Student loan changes for 2025: What borrowers need to know
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- Опубликовано: 7 фев 2025
- Between President Biden’s loan forgiveness promises and the Supreme Court rejecting that plan, many are confused about what exactly they owe in student loans - and some may even have to repay refund checks. NBC’s Vicky Nguyen shares what you need to know about the coming changes in 2025.
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#StudentLoans #College #Education
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Isn't it funny how when the government helps rich people, they never have to pay it back. You ever notice that?
and look at the number of people IN SUPPORT of helping the rich with no benefit to themselves. the delusion is out of this world
Now start collecting back the 800 Billion of PPP loans ya'll handed out. SMH
Congress voted to forgive those, not saying it's right
Should you collect all of it? I know quite a few small businesses that got some of that money and it kept them afloat. I have plumbers in the family who employ workers and that money kept the business going and it kept those workers receiving paychecks. Should they give that money back? Should the workers who got paychecks because of PPP have to give the money back?
This is why I say people should do research. Yes there was fraud with PPP but not everything involved was fraud who should have to give the money back what standards should be in place when you say give the money back what about Donald Trump some of his family members got PPP funding Should they give money back?
Yeah thats the biggest fraud ever. One of the reasons for the highest housing prices
Why? They provided a service
@@ultramaga813, these politicians are crooks in suits. The only reason they forgave PPP loans is because they took them out. Its legalized stealing.
People who received a refund have to pay it back WITH interest?! That's wild! They need to file a class action lawsuit.
I'm sure the "fine print," which they should have read, explained what it is.... if the "fine print" wasn't there, in that case, they could have standing to sue. The terms of the refund make easy sense to me though.
Could have anticipated that
A lawsuit because you cannot get a free ride 😂😂😂😂😂😂.
@@bonaventura1519a refund from your student LOAN, a red flag shouldn’t gone off in their head
I requested a refund, but didn't have to pay any interest if you paid it back within several months of the Supreme court rejecting Bidens forgiveness.
High School students, think hard about if you NEED to go to a four year expensive college. Or just do community college and or get a certificate.
Different levels of education are appropriate for different people. College isn't for everybody. However, while the ratio of income to debt is shrinking the benefits from going to college, if you go to college and take on an appropriate amount of debt for your career choice, it is still better to go to college, financially speaking, than not.
for real 💯
It would be more practical to get a 2 year in a trade from what I gather, unless someone wants to get a master or doctor in medical field, maybe. Check the job requirements and the income.
Yesss!!!!!
Too many kids are heavily PRESSURED by their PARENTs to go to college. Kids tend to listen to their parents as they have from age 0 - 17. So until parents change their views on college, the problem will continue. Make all student loans parent loans where the parents are on the hook, and that will put a big dent in the issue.
More than 20 countries provide free college education, why don’t we?
We have different spending priorities like...nvm
Universal healthcare too.
And how many of these places with college degree actually get jobs, but at least they won't be in debt 😂
Greed.
I would not be surprised if we put money in their funds to provide free education
Moral story it’s all a scam
Nothing improves mental illness as much as being scammed by your own government.
Life's a scam
@ yea and what frustrates me the most is all the lazy black men in particular that just put their head in the sand. Of course the women gon do whatever they want
A refund on money you borrowed makes no sense. That’s putting people further into debt. This entire process is a mess. Just a mess. The service provider don’t understand it
Yea it’s like it’s designed from the beginning to make a mess out of peoples finances.
What about the PPP loans that were forgiven? And all the money the US has to give away to fund wars? Yet cannot support people pursuing or pursued to better themselves during hard times?
The refund is for payments made on loans that were forgiven by Biden. He paid the loans and they were subsequently forgiven, so they sent him the money back.
@@susiq1121 The support is lending money at well below market interest rates with well beyond market repayment terms to people who are generally not creditworthy.
The entire program exists to subsidize the cultivation of people who are economically more useful. People who are more useful tax payers. It is not there for people to "better themselves". You are attempting to move the goalposts. A person that spends time in some institution then can't even repay their loans is an example of program failure. We do not need to incentivize more of that.
I’m sure this was on the premise that federal loans were going to be forgiven. Since it did not happen, ultimately they have to pay the money back that they were refunded .
There are folks in the comment section talking about how they were able to pay off X amount by “hunkering down”, but consider that not everyone lives in a two income household. Some folks make way less a year than what they owe. The basics have only gotten more expensive. Not every borrower is taking trips or buying new cars. Most borrowers don’t even own a home to fix up. Some folks are truly living within their means and still don’t have enough to pay back their loans AND pay for unexpected everyday life events like fixing a car, or natural disasters, or paying for healthcare.
Some of you can stand to check your privilege before commenting on things you don’t know or understand.
Then DONT BORROW MONEY YOU BODY CANT PAYBACK.
As a single income household, I absolutely used the zero % interest period and paid my loans off, I was barely making anything and still cut back drastically to make it happen. Excuses aren’t it. I signed my name to the loan, that means I am responsible for paying it back. That’s how a loan works.
@@Evyeve6582 Where have you been living? For the past decade, college education was the ticket for a job. Trade schools and apprenticeships are scarce. Can a retail store hire a 1,000 people? No, the mass industries do not exist anymore. Trade and retail jobs require some level of college education. This is just a symptom of the US fascist-capitalist economy.
@LoveisKiing, Hello!! True statement. Some people had unforseen things happened in life and could not pay the loan back as they had planned. Not everyone is trying to get over on people.
My husband and I rented a room in a gross house and paid off his $17k in private loans by working 6-7 days a week and being careful with our money....we paid it off in like 5 months
PPP loans were forgiven and wars are still being funded yet can't forgive student loans?
The problem isn't "wars" it's military funding and spending that they won't account for
and we still owe money for WW2
This is so unfair in many directions
It’s unfair to pay for the loan you took out? Lol you forgot to take your meds today?
Whenever someone mentions the word “free” be extremely skeptical. Nothing, absolutely nothing is free. Heck, when I went to Southeast Asia a while back, even in those so-called “communist countries” there isn’t such a thing as “free”. So, when something seems too good to be true, it 100% always is, there will always be some sort of gimmick to go along with it. Shake it off and move on, pay your loans back and learn the bigger picture. Nothing, is free.
The student loan scam
That it is.
By the govt
The only student loan forgiveness is the public service loan forgiveness (PSLF), which was passed by congress and put into law.
There are other forms as well - disability forgiveness is still allowed, plus the various case-by-case for-profit & fraudulent schools. Trump, Univ of Phoenix, and the loan servicers are really mad about the latter, since a lot of defaulters are people who were never on-track to get a qualified, accredited degree. For instance, those examples of folks going to "nursing school" without any labs or clinical courses, there's no way they could ever pay that loan back.
who is gonna be slaved for 10 years lol
you should read 20 U.S.C. § 1098e(7)
@@lionheart93 Me
That’s not true the Biden Administration forgave loans for millions of people who went to shady and/or for profit schools
I feel like we should start collecting that money that we use to bail out big companies like AIG, airlines, JP morgan, merrill lynch etc. they made so much money after, and had the audacity to still have parties and give their execs bonus checks that we need to collect that back. Thats our tax paying money ! And with interest!
Glad I did not try to "refund" my loans. I had already paid mine off about 6 months before the forgiveness plan was in place, and I do take pride in that. I did not need it
So when does Ukraine pay American back all their loan debt? Could have used that money to cover people’s loans.
I doubt they'll pay it back
Blame the republicans and the conservative Supreme Court. They are the ones who fought it
Russia should pay. They're the one who started an unjustified invasion.
Also, a large portion of the aid going to Ukraine was from Presidential Drawdown Authority (PDA), which sent older weapons sitting on the shelf (which we were paying for maintenance anyways) to Ukraine. The numbers you see for aid often include this, so it's not like a lump sum of cash.
Also, the weapons sitting on shelves are becoming more dated over time and are not assets that are easily fungible. For instance, there are only so many potential buyers for F16 jets, and they are outdated compared to F35 Lightning jets. It's better to give them to Ukraine than to let them go to waste.
What I dont understand about college is encourages higher education, most have to take out student loans but no guarantee that you will find a job in what you get your degee. Graduate your debt . Make it make sense? Education shouldn't be a financial burden.
I agree that we need to re-think about how we pay for college as well as discuss anew what it is that we want from higher education.
It not you can learn everything on your own nobody force you to go to college, you went to school for a job and not for an education just say that.
Ppp loans should be paid back too
Lol they are being paid back. The SBA is going after everyone who took that money. Literallly
The Supreme Court ruled in favour of Billionaires who own the Student loan debt, Thank the Heritage Foundation for the law suits AGAINST Students loans forgiveness. This is a class war! This is not a good way to treat people just trying to get an education!
I work in the student loan industry and we stressed to everyone until we were blue in the face that none of this was official yet and that congress still had to pass it all and to not apply for ANYTHING until it is 100% passed and in legislation.
Glad i listen! Cuz woo chile!
@ 👏🏼 Good for you!!!
There are 8 million of us who are in legal limbo with forbearance on our loans while two federal appellate courts consider these cases.
Always remember people there is nothing free in this world and never borrow money unless you are willing to pay it back and don’t use credit cards either it’s like a continuous cycle of debt.
Be sure to mention this advice to Trump. The guy who filed for bankruptcy multiple times.
PPP loans are free lol.
Corporate bailouts are free.
There is a lot of free stuff in this world for the upper 1%
Mine was forgiven & thank you, Lord.
How
@brittany09 When the Biden Administration announced they were going to offer student loan forgiveness, I applied for it. Didn't know if it was to happened but it did.
@ are you sure? Lol
@brittany09 I wouldn't said if I wasn't for sure. BTW, God did it! I prayed to be forgiven way before Biden got in office. I trusted & applied my faith to remove the burden of student debt & God did it, God gets all the glory & praise 👏🏾
This is insane. One thing they don’t talk about is how hard they make the process to pay back the loans. The confusion of all delays people from being able to trust they are paying what they owe
@ you’re missing my point. People want to pay their loans but the government adds so much confusion on how to pay them pay with 6-8 different methods that change every few years
Millennials should develop an LLC, then add every one of us with studen loans as shareholders, then file for govt socialism so we can have our student loans forgiven. No dice? We'll just have to take power away from the corporations and forgive student loan debt ourselves. Let's Occupy American politics.
🤔
I’ll do it right now but you gotta explain this in better detail lol
Plus interest?! I’m sorry what?!
It's wild!
They need to be clearer about how funds are being given 😢
I know of no one who had student loan debt cancelled. And I know many who applied.
*some are lying to you!
@trisha1989 You know them personally? Or you just think so ?
Some people think that some people got refunds because of Biden but it’s because they did public service for 8 years or something not because of the Biden crap
One thing I’ve learned after 20 years on this planet and in this country is that the government does not care about you and to not accept handouts there’s always a caveat. The higher ups have proven time and time again that they have their own interests at heart. How many times are people going to fall for it?
I almost did this but I refused to ask for the refund until it was tried and true that the forgiveness was applied. I didn’t trust it from the get go. It’s sounded too easy. I was like, once it’s official, then I’d ask for a refund but not before then because I knew I would have to pay it back if the debt relief didn’t pass. So happy I trusted my gut and didn’t do this
I told my aunt (RIP) I wasn’t waiting on the gov’t to do anything for me. THIS IS WHY.
She said student loans gov is a good website.
oh no
I refunded my check but I wasn't dumb enough to spend a until the forgiveness was official. I resubmitted the payment and got some extra money when I filed taxes for paying it off. Glad I'm not going to suffer like the less intelligent who spent the money or didn't pay down loans while on zero interest.
Good thing that i read and knew it wasn't a refund. It's actually another loan that you have to pay it back. That was why i didn't apply for the refund
Agreed. One think my late Aunt Dawn taught me who was an educator. READ EVERYTHING! If you do mot understand get someone who does!
This is crazy! I almost did the same thing to try to get a refund from the forgiveness. Then I didn’t trust it so I just left it at that. Glad I paid it off altogether and washed my hands from it.
Lesson of the day don't trust what the government says
The correct spelling is received. This is awful for a nationally televised show. Who is responsible for the editing prior to the segments being televised?
You saw it too 😂
So true. This is basic English. This is why we need affordable, quality education.
Received is spelled incorrectly in this video
And yet we send God knows how much to other countries but can't help our own students...smh
Smh it’s getting crazy. I was on the plan that the Supreme Court struck down so now I’m not getting credit for my year of Nonprofit service under PSLF. I have nothing to do with the plan. I should get my credit for time served. Outrageous Make sure we hold the Trump Admin accountable
Best advice protest the supreme Court and stop voting Republican
It’s annoying how the Supreme Court now votes down party lines.
Billionaires own the judges
I cant believe people still fall for this stupid legal scam
I didn't get a refund. They forgive my debt. Credit report shows zero balance.
All we know about it is that other people had to pay theirs in the past and if given an opportunity to do it now they'd pass it up.🤣
I pay 675 dollars every month to student loans, and will for more than a decade to come. Forgive the loans and refund us what we've paid
You didn’t know you were going to have to pay for college?
Hurry durr
Nope, get on the pole 🎉
I pay $1900 a month on my mortgage and will for more than a decade to come. Forgive and refund us what we’ve paid.
@ yes I agree, housing should be free for you and me 😘
I got a letter in October that says my loans were in forbearance and I didn’t have to pay interest. I got an email 4 days later that says my loans were in forbearance and interest would still accrue. So I went to check on the status of my account, AND MY LOAN APPLICATION WAS STILL PENDING FROM JULY. People need to get in a room and hash this out
So glad I paid off my student loans so I don't have to deal with this stuff.
I’m sooooo happy I didn’t fall for that! I knew something was up with this…America isn’t forgiving school loans.
My husband got his loans forgiven, not in check form though. They just told him he didn’t need to pay and wiped it off his credit. That may have been a different program, but I am so grateful. Thank you, Biden.
I thought about getting a refund, but I now see I dodged a bullet. That is kind of unfair.
This is just wrong. If they were given a refund, they shouldn't have to worry about having to pay it back after the refund had already been issued. It's sad that they are doing this to people.
Why hasn't any brilliant hackers got into Navient and ERASED Everyone's debt yet? Instead of doing stupid stuff!?!?!
So you paid a loan off and then applied to get it back??
I paid off my $80k student loans in 5 yrs. My husband and I buckled down and lived like no one else would live as a family of 6. We didn’t travel, buy luxury vehicles, go to restaurants, gyms, bought iPhones, etc. When I shared how we lived with others we were always told “oh I can’t live like that” “oh no that’s too uncomfortable” “oh no you aren’t living” .
Reminds me of when I met my husband- he lived in a tiny apartment and drove a 10 year old car, he had 10 basic outfits he wore (cargo shorts and cheap tshirts) and he barely ever ate out. I didn’t believe he was a doctor making 700k a year! 😂🤣😂🤣
@ today we save $55k/yr of my husband military income. Our expenses are $4k/month as a family of 6. And then when I hear how some single people cannot “survive” on that I know some of their needs are pure luxuries. Or I am being told we cannot be comfortable, must live in a ghetto, we must eat pizza everyday, etc. Some folks wouldn’t be able to survive on a million a year.
…what about people who make far less than $55k a year?
@ then maybe they shouldn’t have gotten $80k in student loans. There are so many options these days. Western Governor is $3600/semester and you can finish in a year or 2 with a bachelor. If people these days take big student loans, it’s a choice.
So everyone who made the choice to take out PPP loans should return their loan forgiveness too right?
Thank you.
Can't you just sue for miscommunication?
Hey, Will that sounds like a you problem .
Abolishing the Department of Education makes even more sense.
Nonsense
Please stop talking !!!
read the fine print.
Never trust free money from the Fed's. Lesson learned 😂😂😂
If it's too good to be true...... it really is too good to be true.
When Trump says he's going after Dept of Education, this is why i cheer.
You took out a loan, pay it. I don’t understand where this thought process came in that you wouldn’t have to pay back a loan that you chose to get.
Because the terms of the loan enumerate conditions for cancelation. Read 20 U.S.C. § 1098e(7) and any friend's student loan paperwork. The student loan program is a fiscal train wreck but hundreds of billions of dollars of forgiveness have been authorized by Congress and under the constitution no one can just ignore valid laws passed by Congress and signed by the president.
Americans have grown with A HUGE holdback when it comes to going to universities in Europe, where ELITE tuitions usually can go for 20000 euros or less. Therefore higher education can be very valuable, just not to the US’ extent. So going to college IS valuable, just not at a students’ expense.
If you pay off a loan
and then ask to take that same debt out again
all because someone promised to forgive the loan
and then you blow the loan on frivolous spending before confirming it is forgiven
you deserve it
Who are you to say what was “blown on frivolous spending”? Everyone loves to judge cause they’re so miserable with their own lives.
Specifically what this news story is about it clearly says what he spent the money on.
@@user-jv9cr9jn1t dude in video said he spent it on travel. Pretty sure thats who they were talking about
So essentially it was borrrowing money again that you already paid back and people stupidly took the money and were shocked when the government didn’t force others to pay off their loans.
Very happy I paid off my loans
Thats BS PPP loans were forgiven and most were taken under false pretenses.
Don't ask for a loan. Problem solved. Be debt free instead of relying on the government to axe the debt.
College counselors and schools still encourage kids to take out loans, without even giving them any sort of financial literacy
Only rich people can afford to pay for college without taking out loans. You either are rich or never went to college. The majority of people don't qualify for scholarships and those aren't enough to pay for college unless you are an athlete.
What?! You pay into the system under tax codes.
The issue is not the loan themselves. I believe people understand that by borrowing money they were going to pay it back however, the real issue is the interest rates. I think a fair compromise would be no interest and people simply pay back what they initially borrowed and the only people eligible for forgiveness should be those in public service
Y'all can thank all the people that was against forgiveness because they had money and didn't need to result to borrowing 💯😑
That is so messed up.
I have worked in public service for 22 years and guess what, I haven't seen a dime on my loan. Must be only for certain people.
The government is supposed to work for the people in unison not us working for them.
I don’t regret going to college. I wouldn’t be where I am in my career if I didn’t. Of course it would’ve helped to get some relief, but I’m not mad that my loan wasn’t forgiven. I made terms with the fact that this is my debt to pay off a long time ago.
Send back your refund! Zelinski needs that money
NOTHING is free, especially when it comes to the government. And so, accountability. You mean to tell me all these "highly intelligent" students didn't know they have to pay off their loan beforehand? If you take out a loan, expect to pay it back.
With all due respect can we hear some information in regards to the individuals who still have to apply for financial aid. Are there going to be any changes in regards to that? lol, gosh
Wooow imagine if leadership was on the same page about this and the SC didn’t have to rule on this
This is exactly why i dont want to get a loan for college periodt! My college is even offering insurance ( which i still feel is probably another money making racket ; it costs just as much if not more than my health insurance premium-if you can't pay school fees
Even some natural disaster victims that received FEMA monies have to pay the government back!
This is crazy
Just pay the money you owe you borrowed it.
When’s the next revolution?
You took out the loan!! Pay off your own debt!
That's great, take the money back from them
This is dirty work……..😮
This is a mess. But if you borrowed the money and paid it back why do you expect a refund? Might have to sue because of this fiasco. People should stop borrowing all together and just do payment plans with the school.
Many can't pay $6,000 in tuition through a payment plan with the school without the school charging a late payment fee.
Nothing in this world is free.
Everything has a cost.😊
first thing they need to know is they alone are responsible for paying the loan back not the every tax payer in the U.S.
Then make them pay back the PPP loans
Can't believe a word they say. What a total mistake. Education is not valued & I definitely don't recommend it.
Whatever happened to scholarships and grants.
How come undergraduate students qualify for grants but not graduate students like myself? I was able to get my bachelor's debt free with grants without taking any loans, but now, to get my Master's, I only qualify for an unsubsidized loan?
Tax cuts for the rich at the state, local and federal levels. They basically dried up.
Also for profits school just keeps increasing their tuition rates.
"received"
Nothing for free. I knew this was coming same as increased interest rates from those “generous” credit cards. Hot Mess. Just like the lawsuit for borrower defense is suddenly on hold. So it’s suddenly a question about tuition being price gauged.
Thats why i didnt get mines i knew it was a catch
When you borrow, you have to pay them back
I’m a nurse and I never trusted any promises. So much for hero. Ha!!
Its unfair because i knew id have to go back to paying after I heard about the court case but are they charging additional interest? I refunded and held it in a high yield savings. I did use it though when my mom needed help with housing. She now has affordable housing to live in on just her SSI. Amazing what 15k back can do for a family. I knew once this didnt pass the supreme court Id have to pay back my student loans. I started paying it back late '23. Putting people in a worse situation (additional charges) because we qualified for forgiveness under what Biden issued (supreme court case at all was unpredicted when I applied) and that meant we were already disadvantaged is rather unfair.
Who knew that government would ask for the money back
Thats why i stayed in forbearance for my loans during COVID
I hate accountability