No one should have to go through this no one. This situation has created enormous chaos and pressure for millions and it’s horrible. The truth about the cost of education needs to be told.
@@dancerodie , what I fear most is that most MPN do not include forgiveness, and thus, the courts would rule against us. This is highly speculative on my part since we are in unchartered territory, and we do not know how all the dominos will ultimately fall. In hindsight, I wish I had not left my old IBR plan, which I was on for 17 years.
@@roderickwright6339 As long as Republicans don't get rid of the filibuster, this would require 60 senate votes. This would require some democrats to cross the aisle which I don't see happening.
@dancerodie advocacy groups and lawyers don't take cases unless you are a celebrity or rich. Found that out the hard way. US Army broke their contract with me. Every military law attorney I spoke with over the last 20 years told me they owe me my back pay until the date I am legally separated. But not one was willing to go against JAG. SMH
2:53 I'm not going to stress myself out. God is going to help me regardless. I just hope PLSF isn't gutted. If it is... I'll find a way to pay this thing off. Life goals will be delayed significantly, but... I'll be okay. Praying for everyone else who may not have a support system or a plan for sustainable living.
Needs 60 votes in the senate to get rid of cause it's codified in the law.......even if every Republican votes yes they won't have the votes (they can circumvent this by ending the filibuster which won't realistically happen) You should be safe, the problem is what these next 3 years will look like when it comes to the exact payment plan you will be on
I paid my 120 in aug 2024 and no they haven’t forgiven my loans and every time I reapply they say that August is in eligible and I applied twice for buyback for August and I still haven’t heard anything from them and I’ll be so upset that they do away with that and I have to pay back, which is now 70% of my loan is just interest that I originally took out. I feel it’s so unfair because during the time that I took out my student loans bush Junior caused the Stanford loans unsubstantiated interest rate to exponentially increase as I was inSchool! then no jobs in 2011-13 so forbanace… then loan company taking 9 months to seitch me over to the new payment plan Obama made before he lift office and this allowed them to charge be 8k interest!! such a scam and should be sued! The Better Business Bureau only helped me get them to put me in my plan and out of forbearance but to get the interest back I would’ve had to contact the power of attorney which was involved getting a lawyer and myself was like I’m in loan forgiveness so hopefully it’ll all be forgiven, but now I’m gonna have to pay it
\I am frustrated by the whole situation. I am in the middle of PSL"F half done, but it was paused waiting on SAVE . It's so stressful Because I was in the PSL'F but payments were paused and I was advised not to pay the monthly payments because they wouldn't count towards the loan, Then finally, last spring I started up again, but it all moved to new system, and I had to wait for SAVE . Who knows what's next. I apprecaite this video.
@@roderickwright6339 Thats what class action lawsuits are for and if they cancel PSLF for those already enrolled you can guarentee that legal offices will start the class action paperwork that very second.
Pu-pu platter indeed! 🤣 Glad to hear you at 5:11 say that IBR doesn't face the same threat. I'm still in my OG IBR (well, it was called ICR in 1998) and hit the 25-year mark in April 2024 (but was told I had to make another 30 payments thanks to the COVID break they foisted upon me). Thank you for this lighthearted but very real overview. Hangin' in there!
There are better countries out there that don't financially ruin your life with Student loans, scammy healthcare and unaffordable housing. I am leaving the country and waving the middle finger on the way out the door.
Thank you for being such a comforting voice! I was 5 months away from PSLF forgiveness but switched to working for a for profit. They made me an offer I couldn’t refuse until I learned my loans are likely going to skyrocket. If they end PSLF for new borrowers, how likely will it be that I will or will not be able to switch back if I start working for a nonprofit again? I’m wondering if I need to quit my new job now and get back on PSLF ASAP.
Welp, I am not going to be able to pay anything back. As a retiree with 80,000 loans I will just be defaulting. They can have the 15% max of my Social Security but they will not be touching my tetirement funds. Too bad for them. Not my loss.
I've noticed there's one issue that's never been addressed by anyone doing videos about student loans. That is, what about people who have already had their loans forgiven? Theoretically, if courts rule that these forgiveness plans are unlawful, that would mean that they were never legal to begin with. Hence, they could yank the forgiveness out from under you. Yet I saw some court ruling that said once you're forgiven, they can't take that away once it's done. So which is it?
I tried to sign up for the save plan (grace period ends this month, first payment due) and obviously it’s paused. I ended up applying for an IDR? I work in PSLF, it sucks that it looks like I will have to pay this higher monthly payment compared to what the save plan said I’d pay (according to studentaidgov plan calculator). Did I make the right choice?
I wonder this too. Not even sure yet how much higher my payments will be now. Should I just have waited it out? But I feel like the SAVE plan will be one of the first to go
The promissory notes we signed at the time of student loan disbursements, and programs that have been offered that we enrolled in, should be honored, just like any other financial transaction.
You have the best background on youtube sir! Also, thank you- there is always something we can do. My biggest fear is whether I will qualify for pslf if the only plan left is IBR. I don’t understand the calculation and you have to know your original loan amount, which I don’t remember. I applied for payback cause I do have 120 months of employment but have very little hope that will work.
Hi do you offer one on one counseling? I was on PSLF but then I quit my job and no longer qualified I never recertified and at the time my loans were transitioning from Nelnet to Mohela then Mohela was unreachable I was place on the save plan without being asked I did not make any payments during the pandemic but when the payments resumed I was paying the minimum under The Save Plan. Now what should I do? Should I wait until they make a decision to pay and/or should I reach out to change to the Income driven. Also what about loans that are over 24 years old? Are not they supposed to be forgiven if not payed ? Or do those terms end every time you change plans ? This all so confusing
here's one from the political playbook. i found this on another video post. not sure how valid or legit the statement is though: [we want the SAVE plan repealed because that will make the current 8th Circuit court case moot, thus no need for them to rule on whether PAYE/REPAYE should be thrown out. > This is good strategy. SCOTUS huge on no/moot standing.] also, we all should contact our congressional representatives and implore them to enact legislation to bring interest on these loans to 0%, as well as legislation for removing any derogatory information from government issued student loans from credit bureaus.
The bottom line is that SAVE is gone! The correct approach is to move all those who were automatically or applied into it either back to the plans they had before, extend New IBR to cover them (old is very expensive), or allow people to be grandfathered in. Most people were moved out of REPAYE (which caused no problems) into SAVE automatically. You can't write a contract and then change the rules.
I have yet to be able to make a payment on my loans and they have become overwhelming. I just switched from IBR to Save. I like the idea of just saving something incase they garnish wages or something.
If you leave an IBR, you are hit with unpaid interest right? So your payment actually goes up over time? At least, that is what I have gotten out of my research over the last few weeks trying to figure out where to go if SAVE/PSLF goes away. As long as you know will stay locked in with an IBR, it sounds good...but then you need to stay unless you have to $ for the interest amount they will tack on if you change plans.
Can you please address the topic of potential changes to Grad PLUS loans, particularly the possibility of capping them with a lifetime limit? If the incoming administration decides - and Congress approves - such changes, how would that effect grad students already enrolled in a graduate school program and completely dependent on Grad PLUS as the only loan option to complete the program (i.e. grad students who've maxed out their Direct loans)?!?
Do a video on spousal joint loan splits: when to file call my advantageous to file now because of possible US ED breakup; choosing save which is probably doomed versus IBR; should we forbearance because our former spouses are non-compliant with things like income info, and ICRs will expire before likely processing in June 2025; and, the likelihood that the recount is going to go away and we will lose all our pay credit history thanks to statutory refi.
Now I’m confused. I’m on EGRP, and we talked( February 25th)I thought those plans had forgiveness. Aidvantage even sent me an email saying if I wanted to continue with forgiveness, I didn’t have to do anything. So now I need to know if I need to apply for IDR or sit tight?
Yeah, he won't be much help Paid $200 to let me talk at him. Not worth it. He gave me no suggestions after listening to what I had to say and just told me 25 years from my start date they should be forgiven. I already knew that
Biden should erase student debt on his way out the door. It would be a HUGE boost to the economy. Legal experts - incl Elizabeth Warren - have said he CAN do this. We're gonna need all the help we can get after January
PSLF is not the issue as it was created back in 2007. It’s SAVE that’s in question. I wish PSLF would specify all years of PS would qualify. I have 5 years and they don’t qualify because my years were before 2007. How wrong is that? Sucks!
I can't even afford food so the save plan has been the biggest help for me, how am I supposed to pay $50,000 back when I'm making less then $10,000 a year...???? This country is such a shitshow
Well, when he showed a TED talk to calm anxiety, my heart sank. That is not a good sign. The biggest collective of arrogant, and condescending speakers of all time. Save is over for sure. I am sorry I ever was convinced it would happen. This guy is round-about telling you, you are screwed.
@@jefflawson8375that actually could help as it’s a contract between the federal government and the borrower. Lawsuits can be filed for violation of borrower rights should certain actions be taken such as the attempted removal of the IBR plan by Congress.
11/21/24...Just stumbled across your video. Great info! But ppl need to "fess up" + not try to "deny their legal/signed for obligations". Why should American taxpayers + bank/credit union customers have to "lose their $$ + interest" that these cry-baby college students accepted the funding + signed to pay it back? I think snybody who refuses to pay their debt + interest should have $$ withdrawn/automatic withdrawal from salary/money in bank account/ any assets in their name. Inheritance + stocks included. DON'T STIFF US AMERICAN CITIZENS/TAXPAYERS....
So much of your comment just comes across as sour grapes. Why should we ever try to make anything better for anybody? Let's make everyone suffer. Who cares if people are destitute, can't participate in the economy, or have kids, right? Did you ever think about how that affects the economy? What happens when there isn't enough money being spent? Consumerism is what this country runs on. What about low birth rates? What do you think happens as a population gets older and there aren't enough younger people working? What do you think happens to SS? Where would the taxes come from?
No one should have to go through this no one. This situation has created enormous chaos and pressure for millions and it’s horrible. The truth about the cost of education needs to be told.
Deep breaths. I am so appreciative of this video and the fear references. Thanks Tim and team
I just want to thank you for all you do. You make me smile and feel so much better in such a shitty situation. I hope you have a wonderful new year.
Best video yet! Love the walkthrough
Glad you enjoyed it!
"A dozen fried shrimp with crinkle cut fries, and a live band playing r&b covers" is my new coping strategy to deal with this "poo-poo platter." 😂 ❤️
would student loan holders have standing to sue the DOE if SAVE is abolished and current loans not grandfathered in?
I was thinking along the same lines, so I reached out to some of the advocacy groups, but I think they are chicken as well.
@@dancerodie , what I fear most is that most MPN do not include forgiveness, and thus, the courts would rule against us. This is highly speculative on my part since we are in unchartered territory, and we do not know how all the dominos will ultimately fall. In hindsight, I wish I had not left my old IBR plan, which I was on for 17 years.
The DOE is being disbanded
@@roderickwright6339 As long as Republicans don't get rid of the filibuster, this would require 60 senate votes. This would require some democrats to cross the aisle which I don't see happening.
@dancerodie advocacy groups and lawyers don't take cases unless you are a celebrity or rich. Found that out the hard way. US Army broke their contract with me. Every military law attorney I spoke with over the last 20 years told me they owe me my back pay until the date I am legally separated. But not one was willing to go against JAG. SMH
Thank you for your calming videos during these chaotic times… I am on PSLF and so nervous about the future of this entire situation. 😎
2:53 I'm not going to stress myself out. God is going to help me regardless. I just hope PLSF isn't gutted. If it is... I'll find a way to pay this thing off. Life goals will be delayed significantly, but... I'll be okay. Praying for everyone else who may not have a support system or a plan for sustainable living.
PSLF should be ok for those already in it. I think it'll be attacked for future enrollees.
Don't even speak that! The Lord will keep you ON track. 🙏🏾
Trump denied 99.9% of pslf obligations last time he was in office @@stanleytate
I really hope they leave PSLF alone because I only have 3 more years.
Nope, they are eliminating all forgiveness. I am just planning on defaulting. They made their bed....
Needs 60 votes in the senate to get rid of cause it's codified in the law.......even if every Republican votes yes they won't have the votes (they can circumvent this by ending the filibuster which won't realistically happen)
You should be safe, the problem is what these next 3 years will look like when it comes to the exact payment plan you will be on
I paid my 120 in aug 2024 and no they haven’t forgiven my loans and every time I reapply they say that August is in eligible and I applied twice for buyback for August and I still haven’t heard anything from them and I’ll be so upset that they do away with that and I have to pay back, which is now 70% of my loan is just interest that I originally took out. I feel it’s so unfair because during the time that I took out my student loans bush Junior caused the Stanford loans unsubstantiated interest rate to exponentially increase as I was inSchool! then no jobs in 2011-13 so forbanace… then loan company taking 9 months to seitch me over to the new payment plan Obama made before he lift office and this allowed them to charge be 8k interest!! such a scam and should be sued! The Better Business Bureau only helped me get them to put me in my plan and out of forbearance but to get the interest back I would’ve had to contact the power of attorney which was involved getting a lawyer and myself was like I’m in loan forgiveness so hopefully it’ll all be forgiven, but now I’m gonna have to pay it
You really help me feel like I can breathe a little better. Thank you ✌️
Happy to help!
\I am frustrated by the whole situation. I am in the middle of PSL"F half done, but it was paused waiting on SAVE . It's so stressful Because I was in the PSL'F but payments were paused and I was advised not to pay the monthly payments because they wouldn't count towards the loan, Then finally, last spring I started up again, but it all moved to new system, and I had to wait for SAVE . Who knows what's next. I apprecaite this video.
You sue them as some of us already had these programs. They should grandfather us in same programs they had. Period
Yeah problem with attorneys is if you ain't a celebrity or rich good luck finding one that will take your case
@@roderickwright6339 Thats what class action lawsuits are for and if they cancel PSLF for those already enrolled you can guarentee that legal offices will start the class action paperwork that very second.
You are very entitled
Pu-pu platter indeed! 🤣 Glad to hear you at 5:11 say that IBR doesn't face the same threat. I'm still in my OG IBR (well, it was called ICR in 1998) and hit the 25-year mark in April 2024 (but was told I had to make another 30 payments thanks to the COVID break they foisted upon me). Thank you for this lighthearted but very real overview. Hangin' in there!
@@BonnieGillespieLive they're actually looking at removing forgiveness for all loans
What about the one time payment count adjustment....where is that at?
There are better countries out there that don't financially ruin your life with Student loans, scammy healthcare and unaffordable housing. I am leaving the country and waving the middle finger on the way out the door.
What countries do you suggest?
I been waiting for this video. I've had to watch a bunch of people I don't know or seemly trust their energy.
Thank you for watching!
Thank you for being such a comforting voice! I was 5 months away from PSLF forgiveness but switched to working for a for profit. They made me an offer I couldn’t refuse until I learned my loans are likely going to skyrocket. If they end PSLF for new borrowers, how likely will it be that I will or will not be able to switch back if I start working for a nonprofit again? I’m wondering if I need to quit my new job now and get back on PSLF ASAP.
you and your team are saints sir thank you so much ❤
Thanks Tate! This was helpful!
My adjustments are done can they take tose away
With most of these plans, the payment is still too high 🤷🏻♀️
If I’m on SAVE forbearance, Is it time to apply to return to IBR or would you say to still wait it out?
I thought we automatically get kicked back into IDR
Welp, I am not going to be able to pay anything back. As a retiree with 80,000 loans I will just be defaulting. They can have the 15% max of my Social Security but they will not be touching my tetirement funds. Too bad for them. Not my loss.
8:40 I live out of the country but my SS check is deposited to my US bank account. Couldn’t they garnish that payment?
Thank you for your great videos, this is very encouraging and enlightening.
I've noticed there's one issue that's never been addressed by anyone doing videos about student loans. That is, what about people who have already had their loans forgiven? Theoretically, if courts rule that these forgiveness plans are unlawful, that would mean that they were never legal to begin with. Hence, they could yank the forgiveness out from under you. Yet I saw some court ruling that said once you're forgiven, they can't take that away once it's done. So which is it?
We addressed it in this video. We say it’s unlikely to be taken away from you. But that’s a guess.
I tried to sign up for the save plan (grace period ends this month, first payment due) and obviously it’s paused. I ended up applying for an IDR? I work in PSLF, it sucks that it looks like I will have to pay this higher monthly payment compared to what the save plan said I’d pay (according to studentaidgov plan calculator). Did I make the right choice?
I wonder this too. Not even sure yet how much higher my payments will be now. Should I just have waited it out? But I feel like the SAVE plan will be one of the first to go
The promissory notes we signed at the time of student loan disbursements, and programs that have been offered that we enrolled in, should be honored, just like any other financial transaction.
i'm just starting...is the IBR plan the only choice for me?
You have the best background on youtube sir! Also, thank you- there is always something we can do. My biggest fear is whether I will qualify for pslf if the only plan left is IBR. I don’t understand the calculation and you have to know your original loan amount, which I don’t remember. I applied for payback cause I do have 120 months of employment but have very little hope that will work.
So i have 303 payments. Nelnet says my loans are on hold until rulings
Hi do you offer one on one counseling?
I was on PSLF but then I quit my job and no longer qualified I never recertified and at the time my loans were transitioning from Nelnet to Mohela then Mohela was unreachable I was place on the save plan without being asked I did not make any payments during the pandemic but when the payments resumed I was paying the minimum under The Save Plan. Now what should I do? Should I wait until they make a decision to pay and/or should I reach out to change to the Income driven.
Also what about loans that are over 24 years old? Are not they supposed to be forgiven if not payed ? Or do those terms end every time you change plans ?
This all so confusing
he does. will cost you $200 for a 20 minute session ;)
Mohela is terrible!
here's one from the political playbook. i found this on another video post. not sure how valid or legit the statement is though: [we want the SAVE plan repealed because that will make the current 8th Circuit court case moot, thus no need for them to rule on whether PAYE/REPAYE should be thrown out. > This is good strategy. SCOTUS huge on no/moot standing.] also, we all should contact our congressional representatives and implore them to enact legislation to bring interest on these loans to 0%, as well as legislation for removing any derogatory information from government issued student loans from credit bureaus.
The bottom line is that SAVE is gone! The correct approach is to move all those who were automatically or applied into it either back to the plans they had before, extend New IBR to cover them (old is very expensive), or allow people to be grandfathered in.
Most people were moved out of REPAYE (which caused no problems) into SAVE automatically.
You can't write a contract and then change the rules.
The US Army does it all the time
I have yet to be able to make a payment on my loans and they have become overwhelming. I just switched from IBR to Save. I like the idea of just saving something incase they garnish wages or something.
If you leave an IBR, you are hit with unpaid interest right? So your payment actually goes up over time? At least, that is what I have gotten out of my research over the last few weeks trying to figure out where to go if SAVE/PSLF goes away. As long as you know will stay locked in with an IBR, it sounds good...but then you need to stay unless you have to $ for the interest amount they will tack on if you change plans.
Can you please address the topic of potential changes to Grad PLUS loans, particularly the possibility of capping them with a lifetime limit? If the incoming administration decides - and Congress approves - such changes, how would that effect grad students already enrolled in a graduate school program and completely dependent on Grad PLUS as the only loan option to complete the program (i.e. grad students who've maxed out their Direct loans)?!?
Do a video on spousal joint loan splits: when to file call my advantageous to file now because of possible US ED breakup; choosing save which is probably doomed versus IBR; should we forbearance because our former spouses are non-compliant with things like income info, and ICRs will expire before likely processing in June 2025; and, the likelihood that the recount is going to go away and we will lose all our pay credit history thanks to statutory refi.
Now I’m confused. I’m on EGRP, and we talked( February 25th)I thought those plans had forgiveness. Aidvantage even sent me an email saying if I wanted to continue with forgiveness, I didn’t have to do anything. So now I need to know if I need to apply for IDR or sit tight?
tRump will go out of his way to make sure you never get any forgiveness.
I’m still waiting on 7 1/2 years of adjustment from Navient. I would be at 190/120 payments. Could you help with this on a one-on-One?
Yeah, he won't be much help
Paid $200 to let me talk at him. Not worth it. He gave me no suggestions after listening to what I had to say and just told me 25 years from my start date they should be forgiven. I already knew that
Thank you Tate for this video that has helped me calm down my “future tripping” tendencies. Make a plan!
Biden should erase student debt on his way out the door. It would be a HUGE boost to the economy. Legal experts - incl Elizabeth Warren - have said he CAN do this. We're gonna need all the help we can get after January
I think Trump will go with PSLF forgiveness. It will make him look good. His party blocked forgiveness to control the election's results.
PSLF is not the issue as it was created back in 2007. It’s SAVE that’s in question. I wish PSLF would specify all years of PS would qualify. I have 5 years and they don’t qualify because my years were before 2007. How wrong is that? Sucks!
Brandy old fashion or whiskey old fashion? Always brandy old fashion myself. Gotta love a WI supper club Friday Fish Fry with an old fashion.
Definitely whiskey. Brandy old fashioned's only when I'm in Wisconsin.
I can't even afford food so the save plan has been the biggest help for me, how am I supposed to pay $50,000 back when I'm making less then $10,000 a year...???? This country is such a shitshow
Well, when he showed a TED talk to calm anxiety, my heart sank. That is not a good sign. The biggest collective of arrogant, and condescending speakers of all time. Save is over for sure. I am sorry I ever was convinced it would happen. This guy is round-about telling you, you are screwed.
...this "fearsetting" just sounds like somebody rebranded "prepare for the worst" to sell a buncha self-help books...
You say alot while saying nothing
he's a lawyer after all. what did you want him to say? we all are on the edge lol
So what should we be saying?
He is providing answers based on the information available. You have to remember there is literally limited to no case law regarding what is going on.
@@SB-hy9iq sadly the courts will use what the MPN states. Most probably do not have anything on loan forgiveness.
@@jefflawson8375that actually could help as it’s a contract between the federal government and the borrower. Lawsuits can be filed for violation of borrower rights should certain actions be taken such as the attempted removal of the IBR plan by Congress.
11/21/24...Just stumbled across your video. Great info! But ppl need to "fess up" + not try to "deny their legal/signed for obligations".
Why should American taxpayers + bank/credit union customers have to "lose their $$ + interest" that these cry-baby college students accepted the funding + signed to pay it back?
I think snybody who refuses to pay their debt + interest should have $$ withdrawn/automatic withdrawal from salary/money in bank account/ any assets in their name. Inheritance + stocks included.
DON'T STIFF US AMERICAN CITIZENS/TAXPAYERS....
So much of your comment just comes across as sour grapes. Why should we ever try to make anything better for anybody? Let's make everyone suffer. Who cares if people are destitute, can't participate in the economy, or have kids, right?
Did you ever think about how that affects the economy? What happens when there isn't enough money being spent? Consumerism is what this country runs on. What about low birth rates? What do you think happens as a population gets older and there aren't enough younger people working? What do you think happens to SS? Where would the taxes come from?