That said, we want to hear some of your personal stories about student loans.
First, we’d love to hear how the $10,000 forgiveness announcement affected you. Did it wipe out your loans completely? Did it help you get closer to the finish line? If so, how will that allow you to focus on other areas of your like – planning a wedding, saving for down payment, simply paying all the bills every month or so on?
Second, if you’ve already paid off your loans for you or a family member (like a spouse or child), we’d love to hear your personal story. What were some of the sacrifices you made to pay off those loans? How did your money situation change once your loans were gone? What could you do that couldn’t before?
Hopefully, your personal story will help motivate others to continue eliminating their student loan debt!
When I sold my house (2-bedroom, 2.5 bath condo) one year ago, I paid off my remaining student loans of $10,523.98. I wish I waited a year but I was unsure at the time what the federal government would decide on forgiving student loans. I could’ve kept my $10,000 in my high-yield savings account.
Then again, if I understand correctly, President Biden was the one who called on forgiving $10,000, and this bill still needs to be introduced in Congress. So who knows how long this would take to actually happen. I’m also living with my parents temporarily, so would our combined household income now disqualify me from receiving loan forgiveness?
It’s unfair that forgiving student loans has been at the bottom of the barrel, yet other areas are easily let off the hook or given immediate funding before and during the pandemic. Pursuing higher education helped me get to where I am in my career as a registered nurse. Hospitals started requiring nurses to complete a bachelor’s of science in nursing degree within five years. Non-traditional jobs outside the hospital are looking at BSN and additional certifications, which I have.
I just had to reframe my thoughts and be thankful that yes, I made a generous profit from the sale of my home during a sellers’ market in 2021, which allowed me to pay off student loans and credit card debt. The timing of life events is also a blessing in disguise because I will be moving to Texas from Virginia this October 2022.
@pinay You should be able to call up your loan servicer and ask for a refund of the money you paid on your loans during the Covid-19 pause. There’s been stories of people being successful, though it may take a few phone calls and effort. Once the money is refunded to you, the amount of your loan will increase, but then you’ll be able to apply for the $10k of student loan forgiveness.
But you’re right, there’s still a lot of uncertainty right now about how this is all going to play out. Some borrowers are waiting to ask for a refund until the application actually goes live (might be a smarter move).
As far as your parent’s income: That should only matter if you’re still in school. If you’re a current student and a dependent for financial aid reasons, then yes, it’s based on their income and not yours. But if you’ve graduated, then it’s based off your income (and your spouse’s if you’re married).
@pinay You should be able to call up your loan servicer and ask for a refund of the money you paid on your loans during the Covid-19 pause. There’s been stories of people being successful, though it may take a few phone calls and effort. Once the money is refunded to you, the amount of your loan will increase, but then you’ll be able to apply for the $10k of student loan forgiveness.
But you’re right, there’s still a lot of uncertainty right now about how this is all going to play out. Some borrowers are waiting to ask for a refund until the application actually goes live (might be a smarter move).
As far as your parent’s income: That should only matter if you’re still in school. If you’re a current student and a dependent for financial aid reasons, then yes, it’s based on their income and not yours. But if you’ve graduated, then it’s based off your income (and your spouse’s if you’re married).
Thank you so much for this insight! I had no idea this was a possibility. I’ll definitely look into this. ?
No student loans here, that is not to say we have not had our share of student loan collectors calling us. You see my husband and his son have the same name and we made the mistake of allowing his son to use our county address to attend a community college in this county, cheaper tuition. His son lives in the city. He quit college because he felt he knew more than the instructors. Well, the student loan bills started arriving and we would call him and give the bills to him, of course he blew them off. Here comes the onslaught of phone calls and pink colored bills/envelopes, we’d simply give the collector his phone number and explain to them, it’s the same name. He was procrastinating in giving the collectors the change of address, this drug on for 18 months. Never again, lesson learned.
