Paying the loans in my opinion is not my issues the amount of interest these companies are able to attach to the original loan is my issue as well as the the cost of living in increase and typically your income does not. Just give me the option to choose how much I can afford to pay.
Exactly, I am here with you on that. When I finally got to a point where I could pay and possibly make extra payments to pay things down, interest rates went up, and now it's like being back at square one, struggling. Seeing myself making monthly payments and only about $30 going to the principal is crazy. Then, the next month rolls around, and the interest makes it like you never put anything on the principle, and the balance is constantly going up and not down. It's crazy how our system rewards those who do nothing and punishes those who are trying. The cost of living is crazy, but instead of working with someone who has a job and just needs assistance to even get low income housing you basically need to not have a real job.
I consolidated in 2010. I have been on IBR since 2011 and my first loan entered into repayment in 1989 yet I still haven’t received an email saying I have been given any type of adjustment.
I was told that since I paid off my loan during forbearance for AI Arts Institute in 2021 ..it was before the ruling in 2023 and the Borrowers Defense approval letter I received stating a forthcoming refund is useles info. I will not get back one penny. Very disheartening for responsible people who paid off the loan and although we all know we were taken advantage of we are still not going to get any refund so no recourse for us...Good Luck guys....I still hope you get your refunds even if I wont be receiving one. Sure could use the money right now 😔
I started to consolidate, but backed out. I don't have that much to pay back. The reason I backed out is the deadline was April 30th; then, during the process, I found out that Biden changed the deadline to June 30th,2024. This is the 3rd time he has given a deadline. After giving it a considerable amount of thought, and learning that if I consolidated my loans, the interest balance will be compounded on the remaining balance, is what helped me make my decision. Also, if I consolidate the loans, the present interest rate of over 7% will stay the same. If the interest goes down to say, 2%, then I'm basically screwed. I might regret it, but I feel confident in my decision. I don''t believe Biden's gonna forgive anymore loans. The last I looked, there were at least 17 States against forgiveness. They are still debating it. I urge everyone to keep track of the news, before making a quick decision. Once you consolidate the loans, there is no going back. Best wishes to everyone.
First, I would like to say thanks for giving us the information you provide and for keeping us up to date. That said, in my situation, I paid off my loans early last year after the Supreme Court decision. The loans were for the Art Institute . What I am trying to figure out is when and if they are going to refund my money. I have not received an email informing me of anything. I'm just curious to know if you have any info on that. Thank you.
Can you talk about consolidating your loans after you have paid on your loan and how reconsolidation will affect your credit score and the interest rates are much higher now then previous.
Has there been information or updates around time-frames in regards to processing reconsolidatation applications? I submitted mine at the end of April and it just says it is being reviewed. I understand that with a higher volume of applications there may be longer processing times, but, like many, I am just wanting to be sure everything is moving along as it should.
The interest must be very high now for loans. I took mine out twenty years. I start paying again in July. If I calculated it correctly, I could have it paid off in two years. What's the current student interest rate. I took out many. I only have two left. Each loan is 3.75% I have 19900 left. I mean, I know if you're living in. California, the cost of living sucks I had to. Go somewhere else to be able to pay my loans. I don't have credit cards Are there any americans living in america and they're able to live well? I'm really wondering. I moved overseas. I can pay my loans. I'll never have lots of money, but I'll never be homeless. I just don't know if it's happening.
I live in the south and work for the state that I live in. I live in a VERY modest 2 bedroom apartment. Drive a kia (not new) and have about 5k in credit card debt. I’m divorced and in my mid 50s. I have to work a full-time job and do any side hustle I can find time for just to survive. I don’t know how I could ever pay my loans off especially since the balance keeps growing astronomically because of interest.
Is it worth it, the save plan I haven’t done anything since all this mess going on with the lawsuit. I feel like filling it the application. What would I do?
What if interested caused my loan to be much more than I originally took out, but I have lowered the balance so now it's doesn't look like I owe more than the original loan amount. Will they still look into that and still forgive that extra interest or not since it no since I've paid it down?
I've seen some conflicting information. Does anyone know if you can still use the double consolidation loophole to lower Plus loan payments under SAVE?
Look i understand people are upset about people getting loan forgiveness. We are not getting our loans erased, most of the programs eliminate interest. Which was almost double your balance. No one complains that immigrants come here get huge visa card and free hotel rooms. We are getting mad at our own citizens losing interest.
I got an idea, take responsibility for your decisions. Pay back what you owe. Take control of the situation rather than sitting on your hands and hoping some politician is going to fix the problems you made. Scrimp, save, work over time, post pone your ambitions. I did it. You can, too. Graduated in 2013 and paid my loans back in 2018. It sucks putting off what it is you want to do, but you can do it.
So I have a mortgage, but really wanted my tesla even though I knew I had a house payment. I don't want to pay my mortgage anymore. Should I ask people who live in an apartment and take public transportation to pay my mortgage? Same thing as this crap.
Shelter and an unnecessary car are not the same, for one...and no one is forcing anyone to buy a 60-70k vehicle when other less expensive options are available. I know you meant it as a flex, but you failed the comparison. Education doesn't give you the option of a 1k degree vs a 50k degree. Try harder next time.
@@a.randolph8112 you don't think mortgage rates went through the roof?! Additionally, do you think those of us who struggled, and finally at last were able to pay our loans should also be... I don't know... have our money paid back to us? Not a good look to push all this debt to our children, the next generation, so on and so forth. Nothing is free, someone will Always pay.
@omnignarusist no one is forcing someone to assume a personal debt they won't repay to attend college instead of entering the workforce either. Don't be so simple. Surely you learned what an analogy was in school (that someone else probably paid for)
But you’re okay with billions of “our” tax dollars being sent to other countries to make their lives better? You’re absolutely correct, it is “our” money. People that have loans, pay taxes too. Therefore, student loans should be forgiven because again… the individuals with student loans are the ones paying taxes also.
I personally do NOT believe that there should be ANY student loan forgiveness. People took out those loans, acting as adults then they need to own that responsibility. The law should be changed to allow bankruptacy, as then there would be SOME accountability to the poor decisions people made. And yes, they made poor decisions. No plan, no research on their prospects, doing whatever FELT right or good....rather than an actual need. I understand that people might have a hard time, but they still dont get a pass from the responsibilities they incur by their choices. And I dont think it either fair Or right for those of use who DID pay back out loans to have to help pay back everyone elses.
I paid for my education, including a master's degree, by working my way through school. If this vid is only for "smart people", then I must be stupid for understanding how responsible finance works. How do I get free money from the gummint?
That’s great for you. These schools tuitions now are 50k a year, there is no working to pay… I actually paid off my student loans already, but I have no problems with other Americans with forgiveness of theirs. Better than sending our tax dollars over seas to support foreign nations. I’m just saying.
@@harriet463 Thanks, but you are mistaken that you have paid off your student loans already. In fact, you will continue paying them thanks to this entitlement program. Think the price of education is high? Ask yourself what happens to HE costs now that these loans are backed by institutional money with no accountability. I object to rewarding the same people who caused these outsized price distortions in the first place. Of course, the irony is that the priviledged elite who lecture honest taxpayers about the benefits of this entitlement program do so while admitting they are too educated to understand the basic ROI formula for college. Sounds to me like taking health advice from a fat Yoga instructor. Remember what the hippies used to say? "If you aren't part of the solution, then you are part of the problem." Truer words have never been spoken in this case.
Your 10 years of deferment/forbearance counts toward the Student Loan Forgiveness plan that requires you to have had student loans for 20 years or 25 years for PLUS loans.
What about the borrower’s defense? I got Art Institute forgiveness without applying. I received the email notice May 1st. I pray that those loans are actually discharged before January 2025. I also applied for Direct Loan Consolidation for my FFELP and the application is. under review
My loan forgiveness didn’t process yet so it still shows my outstanding loan balance. I did receive an email from the Department of Education saying my loans were approved for the borrowers defense loan discharge- forgiveness, because I attended the Art Institute. I’m not sure if a fully processed student loan discharge would negatively or positively impact one’s credit score. I imagine that any student loan forgiveness-discharge would positively impact a borrower’s credit score. Cause once discharged I believe it’s automatically removed from a credit report. Just waiting and praying that everyone who applied before the election will get their loans forgiven!
@kemy365 I received the email as well, but my balance on my student loan site still shows the same, they just paused my monthly payments but shows they will restart in August. Hoping this delay is because it's processing...
@@Joeqbigmackman76Nobody can guarantee that their degree will yield a high paying job unless it’s like a doctor or lawyer. Fields that might have done well 30 years ago may not be in demand now. And that has nothing to do with the question she asked!
I got the golden email saying all of my loans were magically forgiven because i went to the art institute... Only one out of my 7 loans was actually forgiven. Its been months and still waiitng to hear when everything will actually be forgiven.
@stanleytate If I’m in “admin forbearance” and have reached 127 qualifying payments, is there anything left to do? Submitted forms to employers in Q1 which bumped my QPs. But transfer to Student Aid gov says my IDR payments restart in August. So confusing!! 😣
If we got an email stating that the parent plus loan was forgiven but now we're being billed does that mean they are not going to pay it? It's under my Dad but I'm paying for it.
One reason not to consolidate is in 1994 interest rates where .85 percent if you had it electronically withdrawn. Now they are higher why would you consolidate low rates into higher ones
I think the problem is the interest , the inflate the amount is the dont want to forgiveness the loan unless put 0 percent of interest to people paid more faster the loans.
This student loan forgiveness is very frustrating. I am in the PSLF HAVE PAID OVER 120 payments and have not been forgiven. The definition of forbearance is unclear.. I don’t understand why they are not counted. You have some people that were in forbearance and forgiven and others are not. This whole loan forgiveness is a mess. It’s all over the place.
I have 6 loans 2 from 2012 the other 4 from 2015...i got the 2 paid off by the student loan forgiveness but not the others...why didn't they allow me time to consolidate all of them so they all were paid?? The deadline hasn't ended as of today june 24th. Im confused
I think that's where most people are at, honestly. The issue is that these universities knowingly lied to borrowers and convinced them to loan additional money. They inflate expected earnings upon graduation, etc. It's never ever they promise you once you graduate. Personally I think Biden is a liar and never had intention of helping most borrowers. It's all a political play to get votes. I think most are seeing it that way now... Plan to pay off my loans next year and will never get another degree. It's a joke and a scam. I learned everything on my own in college anyway so why bother paying for a piece of paper? It's nonsense.
Paying the loans in my opinion is not my issues the amount of interest these companies are able to attach to the original loan is my issue as well as the the cost of living in increase and typically your income does not. Just give me the option to choose how much I can afford to pay.
Absolutely!! My original balance was like 90k now I owe $277k!! 🤯🤯😭😭
Exactly, I am here with you on that. When I finally got to a point where I could pay and possibly make extra payments to pay things down, interest rates went up, and now it's like being back at square one, struggling. Seeing myself making monthly payments and only about $30 going to the principal is crazy. Then, the next month rolls around, and the interest makes it like you never put anything on the principle, and the balance is constantly going up and not down. It's crazy how our system rewards those who do nothing and punishes those who are trying. The cost of living is crazy, but instead of working with someone who has a job and just needs assistance to even get low income housing you basically need to not have a real job.
I took out 25 and am now 40 deep...never missed a payment.
I consolidated in 2010. I have been on IBR since 2011 and my first loan entered into repayment in 1989 yet I still haven’t received an email saying I have been given any type of adjustment.
I’m 72 years old and have a Parent Plus student loan. Is there any way I can get rid of that loan?
Wait for Congress to do something about the loans - according to the Supremes. It's in the hands of Congress, not the President. Vote Democrat.
Voting Democrat is dangerous
Pay off the loan?
I was told that since I paid off my loan during forbearance for AI Arts Institute in 2021 ..it was before the ruling in 2023 and the Borrowers Defense approval letter I received stating a forthcoming refund is useles info. I will not get back one penny. Very disheartening for responsible people who paid off the loan and although we all know we were taken advantage of we are still not going to get any refund so no recourse for us...Good Luck guys....I still hope you get your refunds even if I wont be receiving one. Sure could use the money right now 😔
I went to Keller which is also on the list but didn’t know about the law suit until after the ruling was made. 😖
I started to consolidate, but backed out. I don't have that much to pay back. The reason I backed out is the deadline was April 30th; then, during the process, I found out that Biden changed the deadline to June 30th,2024. This is the 3rd time he has given a deadline. After giving it a considerable amount of thought, and learning that if I consolidated my loans, the interest balance will be compounded on the remaining balance, is what helped me make my decision. Also, if I consolidate the loans, the present interest rate of over 7% will stay the same. If the interest goes down to say, 2%, then I'm basically screwed. I might regret it, but I feel confident in my decision. I don''t believe Biden's gonna forgive anymore loans. The last I looked, there were at least 17 States against forgiveness. They are still debating it. I urge everyone to keep track of the news, before making a quick decision. Once you consolidate the loans, there is no going back. Best wishes to everyone.
First, I would like to say thanks for giving us the information you provide and for keeping us up to date. That said, in my situation, I paid off my loans early last year after the Supreme Court decision. The loans were for the Art Institute . What I am trying to figure out is when and if they are going to refund my money. I have not received an email informing me of anything. I'm just curious to know if you have any info on that. Thank you.
Can you talk about consolidating your loans after you have paid on your loan and how reconsolidation will affect your credit score and the interest rates are much higher now then previous.
Curious to hear about the Federal court blocking student loan forgiveness/repayment that recently is putting people in limbo?
Congress won't act. Not on the loans, not on immigration.
What about this art institute forgiveness thing where does that fall in the plan?
I’m from the art institute. I did received my letter last month. They have been forgiven. Everyone has been forgiven. Look into it.
@@MercedesAshleyOnlineI still see the loans on my services website so I’m kinda confused
My loans are gone, done bye.
Has there been information or updates around time-frames in regards to processing reconsolidatation applications? I submitted mine at the end of April and it just says it is being reviewed. I understand that with a higher volume of applications there may be longer processing times, but, like many, I am just wanting to be sure everything is moving along as it should.
Informative information, thank you. I think thiS is the 1st time I have Seen your video.
The interest must be very high now for loans.
I took mine out twenty years.
I start paying again in July.
If I calculated it correctly, I could have it paid off in two years.
What's the current student interest rate.
I took out many. I only have two left.
Each loan is 3.75%
I have 19900 left.
I mean, I know if you're living in.
California, the cost of living sucks
I had to.
Go somewhere else to be able to pay my loans.
I don't have credit cards
Are there any americans living in america and they're able to live well?
I'm really wondering.
I moved overseas. I can pay my loans.
I'll never have lots of money, but I'll never be homeless.
I just don't know if it's happening.
I live in the south and work for the state that I live in. I live in a VERY modest 2 bedroom apartment. Drive a kia (not new) and have about 5k in credit card debt. I’m divorced and in my mid 50s. I have to work a full-time job and do any side hustle I can find time for just to survive. I don’t know how I could ever pay my loans off especially since the balance keeps growing astronomically because of interest.
My was ruled to be done by the courts due to going to ITT Tech scandal. Still waiting was forced into forbearance
My son because of his medical issues he didn’t apply for student lone forgiveness can he apply now on July ?
Is it worth it, the save plan I haven’t done anything since all this mess going on with the lawsuit. I feel like filling it the application. What would I do?
What if interested caused my loan to be much more than I originally took out, but I have lowered the balance so now it's doesn't look like I owe more than the original loan amount. Will they still look into that and still forgive that extra interest or not since it no since I've paid it down?
I've seen some conflicting information. Does anyone know if you can still use the double consolidation loophole to lower Plus loan payments under SAVE?
It still works.
This has been very helpful! Thank you!
Look i understand people are upset about people getting loan forgiveness. We are not getting our loans erased, most of the programs eliminate interest. Which was almost double your balance. No one complains that immigrants come here get huge visa card and free hotel rooms. We are getting mad at our own citizens losing interest.
And they are receiving SSI benefits also ..the government is so unorganized
I got an idea, take responsibility for your decisions. Pay back what you owe. Take control of the situation rather than sitting on your hands and hoping some politician is going to fix the problems you made. Scrimp, save, work over time, post pone your ambitions. I did it. You can, too. Graduated in 2013 and paid my loans back in 2018. It sucks putting off what it is you want to do, but you can do it.
So I have a mortgage, but really wanted my tesla even though I knew I had a house payment. I don't want to pay my mortgage anymore. Should I ask people who live in an apartment and take public transportation to pay my mortgage? Same thing as this crap.
Shelter and an unnecessary car are not the same, for one...and no one is forcing anyone to buy a 60-70k vehicle when other less expensive options are available. I know you meant it as a flex, but you failed the comparison. Education doesn't give you the option of a 1k degree vs a 50k degree. Try harder next time.
@@omnignarusistno, it's a legit comparison. Grow up, pay your own bills
I bet your mortgage didn't double while paying on it for 20 years either.
@@a.randolph8112 you don't think mortgage rates went through the roof?! Additionally, do you think those of us who struggled, and finally at last were able to pay our loans should also be... I don't know... have our money paid back to us? Not a good look to push all this debt to our children, the next generation, so on and so forth. Nothing is free, someone will Always pay.
@omnignarusist no one is forcing someone to assume a personal debt they won't repay to attend college instead of entering the workforce either. Don't be so simple. Surely you learned what an analogy was in school (that someone else probably paid for)
Status name change is the answer, for MANY things.
Why should students loans be paid by taxpayers? This program is not fair to taxpayers that have to pay for someone’s education.
But you’re okay with billions of “our” tax dollars being sent to other countries to make their lives better? You’re absolutely correct, it is “our” money. People that have loans, pay taxes too. Therefore, student loans should be forgiven because again… the individuals with student loans are the ones paying taxes also.
I personally do NOT believe that there should be ANY student loan forgiveness. People took out those loans, acting as adults then they need to own that responsibility. The law should be changed to allow bankruptacy, as then there would be SOME accountability to the poor decisions people made. And yes, they made poor decisions. No plan, no research on their prospects, doing whatever FELT right or good....rather than an actual need. I understand that people might have a hard time, but they still dont get a pass from the responsibilities they incur by their choices. And I dont think it either fair Or right for those of use who DID pay back out loans to have to help pay back everyone elses.
Hush
I paid for my education, including a master's degree, by working my way through school.
If this vid is only for "smart people", then I must be stupid for understanding how responsible finance works.
How do I get free money from the gummint?
That’s great for you. These schools tuitions now are 50k a year, there is no working to pay… I actually paid off my student loans already, but I have no problems with other Americans with forgiveness of theirs. Better than sending our tax dollars over seas to support foreign nations. I’m just saying.
@@harriet463 Thanks, but you are mistaken that you have paid off your student loans already. In fact, you will continue paying them thanks to this entitlement program. Think the price of education is high? Ask yourself what happens to HE costs now that these loans are backed by institutional money with no accountability. I object to rewarding the same people who caused these outsized price distortions in the first place.
Of course, the irony is that the priviledged elite who lecture honest taxpayers about the benefits of this entitlement program do so while admitting they are too educated to understand the basic ROI formula for college.
Sounds to me like taking health advice from a fat Yoga instructor. Remember what the hippies used to say? "If you aren't part of the solution, then you are part of the problem." Truer words have never been spoken in this case.
Pay your own Loan
My loans were approved for the one-time forgiveness but halted when all the lawsuits started. Very frustrating.
Me too. Didn't hear anything again. So frustrating
You're not getting it
@@Jack-fr9bk that is pretty obvious.
Yep why should someone else pay your debt@@AprilDePew
Pay your own debt
I’ve been in deferment /forbearance for over a decade - it’s SO impossible to find info on qualifying for forgiveness ? Tips ?
Your 10 years of deferment/forbearance counts toward the Student Loan Forgiveness plan that requires you to have had student loans for 20 years or 25 years for PLUS loans.
What about the borrower’s defense? I got Art Institute forgiveness without applying. I received the email notice May 1st. I pray that those loans are actually discharged before January 2025.
I also applied for Direct Loan Consolidation for my FFELP and the application is. under review
Is Art Institute a specific art school? Or is this applied to Amy art school majors?
@Kemy365how did it impact your credit score?
My loan forgiveness didn’t process yet so it still shows my outstanding loan balance.
I did receive an email from the Department of Education saying my loans were approved for the borrowers defense loan discharge- forgiveness, because I attended the Art Institute.
I’m not sure if a fully processed student loan discharge would negatively or positively impact one’s credit score.
I imagine that any student loan forgiveness-discharge would positively impact a borrower’s credit score. Cause once discharged I believe it’s automatically removed from a credit report.
Just waiting and praying that everyone who applied before the election will get their loans forgiven!
@kemy365 I received the email as well, but my balance on my student loan site still shows the same, they just paused my monthly payments but shows they will restart in August. Hoping this delay is because it's processing...
@@veronicaperez10 definitely praying that after August you’ll be free and clear of this burden.
I been paying on my student loan for 30 years can't I get the rest forgiven
You should’ve picked a degree that offered a high paying job 🤷🏽♂️
You should be able to.
@@Joeqbigmackman76Nobody can guarantee that their degree will yield a high paying job unless it’s like a doctor or lawyer. Fields that might have done well 30 years ago may not be in demand now. And that has nothing to do with the question she asked!
Where’s that dam tiny violin I keep misplacing, sorry Bethan let me try to find the dam thing so I can play it for u…..
Great post Stan, my Adversary Proceeding is "in process" with Dept. of Ed!
I got it about 2 weeks ago!!
I got the golden email saying all of my loans were magically forgiven because i went to the art institute... Only one out of my 7 loans was actually forgiven. Its been months and still waiitng to hear when everything will actually be forgiven.
Why should tax payers pay for your student loan forgiven
I got the email that I was approved for the Art Institutes loan discharge, but nothing has happened on the studentaid dashboard yet?
@stanleytate If I’m in “admin forbearance” and have reached 127 qualifying payments, is there anything left to do? Submitted forms to employers in Q1 which bumped my QPs. But transfer to Student Aid gov says my IDR payments restart in August. So confusing!! 😣
If we got an email stating that the parent plus loan was forgiven but now we're being billed does that mean they are not going to pay it?
It's under my Dad but I'm paying for it.
One reason not to consolidate is in 1994 interest rates where .85 percent if you had it electronically withdrawn. Now they are higher why would you consolidate low rates into higher ones
I think the problem is the interest , the inflate the amount is the dont want to forgiveness the loan unless put 0 percent of interest to people paid more faster the loans.
The problem if the SAVE plan is thrown out is because the SAVE plan pays your interest.
Wish I would have found this channel before the June 30th deadline for consolidation.
Can I make an appointment (and pay for it of course) to discuss my situation?
This student loan forgiveness is very frustrating. I am in the PSLF HAVE PAID OVER 120 payments and have not been forgiven. The definition of forbearance is unclear.. I don’t understand why they are not counted. You have some people that were in forbearance and forgiven and others are not. This whole loan forgiveness is a mess. It’s all over the place.
I have 6 loans 2 from 2012 the other 4 from 2015...i got the 2 paid off by the student loan forgiveness but not the others...why didn't they allow me time to consolidate all of them so they all were paid?? The deadline hasn't ended as of today june 24th. Im confused
@@sf8290 pay your own debt
Bla bla bla bla bla bla bla
Be a grownup and pay the loan you WILLINGLY took out.
I think that's where most people are at, honestly. The issue is that these universities knowingly lied to borrowers and convinced them to loan additional money. They inflate expected earnings upon graduation, etc. It's never ever they promise you once you graduate.
Personally I think Biden is a liar and never had intention of helping most borrowers. It's all a political play to get votes. I think most are seeing it that way now...
Plan to pay off my loans next year and will never get another degree. It's a joke and a scam. I learned everything on my own in college anyway so why bother paying for a piece of paper? It's nonsense.
Bring back unrestricted constitutional rights for student loans through bankruptcy and maybe then we can talk.
Pay your loans. As a taxpayer I should not have to pay for your student loan. It's your responsibility.
Meanwhile, your tax dollars are being sent to fund other countries. Make it make sense. You’re not the only one that pay taxes.
@@jezjez3723lol seriously. What’s wrong this bot?
Pay your loans. You signed for them. I'm paying mine, slackers.
Good for you!!😂