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Post by PandaWatch on Aug 20, 2022 17:27:50 GMT -6
No, is the quick answer. Educated guess: Payment pause to extend beyond midterms, forgiveness likely to be announced post midterms. We are thinking $10-30k is the sweet spot. Again, educated guessing. do you think there is any chance of a an income based incremental repayment amount? Like if you make or have made less than for x years will mean a percentage of forgiveness? No because the Dept of Ed doesn’t have most people’s income info. The WH wanted to base forgiveness on income and the Dept said “we can’t do that quickly or easily.” I’m hearing it will be $10k as a baseline for everyone, then some amount more if you had a Pell Grant in undergrad .
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Post by PandaWatch on Aug 20, 2022 17:44:24 GMT -6
As for timing, we will have to get an announcement about the payment pause extension this week because it expires on the 31st.
I think we will get news about loan forgiveness at the same time. The Biden admin wants do something on this before the midterms to get younger people to show up and vote. The problem, of course, is that $10k in forgiveness will likely blow up spectacularly in his face because people want more.
None of this is being handled well.
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willow
Ruby
Posts: 19,661 Likes: 125,443
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Post by willow on Aug 20, 2022 17:49:25 GMT -6
I just did the math and 10k is .02% of my total loan balance plus interest. 🥲
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dc2london
Admin
Press Secretary
Posts: 61,789 Likes: 420,252
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Post by dc2london on Aug 20, 2022 17:53:48 GMT -6
Doing the people's business by stumping for Republicans in D+55 districts
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cnf
Ruby
Posts: 21,044 Likes: 101,611
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Post by cnf on Aug 20, 2022 18:43:52 GMT -6
It’s going to be such a mess, I assume there are a bunch of people like me who had a combo of public and private loans, consolidated with a private company and then had their loans sold multiple times and ended up with Navient. I am going to assume I am too old/too ‘well’ employed/etc to be able to take advantage of any loan forgiveness but man it would be nice to not still be paying these when my youngest starts college. Obligatory fuck Navient. My brother's loans are through Navient. Even though we called several times between us all, they never took my dad off the account as a contact. So every time the bill came due, they would call him too. My breaking point was when they called him on the day he died. I had just spoken to them the month before, and was obviously not in a good head space that day, so I full on blew up at the person calling. They never called his phone again though. FUCK Navient. After what was believed to my final payment to them, I got a past due bill in the mail. My "consolidated" loans were still considered two separate loans and all my payments only ever went to one. The excess went to the second for a bit but then the "final" payment was made and unbeknownst the loan still existed. We had been told it was the final payment. No one ever told us it was the last for one loan, not both, that were supposed to be consolidated. We had to call and they had to explain that my loans, while they had consolidated them under one under one account (one was in my mom's name, one in mine), were still separate and I now had an additional 11K in loans we thought were paid off and because they only ever got a dribble of money, had gone up from interest too. I'm so sorry that happened. They can go to hell.
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cnf
Ruby
Posts: 21,044 Likes: 101,611
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Post by cnf on Aug 20, 2022 18:45:59 GMT -6
As for timing, we will have to get an announcement about the payment pause extension this week because it expires on the 31st. I think we will get news about loan forgiveness at the same time. The Biden admin wants do something on this before the midterms to get younger people to show up and vote. The problem, of course, is that $10k in forgiveness will likely blow up spectacularly in his face because people want more. None of this is being handled well. And it'll make a great GOP talking point that we're getting 10K in free loan money and still want more, how greedy and not boot strappy of us.
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Sundae
Builder
Graphics Guru
Posts: 5,308 Likes: 25,312
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Post by Sundae on Aug 20, 2022 21:30:35 GMT -6
Yup, fuck my federal loans, that somehow don't count as federal loans, because they were federal loans that they allowed to be federal loans through private companies. Here I am, paying those, 17 years after graduation, with a payoff date estimated in 2030. Not a single late payment, not a single deferment, not a single forbearance, not a single pause, nothing. 38,600 disbursed, 15,700 left. That's the part that was federal anyway. The private loans had to be paid off faster. H also has a ton of this type hanging around from undergrad and first grad school. Ugh. That is 201 payments for me so far. These are at 3.75% interest, so still lower than ones he has, so they're going to sit here at the lowest payment for a while until his are done. I have more than paid off the original principal.
I wish they would go through all of these GD accounts, see who has covered their original principal and cancel all of those. And cancel all the interest at a minimum for everyone else, so that the payments people are making can fucking get somewhere. And start fucking canceling a bunch more shit. This is ridiculous. Having a bunch of 18 year olds sign on the dotted line here, you'll figure it out later! is the stupidest shit ever.
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elle
Ruby
Posts: 18,166 Likes: 114,841
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Post by elle on Aug 21, 2022 7:15:06 GMT -6
I...did not know this was a thing. Did you all know this was a thing?
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clucky
Opal
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Post by clucky on Aug 21, 2022 8:21:17 GMT -6
RajahMD LT for emphasis of the first line and support. They were not easy to work with or contact. I’m sorry you had to deal with them, especially during that time.
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clucky
Opal
Posts: 7,837 Likes: 32,919
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Post by clucky on Aug 21, 2022 9:12:33 GMT -6
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byjove
Ruby
Posts: 15,495 Likes: 75,800
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Post by byjove on Aug 21, 2022 15:53:27 GMT -6
Well it’s the truth!
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jkjacq
Ruby
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Post by jkjacq on Aug 21, 2022 17:08:49 GMT -6
I...did not know this was a thing. Did you all know this was a thing? Raises hand…yep My neighbor has one. It’s grrreat
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elle
Ruby
Posts: 18,166 Likes: 114,841
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Post by elle on Aug 21, 2022 20:54:51 GMT -6
I did not know the black flag thing. I have done door knocking. the. fuck. Yeah, that's why I shared. I definitely wasn't trying to alarm or upset anyone, but I knew many of us here do that and forewarned is forearmed and all that.
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iruntodrink
Sapphire
Mostly namaste. A little bit fuck you.
Posts: 4,584 Likes: 22,633
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Post by iruntodrink on Aug 22, 2022 7:03:46 GMT -6
While I don't think anyone flying a flag like that will actually shoot someone unprovoked/for canvassing, I do thank them for letting us know who the crazies are.
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