This guy’s my hero. I had no idea he started a tax company. Wow. Truly advocating for us student loan borrowers. Only person I trust on this matter! It’s a scary time for us on forbearance on the SAVE plan in the PSLF program.
Worst case scenario sounds like a class-action lawsuit waiting to happen. People made real-life decisions based on the rules set forth for the game. To change the rules at the end of the game seems like it too can be legally challenged.
Parents need more information. I have no student loans nor does my husband. All I have is my son’s PPLs and it is significant. What is happening for parents. Please update us parents
My understanding is that once eligible for IBR due to partial financial hardship, you are always eligible to remain in the IBR plan even if income is too high. You would just pay the full payment.
Im fairly interested on your idea of “how much (hours) you should work” ? I understand we cant just say “im gonna work 30-35 hours this week”; most people working a salaried job requiring 40hours. Please explain. Working a regular engineering job, minimal student loans remaining that Im currently repaying. (Pro reevaluating the 40 hour work week laws/requirements or whatever.)
Would IBR at 10% stand for post-2014 borrowers though? Was that codified by Congress, or enacted by the Dept of Education? So if it comes down to IBR only, would it only be at 15%?
Travis ever since you made the video about the IBR payment threshold I realized that I am no longer in the hardship category because my income has doubled since the last time I submitted my recertification and I’ve been paying for 19 years and would have been forgiveness for 25 years if the SAVE plan was still intact. I used the loan stimulator and that’s how I found out that I wasn’t qualified for IBR. So instead of me getting down and frustrated that my remaining $56k will not be forgiven I’m going to go hard to just pay it all back. It’s sad that this situation with student loans is playing with folks livelihood and I’ve had to stop planning for certain things because now I’m faced with having to pay back the entire loan amount when I was under the impression that 1 day it would be forgiven.
You are close to receive the IDR forgiveness. Why don’t you wait to see what will happen to the save plan or what options they will offer. The IDR waiver one time count adjustment will also provide additional credit.
@@ChristinehomemakerI’m thinking worse case scenario that SaVe will get struck down and I have no other option except to pay off the balance. It’s sad because I have hoped for forgiveness the last 19 years I’ve been paying but now that may not be an option. I did get credit for counts so that’s how I know when my potential payoff date will be but if Save goes away I only have the option for standard and the could double the total amount.
PSLF allows the 10-year standard payment plan also, right? Couldn't people who get kicked off SAVE and then cannot sign up for IBR do the standard plan until they finish the 10 year PSLF period?
the issue is the way the standard payment is calculated. For example, eventhough we had the forbearance period counted, they will adjust the payment amount in such a way that you still have to pay off the full amount within the 7 remaining years.
I was going to say the same thing. I have 6 payments left and can't make any payments due to being on SAVE. I was advised to not leave the SAVE plan as no matter what I can go to the full payment and it would still count towards my payments. I am going to file to buy back the 6 payments in a couple months. Even if I have to pay my full payment I am more than willing to do that to get forgiveness I have been promised. My husband and I both have paid student loans the majority of our adult lives and stayed in a non profit employer making less money than we could anticipating getting the forgiveness that we signed up for. We never had any reason to believe this could be repealed after we made our agreed upon 120 payments until now.
This is what I need clarification on. Standard ten year does qualify, but I think direct loan consolidation standard repayment does not? So does that mean anyone who consolidated & gets bounced to standard repayment would not be eligible for PSLF? I think a lot of high balance, near-ish to forgiveness borrowers might be ok though bc the negative amortization on their loans will make the standard repayment on their remaining balance so high.
@@kaycee2396but what if you have 2 years left? There’s no way they’d make you pay 200K+ over 2 years. How do they decide the new payment term when you switch plans so late?
I think the foreign income tax credit is a great strategy as you can get your payments down to Zero. Plus you get universal healthcare depending on the foreign country you are living in.
Honestly what are the macro consequences if they force 10 yr plan on everyone in our post 2024 inflated world. I don't think it would look pretty. I am under the impression it could be another too big to fail scenario.
This is why i been paying off any small loans during this no interest period. I still have six figures in SL debt but being a federal employee forgiveness will happen but am only at 70 qualifying payments. Why not pay it down and see some fall off? It helps your credit and snowball method is so motivating too! I had 17 federal loans and now I have 12.
Question about double consolidation loophole and PSLF. My PP loans are currently with Mohela and I want to end back up there for PSLF forgiveness. Should I move to Nelnet and Aidvantage for the paper applications then go back to Mohela for the final consolidation?
You can do that. The current deadline is July 2025 to complete the double consolidation loophole. Use the online portal to do the final consolidation with mohela. The online consolidation portal can be utilized once every six months so you will want to save that final option for the final consolidation. They have many videos on this topic. Department of Ed took over the pslf program so you will see your pslf counts/credits on studentaid.gov
Make sure to check into the ramifications of consolidation. Other than during the specific exception which has passed you do lose any progress towards pslf if you consolidate.
Because they are cooked in polls. Housing market is broken and these clowns printing so much money to bail out banking system. Gold is at all time highs. Student loans are irrelevant in relation to the mess where we are going
It wasn't too long ago when they controlled both houses of Congress. They could have enacted student loan reform or reinstated bankruptcy protection for student loan borrowers. Special interest lobbying from the education and banking sectors prevented any meaningful reform.
Because democrats don’t have the majority seats in either House or Senate to pass legislation. They definitely don’t have 60 Senate seats to stop a Senate filibuster.
This guy’s my hero. I had no idea he started a tax company. Wow. Truly advocating for us student loan borrowers. Only person I trust on this matter! It’s a scary time for us on forbearance on the SAVE plan in the PSLF program.
Worst case scenario sounds like a class-action lawsuit waiting to happen. People made real-life decisions based on the rules set forth for the game. To change the rules at the end of the game seems like it too can be legally challenged.
Parents need more information. I have no student loans nor does my husband. All I have is my son’s PPLs and it is significant. What is happening for parents. Please update us parents
Can a parent who consolidated, get on IBR?
My understanding is that once eligible for IBR due to partial financial hardship, you are always eligible to remain in the IBR plan even if income is too high. You would just pay the full payment.
I'd love a podcast on AGI reductions. I am a recently divorced RN within 2 years of PSLF frozen on the SAVE Plan. 😑🙏🏾
Travis, Save the SAVE!😮
Im fairly interested on your idea of “how much (hours) you should work” ?
I understand we cant just say “im gonna work 30-35 hours this week”; most people working a salaried job requiring 40hours.
Please explain. Working a regular engineering job, minimal student loans remaining that Im currently repaying.
(Pro reevaluating the 40 hour work week laws/requirements or whatever.)
Would IBR at 10% stand for post-2014 borrowers though? Was that codified by Congress, or enacted by the Dept of Education? So if it comes down to IBR only, would it only be at 15%?
Retired and still paying student loan
How can we purchase a tax strategy consultation (asap)?
Their website has the information
Thank you @Christinehomemaker
Travis ever since you made the video about the IBR payment threshold I realized that I am no longer in the hardship category because my income has doubled since the last time I submitted my recertification and I’ve been paying for 19 years and would have been forgiveness for 25 years if the SAVE plan was still intact. I used the loan stimulator and that’s how I found out that I wasn’t qualified for IBR. So instead of me getting down and frustrated that my remaining $56k will not be forgiven I’m going to go hard to just pay it all back. It’s sad that this situation with student loans is playing with folks livelihood and I’ve had to stop planning for certain things because now I’m faced with having to pay back the entire loan amount when I was under the impression that 1 day it would be forgiven.
You are close to receive the IDR forgiveness. Why don’t you wait to see what will happen to the save plan or what options they will offer. The IDR waiver one time count adjustment will also provide additional credit.
@@ChristinehomemakerI’m thinking worse case scenario that SaVe will get struck down and I have no other option except to pay off the balance. It’s sad because I have hoped for forgiveness the last 19 years I’ve been paying but now that may not be an option. I did get credit for counts so that’s how I know when my potential payoff date will be but if Save goes away I only have the option for standard and the could double the total amount.
Bro this government is so corrupt. We must resist this nonsense!!!!
Can they eliminate the IBR and just leave the standard plan?
Not without proposed rulemaking. IBR is codified, and is therefore law.
PSLF allows the 10-year standard payment plan also, right? Couldn't people who get kicked off SAVE and then cannot sign up for IBR do the standard plan until they finish the 10 year PSLF period?
Yep, he doesn't seem to understand this.
the issue is the way the standard payment is calculated. For example, eventhough we had the forbearance period counted, they will adjust the payment amount in such a way that you still have to pay off the full amount within the 7 remaining years.
I was going to say the same thing. I have 6 payments left and can't make any payments due to being on SAVE. I was advised to not leave the SAVE plan as no matter what I can go to the full payment and it would still count towards my payments. I am going to file to buy back the 6 payments in a couple months. Even if I have to pay my full payment I am more than willing to do that to get forgiveness I have been promised. My husband and I both have paid student loans the majority of our adult lives and stayed in a non profit employer making less money than we could anticipating getting the forgiveness that we signed up for. We never had any reason to believe this could be repealed after we made our agreed upon 120 payments until now.
This is what I need clarification on. Standard ten year does qualify, but I think direct loan consolidation standard repayment does not? So does that mean anyone who consolidated & gets bounced to standard repayment would not be eligible for PSLF? I think a lot of high balance, near-ish to forgiveness borrowers might be ok though bc the negative amortization on their loans will make the standard repayment on their remaining balance so high.
@@kaycee2396but what if you have 2 years left? There’s no way they’d make you pay 200K+ over 2 years. How do they decide the new payment term when you switch plans so late?
I think the foreign income tax credit is a great strategy as you can get your payments down to Zero. Plus you get universal healthcare depending on the foreign country you are living in.
Honestly what are the macro consequences if they force 10 yr plan on everyone in our post 2024 inflated world. I don't think it would look pretty. I am under the impression it could be another too big to fail scenario.
This is why i been paying off any small loans during this no interest period. I still have six figures in SL debt but being a federal employee forgiveness will happen but am only at 70 qualifying payments. Why not pay it down and see some fall off? It helps your credit and snowball method is so motivating too! I had 17 federal loans and now I have 12.
Because the financial system is a ponzi scheme and you should be saving that liquidity and accumulating hard assets
I’ve only got 8 mos left on my PSLF …. Please just send me a bill each month and let me end this!!!!
Question about double consolidation loophole and PSLF. My PP loans are currently with Mohela and I want to end back up there for PSLF forgiveness. Should I move to Nelnet and Aidvantage for the paper applications then go back to Mohela for the final consolidation?
You can do that. The current deadline is July 2025 to complete the double consolidation loophole. Use the online portal to do the final consolidation with mohela. The online consolidation portal can be utilized once every six months so you will want to save that final option for the final consolidation. They have many videos on this topic. Department of Ed took over the pslf program so you will see your pslf counts/credits on studentaid.gov
Make sure to check into the ramifications of consolidation. Other than during the specific exception which has passed you do lose any progress towards pslf if you consolidate.
Is anybody tracking the number of people who self cancel due to the stress of student loan chaos?
This would be an interesting statistic to know.
Too many.
The latest story involved Brian and Brittney Nelson and their 6 kids in Broken Arrow, OK.
Why aren't democrats doing anything now? Haven't heard one word in campaign about student loans
They have been trying to do something but the republicans are fighting hard against any action.
Because they are cooked in polls. Housing market is broken and these clowns printing so much money to bail out banking system. Gold is at all time highs. Student loans are irrelevant in relation to the mess where we are going
It wasn't too long ago when they controlled both houses of Congress. They could have enacted student loan reform or reinstated bankruptcy protection for student loan borrowers. Special interest lobbying from the education and banking sectors prevented any meaningful reform.
Because democrats don’t have the majority seats in either House or Senate to pass legislation. They definitely don’t have 60 Senate seats to stop a Senate filibuster.
Because that’s the typical Democrat for you, they promised everything, and then they do nothing. And then they blame somebody else.