|
Post by blurnette989 on Aug 31, 2022 5:04:16 GMT -6
It's so true. And i could push it even farther. I am a licensed attorney working for a private company. and while i don't actively practice law (more of a consultant) only licensed attorneys are hired for my job. It's a requirement. I've worked in this role for this company and previously for a law firm for 12 years and depending on the exchange rate i make between 90-100k. Which btw was the starting salary for my role before the 2008 collapse. My IBR had varied over the years but I've never made enough money to cover my interest based on the government's assessment of a proper salary for the amount of debt i needed to become an attorney.
|
|
|
Post by PandaWatch on Aug 31, 2022 7:23:38 GMT -6
Thanks for sharing. I do a lot of work on PSLF, and there have been proposals over the years to limit the amount of forgiveness graduate borrowers can receive. The claim is always that doctors and lawyers don’t need PSLF because they all make tons of money. Uh….not the ones working in public service. And those doctors and lawyers cannot do those jobs without a graduate degree. So the two other options the are (1) fewer public defenders, legal aid attorneys, doctors in rural hospitals, etc., or (2) only wealthy people can do those jobs. (I know not everyone in the private sector makes enough relative to to debt, but in the context of PSLF that’s why we focus on).
|
|
willow
Ruby
Posts: 19,615 Likes: 125,176
|
Post by willow on Aug 31, 2022 8:08:35 GMT -6
My husband went to a for profit college that has since shut down and is one of the "borrowers defense" colleges that were predatory. He currently makes 5k more than me, and he ALSO works in local government. I will likely outearn him in the next 5 years, but never by a crazy amount. Eventually I'll get to six figures but probably never the level of what first year associate at a big law firm here makes (starting at $185k now). It is laughable to me that people assume lawyers all make bank. Many do, sure. But public service and non-practicing attorneys that went to law school but now do something else - are still a HUGE chunk. In fact, a lot of law schools market on the idea that a JD can be marketable in non-practicing fields too.
|
|
byjove
Ruby
Posts: 15,228 Likes: 74,207
|
Post by byjove on Aug 31, 2022 9:04:36 GMT -6
The whole college loan process makes me RAGE. How were they ever allowed to be so predatory to such a vulnerable age group?! All the loan forgiveness for everyone! This is such a racket.
|
|
Ls2012
Amethyst
Posts: 7,364 Likes: 32,621
|
Post by Ls2012 on Aug 31, 2022 10:27:53 GMT -6
The whole college loan process makes me RAGE. How were they ever allowed to be so predatory to such a vulnerable age group?! All the loan forgiveness for everyone! This is such a racket. Right? It really is like the credit card companies that stalked campuses, only worse because it sooooo much more money.
|
|
kbw
Platinum
Posts: 1,203 Likes: 3,230
|
Post by kbw on Sept 8, 2022 15:59:40 GMT -6
Okay stupid question. My loans were Stafford loans. They both qualified for the interest pause. I called one of the service rd (Nanvient) and he said that because Department of Ed wasn’t holding the loan that it doesn’t qualify for forgiveness/refunds. So why would it qualify for the interest pause but not the other benefits?
|
|
fatpony
Amethyst
Posts: 5,579 Likes: 30,810
|
Post by fatpony on Sept 8, 2022 16:02:40 GMT -6
Okay stupid question. My loans were Stafford loans. They both qualified for the interest pause. I called one of the service rd (Nanvient) and he said that because Department of Ed wasn’t holding the loan that it doesn’t qualify for forgiveness/refunds. So why would it qualify for the interest pause but not the other benefits? Staffords were government loans, so unless you moved your loan to a private servicer to lock in a lower interest they should. And since you had the pause, they should. I'm like, 99% sure.
|
|
|
Post by PandaWatch on Sept 8, 2022 17:23:54 GMT -6
Okay stupid question. My loans were Stafford loans. They both qualified for the interest pause. I called one of the service rd (Nanvient) and he said that because Department of Ed wasn’t holding the loan that it doesn’t qualify for forgiveness/refunds. So why would it qualify for the interest pause but not the other benefits? That does not sound accurate. The application is supposed to be out in early October. I would apply.
|
|
|
Post by olliegator on Sept 14, 2022 12:08:16 GMT -6
Has anyone who requested a refund of payments made during the pause actually received the money back?
I submitted my request in writing and got an email that it will be processed according to the US Department of Education’s timeline for the discharge program. Maybe that means it won’t be processed until the official application is available next month?
|
|
elle
Ruby
Posts: 17,689 Likes: 113,333
Member is Online
|
Post by elle on Sept 21, 2022 13:50:28 GMT -6
This is great and hopefully will help those who have been so far left out.
|
|
piratecat
Diamond
Posts: 36,005 Likes: 143,830
|
Post by piratecat on Sept 21, 2022 14:22:28 GMT -6
This is great and hopefully will help those who have been so far left out. Is this for me??
|
|
elle
Ruby
Posts: 17,689 Likes: 113,333
Member is Online
|
Post by elle on Sept 21, 2022 15:05:38 GMT -6
This is great and hopefully will help those who have been so far left out. Is this for me?? I sure hope so. I couldn't find a copy of the bill, though admittedly I didn't look too hard since it all coincided with my kindergartener getting home from school.
|
|
|
Post by PandaWatch on Sept 23, 2022 15:33:45 GMT -6
This is great and hopefully will help those who have been so far left out. Is this for me?? This is for married couples who consolidated their individual FFEL loans together into one FFEL consolidation loan. The bill allows them to undo that and creates a new Direct Loan for each borrower spouse. I don’t know if they are limiting the reasons for which the couple undoes the consolidation (eg, divorce, spousal abuse, etc). I have not looked closely at it.
|
|
piratecat
Diamond
Posts: 36,005 Likes: 143,830
|
Post by piratecat on Sept 23, 2022 16:48:58 GMT -6
This is for married couples who consolidated their individual FFEL loans together into one FFEL consolidation loan. The bill allows them to undo that and creates a new Direct Loan for each borrower spouse. I don’t know if they are limiting the reasons for which the couple undoes the consolidation (eg, divorce, spousal abuse, etc). I have not looked closely at it. Oh bummer. 😞
|
|
|
Post by PandaWatch on Sept 29, 2022 9:49:20 GMT -6
ED updated its FAQs last night regarding FFEL loans. It looks like they won’t allow people with FFEL loans not held by ED to consolidate after today to get loan forgiveness. But as they say at the end, they have not rule out the possibility of using a process that would allow FFEL borrowers to get forgiveness without having to use consolidation. I know that those conversations are in fact on going, but that ED has not made a decision yet. “Are Federal Family Education Loan (FFEL) Program loans or Perkins Loans eligible for debt relief? All loans eligible for the student loan payment pause are also eligible for relief, including loans held by ED and guaranty agencies. As of Sept. 29, 2022, borrowers with federal student loans not held by ED cannot obtain one-time debt relief by consolidating those loans into Direct Loans. Borrowers with FFEL Program loans and Perkins Loans not held by ED who have applied to consolidate into the Direct Loan program prior to Sept. 29, 2022, are eligible for one-time debt relief through the Direct Loan program. ED is assessing whether there are alternative pathways to provide relief to borrowers with federal student loans not held by ED, including FFEL Program loans and Perkins Loans, and is discussing this with private lenders.” studentaid.gov/debt-relief-announcement/one-time-cancellation
|
|
piratecat
Diamond
Posts: 36,005 Likes: 143,830
|
Post by piratecat on Sept 29, 2022 9:53:29 GMT -6
|
|
|
Post by PandaWatch on Sept 29, 2022 12:26:27 GMT -6
philo it is the same thing, but the story you linked adds more color - ED is doing this because it doesn’t want to get sued.
|
|
|
Post by coffeeino on Sept 29, 2022 21:10:10 GMT -6
I saw in the FAQ that if you made payments during the pause they would be included in the debt relief. But the wording says if you brought it under the threshold you would get it reimbursed. So if it was $10,500 and you paid $1,000 you’d get $500 back. I never reached the $10,000 threshold, mostly because I made payments the whole time. I haven’t request refunds yet. Should I just let it ride and assume they’ll reimburse those payments up to $10,000 total relief? I assume so but that wording is throwing me off!
|
|
fatpony
Amethyst
Posts: 5,579 Likes: 30,810
|
Post by fatpony on Oct 14, 2022 19:45:24 GMT -6
|
|
beepers
Sapphire
Posts: 4,231 Likes: 23,316
|
Post by beepers on Oct 19, 2022 8:30:56 GMT -6
I just checked our returns and I think we made just over the limit to get the $10k forgiveness. They are using AGI and not taxable income right??
|
|
Sundae
Builder
Graphics Guru
Posts: 5,306 Likes: 25,298
|
Post by Sundae on Oct 19, 2022 9:36:11 GMT -6
Yup, they're using the AGI. Check both years, though. It's either 2020 or 2021, so like if you lost a job or had an income reduction due to covid in 2020, you may come closer.
Who Qualifies? Individuals who made less than $125,000 in 2021 or 2020 Families that made less than $250,000 in 2021 or 2020 If you filed federal taxes, your income requirements are based on your adjusted gross income (AGI), which tends to be lower than your total income. Your AGI can be found on line 11 of the IRS Form 1040.
|
|
beepers
Sapphire
Posts: 4,231 Likes: 23,316
|
Post by beepers on Oct 19, 2022 10:25:28 GMT -6
Yeah we made WAY less in 2021 since I stopped working and 2020 for us was sadly the most we ever made (we were both working crazy OT and overnights due to taking care of the Covid patients)
If only I’d resigned 6 weeks earlier lol sob
|
|
Sundae
Builder
Graphics Guru
Posts: 5,306 Likes: 25,298
|
Post by Sundae on Oct 19, 2022 10:34:13 GMT -6
Yeah we made WAY less in 2021 since I stopped working and 2020 for us was sadly the most we ever made (we were both working crazy OT and overnights due to taking care of the Covid patients) If only I’d resigned 6 weeks earlier lol sob Oh dang, so 2021 doesn't get you there either? I liked that they at least did the "or" part, so there were two different years that could qualify you. And thank you for taking care of everyone.
|
|
beepers
Sapphire
Posts: 4,231 Likes: 23,316
|
Post by beepers on Oct 19, 2022 10:47:11 GMT -6
Yeah we made WAY less in 2021 since I stopped working and 2020 for us was sadly the most we ever made (we were both working crazy OT and overnights due to taking care of the Covid patients) If only I’d resigned 6 weeks earlier lol sob Oh dang, so 2021 doesn't get you there either? I liked that they at least did the "or" part, so there were two different years that could qualify you. And thank you for taking care of everyone. Yes 2021 was our lesser year. Our AGI is over but the taxable income would have been under if that’s what they were using. 2020 was way over the income limit either way. And I’m really not complaining, I like that they did the “or” part too since 2020 was really so hard. We were very financially fortunate both years and I’m still very grateful for that. (Less fortunate emotionally but that’s true for so many people). It’s just a slight bummer we missed it by *this much*
|
|
Sundae
Builder
Graphics Guru
Posts: 5,306 Likes: 25,298
|
Post by Sundae on Oct 19, 2022 11:00:59 GMT -6
Oh dang, so 2021 doesn't get you there either? I liked that they at least did the "or" part, so there were two different years that could qualify you. And thank you for taking care of everyone. Yes 2021 was our lesser year. Our AGI is over but the taxable income would have been under if that’s what they were using. 2020 was way over the income limit either way. And I’m really not complaining, I like that they did the “or” part too since 2020 was really so hard. We were very financially fortunate both years and I’m still very grateful for that. (Less fortunate emotionally but that’s true for so many people). It’s just a slight bummer we missed it by *this much* Yup. It sucks. Like I've been paying on these things since 2005. We didn't start making more than 45K a year until a few of years ago. I had pell grants. I've paid back more than I took out in disbursements. I still have 7+ years left on my repayment plan and 15K to go. I have the lowest interest of all of our student loans left, so these are our lowest priority. It just would have been nice. H still has about 70K worth of undergrad and first masters left to pay, so we'll be chipping away at those instead. But hey, we're under 6 figures now, so woo hoo!! The law school ones are officially gone! Oldest kid starts college in 2025 so that's our goal.
|
|
fatpony
Amethyst
Posts: 5,579 Likes: 30,810
|
Post by fatpony on Oct 19, 2022 13:08:59 GMT -6
|
|
fatpony
Amethyst
Posts: 5,579 Likes: 30,810
|
Post by fatpony on Oct 20, 2022 16:29:17 GMT -6
|
|
mc13
Sapphire
Posts: 3,414 Likes: 12,121
|
Post by mc13 on Nov 19, 2022 13:09:18 GMT -6
Did anyone else receive an approval email?
Just received an email that my forgiveness is approved has been sent to my loan servicer. So now to wait on the courts to allow it to go through!
|
|
AmyG
Ruby
Posts: 15,354 Likes: 33,942
|
Post by AmyG on Nov 19, 2022 13:34:31 GMT -6
Did anyone else receive an approval email? Just received an email that my forgiveness is approved has been sent the approval to my loan servicer. So now to wait on the courts to allow it to go through! oh really? great
|
|
mc13
Sapphire
Posts: 3,414 Likes: 12,121
|
Post by mc13 on Nov 19, 2022 14:19:27 GMT -6
It came from the studentaid.gov email address.
|
|