awesome life without reneging on my bills.

 

You understand that college tuition and costs have increased at a rate that FAR surpasses inflation, right?

 

Also, the loan forgiveness is only for public servants who have worked in public service jobs for 10 years while paying off their loans consistently over a period of 10 years.  Public servants on average make significantly less than those holding similar jobs in the private sector.

 

If you want to give a big middle finger to the law enforcement agents who patrol your streets, the firefighters who are there to help in all sorts of crises, the teachers who teach your kids and all their ilk, then good on you. 

[T&C]

Not happening. Taxpayers are off the hook for this.

 

https://www.baynews9.com/fl/tampa/news/2023/06/30/supreme-court-biden-student-debt

[Johnny Hammersticks]

2 minutes ago, T&C said:

Not happening. Taxpayers are off the hook for this.

 

https://www.baynews9.com/fl/tampa/news/2023/06/30/supreme-court-biden-student-debt

You do realize that this is entirely different that the PSLF program, right?

[T&C]

3 hours ago, Johnny Hammersticks said:

You do realize that this is entirely different that the PSLF program, right?

I was unaware that there is more than one... guess I've only been following the main one.

[GoBills808]

'taxpayers off the hook' smdh

[ExiledInIllinois]

When it comes to the other loans... The WhiteHouse is attempting an end around:

 

https://www.whitehouse.gov/briefing-room/statements-releases/2023/06/30/fact-sheet-president-biden-announces-new-actions-to-provide-debt-relief-and-support-for-student-loan-borrowers/

 

 

[T&C]

11 minutes ago, ExiledInIllinois said:

When it comes to the other loans... The WhiteHouse is attempting an end around:

 

https://www.whitehouse.gov/briefing-room/statements-releases/2023/06/30/fact-sheet-president-biden-announces-new-actions-to-provide-debt-relief-and-support-for-student-loan-borrowers/

 

 

Like a child who got his hand slapped:

 

https://www.baynews9.com/fl/tampa/politics/2023/06/30/biden-introduces--new-path--for-student-debt-relief-after-supreme-court-ruling

[T&C]

Looks simple enough:

 

https://studentaid.gov/idr/

[SoTier]

On 5/4/2023 at 7:46 PM, transplantbillsfan said:

 

You understand that college tuition and costs have increased at a rate that FAR surpasses inflation, right?

 

Also, the loan forgiveness is only for public servants who have worked in public service jobs for 10 years while paying off their loans consistently over a period of 10 years.  Public servants on average make significantly less than those holding similar jobs in the private sector.

 

If you want to give a big middle finger to the law enforcement agents who patrol your streets, the firefighters who are there to help in all sorts of crises, the teachers who teach your kids and all their ilk, then good on you. 

 

Student loan forgiveness programs go back to the 1970s at least.   The general outlines of the programs have always been the same: students who accumulated debt in pursuing a degree could have all or part of it forgiven if they worked in specified fields, most commonly teaching in inner city schools. As college degrees became requirements for many jobs, most public employees were made eligible.   In recent years, the program administrators, though, made it difficult for students to qualify for the program.   The Biden administration has made it easier for more students to have their loans forgiven.

[Jukester]

For those that were waiting for the IDR forgiveness and received their letter of qualification in July, the discharges officially started happening this past Monday. My wife’s student loan balance now shows 0. 

[haroldwaide]

Mine too.  I didn't have to borrow as much as some on here, but after making payments for 25 years I managed to almost double what I owed...