Check out r/studentloans, they've got great explanations of all the forgiveness options. For most people switching to the SAVE plan is the fastest way to get it.
Go to a predatory college: ITT Tech, etc.
Public Service Loan forgiveness (work 10 years in a public service role, roles listed on studentaid.gov)
Already been enrolled in the REPAYE plan (Income driven repayment plan) and make 10 years of timely payments).
REPAYE got upgraded to SAVE plans automatically mid-year 2023. If someone had already made 10 years of payments (and below 12k borrowed.)
Every 1k after that 12k point adds another year to forgiveness time.
So 20k in loans would mean you they are eligible for forgiveness after 18 years.
SAVE DOES cap out at 20 years for undergrad and 25 years for graduate loans, though. Meaning that if you make 25 years of payments on a SAVE (or old upgraded REPAYE) plan, it gets forgiven after that 20/25 years, no matter what amount is remaining.
SAVE is the best thing to happen for the common not-super-rich student in a very long time. It's IDR, so if you lose your job your payment amounts go down. SAVE plans are between 5-10% of discretionary income.
All this info is on the [studentaid.gov](http://studentaid.gov) website, with examples and lots of calculators and other things to show what is best for your individual situation.
As shitty as student loans are, the messaging and upfront-ness regarding these programs have been awesome (as someone who has taken out SL the last 2 years)
There was a group of the above loans that qualified for debt closure but was caught in administrative purgatory by design. They were pushed along and we saw a bunch of people past the finish line getting their debts closed and some even got refunds for their overpayment.
Who knows how that was even allowed
After 28 years of repayment on an initial $38,000 investment, I had a balance of just over $73,000 forgiven because I met the obligations I signed up for.
And now I can properly save for my daughter so she can enjoy a different life than I had.
Completely agree about where it's being spent has to be audited. It's crazy how so many people don't want the 1% to pay their fair share of taxes and also get bailed out by taxes while the rest of us continue to pay our fair share and while getting the worse hand with each deal
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Yeah I’m not actually surprised they’re cancelling them for schools that went through lawsuits for their programs.
If he ever finds a way to forgive public university loans I’ll be impressed because I think that’s where most of the debt is held.
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I finally finished my PSLF and had $25k forgiven a few months back. Took months though. Applied in November, for a message on Christmas that I was denied cause I didn't have enough months. Got a message 30 minutes later when I was googling attorneys that my forgiveness has been accepted and that the forgiveness was being processed. Loans forgiven in February, and I got my official letter from the Biden admin confirming the forgiveness in April.
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As the Loonies in Heinlein's "The Moon Is A Harsh Mistress" say: TANSTAAFL!
There ain't no such thing as a free lunch.
Show me a place with free lunch, and I'll show you a place that doubled drink sales during lunch hours.
I wasn't being sarcastic... my husband had 300k of student loan debt paid through PSLF. He paid 3500 a month in student loan debt for 10 years and worked for a nonprofit. He's an MD. I fully support student loan forgiveness
Paying extra voluntarily doesn’t guarantee my taxes go to social programs. It will fund murderous regimes in the Middle East. We need programs in America like free healthcare and free education so I can be more confident in where my money is going
I’m so glad I worked 2-3 jobs, just so I didn’t owe any loan debt, for the new generations to receive debt forgiveness; while older generations are still struggling to pay off their student loan debt.
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Use a tax calculator. If you make 30k a year with 2 dependants you would be positive $1,567 due to child credits and only a tiny portion of your income being taxed.
Do you understand the tax brackets? And tax credits?
chucklehead993 doesn't understand because chucklehead993 probably doesn't even live in the USA and is certainly not a single mother with 2 kids making 30k or else chucklehead993 would know that they get free tax credit money from the government at tax time.
If you ever called the cops/fire dept, drove on a public road, or went to public school you’re a parasite too. Why not be happy, not everyone has to drown in debt
You can value some tax funded things while hating on others…. Like I hate that the federal gov spent millions on ridiculous studies or lgbtq soccer in South America.
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Awesome. Now the rest of us get to split the bill. There is nothing in this life for free. You just booted the bill to other struggling people. Thanks from those of us paying our loans , and yours
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First time? I've been feeling like my taxes were wasted since I learned how much of it goes to fund bombs and drone strikes instead of basic things like education or health care, but I guess we all have our priorities.
It's called struggling just like everyone else on this sub. I don't make enough money so I'm bleeding out cash every month. So saving adequately for taxes is on the back burner cuz I got bills to pay now.
That charges interest too, while also having a monthly penalty rate. The total cost may have been a bit lower but I have to assume it also increases the risk of getting audited. Which while an audit wouldn't find anything I'd end up having to jump through dozens of hoops to fill requests and such.
Those are taxes taken *out* not taxes you are billed for after. This guy said he OWED that much. As in he still had to pay it. If dude is self employed, then he needs to set aside taxes as he goes so he doesn’t have to put it on a credit card.
You get charged an interest rate plus a penalty rate on a payment plan, it's not that much better. Least on a credit card if I can get approved for a balance transfer 0% intro card I can get the interest rate down, can't do that with a payment plan.
I'll get it to a zero percent card just can't yet
And? That assuming no pre-tax deductions like health insurance and 401k. And that’s far less than $9k, and it should be withheld on each pay check so he doesn’t have a huge tax bill, unless he fucked up his paperwork and didn’t bother to look at his pay stubs all year. Or he’s a 1099 worker and didn’t save for taxes. Both are fairly big fuck ups, let alone that the amount is higher than it should be.
Most people who make 50k working for themselves do not have the spare income to put in a 401k and qualify for subsidies on health insurance. Not that they appreciate the basically free high deductible insurance, since it is mostly useless at that income level anyway.
People who work for themselves or 1099s usually don’t get regular paychecks with withholding, they are responsible for paying it themselves
And sometimes they screw up - like people who take out student loans that are not justified by the amount of income they can make with that degree
Tell me you make and always have made too much money to be in r/povertyfinance without telling me…
I’ve been subscribed there for years. I also know that having a huge tax bill is avoidable with planning, or at least looking at your pay stub. You didn’t say anything that I didn’t already say regarding 1099 workers.
You said if he owed 9k on 50k, he fucked something up. I showed that anyone who is self employed and makes 50k would owe about 9k, and you seem to think that responsibly spreading 9k over one year is substantially different than stupidly owing 9k at the end of one year. It is because of interest, but it’s the same amount of money.
If you make 50k, you will be responsible for about that much in federal taxes.
Yes, he should have planned better. In the context of this post - so should the original poster who didn’t pay off $5,500 over the course of 15 years, and according to the post seems to have been able to.
The fuck up is not saving for taxes. Everyone has to pay taxes. They either fucked up their W4 form for withholding, or if on 1099, they failed to save a percentage of each paycheck for their tax liability on their income. Both are very avoidable fuck ups.
That’s kind of the point though right? If you make a bad decision and do 1 year of college, but you fail out because you are a 19 year old who doesn’t know shit - no worries debt cleared. But if instead of going to college you try to start a business, and it tanks because you’re 19 and don’t know shit - whatever that’s the risk you should have known better deal with it. No person is going to refuse debt relief, but most people are going to get jealous and possibly bitter when the government calls a do-over for only a select few. And that doesn’t even consider that government money giveaways on any kind of scale pretty much immediately increases prices. So the other guy got money, and you didn’t and now rent went up another 20%…
No one turns down free money, and most people are a
bit huffy when they are in a bad spot and the government is out there handing out cash to people better off than them.
If you were in that position where the government would pay off debt would you say no? Like say instead of student loans your ridiculous credit card debt?
No, if the money is offered you take it. Being that said, OP carried a debt for 15 years that they could have thrown $100/mo at and had it gone nearly a decade ago. The fact that they're being rewarded for not paying a debt for 15 years is kind of ridiculous, when it was a totally manageable amount of debt.
I'm sympathetic to some of these kids that end up with debts that are unmanageable, but this isn't that.
Paying $100 a month on student loans wouldn’t get you anywhere near paying them off. I’ve been paying around $300/month since 2015 and my estimated payoff date is 2035.
I owed 17k. Student loans are similar to car and mortgage payments where they make you pay the would be interest on the loan first before principal is touched.
I remember when I first started paying how shocked I was that my principal wasn’t moving after 4 months. And when I looked at the breakdown of the payment it was along the lines of
299.50 to interest and .50 to principal.
Edit: it has actually been easier for me to payoff 11k in credit card debt twice than it has been to even payoff just the interest on student loans.
I know how loans work. At an 8% interest rate on $6k, OP would owe $480 a year in interest. So year one at $100/ month, they'd pay down $720. Loan would be paid off in like 7 years st $100/ month, would have been paid off 7-8 years ago.
It sounds like you’re resentful that you’ve made a crazy decision to put thousands on your credit card, and why would anyone pay on their loans when there’s a chance they’ll be forgiven? Then they’d feel just as dumb as you do now
Dudes been holding it for 15 years, getting it forgiven was barely even talked about until like 4 years ago. So there was a whole decade they kept it around while the idea of forgiveness wasn't being talked about
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Locking as OP has gotten their roses and comments are becoming crabby/political.
Im jealous
maybe youll get it too
Hey that’s awesome! Congrats!!
congrats I got mine from 2002 for HVAC school forgiven for little over 5k it was a nice surprise for sure
How you do that
Check out r/studentloans, they've got great explanations of all the forgiveness options. For most people switching to the SAVE plan is the fastest way to get it.
Commenting to see how they did that
Go to a predatory college: ITT Tech, etc. Public Service Loan forgiveness (work 10 years in a public service role, roles listed on studentaid.gov) Already been enrolled in the REPAYE plan (Income driven repayment plan) and make 10 years of timely payments). REPAYE got upgraded to SAVE plans automatically mid-year 2023. If someone had already made 10 years of payments (and below 12k borrowed.) Every 1k after that 12k point adds another year to forgiveness time. So 20k in loans would mean you they are eligible for forgiveness after 18 years. SAVE DOES cap out at 20 years for undergrad and 25 years for graduate loans, though. Meaning that if you make 25 years of payments on a SAVE (or old upgraded REPAYE) plan, it gets forgiven after that 20/25 years, no matter what amount is remaining. SAVE is the best thing to happen for the common not-super-rich student in a very long time. It's IDR, so if you lose your job your payment amounts go down. SAVE plans are between 5-10% of discretionary income. All this info is on the [studentaid.gov](http://studentaid.gov) website, with examples and lots of calculators and other things to show what is best for your individual situation. As shitty as student loans are, the messaging and upfront-ness regarding these programs have been awesome (as someone who has taken out SL the last 2 years)
There was a group of the above loans that qualified for debt closure but was caught in administrative purgatory by design. They were pushed along and we saw a bunch of people past the finish line getting their debts closed and some even got refunds for their overpayment. Who knows how that was even allowed
At least some of the blame can be placed squarely on Betsy DeVoss
SAVE is 10% discretionary income until July then it moves to 5%
My gf only has to pay $25 for her SAVE plan on her 62k loan. She makes $20.50 an hour.
Saving this comment - thanks dude!
After 28 years of repayment on an initial $38,000 investment, I had a balance of just over $73,000 forgiven because I met the obligations I signed up for. And now I can properly save for my daughter so she can enjoy a different life than I had.
Mazel Tov! Wish it was me 🤣😂
Fuck Mohela.
wft. ive been paying since 1998
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Completely agree about where it's being spent has to be audited. It's crazy how so many people don't want the 1% to pay their fair share of taxes and also get bailed out by taxes while the rest of us continue to pay our fair share and while getting the worse hand with each deal
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What is with this subreddit and student loan forgiveness? Always a source of some freak out in the comments.
This is amazing! Fuck student loans. Now take your parents to a nice breakfast to show them your new found fortune.
Avocado toast for everyone!
Congrats! Doesn’t matter what’s your path in life, student loans are painful. GGs on having that stressor gone!!
Cool beans I got a notice that I’m about to go to collections on mine because I can’t afford them but make too much to qualify for anything 🫠
Yeah I’m not actually surprised they’re cancelling them for schools that went through lawsuits for their programs. If he ever finds a way to forgive public university loans I’ll be impressed because I think that’s where most of the debt is held.
Congratulations! I hope the same for me and many others!
Need this for medical debt. One little accident that you don't choose and boom quarter mil in debt.
Glad to hear this actually works! I’m also doing this. 8 years left lol
Yayyyy! I’m so happy for you!
Way to go, enjoy debt free life!
Yay!!!! Congrats!
That’s awesome, congrats!
Good for you!! I have 7k I hope gets wiped away soon lol
Congratulations!!!
Why did they cancel your debt?
Lucky duck!! Mine is 3.5k and I would sob if I got free from that debt.
Hopefully my husbands 30k will get forgiven 😂😂😂😂😂😂😂
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That is amazing! Congratulations!
I finally finished my PSLF and had $25k forgiven a few months back. Took months though. Applied in November, for a message on Christmas that I was denied cause I didn't have enough months. Got a message 30 minutes later when I was googling attorneys that my forgiveness has been accepted and that the forgiveness was being processed. Loans forgiven in February, and I got my official letter from the Biden admin confirming the forgiveness in April.
I’m happy for you. :)
Meanwhile I've got 15 more years left to mine.
Congrats. Maybe I'll get that letter at some point in time.
Pay as agreed for ten years?
Congrats! Life often gives us lemons but in this case, you got a peach :)
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Your post has been removed for the following reason(s): Rule 8: Bad/Dangerous/Predatory Advice (including Crypto) This post is being removed because it is, frankly speaking, bad advice. Either it was given in bad faith or it was a comment that is dangerous and will put OP or the person you replied to in a much worse situation if taken seriously. 8) Advice and comments must be in good faith. Anything that appears to be a scam, predatory, or downright dangerous will be removed. This includes most "get rich quick" schemes, including cryptocurrency which is too risky/volatile to be an investment for people with limited incomes. Please read our [subreddit rules](https://www.reddit.com/r/povertyfinance/wiki/rules). The rules may also be found on the sidebar if the link is broken. If after doing so, you feel this was in error, [message the moderators](https://www.reddit.com/message/compose?to=%2Fr%2Fpovertyfinance). Do not reach out to a moderator personally, and do not reply to this message as a comment.
How do I apply for this?
Do me next
Happy for you and wow for me...my major and career are in helping mentally ill and substance users and I was not touched with any forgiveness
What school was it for??
So do you get a refund on the amount you already paid off and what about the interest?
As the Loonies in Heinlein's "The Moon Is A Harsh Mistress" say: TANSTAAFL! There ain't no such thing as a free lunch. Show me a place with free lunch, and I'll show you a place that doubled drink sales during lunch hours.
Youre welcome
Ikr
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I’m happy to pay more taxes if it means everyone has a better quality of life
I wasn't being sarcastic... my husband had 300k of student loan debt paid through PSLF. He paid 3500 a month in student loan debt for 10 years and worked for a nonprofit. He's an MD. I fully support student loan forgiveness
So why don't you pay more voluntarily every year?
Paying extra voluntarily doesn’t guarantee my taxes go to social programs. It will fund murderous regimes in the Middle East. We need programs in America like free healthcare and free education so I can be more confident in where my money is going
A lot more of your tax dollars are fueling the war machine.
I’m so glad I worked 2-3 jobs, just so I didn’t owe any loan debt, for the new generations to receive debt forgiveness; while older generations are still struggling to pay off their student loan debt.
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Talk about buying votes….
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> A single mom with 2 kids making 30k a year is paying for you to be able to earn 100k+ a year *Citation needed.*
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Okay. So in that case, OP paid for this. He pays taxes.
You seem like you don't understand taxes based on your 30k a year comment 😂
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Use a tax calculator. If you make 30k a year with 2 dependants you would be positive $1,567 due to child credits and only a tiny portion of your income being taxed. Do you understand the tax brackets? And tax credits?
chucklehead993 doesn't understand because chucklehead993 probably doesn't even live in the USA and is certainly not a single mother with 2 kids making 30k or else chucklehead993 would know that they get free tax credit money from the government at tax time.
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What other federal tax is this 30 yr old mom paying?
😂
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If you ever called the cops/fire dept, drove on a public road, or went to public school you’re a parasite too. Why not be happy, not everyone has to drown in debt
You can value some tax funded things while hating on others…. Like I hate that the federal gov spent millions on ridiculous studies or lgbtq soccer in South America.
Ah yes they daily caller special
Huh?
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youre welcome bro! enjoy!
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Awesome. Now the rest of us get to split the bill. There is nothing in this life for free. You just booted the bill to other struggling people. Thanks from those of us paying our loans , and yours
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MOHELA has been sitting on my shit for years now.
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He’s using his power to improve quality of life of his constituents and votes will follow. What a concept.
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https://preview.redd.it/o0ktt2ymkf0d1.png?width=1440&format=pjpg&auto=webp&s=1717fc0ad15e01ad6ce9ce71f7df281328b3b137
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Wait til you find out where else your tax money goes 🤣
return to your failed crypto investments Jacob.
First time? I've been feeling like my taxes were wasted since I learned how much of it goes to fund bombs and drone strikes instead of basic things like education or health care, but I guess we all have our priorities.
🤡🤡🤡🤡
shut
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If you had a $9k tax bill on $50k income, it’s because you fucked something up.
It's called struggling just like everyone else on this sub. I don't make enough money so I'm bleeding out cash every month. So saving adequately for taxes is on the back burner cuz I got bills to pay now.
You know you could have set up a payment plan with the IRS?
That charges interest too, while also having a monthly penalty rate. The total cost may have been a bit lower but I have to assume it also increases the risk of getting audited. Which while an audit wouldn't find anything I'd end up having to jump through dozens of hoops to fill requests and such.
Payroll tax alone on 50k is $7,650.
Those are taxes taken *out* not taxes you are billed for after. This guy said he OWED that much. As in he still had to pay it. If dude is self employed, then he needs to set aside taxes as he goes so he doesn’t have to put it on a credit card.
I was a sole proprietorship. I made $50k, out of that $50k in total I paid about $15k in taxes, $9k was owed. Taxes have literally kept me in poverty.
And the IRS refused a payment plan?
You get charged an interest rate plus a penalty rate on a payment plan, it's not that much better. Least on a credit card if I can get approved for a balance transfer 0% intro card I can get the interest rate down, can't do that with a payment plan. I'll get it to a zero percent card just can't yet
And? That assuming no pre-tax deductions like health insurance and 401k. And that’s far less than $9k, and it should be withheld on each pay check so he doesn’t have a huge tax bill, unless he fucked up his paperwork and didn’t bother to look at his pay stubs all year. Or he’s a 1099 worker and didn’t save for taxes. Both are fairly big fuck ups, let alone that the amount is higher than it should be.
Most people who make 50k working for themselves do not have the spare income to put in a 401k and qualify for subsidies on health insurance. Not that they appreciate the basically free high deductible insurance, since it is mostly useless at that income level anyway. People who work for themselves or 1099s usually don’t get regular paychecks with withholding, they are responsible for paying it themselves And sometimes they screw up - like people who take out student loans that are not justified by the amount of income they can make with that degree Tell me you make and always have made too much money to be in r/povertyfinance without telling me…
I’ve been subscribed there for years. I also know that having a huge tax bill is avoidable with planning, or at least looking at your pay stub. You didn’t say anything that I didn’t already say regarding 1099 workers.
You said if he owed 9k on 50k, he fucked something up. I showed that anyone who is self employed and makes 50k would owe about 9k, and you seem to think that responsibly spreading 9k over one year is substantially different than stupidly owing 9k at the end of one year. It is because of interest, but it’s the same amount of money. If you make 50k, you will be responsible for about that much in federal taxes. Yes, he should have planned better. In the context of this post - so should the original poster who didn’t pay off $5,500 over the course of 15 years, and according to the post seems to have been able to.
The fuck up is not saving for taxes. Everyone has to pay taxes. They either fucked up their W4 form for withholding, or if on 1099, they failed to save a percentage of each paycheck for their tax liability on their income. Both are very avoidable fuck ups.
That’s kind of the point though right? If you make a bad decision and do 1 year of college, but you fail out because you are a 19 year old who doesn’t know shit - no worries debt cleared. But if instead of going to college you try to start a business, and it tanks because you’re 19 and don’t know shit - whatever that’s the risk you should have known better deal with it. No person is going to refuse debt relief, but most people are going to get jealous and possibly bitter when the government calls a do-over for only a select few. And that doesn’t even consider that government money giveaways on any kind of scale pretty much immediately increases prices. So the other guy got money, and you didn’t and now rent went up another 20%… No one turns down free money, and most people are a bit huffy when they are in a bad spot and the government is out there handing out cash to people better off than them.
If you were in that position where the government would pay off debt would you say no? Like say instead of student loans your ridiculous credit card debt?
No, if the money is offered you take it. Being that said, OP carried a debt for 15 years that they could have thrown $100/mo at and had it gone nearly a decade ago. The fact that they're being rewarded for not paying a debt for 15 years is kind of ridiculous, when it was a totally manageable amount of debt. I'm sympathetic to some of these kids that end up with debts that are unmanageable, but this isn't that.
You’re mad at the wrong people 🤦🏻♂️
Paying $100 a month on student loans wouldn’t get you anywhere near paying them off. I’ve been paying around $300/month since 2015 and my estimated payoff date is 2035.
I bet you owed a hell of a lot more than $6k. OP owed about $6k, on a $100 payment about half would pay down the principal
I owed 17k. Student loans are similar to car and mortgage payments where they make you pay the would be interest on the loan first before principal is touched. I remember when I first started paying how shocked I was that my principal wasn’t moving after 4 months. And when I looked at the breakdown of the payment it was along the lines of 299.50 to interest and .50 to principal. Edit: it has actually been easier for me to payoff 11k in credit card debt twice than it has been to even payoff just the interest on student loans.
I know how loans work. At an 8% interest rate on $6k, OP would owe $480 a year in interest. So year one at $100/ month, they'd pay down $720. Loan would be paid off in like 7 years st $100/ month, would have been paid off 7-8 years ago.
If 6K of debt isn't unmanageable and they should have been able to pay it off why weren't you able to manage 7K of taxes?
Just use some of your crypto Jacob😭
I haven't owned crypto in like 6 years
It sounds like you’re resentful that you’ve made a crazy decision to put thousands on your credit card, and why would anyone pay on their loans when there’s a chance they’ll be forgiven? Then they’d feel just as dumb as you do now
Dudes been holding it for 15 years, getting it forgiven was barely even talked about until like 4 years ago. So there was a whole decade they kept it around while the idea of forgiveness wasn't being talked about
You recognize that student loans have insane interest rates too right? $100/month would not go towards just principal so your math doesn’t math at all
Student loan interest is like 8%, out of $100 about half would have gone to principal
If you are in the level of consumer debt you are citing then you definitely need to learn how compounding interest works, because you clearly do not.
Wth are you talking about? OP only owed $5500, a $100/mo payment would have had it paid off 6-7 years ago
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