Official Student Debt Cancellation Watch Thread

[wire28]

Just a head up breh and for everyone out there. A homie of mine did the public loan forgiveness and got 50k off his loan. Brotha works for DCMA.

But for what I know you must make consecutive payments with no lapses (even retroactively)...no forbearance and no waivers or the time resets. Not sure if biden is going to change this policy.

Folks forget with these loan forgiveness plans they have requirements that you must meet the time and meet the consecutive payments. The difference between obamas administration forgiveness plan that only about under 100k people met the requirements for the loan forgiveness. I believe biden will open up the requirements but the 5 years or 10 years and consecutive payments will still be a requirement.

Even if biden does the 10k forgiveness folks still gonna be pissed when they find out only certain jobs are eligible, certain salaries limits are eligible and those eligible jobs don't pay as much as the jobs certain folks have now.

For PSLF now they are being better about making you send in a form every year to confirm you are eligible. When I started a few years ago it wasn’t advertised at all. The way things are right now I’m not paying but each month is still counting as a “payment” so I’m still on track and eating off that honestly. Like you said though it’s still a lot of criteria you have to meet like being on an income driven repayment plan, working for a non profit, etc.

 

[Originalman]

For PSLF now they are being better about making you send in a form every year to confirm you are eligible. When I started a few years ago it wasn’t advertised at all. The way things are right now I’m not paying but each month is still counting as a “payment” so I’m still on track and eating off that honestly. Like you said though it’s still a lot of criteria you have to meet like being on an income driven repayment plan, working for a non profit, etc.

Good to hear breh. A couple folks I know messed themselves up by missing payments or filing for forbearance so it reset the clock. I know with certain government jobs they even give you extra money to pay on your student loan. I know a few years ago there was a government job I applied for that would give you like 150 extra a month for your loans. So you got the forgiveness after 10 years plus they gave you 1k plus a year for your loan.

But you right breh there are a lot of requirements. Which I am sure this administration will pass onto the 10k loan forgiveness.

Yeah I think the government issued covid forbearance is making your payments be up to date. Same with everyone with government (non-private) loans.

 

[dora_da_destroyer]

Both of them brag about making over 6 figs and both are active in the boiler room thread

And I took on six figures of debt to make six figures...unlike most the white kids I went to business school with

 

[Pressure]

And I took on six figures of debt to make six figures...unlike most the white kids I went to business school with

Will your children, if you have them, have to take on that same amount of debt?

 

[dora_da_destroyer]

Will your children, if you have them, have to take on that same amount of debt?

As things stand now, absolutely if they plan on going to grad school. And quite possibly if they go to a private college as some are hitting for 80k/yr right now, the cost will be over 100k/yr by the time they go to school.

but I’m also jaded on the ROI of higher ed given the amount of debt I’ve seen me and my friends take on, so I’m not one for telling the next generation to go to college “just because”

 

[FAH1223]

 

[King Kreole]

That tweet showing the huge leap in debt for high income earning blacks people is exactly what me and @No1 been hollerin about but got hit with top 10% rhetoric

And rightfully so.

The per-dollar burden of debt decreases as income increases. High-earners with 6 figures of debt aren't struggling like low-income earners with 5 figures of debt, and the former group shouldn't be given equal policy consideration as the latter. At least, that's what progressive politics says. Conservative politics would say the high-earners should be given more consideration and help (tax cuts for the rich) because they're "makers not takers" and they'll trickle the wealth down via charity or whatever.

 

[Gus Money]

Just a head up breh and for everyone out there. A homie of mine did the public loan forgiveness and got 50k off his loan. Brotha works for DCMA.

But for what I know you must make consecutive payments with no lapses (even retroactively)...no forbearance and no waivers or the time resets. Not sure if biden is going to change this policy.

Folks forget with these loan forgiveness plans they have requirements that you must meet the time and meet the consecutive payments. The difference between obamas administration forgiveness plan that only about under 100k people met the requirements for the loan forgiveness. I believe biden will open up the requirements but the 5 years or 10 years and consecutive payments will still be a requirement.

Even if biden does the 10k forgiveness folks still gonna be pissed when they find out only certain jobs are eligible, certain salaries limits are eligible and those eligible jobs don't pay as much as the jobs certain folks have now.

I don't think you have to make consecutive payments for the Public Service Loan Forgiveness but there are plenty of hoops you have to jump through. And sometimes people get wrongfully denied for doing things that are allowed. I wish I knew more about this program before going back to school because I just assumed it would be a piece of cake.

 

[No1]

Both of yall have chosen not to pay off your debts because you've found more valuable investments for your money.

Let's all be honest here.

That’s not entirely true. I haven’t paid it off because I worked public interest for two years making next to nothing and then returned to private practice. Now could I have paid it all off? Sure. But then I wouldn’t have an emergency fund, or any other sort of investments or savings. It’s not like my payments aren’t income based and well past a thousand dollars per month. I pay more back in student loans in a month than the rent in most parts of this country. Paying it back early would be in exchange for any sort of safety nets.

Spoiler

And my apartment dope

 

[No1]

And rightfully so.

The per-dollar burden of debt decreases as income increases. High-earners with 6 figures of debt aren't struggling like low-income earners with 5 figures of debt, and the former group shouldn't be given equal policy consideration as the latter. At least, that's what progressive politics says. Conservative politics would say the high-earners should be given more consideration and help (tax cuts for the rich) because they're "makers not takers" and they'll trickle the wealth down via charity or whatever.

You’re still regurgitating this? It literally say that high income black borrowers have more debt than anyone - there just aren’t that many of them. That has nothing to do with the ridiculous point you made about them being some sort of privileged. Your argument would’ve been stronger if you never mentioned black people, which are the most sympathetic group of that demographic and just focused on high income earners in general.

 

[No1]

Both of them brag about making over 6 figs and both are active in the boiler room thread

. That extra money every month goes much farther towards investments than it would going towards the principal of my loans. I did the calculations, at best my loans would be paid off a few months earlier.

 

[The axe murderer]

Its over

 

[FAH1223]

 

[King Kreole]

You’re still regurgitating this? It literally say that high income black borrowers have more debt than anyone - there just aren’t that many of them. That has nothing to do with the ridiculous point you made about them being some sort of privileged. Your argument would’ve been stronger if you never mentioned black people, which are the most sympathetic group of that demographic and just focused on high income earners in general.

That’s not entirely true. I haven’t paid it off because I worked public interest for two years making next to nothing and then returned to private practice. Now could I have paid it all off? Sure. But then I wouldn’t have an emergency fund, or any other sort of investments or savings. It’s not like my payments aren’t income based and well past a thousand dollars per month. I pay more back in student loans in a month than the rent in most parts of this country. Paying it back early would be in exchange for any sort of safety nets.

Spoiler

And my apartment dope

Someone making $160K with $80K of student loan debt is NOT in as dire straights as someone making $40K with $50K of debt. Being black doesn't eradicate the fundamental financial concept of diminishing marginal utility of wealth. Your refusal to acknowledge this I can only assume is being clouded by your personal circumstances. Having a high enough income to live in a "dope apartment" or have "emergency funds and investments" or having the ability to pay it all off but choosing not to are privileges that the majority of the debt-holding population, particularly the black population, does not enjoy. When we talk about people drowning in debt, or how debt cancellation can serve as a stimulus, we're not talking about people like you who are in high-income strata, and are already saving and investing even with your nominally high amount of debt.

 

[King Kreole]

. That extra money every month goes much farther towards investments than it would going towards the principal of my loans. I did the calculations, at best my loans would be paid off a few months earlier.