Look just allow students to enter into bankruptcy easily like all other normal financial debt ; the idea of not allowing student debt bankruptcy relief as all debts should be legally challenged….
@@captainkangaroo4301 bankruptcy; really it doesn’t destroy you credit for 10 years , there are ways to re- establish your credit in one year ; Student’s need to demand that their debt is treated. Fairly and equally under standard bankruptcy laws period….Students should be treated equally as any citizen not less then any citizen with equal rights under present bankruptcy law ; students are put in a form of Debt prison and held here for thirty years; this is a unlawful practice and debt prison was abolished a century ago….Demand Standard Bankruptcy Law Be Enacted Immediately ; Student’s Civil Rights Are Being Violated Period ….Again Demand That Student Loans Must Allowed To Enter A Normal Standardized Bankruptcy Petition And Law…..Students Are Not Second Class Of Citizen……
Every student at every college would bankrupt at graduation. It would be expected and stupid not to. It would be the norm and lose all negative stigma.
Students are held to a higher standard because they the societal elites because of their education. Allowing easy bankruptcy would be permitting loan fraud on a large scale. The financial industry does not owe students free money. Degrees must have cheapened in value if graduates are so financially irresponsible. Who would hire these deadbeats?
Student loans are a unique form of debt that isn't typically discharged in bankruptcy, and there are several important reasons for this. First and foremost, these loans are backed by government funds and taxpayer dollars. Unlike private debts such as credit card balances or medical bills, allowing student loans to be easily erased through bankruptcy could potentially cost taxpayers billions of dollars in losses. This financial burden on the public is a major concern for policymakers. Another significant issue is the potential for abuse and moral hazard. If student loans could be readily discharged, it might create a "free money" mentality, encouraging some individuals to borrow excessively without any real intention of repaying their debts. This could lead to irresponsible borrowing practices and undermine the entire purpose of the student loan system, which is to provide access to education for those who truly need financial assistance. The special treatment of student loans in bankruptcy isn't a recent development. Since the 1970s, Congress has granted student loans special protections in the Bankruptcy Code. The intention behind this was to ensure continued access to education by maintaining the integrity of the student loan system. Under current law, borrowers must prove "undue hardship" to discharge their student loans in bankruptcy - a standard that is notoriously difficult to meet. This high bar is designed to prevent widespread discharge of student debt. It's also worth noting that there are alternative options available for managing student debt outside of bankruptcy. Borrowers have access to various programs such as income-driven repayment plans, deferment, forbearance, and even loan forgiveness programs in certain circumstances. These options can provide significant relief to struggling borrowers without resorting to bankruptcy. Lastly, preserving the government's willingness to provide student loans is a crucial consideration. If discharge became too easy, it could make the government more hesitant to offer student loans in the future. This could potentially reduce access to educational financing for future generations of students, particularly those from lower-income backgrounds who rely heavily on these loans to pursue higher education. However, it's important to acknowledge that this is a complex issue with valid arguments on both sides. Some critics argue that the current "undue hardship" standard is excessively strict and that more borrowers facing severe financial distress should be able to discharge their student loans through bankruptcy, similar to other types of consumer debt. They contend that the current system can trap some borrowers in a cycle of insurmountable debt, particularly if they face unexpected hardships or are unable to complete their education. Ultimately, the treatment of student loans in bankruptcy represents a delicate balance. On one hand, there's a need to maintain the integrity and sustainability of the student loan system, ensuring that funds remain available for future students and that taxpayers are protected. On the other hand, there's a growing recognition that some mechanism for relief is necessary for those truly unable to repay their educational debts due to extreme circumstances. As the debate continues, policymakers face the challenge of striking the right balance between these competing concerns.
Joe Biden doesn’t have the money to pay for anybody’s loan, it’s NOT HIS MONEY. When he pulls a stunt like “college loan forgiveness" it would be the working class who will pay for it either directly, or more likely through inflation. Way to go working poor who voted for sniffy Joe, YOU would be on the hook to pay off debt for people who have higher earning potential than you do. He was trying to buy votes from people who have greater earning potential than those who will be paying for it. You’ll pay it one way or another, most likely through enormous inflation.
Had my 110k student loan forgiven in 2022 after holding it for 16 years as a teacher. I'm now entering my 19th year teaching this fall and student loan relief has been a financial game changer. What ticks me off is we don't jerk Banks and other large corporations around like this. Main Street gets jerked around because if main Street gets out of debt, Wall Street doesn't make as much money. Always remember, your debt relief denies bankers a paycheck.
Wethepeople are always screwed, abused, neglected, lied to, and carry most of the burden of financing the government. I see it as taxation without adequate honest representation.
lol they've been raping social security fund since it's inception. By the time you retire, you won't be able to collect because it won't exist. The government has been borrowing against that fund and replacing the money with I.O.U's for decades. It's already stolen.
lol. Didn't expect anything less. No.. I'm not freaking out, because F them. I will not pay another $0.01 until the day I die. IDGAF about a credit score
Bankruptcy; really it doesn’t destroy you’re credit for 10 years , there are ways to re- establish your credit in one year ; Student’s need to demand that their debt is treated. Fairly and equally under standard bankruptcy laws period….Students should be treated equally as any citizen not less then any citizen with equal rights under present standards of normal bankruptcy law ; students are put in a form of Debt prison and held here for thirty years; this is a unlawful practice and debt prison was abolished a century ago….Demand Standard Bankruptcy Law Be Enacted Immediately ; Student’s Civil Rights Are Being Violated Period ….Again Demand That Student Loans Must Be Allowed To Enter A Normal Standardized Bankruptcy Petition And Law…..Students Are Not Second Class Of Citizen…… Stand Up And Demand The Same Standards Of Bankruptcy For All Other Citizens Debt Relief…..Again Students Are Being Placed In A Illegal And Unlawful Debt Prison System For Thirty Years Before Being Released …..This Needs To Stop Immediately…..It Flies In The Face Of both Your Constitutional And Civil Rights…..
I have about $12k of student loans in standard repayment, but I plan on having it paid off by next year unless I lose my job or an emergency happens. I would have it paid off this year, but I made some decisions (some stupid, some necessary) that cost me about $5k of credit card debt. My situation could be much worse, but it still can be if I lose my job or I get hit by a bus tomorrow (and survive). 😂
Would leaving SAVE and going to IBR be a wise option, just for some peace of mind??? I don't hear anything about this plan in the news. Consolidator here who had commercially-held FFEL loans (went into repayment Oct 2004) that were consolidated in 12/23 and been waiting for the one-time adjustment for some relief. I'm willing to pay more for my sanity and sacrifice an interest subsidy and continue to get qualifying payments considering time in repayment. I just can't stand this will-they-won't-they drama that's becoming unbearable.... thx in adv.
🙏🏾☝🏾😇🙌🏾👏🏾YOU ARE THE BEST RESOURCE MY BROTHER AND THANK YOU FOR YOUR EXPERTISE AND CARING!! I’M PRAYING MY LOANS AND EVERYONE ELSE LOANS ARE FORGIVEN SO WE CAN MOVE FORWARD IN LIFE!! THANK YOU AND MAY GOD CONTINUE TO BLESS YOU!!☝🏾🙏🏾👏🏾🙌🏾😇
Omg I’m screwed I consolidated and after being in repayment for 17 years and now I’m going to have to pay for another 25 years because this started the loans over
That is the reason I did not consolidate. I backed out after seeing how much consolidating would hike up my loan. All these are empty promises PB already fooled us oneself before a year ago, not fooling me twice.
Exactly the reason why I was so hesitant but then I followed the advice of other student loan planner channels and called my student loan servicer and they stated the same thing you should consolidate because it will help you reach forgiveness sooner… now I’m definitely looking foolish with so much more to repay
One of the things that the save plan is helpful is when you're low income and the payments are zero. Many of us can't afford the high interest payments. This includes veterans, teachers, and others. You cant pay you cant pay. As my father says you cant get blood from a stone.
Biden should have went through congress!!!!! Furthermore, MOHELA is a nonprofit organization and is not barred from seeking other forms of income, if they feel they are really being harmed by this. Many nonprofit organizations find other streams of income in the quest of staying alive.
MOHELA was not a party to the suit; it was the Attorney General from Missouri who brought the lawsuit against the Department of Education on the basis that the state would be losing interest (profit) off student loans under the SAVE Plan. Biden would not implement this program through Congress because he currently does not have a majority with his party in the House of Representatives.
Look, let me say this,try to consolidate. You may get it or maybe not. I started paying my loan back right after I took it out. The loan people hated it so they never got interest. Handle interest first. I never Even knew about consolidation until they came to me 6 months after the program. I was already into payment mode and so far ahead. Try it, just don't do nothing. This is not going to go well people.
I was getting sick/tired of listening to white UA-camrs talk about this shit. I didn't understand a word. I'm so grateful I found your account because I'm actually starting to grasp what's happening. Like, just because I got a MA in Public Policy & Administration doesn't mean I understand all the jargon. I'm still a girl from the South side who needs these big concepts to be explain at a colloquial level, so THANK YOU!
Yes, I was so confused when I got a message from Mohela telling me my payment schedule changed (I had my loans go in forbearance while they work on my amount under SAVE) and said 10 with my current payments, then said 120 with a much higher amount. I wish they'd make these things make more sense.
Same. I got that notification when they transferred me to the new platform. Not sure if it's related to that or not. Also of note, the 10th circuit overturned the lower payment (5%) injunction in a Sunday ruling yesterday (6/30).
@@ronaldreagan-ik6hz When I signed up for my loan I agreed to pay for 10 years and work in public service so they will forgive the rest (yes if you read the fine print that is in the contract). So thank you very much I am doing what any sane person would do and find the repayment plan that costs the least until my loans are forgiven. I'm waiting for the government to hold up it's end of the contract thank you.
Thank you, @stanleytate. You continue to be a voice of reason calming the screaming panic in my head. REALLY didn't like the part around 4:30 in this vid, re: the potential for changes to loan forgiveness even for OG ICR/IBR plans like mine. I'm still holding out hope that we can get my account history correctly representing my 25+ year repayment history and get the forgiveness I was promised in grad school when I took out these loans. I'm telling myself to hold tight, since I know that's your advice for this news. Wondering if you'd still advise a November 2024 timeline for me going to the ombudsman with a request that they get that weird gap in my repayment history corrected? As always, huge thanks for your calm/no-BS assessment of what's going down. What a wild ride!
do you think its fair that someone that never went to college, or someone who has worked an extra job for years to pay off their loan -- would now have to pay for yours through taxes? and notice-- democrats are doing nothing to stop this insanity? they are literally cranking out new loans everyday. insane.
They say America got rid of sins of the father. But if you don’t have stable parents your screwed for life. If you somehow earn you degree work hard you will still have a huge financial ball and chain. How does this make sense to have a bunch of people with huge student loan burdens? How does this help society?
@@ronaldreagan-ik6hzI’m litterally a PMP project manager for a fortune 50. Every part of my life was planned to the max. The fortune 50 company job position is was picked by me in 2012. I got two bachelors and two major internships. Got hired on by my dream employer then I planned to buy a house so I moved to a satellite location and bought a home. I got free education for masters so got two masters one Georgetown 4.0 in project management the other a state school for supply chain for globalization. I have planned more than anyone I know. The problem is the only ways to handle student loans is to pay it off by having a shitty life for half a decade to a decade or pay mins and wait for forgiveness. The plan is the last one the problem is how was I supposed to know Biden would have dementia and tank the democrats and the republicans would go full nuclear with project 2025 and target department of education? Apparently investing in undergrad and crawling my way out of subway sandwich artist would make me enemy number 1. Im the elite college grad.
@@ronaldreagan-ik6hz not possible i planned everything. My plan would have been perfect if it wasn’t for Biden dementia and republicans actively targeting department of education. Republicans for some reason hate elite college grads.
They would decide to end it when I finally signed up for it. I just found out about this program in December after thinking what I did two years ago would put me on the plan to forgiveness. I’ve been holding these long since 2003 and they just keep increasing due to runaway interest.
People do ot understand that everyone is an individual with different circumstances that got them buried in student dent. I personally did not even get my 4 year degree as I got evicted in 2008 housing crash and became homeless which greatly impacted going to college as a single father. I needed to provide for my daughter and had to get a job, any job! I could not afford to drive to school and basically had my life get torn apart. Then I lost my parents that were going to help me to cancer and money I should have got was taken to pay off my sisters bad debt. I only get one life and it has been totally destroyed with student debt. America treats criminals and gamblers better then we treat student debtors. People fil bankruptcy everyday and reset their lives quickly but student debt is forever and pushed people into suicide to break free.
Every body laugheyat me backnthen when i didn't go back to school after my Bach degree and only did 4 months of school but I was not owing money after ingit backmfrom IRaq and paid that shit off when i went back to ny on leave. I could care kess of going backnto school.if indi then ill sv ethe money for the year then ill take tome off and raise money again until i get my masters degree if it takes 3 years so what.
Why should I pay your debts when I could not afford to go to college? As a retire who had all ready not receiving my full retirement because I choice to work hard. PAY YOUR BILLS AND DONT EXPECT THE POORER TO PAY.
Joe Biden doesn’t have the money to pay for anybody’s loan, it’s NOT HIS MONEY. When he pulls a stunt like “college loan forgiveness" it would be the working class who will pay for it either directly, or more likely through inflation. Way to go working poor who voted for sniffy Joe, YOU would be on the hook to pay off debt for people who have higher earning potential than you do. He was trying to buy votes from people who have greater earning potential than those who will be paying for it. You’ll pay it one way or another, most likely through enormous inflation.
I hope everyone realizes which party is trying to help working people while one is intent of destroying working people. Vote Biden and give him a democratic Congress.
Yeah this is a stupid comment. Both parties hate you. Democrats had a super majority for years. They have been promising this for years. None of this was fixed. They all hate you.
Paying one's debts is part of adulthood responsibility. Demanding others pay your debts is incredibly selfish. That a politician thinks he can buy votes w/such plans indicates he really thinks selfishness is far more common than it should be.
Donald Trump has declared bankruptcy 4 times. If the middle class can't have their student loans discharged in bankruptcy then neither should the rich. It's that simple.
The way the interest is calculated makes that very difficult for students. There are literally 80 yo people still paying loans. That's why folks are so frustrated. The government is a lousy partner in education.
Look just allow students to enter into bankruptcy easily like all other normal financial debt ; the idea of not allowing student debt bankruptcy relief as all debts should be legally challenged….
@@captainkangaroo4301 bankruptcy; really it doesn’t destroy you credit for 10 years , there are ways to re- establish your credit in one year ; Student’s need to demand that their debt is treated. Fairly and equally under standard bankruptcy laws period….Students should be treated equally as any citizen not less then any citizen with equal rights under present bankruptcy law ; students are put in a form of Debt prison and held here for thirty years; this is a unlawful practice and debt prison was abolished a century ago….Demand Standard Bankruptcy Law Be Enacted Immediately ; Student’s Civil Rights Are Being Violated Period ….Again Demand That Student Loans Must Allowed To Enter A Normal Standardized Bankruptcy Petition And Law…..Students Are Not Second Class Of Citizen……
Agreed. Student is the ONLY debt that's immune from bankruptcy. The only one.
Every student at every college would bankrupt at graduation. It would be expected and stupid not to. It would be the norm and lose all negative stigma.
Students are held to a higher standard because they the societal elites because of their education. Allowing easy bankruptcy would be permitting loan fraud on a large scale. The financial industry does not owe students free money. Degrees must have cheapened in value if graduates are so financially irresponsible. Who would hire these deadbeats?
Student loans are a unique form of debt that isn't typically discharged in bankruptcy, and there are several important reasons for this. First and foremost, these loans are backed by government funds and taxpayer dollars. Unlike private debts such as credit card balances or medical bills, allowing student loans to be easily erased through bankruptcy could potentially cost taxpayers billions of dollars in losses. This financial burden on the public is a major concern for policymakers.
Another significant issue is the potential for abuse and moral hazard. If student loans could be readily discharged, it might create a "free money" mentality, encouraging some individuals to borrow excessively without any real intention of repaying their debts. This could lead to irresponsible borrowing practices and undermine the entire purpose of the student loan system, which is to provide access to education for those who truly need financial assistance.
The special treatment of student loans in bankruptcy isn't a recent development. Since the 1970s, Congress has granted student loans special protections in the Bankruptcy Code. The intention behind this was to ensure continued access to education by maintaining the integrity of the student loan system. Under current law, borrowers must prove "undue hardship" to discharge their student loans in bankruptcy - a standard that is notoriously difficult to meet. This high bar is designed to prevent widespread discharge of student debt.
It's also worth noting that there are alternative options available for managing student debt outside of bankruptcy. Borrowers have access to various programs such as income-driven repayment plans, deferment, forbearance, and even loan forgiveness programs in certain circumstances. These options can provide significant relief to struggling borrowers without resorting to bankruptcy.
Lastly, preserving the government's willingness to provide student loans is a crucial consideration. If discharge became too easy, it could make the government more hesitant to offer student loans in the future. This could potentially reduce access to educational financing for future generations of students, particularly those from lower-income backgrounds who rely heavily on these loans to pursue higher education.
However, it's important to acknowledge that this is a complex issue with valid arguments on both sides. Some critics argue that the current "undue hardship" standard is excessively strict and that more borrowers facing severe financial distress should be able to discharge their student loans through bankruptcy, similar to other types of consumer debt. They contend that the current system can trap some borrowers in a cycle of insurmountable debt, particularly if they face unexpected hardships or are unable to complete their education.
Ultimately, the treatment of student loans in bankruptcy represents a delicate balance. On one hand, there's a need to maintain the integrity and sustainability of the student loan system, ensuring that funds remain available for future students and that taxpayers are protected. On the other hand, there's a growing recognition that some mechanism for relief is necessary for those truly unable to repay their educational debts due to extreme circumstances. As the debate continues, policymakers face the challenge of striking the right balance between these competing concerns.
Should be able to sue the gov for all this
Joe Biden doesn’t have the money to pay for anybody’s loan, it’s NOT HIS MONEY. When he pulls a stunt like “college loan forgiveness" it would be the working class who will pay for it either directly, or more likely through inflation. Way to go working poor who voted for sniffy Joe, YOU would be on the hook to pay off debt for people who have higher earning potential than you do. He was trying to buy votes from people who have greater earning potential than those who will be paying for it. You’ll pay it one way or another, most likely through enormous inflation.
Had my 110k student loan forgiven in 2022 after holding it for 16 years as a teacher. I'm now entering my 19th year teaching this fall and student loan relief has been a financial game changer.
What ticks me off is we don't jerk Banks and other large corporations around like this. Main Street gets jerked around because if main Street gets out of debt, Wall Street doesn't make as much money. Always remember, your debt relief denies bankers a paycheck.
You're welcome
Yes, you are quite welcome for your loan relief
Wethepeople are always screwed, abused, neglected, lied to, and carry most of the burden of financing the government. I see it as taxation without adequate honest representation.
Congrats🎉🎉 And thanks for helping our kids!
You paid $110000 for teaching degree huh? Yeah that is smart real smart.
Thank you for sharing your experience and being concerned about others.
Didn't take that long to bail out businesses and banks.
Yall people dont get it, they coming after your social security.
lol they've been raping social security fund since it's inception. By the time you retire, you won't be able to collect because it won't exist. The government has been borrowing against that fund and replacing the money with I.O.U's for decades. It's already stolen.
You're the best information source! Thank you!
My pleasure!
Pay your own debt , I did ,
People on SAVE now can expect up to 5x increase starting in December. Mine did. And I'm pissed! So if you pay $200/month now, expect $1000/month.
lol. Didn't expect anything less. No.. I'm not freaking out, because F them. I will not pay another $0.01 until the day I die. IDGAF about a credit score
That's fine. No one will ever grant you another loan until the day you die. Have fun paying cash for everything.
Unfortunately, the feds won't allow you to draw the social security you paid into if you default. The system is rigged.
@@KevinInPhoenixPaying cash will probably save him hundreds of thousands in his lifetime. 😂
Say goodbye to social security
Social security gets garnished if you still owe student loans. You will have to work until you die
Bankruptcy; really it doesn’t destroy you’re credit for 10 years , there are ways to re- establish your credit in one year ; Student’s need to demand that their debt is treated. Fairly and equally under standard bankruptcy laws period….Students should be treated equally as any citizen not less then any citizen with equal rights under present standards of normal bankruptcy law ; students are put in a form of Debt prison and held here for thirty years; this is a unlawful practice and debt prison was abolished a century ago….Demand Standard Bankruptcy Law Be Enacted Immediately ; Student’s Civil Rights Are Being Violated Period ….Again Demand That Student Loans Must Be Allowed To Enter A Normal Standardized Bankruptcy Petition And Law…..Students Are Not Second Class Of Citizen…… Stand Up And Demand The Same Standards Of Bankruptcy For All Other Citizens Debt Relief…..Again Students Are Being Placed In A Illegal And Unlawful Debt Prison System For Thirty Years Before Being Released …..This Needs To Stop Immediately…..It Flies In The Face Of both Your Constitutional And Civil Rights…..
How do you reestablish credit in one year?
Heavy on the WTF....
thats what i say about everything Democrat's propose. insanity on every level.
that's also what every American that never went to college say when they now have to pay more taxes to pay for college graduates.
Get government out of loans
I have about $12k of student loans in standard repayment, but I plan on having it paid off by next year unless I lose my job or an emergency happens. I would have it paid off this year, but I made some decisions (some stupid, some necessary) that cost me about $5k of credit card debt. My situation could be much worse, but it still can be if I lose my job or I get hit by a bus tomorrow (and survive). 😂
At least you got plans to pay
Would leaving SAVE and going to IBR be a wise option, just for some peace of mind??? I don't hear anything about this plan in the news. Consolidator here who had commercially-held FFEL loans (went into repayment Oct 2004) that were consolidated in 12/23 and been waiting for the one-time adjustment for some relief. I'm willing to pay more for my sanity and sacrifice an interest subsidy and continue to get qualifying payments considering time in repayment. I just can't stand this will-they-won't-they drama that's becoming unbearable.... thx in adv.
Will you do a video regarding the July 18, 2024 court ruling?
🙏🏾☝🏾😇🙌🏾👏🏾YOU ARE THE BEST RESOURCE MY BROTHER AND THANK YOU FOR YOUR EXPERTISE AND CARING!! I’M PRAYING MY LOANS AND EVERYONE ELSE LOANS ARE FORGIVEN SO WE CAN MOVE FORWARD IN LIFE!! THANK YOU AND MAY GOD CONTINUE TO BLESS YOU!!☝🏾🙏🏾👏🏾🙌🏾😇
Omg I’m screwed I consolidated and after being in repayment for 17 years and now I’m going to have to pay for another 25 years because this started the loans over
That is the reason I did not consolidate. I backed out after seeing how much consolidating would hike up my loan. All these are empty promises PB already fooled us oneself before a year ago, not fooling me twice.
Exactly the reason why I was so hesitant but then I followed the advice of other student loan planner channels and called my student loan servicer and they stated the same thing you should consolidate because it will help you reach forgiveness sooner… now I’m definitely looking foolish with so much more to repay
I think we have to wait until the fall to see how the payment count adjustment will be. There's still hope.
Why do you think you’re starting over?
How about actually paying back what you owe? Good grief
One of the things that the save plan is helpful is when you're low income and the payments are zero. Many of us can't afford the high interest payments. This includes veterans, teachers, and others. You cant pay you cant pay. As my father says you cant get blood from a stone.
Teachers are the third most common profession of american millionaire. --- 2018 book "Everyday millionaire"
Thank god I got rid of my loans. Trusting GOV to get forgiven is a joke.
Best thing I did was pay it off during covid .. good luck yall
More courts are coming to challenge this.
I will definitely be booking a call soon. Maybe guide me through my best options. I really like how you break this mess down. Much appreciated.
Its should be blocked that's Congress job not the presidents
Biden should have went through congress!!!!! Furthermore, MOHELA is a nonprofit organization and is not barred from seeking other forms of income, if they feel they are really being harmed by this. Many nonprofit organizations find other streams of income in the quest of staying alive.
MOHELA was not a party to the suit; it was the Attorney General from Missouri who brought the lawsuit against the Department of Education on the basis that the state would be losing interest (profit) off student loans under the SAVE Plan.
Biden would not implement this program through Congress because he currently does not have a majority with his party in the House of Representatives.
Look, let me say this,try to consolidate. You may get it or maybe not. I started paying my loan back right after I took it out. The loan people hated it so they never got interest. Handle interest first. I never Even knew about consolidation until they came to me 6 months after the program. I was already into payment mode and so far ahead. Try it, just don't do nothing. This is not going to go well people.
I was getting sick/tired of listening to white UA-camrs talk about this shit. I didn't understand a word. I'm so grateful I found your account because I'm actually starting to grasp what's happening. Like, just because I got a MA in Public Policy & Administration doesn't mean I understand all the jargon. I'm still a girl from the South side who needs these big concepts to be explain at a colloquial level, so THANK YOU!
Yes, I was so confused when I got a message from Mohela telling me my payment schedule changed (I had my loans go in forbearance while they work on my amount under SAVE) and said 10 with my current payments, then said 120 with a much higher amount. I wish they'd make these things make more sense.
Same boat. I was about to call to ask about the 120 payments.
Same. I got that notification when they transferred me to the new platform. Not sure if it's related to that or not. Also of note, the 10th circuit overturned the lower payment (5%) injunction in a Sunday ruling yesterday (6/30).
you want things to make more sense? stop trying to move the pea under the cup, and pay back the loan you signed for and agreed to repay. shocker.
@@ronaldreagan-ik6hz When I signed up for my loan I agreed to pay for 10 years and work in public service so they will forgive the rest (yes if you read the fine print that is in the contract).
So thank you very much I am doing what any sane person would do and find the repayment plan that costs the least until my loans are forgiven.
I'm waiting for the government to hold up it's end of the contract thank you.
FJB!
Thank you, @stanleytate. You continue to be a voice of reason calming the screaming panic in my head. REALLY didn't like the part around 4:30 in this vid, re: the potential for changes to loan forgiveness even for OG ICR/IBR plans like mine. I'm still holding out hope that we can get my account history correctly representing my 25+ year repayment history and get the forgiveness I was promised in grad school when I took out these loans.
I'm telling myself to hold tight, since I know that's your advice for this news. Wondering if you'd still advise a November 2024 timeline for me going to the ombudsman with a request that they get that weird gap in my repayment history corrected? As always, huge thanks for your calm/no-BS assessment of what's going down. What a wild ride!
do you think its fair that someone that never went to college, or someone who has worked an extra job for years to pay off their loan -- would now have to pay for yours through taxes? and notice-- democrats are doing nothing to stop this insanity? they are literally cranking out new loans everyday. insane.
You are doing a wonderful service for fellow Americans!!!! Thank you!!!!
no. stopping these loans entirely would be good for America. forgiveness of a promised debt is rewarding bad behavior. that's wrong and unjust.
They say America got rid of sins of the father. But if you don’t have stable parents your screwed for life. If you somehow earn you degree work hard you will still have a huge financial ball and chain. How does this make sense to have a bunch of people with huge student loan burdens? How does this help society?
@@silentnot4812did you in anyway live with parents during or after school?
its simple. you need to plan better.
@@ronaldreagan-ik6hzI’m litterally a PMP project manager for a fortune 50. Every part of my life was planned to the max. The fortune 50 company job position is was picked by me in 2012. I got two bachelors and two major internships. Got hired on by my dream employer then I planned to buy a house so I moved to a satellite location and bought a home. I got free education for masters so got two masters one Georgetown 4.0 in project management the other a state school for supply chain for globalization. I have planned more than anyone I know. The problem is the only ways to handle student loans is to pay it off by having a shitty life for half a decade to a decade or pay mins and wait for forgiveness. The plan is the last one the problem is how was I supposed to know Biden would have dementia and tank the democrats and the republicans would go full nuclear with project 2025 and target department of education? Apparently investing in undergrad and crawling my way out of subway sandwich artist would make me enemy number 1. Im the elite college grad.
@@ronaldreagan-ik6hz not possible i planned everything. My plan would have been perfect if it wasn’t for Biden dementia and republicans actively targeting department of education. Republicans for some reason hate elite college grads.
Excellent, informative and calming / reassuring video !!
I'm gonna subscribe !
They would decide to end it when I finally signed up for it. I just found out about this program in December after thinking what I did two years ago would put me on the plan to forgiveness. I’ve been holding these long since 2003 and they just keep increasing due to runaway interest.
if you have been holding this since 2003, you have been horribly irresponsible.
People do ot understand that everyone is an individual with different circumstances that got them buried in student dent. I personally did not even get my 4 year degree as I got evicted in 2008 housing crash and became homeless which greatly impacted going to college as a single father. I needed to provide for my daughter and had to get a job, any job! I could not afford to drive to school and basically had my life get torn apart. Then I lost my parents that were going to help me to cancer and money I should have got was taken to pay off my sisters bad debt. I only get one life and it has been totally destroyed with student debt. America treats criminals and gamblers better then we treat student debtors. People fil bankruptcy everyday and reset their lives quickly but student debt is forever and pushed people into suicide to break free.
wrong. millions of Americans have worked hard to pay for their college. this program spits in their face. pay your own damn bills people.
So if I am just now filling out the application for direct loan consolidation, would it be safer to choose IBR instead of SAVE? I am working on PSLF.
I don't like paying my mortgage LOAN either. Listen, it's a loan. If you borrowed it, pay it.
words of wisdom!
I'm so confused. I'm going to have to sign up for a consultation.
its easy. pay the loan -- you promised to pay.
Good on the Supreme Court!!! You took out the loans - you pay them!!!
I am not sure if I made a mistake by consolidating. Is there a deadline to back out. Can you help me file bankruptcy on these loans
Every body laugheyat me backnthen when i didn't go back to school after my Bach degree and only did 4 months of school but I was not owing money after ingit backmfrom IRaq and paid that shit off when i went back to ny on leave. I could care kess of going backnto school.if indi then ill sv ethe money for the year then ill take tome off and raise money again until i get my masters degree if it takes 3 years so what.
Why should I pay your debts when I could not afford to go to college? As a retire who had all ready not receiving my full retirement because I choice to work hard. PAY YOUR BILLS AND DONT EXPECT THE POORER TO PAY.
is there any hope for healthcare providers?
FJB!!!
Yay. My taxes will not go towards this mess
You’re doing the lords work. Thank you! 🙏🏼
the lords work does not involve screwing over those that have been responsible.
@@ronaldreagan-ik6hz Isn't Jesus the one that said you should forgive debt Matthew 18:21-35, Luke 7:36-39
@@r3cursion this has nothing to do with the bible. LOL. pay back your chosen debt. this debt was a choice -- own it.
@@ronaldreagan-ik6hz everything in life has to do with the Bible. That’s kind of the point
Only certain parts have been blocked. Not the SAVE plan.
Joe Biden doesn’t have the money to pay for anybody’s loan, it’s NOT HIS MONEY. When he pulls a stunt like “college loan forgiveness" it would be the working class who will pay for it either directly, or more likely through inflation. Way to go working poor who voted for sniffy Joe, YOU would be on the hook to pay off debt for people who have higher earning potential than you do. He was trying to buy votes from people who have greater earning potential than those who will be paying for it. You’ll pay it one way or another, most likely through enormous inflation.
Just pay what you owe!
How about the interest savings talk about that
loans have interest you genius.
Get out and Vote 💙
I hope everyone realizes which party is trying to help working people while one is intent of destroying working people. Vote Biden and give him a democratic Congress.
Yeah this is a stupid comment. Both parties hate you. Democrats had a super majority for years. They have been promising this for years. None of this was fixed.
They all hate you.
Paying one's debts is part of adulthood responsibility. Demanding others pay your debts is incredibly selfish. That a politician thinks he can buy votes w/such plans indicates he really thinks selfishness is far more common than it should be.
Ok boomer
@@prettybrwneyez7757 yeah I paid my debts so if that is the best you can do I guess you are incapable of a reasoned response
@@oldegruntwhy make a comment on a post that you don’t agree with seriously why waste the energy
@@SmecaWash The second part of the First Amendment is not quite dead so why not point out facts such posts like to ignore?
You took the loan.....pay it back. It's that simple......
Donald Trump has declared bankruptcy 4 times. If the middle class can't have their student loans discharged in bankruptcy then neither should the rich. It's that simple.
The way the interest is calculated makes that very difficult for students. There are literally 80 yo people still paying loans. That's why folks are so frustrated. The government is a lousy partner in education.
and they coming after your Social Security !!
Then make everyone pay any debt they have including taxes. Reverse all 6 of Trump’s bankruptcies and make him pay up.
@@splashmt99What does Trump have to do with you. Do you and will be fine.