In my opinion, the worst case scenario isn’t a person that’s two years away from forgiveness for PSLF but no longer will qualify for IBR. Instead, it’s a situation like mine where I’m a few months from 25 year forgiveness but no longer qualify for IBR. I’m in my 50’s and paid more than double the amount I originally took out and still owe over $100k. That’s my get off my lawn rant haha. I do understand though that this is stressful to everyone though.
Same situation here….exactly. What do we do?! 25 years of payments with only FIVE to go on $126,000 loan. No hardship here either. The loan is triple….terrifying.
alright, I think you've stated on here that for the buyback got ahead and mark that you have 120 payments and that I qualify for forgiveness on the ECF even though someone (me) would be in the SAVE forbearance? December is 120 months employed or do you think I should just do a regular ECF and have them get back to me? and then do the buyback? or do you think I should go ahead and try to get on a new repayment plan even though 120 is in December 2024? thanks!!!
I am currently under SAVE and based on your advice previously given I have applied for IBR so my payments count for PSLF. Is this still good advice? I have 2 years left before I have my 120 payments done.
same here, i called in to change out of my SAVE plan to a qualifying pan under PSLF (as im 2 years away as well) and student aid. gov stated they are not accepting any applications to change plans rn. Is this the same for you? is this accurate?
i am under PSLF (8 years in) and have the SAVE plan. I want to make qualifying payments, but my account on student-aid is blocked. i called to ask if i can transfer out of SAVE to a plan i can make payments, but they said everything is on hold. Does anyone else have this issue, and if so, what are you doing to try to get your qualifying payments under PSLF. thanks in advance.
The arguments made by AGs and MOHELA were that this should be left to Congress. PSFL and IBR are codified in law. So the disaster scenario briefly mentioned can't happen. The scenario with caps broken, sadly can.
I’d love to hear more about PSLF buyback. I submitted my buyback request on 8/31/24 and, as of 10/29/24, have still heard nothing back. This is a bummer for two reasons. 1) I had 9 payments to buy back and am down to only 6 now; and 2) I’d love to buy back my earlier $200-$300 payments and hit discharge ASAP, rather than paying $850/month and having fewer cheaper payments to buy back. So the delay has a real time cost for $500-$600 in more expensive payments going out. But so far, just crickets on my application and no way to get an ETA or update on the status. Has anyone actually successfully used the PSLF buyback to achieve forgiveness?
If your team ever gets a chance, I would love to hear your take on those of us currently on PAYE and have been on it for a while, but are no longer considered in that partial financial hardship, on how this will impact us for PSLF and similar forgiveness programs. It's not like we can just switch to IBR. To clarify, how will the standard payment apply for the last couple of years.
I think you might be biased. Fewer people have debt and less business for you. The rules set by Congress. The IBR, IDR, PSLF, PAYE, and ICR were approved or authorized by Congress. Intentions are clear that loan forgiveness was the goal. Think you're missing the point that some borrowers are paying more than the amount borrowed, which is like paying extra taxes.
Class action lawsuit? Really? Good luck with that lol (you can only sue the government if they have waived sovereign immunity for your particular cause of action).
@ Very good point. I’m not an attorney nor do I have any skin in this game. My thought was the Tucker Act may provide a waiver of sovereign immunity since PSLF under IDR is, I believe, contractually in signed and agreed upon promissory notes.
@@discreteentropy From my understanding the Tucker Act requires there be a mandated "payment" from the government in order to bring a case, there is technically no "payment" actually due from the government to the borrowers here, instead, this is the forgiveness of a debt owed, which is not a "payment".
What about planning to maximize your 2025 pre-tax 401k/403b contributions through 26 bi-weekly pay periods instead of just 1, and using 1-2 of those paystubs in recertifing your income? If I did that, that would push my federal taxable income/projected AGI for tax year 2025 just below the amount needed for me to qualify for a partial financial hardship to get back on IBR. I would also plan to leave my 403b contribution levels the same level throughout 2025 even after I am re-approved for IBR just to be safe.
Thousands are toast because of illegal regulations promulgated by the Department of Education. The Department of Education lacked the statutory authority to forgive loans under the particular statute they cited for their authority... if you relied on the Department of Education, they are the ultimately responsible party.
Don't work for money; make money work for you. Invest wisely today to create the freedom you desire tomorrow...
This is a terrible situation for those of us that are close to the 20/25 year forgiveness and have the payment cap so we don’t qualify for IBR-
Yup…..my husband has 5 payments left to 25 year IDR with no financial hardship. Disheartening to say the least.
Yep. Same situation. And now payment is almost twice as much too.
In my opinion, the worst case scenario isn’t a person that’s two years away from forgiveness for PSLF but no longer will qualify for IBR. Instead, it’s a situation like mine where I’m a few months from 25 year forgiveness but no longer qualify for IBR. I’m in my 50’s and paid more than double the amount I originally took out and still owe over $100k. That’s my get off my lawn rant haha. I do understand though that this is stressful to everyone though.
Same situation here….exactly. What do we do?! 25 years of payments with only FIVE to go on $126,000 loan. No hardship here either. The loan is triple….terrifying.
I went back to hear the hearing and I really think that the side that is for the forgiveness made a very good argument.
Your audio is plugged into the incorrect L and R
alright, I think you've stated on here that for the buyback got ahead and mark that you have 120 payments and that I qualify for forgiveness on the ECF even though someone (me) would be in the SAVE forbearance? December is 120 months employed or do you think I should just do a regular ECF and have them get back to me? and then do the buyback? or do you think I should go ahead and try to get on a new repayment plan even though 120 is in December 2024? thanks!!!
I was just forgiven under ICR PSLF a few days ago. Am I at risk to have a clawback of my forgiveness?
I am currently under SAVE and based on your advice previously given I have applied for IBR so my payments count for PSLF. Is this still good advice? I have 2 years left before I have my 120 payments done.
same here, i called in to change out of my SAVE plan to a qualifying pan under PSLF (as im 2 years away as well) and student aid. gov stated they are not accepting any applications to change plans rn. Is this the same for you? is this accurate?
i am under PSLF (8 years in) and have the SAVE plan. I want to make qualifying payments, but my account on student-aid is blocked. i called to ask if i can transfer out of SAVE to a plan i can make payments, but they said everything is on hold. Does anyone else have this issue, and if so, what are you doing to try to get your qualifying payments under PSLF. thanks in advance.
The arguments made by AGs and MOHELA were that this should be left to Congress.
PSFL and IBR are codified in law. So the disaster scenario briefly mentioned can't happen.
The scenario with caps broken, sadly can.
I’d love to hear more about PSLF buyback. I submitted my buyback request on 8/31/24 and, as of 10/29/24, have still heard nothing back. This is a bummer for two reasons. 1) I had 9 payments to buy back and am down to only 6 now; and 2) I’d love to buy back my earlier $200-$300 payments and hit discharge ASAP, rather than paying $850/month and having fewer cheaper payments to buy back. So the delay has a real time cost for $500-$600 in more expensive payments going out. But so far, just crickets on my application and no way to get an ETA or update on the status. Has anyone actually successfully used the PSLF buyback to achieve forgiveness?
If your team ever gets a chance, I would love to hear your take on those of us currently on PAYE and have been on it for a while, but are no longer considered in that partial financial hardship, on how this will impact us for PSLF and similar forgiveness programs. It's not like we can just switch to IBR. To clarify, how will the standard payment apply for the last couple of years.
I think you might be biased. Fewer people have debt and less business for you. The rules set by Congress. The IBR, IDR, PSLF, PAYE, and ICR were approved or authorized by Congress. Intentions are clear that loan forgiveness was the goal. Think you're missing the point that some borrowers are paying more than the amount borrowed, which is like paying extra taxes.
@SLP You could file an amicus brief
Koch GREED once again
Class action lawsuit if the worst case happens.
Class action lawsuit? Really? Good luck with that lol (you can only sue the government if they have waived sovereign immunity for your particular cause of action).
@ Very good point. I’m not an attorney nor do I have any skin in this game. My thought was the Tucker Act may provide a waiver of sovereign immunity since PSLF under IDR is, I believe, contractually in signed and agreed upon promissory notes.
@@discreteentropy From my understanding the Tucker Act requires there be a mandated "payment" from the government in order to bring a case, there is technically no "payment" actually due from the government to the borrowers here, instead, this is the forgiveness of a debt owed, which is not a "payment".
This is excellent news! Thanks for the update!
What about planning to maximize your 2025 pre-tax 401k/403b contributions through 26 bi-weekly pay periods instead of just 1, and using 1-2 of those paystubs in recertifing your income?
If I did that, that would push my federal taxable income/projected AGI for tax year 2025 just below the amount needed for me to qualify for a partial financial hardship to get back on IBR. I would also plan to leave my 403b contribution levels the same level throughout 2025 even after I am re-approved for IBR just to be safe.
So, thousands are toast thanks to a court?
Koch brothers backed the lawsuit
Thousands are toast because of illegal regulations promulgated by the Department of Education. The Department of Education lacked the statutory authority to forgive loans under the particular statute they cited for their authority... if you relied on the Department of Education, they are the ultimately responsible party.
Court has nothing better to do with their time.
@@t3h8ar0nGarbage. This was a simple tweak on an already established program.
Do these republicans not realize that republicans hold student loans? Great way to piss people off.