Can I Get My Student Loans Forgiven – If you are a regular reader of this newsletter, if you open it all the time, if you save it for escape or forward it to friends and family and have conversations about it — consider becoming a paid subscribing member.
, that it actually happens. That depending on their loan type, people making less than $125,000 a year (or $250,000 as a couple) will check their inboxes and find $10,000 (or $20,000, if they have Pell Grants) in debt.
Can I Get My Student Loans Forgiven
To be clear: it is not enough. For many borrowers, $10k barely even covers the interest they accrued on their balance. It is especially not enough for those with massive debt loads. But it will also make a huge difference to the millions who started school and, for whatever reason, couldn’t finish it — yet still carry the debt, without some of the benefits of a degree.
Get Smart About Student Loan Debt Forgiveness 2022
And while the reforms to Income-Driven Repayment on undergraduate loans will make repayment that much less burdensome going forward (seriously, read about them, they’re game changers) it’s also time, as public policy professor Fenaba R. Addo notes. in the Tweet below, use this momentum to think bigger.
Fenaba R. Addo @FenabaAddo It is my hope that we focus on borrowers receiving relief and what it means to them today and not those who are crying foul. The break proved that a simple repair can go a long way in financial aid. This is a start, now it’s time to think bigger. https://t.co/HMXxmIbKJUPPresident Biden @POTUS In keeping with my campaign promise, my Administration is announcing a plan to give working and middle-class families breathing room as they prepare to resume federal student loan payments in January 2023. I will have more details here in the afternoon https://t.co/kuZNqoMe4I 15:52 ∙ 24 Aug 2022 18 Likes 7 Retweets
To think, as she and co-author Jason N. Houle do in their forthcoming book, about loan assistance as racial justice—a form of reparation. Conceptualizing the way loans forced a generation of students, told that college was the only path to stability, to mortgage their futures. To understand that so many professions, professions that we consider necessary to a functioning society, required a level of accreditation that
Debt To think of how little impact loan forgiveness would have on the government’s finances (we’ve paused loans for over two years! Somehow it’s okay!) and how life-changing it would be for those holding them.
Student Debt Relief Will Lead To Higher Voter Turnout In Battleground States
And it’s time to simultaneously move forward with refinancing public institutions and reimagining tuition – while also further regulating for-profit colleges (and graduate degrees!) so that these levels of debt are not replicated for generations to come. (And if you have counter-arguments like “cancellation is regressive, actually” I promise they’re covered and dismissed in this really great and accessible conversation between student debt experts Tressie McMillan Cottom and Louise Seamster).
Part of the way we continue to think bigger is to see what forgiveness does and can do. So that’s what we’re going to do here, for the rest of this post, which I’ve assembled from hundreds of responses from people with all kinds of backgrounds and situations and types of debt. People looking at their first chance at building wealth in the form of home ownership. People who will be able to care for others in their family falling through the safety net. People who for the first time in their adult lives will be able to live without financial ruin around the corner. People who cry because stability, and the ability to start playing the future, feel so incredibly alien. I hope you’ll consider adding what student debt cancellation could and would do for you in the comments — even if it hasn’t happened yet.
This is the beginning of a movement of reform and restoration after decades of predatory student debt practices. Let’s push it forward.
The student loan forgiveness announced today is HUGE for me. My parents didn’t make much money growing up: when I last saw their tax records in 2009, it was about $42,000 combined. Apart from a small Parent Plus loan, they could not help with school expenses at all. That’s how I took out loans for everything: tuition, housing, living expenses.
Student Loan Forgiveness: Eligibility, How To Apply And More
When I graduated from a state school, I had about $20,0000 in federal debt at 6.8% interest. I graduated in the middle of the Great Recession, so the only job I could find after moving home paid $9/hr. 13 years later, after paying about $16,000 and taking several hardships, I still have $15,000 left. Because of the Pell grant ladder, I will be completely free of student loans once this takes effect. I can’t wait.
It will make buying a house and having a child with my partner much more attainable. It should free up about $500 a month between the two of us, allowing us to put that towards other debts and savings.
I’m in the 10k of forgiveness, and since I only have undergraduate government loans, that reduces my total student loan debt by a third. That, along with my decent paying job (that has nothing to do with my expensive degree lol) means I can probably pay it back within the next ten years instead of 15 or 20.
That doesn’t sound like a huge blessing, but the reason I only have these loans and not private loans is because my parents paid 5k or so each year of my tuition. Now I will be rewarded and maybe even build some equity by the time they have to start worrying about end of life care, so I will have money to repay the favor and take care of them the way they took care of me. .
April 30 Deadline Looms For Student Loan Forgiveness
Both mine and my husband’s debt will be eliminated because of this additional Pell Grant announcement. HUGE life changing for two people who now both work in non profit organizations and had many financial hurdles to access and through student!! I feel emotional and grateful and deeply, deeply believe that ALL debt relief for all borrowers is integral to closing the racial wealth gap/ensuring the health of our communities/enhancing economic mobility.
Since I received Pell Grants, my student loans have now been cut in half. I have 12k left — and now there’s forgiveness after 10 years [of payments]— means now it’s likely my loans will be done in 2 years. I’m crying I cried all morning. It means I can buy a house or Condo. I can contribute more to my retirement. I feel that after so much hard work I will finally be financially stable. I’m 42 and feel like I’ve hit some signs of adulthood.
It’s a big fucking deal for me. My history teacher husband was fired in January (he was 10 months out of PSLF) for not teaching *the right kind of history.* It’s a private school, our kids were students there, and to get them out of school, we had to to use MY student loans (I finished my undergrad) to pay off the rest of their tuition contract which was $4k.
Biden’s Executive Order will forgive all my student debt and leave my husband’s <$10k to us. For my family, an enormous financial and traumatic burden is lifted today. I can't stop crying.
Consolidation Deadline Extended To April 30th–make Sure You Get Debt Relief!
19 year old albatross on my neck, instantly gone! I am so happy, you have no idea! I had Pell grants but my outstanding balance is (was?) $9,293.53. Oldest loan dated 2003-09-30. No politician has ever done so much for me in my entire life! No loan payment means more fresh fruit and vegetables in our fridge, more books for our boys and now I can afford new clothes too. I am in total disbelief!
I was a Pell recipient, and my total debt was 19k when I graduated, thanks to my college meeting full demonstrated need. I got it down to 13.5k before the [student loan] break. I figured out how to pay for grad school by working at universities. Fast forward to now, and I’ve accepted an offer for a six-figure job that’s far away and without a car, the drive is an hour or more. With one, it’s only 30 min. Without the relief I could not consider a car. In addition, this will help me to help my family, which I have not yet been able to do as I want. I can save for a down payment. It’s been a weird couple of weeks financially but I cried when the 20k for Pell news came though.
I want more forgiveness and will vote for it. But I have to say that this limited forgiveness is a huge deal for our family. It’s the final straw of loans my husband took out for a degree he never finished. It’s most of the loans I took out basically to buy winter clothes and food that I
Was my student loans forgiven, how can i get my student loans forgiven, can i get my student loans forgiven, can nurses get their student loans forgiven, how can my student loans be forgiven, can nurses get student loans forgiven, get my student loans forgiven, did my student loans get forgiven, get student loans forgiven, can my private student loans be forgiven, how can i get my private student loans forgiven, can student loans be forgiven
