Hello, all! I’ve been following the news about student loan forgiveness being blocked, hopefully temporarily. I wish this issue didn’t become so political. Many of us had to apply for student loans, and it seemed to be the best decision at the time in order to advance our higher education.
I also followed fellow Penny Hoarders’ advice and contacted my loan servicer to request a refund of the amounts that I paid off since March 2020. The loan servicer confirmed my request, but I have yet to receive the refunds. Then I submitted my application for loan forgiveness while it was in beta. Hopefully, all goes through!
Does anyone else have insight on what will happen next?
Sorry, I m not in your camp, I believe student loans should not be forgiven. An education should lead to a profitable job/career so you can pay what you owe.You borrowed the money, so repay it.
Should my car loan be forgiven, should my mortgage be forgiven? It’s too much for the taxpayers to take on, you chose your course in life as far as an education. Now put it to good use by getting employed and paying your debt.
I do not mean to sound harsh, these loans need to be repaid.
@pinay, yes its a waiting game! So much going on with it all right now. But if you did what you should, then yes, just wait.
I’m in the PSLF program, finally, even though I graduated in 2001. ? Only 16 more months to go! ? I found a great FB group that has been super helpful for the process. Maybe there is one for the 10/20K forgiveness?
And yes, it’s a shame that we can’t say anything to anyone about this without it turning political. it’s tough- I see both sides. Lots of my clients are experiencing this as well.
I too believe students should be responsible for their school loan debt, but if you do a google for “why are student loans so difficult to pay off” or something like that, you’ll learn what the media is not sharing…these loans often carry negative amoritization which means the interest is so high that even if you make the monthly payment, the loan balance increases. It’s like paddling up rapids with your hands. The lenders and universities should be ashamed for not only supporting, but encouraging these types of loans. They should decrease and/or forgive some of the interest owed so the loans can be managed reasonably by the borrower.
DITO! You need to be responsible for your actions. Why should we give up our income so that you don’t have to?
Maybe some of the millennials with student debt would like to pay off my house or my car, because I bought them thinking my job was secure, but I was fired by no fault of my own.
So yeah, just help me out and pay off the $10,000 on my car before it is repossessed.
