New Student Loan Forgiveness Starting February

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  • Опубликовано: 23 ноя 2024

Комментарии • 116

  • @alburrro
    @alburrro 9 месяцев назад +22

    THANK YOU POSTING THIS!! :D i can't believe that i got forgiveness today. back in september 23, i consolidated so the private student loans could be federal. i just wanted to be on the save plan so that then if i make my payments, the interest does not accrue. i had to hound Mohela to place me n the SAVE plan... it took these 2 months... today i got the email and noticed that my loans have been forgiving since i had been paying over 20-25 years :( tears... i still couldn't believe it. get on the save plan.

    • @stanleytate
      @stanleytate  9 месяцев назад +2

      You are so welcome!

    • @TheJanicetunes
      @TheJanicetunes 9 месяцев назад +3

      Wow this is my same issue...I think. Navient told me to transfer my loan to the Federal Student Aid. They sent me a Direct Consolidation Loan form and I got confused that maybe all the years I'd been paying, that my IDR I'm on would start over. But from what you're sharing maybe this is the right thing to do with my loan.

    • @DiogenestheGreek
      @DiogenestheGreek 7 месяцев назад

      Be an adult, pay back what you signed up for. You deserve nothing.@@TheJanicetunes

  • @tammyl.9254
    @tammyl.9254 9 месяцев назад +13

    I'm a little confused. I have a $17K original loan balance which I just finished direct consolidating in February 2024 (since they were FFEL loans before) into the SAVE plan. My new servicer has been changed from Navient to Nelnet. I started repayment back in March 2005, so almost 20 years. Since that time, I've paid some, but they've also been in deferment and forbearance. Will I get any forgiveness?

  • @sherry693
    @sherry693 10 месяцев назад +10

    Thank You!! I was so confused until you broke this down. I appreciate your time and efforts to explain this.

  • @lisafrench2985
    @lisafrench2985 9 месяцев назад +5

    When all the loan forgiveness talk came out, I had 2 loans that were sold to 8:32 Navient and I consolidated into a direct loan little did I know I had paid all the interest on my loans and now I am back to accumulating interest, my loans are from 1996 and my balance is now 5,678. I am enrolled in IDR, do I need to change-it to the Save Plan?

  • @X.MillennialResponder.X
    @X.MillennialResponder.X 9 месяцев назад +3

    The last video is not here that was mentioned?

  • @RoundingThird
    @RoundingThird 6 месяцев назад

    What recourse do I have for Navient talking me out of Save and making me miss the deadline.

  • @gfriend94
    @gfriend94 10 месяцев назад +15

    As long as they keep sending money to all the OTHER countries using our tax dollars, they can stop with that logic abt taxpayer burden.

    • @pamelaclark909
      @pamelaclark909 7 месяцев назад +1

      Finally, a voice of reason!!!

  • @paypro4015
    @paypro4015 9 месяцев назад +2

    If I have two separate jobs do I have to submit paystubs from both of them to get on the SAVE program?

  • @melanielaux279
    @melanielaux279 9 месяцев назад +1

    Question...I was making pmts till the pandemic hit. When student loan pmts restarted in Oct 2023..I made no pmts. Therefor my 2 loans are in default status. As of today..I verbally signed up for the "Operation Fresh Start Program" and was encouraged to consolidate these two loans asap so that I could hopefully start the Save program and be considered for the IDR adjustment waiver.
    My question is, am I following these steps correctly???
    Thank you for all your videos and information! They been so helpful

    • @stanleytate
      @stanleytate  9 месяцев назад +1

      Sounds like the right thing. But we can't say for sure because we're not looking at your loans.

  • @mylifegoodful
    @mylifegoodful 8 месяцев назад +1

    Thank you for the info as there's always no one to explain things ever! Today I enrolled into the SAVE plan and subscribed to ur channel as I will be taking more loans for a grad school.

  • @rosellarosetyson869
    @rosellarosetyson869 9 месяцев назад +1

    Mohela says that I have 48 more payments but I am going to look into that. Maybe the SAVE or the IDR waiver program will get all my loans forgiveness....tototally!!!!

    • @hi-xd8wk
      @hi-xd8wk 8 месяцев назад

      🙏🏾

  • @captainkangaroo4301
    @captainkangaroo4301 6 месяцев назад

    Whether or not the come up with a viable forgiveness program what really ought to happen is passing Senator Durbin’s Fresh Start Through Bankruptcy Act that amends the bankruptcy law to treat student loans like other debt and allow it to be discharged in bankruptcy without meeting the Brunner test. Many people complain about student loan forgiveness but almost no complaints about people who run up $50,000+ in credit card debt being able to walk away from that debt with only tarnished credit scores for up to 10 years.

  • @cierads4087
    @cierads4087 10 месяцев назад +3

    A little confused. Is the save plan the same as the IDR waiver or is that something separate we have to apply for I was approved with zero payments I have 65k, 20 loans oldest dating back to 2011. Can you please explain how this will be broken down and if I have to apply for a separate

    • @stanleytate
      @stanleytate  10 месяцев назад

      Thanks for asking. That's exactly what we explained in the video. SAVE Plan Forgiveness is different from the IDR Waiver. But the government will use the IDR Waiver to help give those who borrowed under a certain amount SAVE Plan Forgiveness.

  • @coffeecrazy70
    @coffeecrazy70 9 месяцев назад +1

    Any updates if the parent plus double consolidation is working? I’ve read some comments that people followed the steps and at the final step of applying for the SAVE program they were denied.
    I am considering doing this as my husband is a 100% disabled vet but unfortunately I did the parent plus loan application due to medications my husband was taking. So even though his income is the only household income to be used to pay the loans, they can’t be forgiven because they are in my name. It really sucks 😩

    • @stanleytate
      @stanleytate  9 месяцев назад +1

      Yes, we've had nearly 60 clients make it through the double consolidation and into SAVE.

  • @d3po455
    @d3po455 8 месяцев назад +2

    It’s not conservatives… it’s lenders and investors who are going to lose out on the interest on the balance of the loan. Anyone paying 20 and 25 years on loans has likely paid the principal plus 50%. If they want to help students, get rid of the interest on these loans. It was the Wild West back in the 90’s and early 2000s. There was a lot of predatory lending going on targeting unknowing young people. Most of those students who had zero income were put on deferment which drove up the principal adding years to their loans, not a zero payment active status. Handing out 20k to anyone with a student loan was a vote buying scheme for midterms. Offering forgiveness at 10, 20 and 25 via a payment audit on old loans is righting a lot of previous wrongs with the system.

  • @chasefasten4120
    @chasefasten4120 8 месяцев назад

    Confusion: I have not paid my loans (12 payments a year). I received my loans in 1996. I have had my taxes garnished, I unwent a bankruptcy and made payments after and a wage garnishment in 2019-2020.

  • @adelesanteiu4427
    @adelesanteiu4427 9 месяцев назад +1

    Can you clarify how they are considering the balances on consolidated vs un consolidated loans. It like looks like with the unconsolidated loans they are adding together for a total sum. The consolidated loans say they are considering the initial balances of individual loans rather than the sum balance after consolidation. Is this correct? .

    • @stanleytate
      @stanleytate  9 месяцев назад +1

      Check out our videos on the IDR Waiver for clarification on that different treatment. You can also read this article at StudentAid.gov: studentaid.gov/announcements-events/idr-account-adjustment

  • @catherinekuntz8306
    @catherinekuntz8306 8 месяцев назад

    I have 2 loans subsidized and one unsubsidized. They are both save loans

  • @verondatucker6230
    @verondatucker6230 10 месяцев назад +1

    Does loans forgiven in sweet vs cardona count in the total amount taken out since they were removed from my credit line? 5 k left paying over 10 years.

  • @klareheston8646
    @klareheston8646 9 месяцев назад +1

    Thank you for breaking down all the confusing info re: Forgiveness. You are awesome!

  • @kristinhornick1890
    @kristinhornick1890 8 месяцев назад

    Wait. So if I was in forbearance or deferment from 2012 to 2016, and since I've been in PSLF I can apply for SAVE and have them forgiven now instead of in three years? I have been paying for seven years now.

  • @lisalister8002
    @lisalister8002 9 месяцев назад +2

    Kudos to all that have SL and/or PPL forgiven. You probably have been in student loan prison long enough.

  • @louiscastillo7823
    @louiscastillo7823 9 месяцев назад +1

    how do you know how much you have borrowed if you consolidate your loans? I have called Mohela and student gov. department and they cannot tell me how much was owed before i consolidated back in 2010. some of my loans were taken out in 2001.

    • @triumphmusick7563
      @triumphmusick7563 9 месяцев назад

      Id ask them or student aid to provide the original promissory note.

  • @karlybyrd1551
    @karlybyrd1551 9 месяцев назад

    Hmm my loans were taken out in 2012/13, I thought they'd been put in forbearance this year since I've not had to pay, but now the status says "repayment," although my payment is $0 since I did an IDR. Do I need to do this IDR waiver? Because I think the original balance was $16k or something. This is typical government LOL make things so difficult that you just end up paying it anyways.

    • @karlybyrd1551
      @karlybyrd1551 9 месяцев назад

      Ahh nm I just watched your IDR waiver video which clarified things. Thanks!

    • @stanleytate
      @stanleytate  9 месяцев назад

      I'm glad the video was helpful for you!

  • @mikem8259
    @mikem8259 8 месяцев назад +1

    Thanks for your great info.!!! Confusing is right but your clarity helps!

    • @stanleytate
      @stanleytate  8 месяцев назад

      I'm glad you found the information helpful!

  • @joshuarodriguez2781
    @joshuarodriguez2781 8 месяцев назад +3

    Who pays the debt

    • @captainkangaroo4301
      @captainkangaroo4301 6 месяцев назад +1

      The same people who pay the debt when people run up $50K in credit card debt and file bankruptcy on it. I don’t hear a national outrage over people being able to walk away from any debt except student loan debt. So their credit is hurt for 10 years. They still get to walk away from the debt.

  • @Katinaboxx
    @Katinaboxx 7 месяцев назад

    The thing people really want to know is how this will affect our taxes.

    • @stanleytate
      @stanleytate  7 месяцев назад +1

      Right now, it won't have any impact on your federal taxes. After 2025, that may change. But we don't know yet. We have a whole video on forgiveness and taxes you can check out.

  • @angelamorris4304
    @angelamorris4304 10 месяцев назад +2

    I only have $7500 in subsidised loans that I borrowed 20 years ago. Will these loans be automatically forgiven, or do I have to consolidate them first? This is very confusing. I'm glad I waited, before jumping in this process. Thanks for your help.

    • @stanleytate
      @stanleytate  10 месяцев назад

      We take great care in this video and others to explain eligibility requirements. As for what you should do, I'd have to see your loans first before I can advise you.

    • @alburrro
      @alburrro 9 месяцев назад

      get on the save plan! i can't believe that i got forgiveness today. back in september 23, i consolidated so the private student loans could be federal. i just wanted to be on the save plan so that hen i make my payments, the interest does not accrue. i had to hound Mohela to place me n the SAVE plan... it took these 2 months... today i got the email and noticed that my loans have been forgiving since i had been paying over 20-25 years :( tears... i still couldn't believe it. get on the save plan.

  • @msrere1026
    @msrere1026 5 месяцев назад

    I haven’t paid in 10 years and owe over 70,000 and I am under the SAVE plan, will my loans be forgiven

  • @jonclassical2024
    @jonclassical2024 10 месяцев назад +7

    Lunch Pail Joe needs to address Parent Plus Loans!!!

    • @daniijwright
      @daniijwright 10 месяцев назад

      Exactly , how am I 17 with a debt for something I didn’t agree to

    • @beejay4397
      @beejay4397 10 месяцев назад

      😴 *joe*

  • @juliedolph-f7u
    @juliedolph-f7u 9 месяцев назад

    Do you have to fill out anything besides what was filled out for the original forgiveness?

    • @stanleytate
      @stanleytate  9 месяцев назад

      Those are two different programs, so yes, depending on the type of loans you have, you may need to take more steps to get your loans forgiven.

  • @kimmyk1
    @kimmyk1 9 месяцев назад

    Great people went to school didn’t graduate and we said ok no issues

  • @triumphmusick7563
    @triumphmusick7563 9 месяцев назад

    Ok so I am under the Save plan, original amount i have with direct loans is 12,000 somewhat around that figure, loans have been consolidated since 2005, and i have been making payments since then. Maybe sometimes they have been deferred due to not having the money or being laid off but making payments as much as i can. I should get mine cancelled.

  • @karenparks6731
    @karenparks6731 9 месяцев назад

    When you say you have to be in the SAVE plan, does include 'income-contingent' plan?

    • @stanleytate
      @stanleytate  9 месяцев назад

      It does not. ICR is a different plan from SAVE.

  • @naturalsouthernbelle4327
    @naturalsouthernbelle4327 10 месяцев назад

    I seen where it said your loans will be forgiven if you borrowed a certian amount or less and did NOT get a degree or graduated. The news didn't elaborate much on that. Can you please help. Thank you

  • @melm8808
    @melm8808 10 месяцев назад +1

    Thank you for your video. Question on what process is best as I could possibly fall under 2 different forgiveness plans; but, I want to make certain not to mess up applying for one and nulling the other. I may possibly qualify for the PSLF but, to do so, I must double consolidate. If I do not qualify for that forgiveness, my consolidations would then make my 9 loans into 1 big loan. Would the IDR that I qualified for then help with the Save (of which I have not applied for because I thought it was for those individuals in default).

  • @TAYDABG
    @TAYDABG 10 месяцев назад +1

    Thank you soooo much!! This is insanely confusing smh but afternwarching this i fully qualify!! Fingers crossed!!!🙏🏾🙏🏾🙏🏾🙏🏾

  • @jenknight461
    @jenknight461 10 месяцев назад

    Thank you and your team for helping us navigate all of this. Do you know if consolidating with the Dept of Ed directly will change the interest rate on the student loan(s)?
    I ask because while I am in the timeframe that, given all the months towards repayment are counted, I should hit my 20 year mark this summer, but with presidential elections happening this coming fall, if some of those months do not count towards my repayment and if my timeframe is pushed out to the end of 2024 or beyond, and if someone else is elected as president, I wonder what may happen to the program and ergo, if I end up needing to contine payments, how much the interest rate may change to by directly consolidating with the Dept of Ed. Currently, my loans are privately held with one of the larger student loan servicing companies and were consolidated in 2004 when I started repayment on them after graduation.
    Thank you in advance for any information you may have around this that could be helpful!

    • @stanleytate
      @stanleytate  10 месяцев назад

      The interest rate of your new consolidation loan will be based on the interest rates you currently have. The Education Department will use the weighted average of your current interest rates.

    • @karenparks6731
      @karenparks6731 9 месяцев назад

      Jen, please double-check this information; but, it's my understanding that currently through the IDR Waiver/Account Adjustment program which I think ends in April 2024 means that you can refinance your private loans with FSA into Direct Loans and all previous payments you've made with your loan servicer (and forbearance periods/covid time) will count toward your PSLF qualifying payments. I hope that makes sense.

    • @stanleytate
      @stanleytate  9 месяцев назад

      Kinda right, @@karenparks6731. It's not private loans you can refinance with the government. Borrowers can consolidate privately-held FFEL loans with the Education Department to get credit toward PSLF and IDR Forgiveness.
      That's likely what you were trying to say, but I want to make sure we clean the language up for people who may come across this comment.

  • @DiogenestheGreek
    @DiogenestheGreek 7 месяцев назад +2

    How about forgiving my mortgage? If a Fine Arts student has "tax paying" truckers, taxi drivers and cleaners pay their debts, I want in.

  • @daniellecollura8684
    @daniellecollura8684 9 месяцев назад

    I’m lost. My daughter is not enrolled in SAVE as thankfully her income is at 70,000. Her monthly payment right now is only $80. She only owes 15,000 and has been paying for over 8 years. Should she switch to this? If so how does she benefit?

    • @stanleytate
      @stanleytate  9 месяцев назад

      It's really hard to say where she should switch to SAVE. It depends on how much she originally borrowed, how much longer until her loans would be forgiven if she did switch, and what her monthly payments would be after the switch. The payments may be a lot higher.

  • @indigo991
    @indigo991 6 месяцев назад

    Ughhhhh I’m 8 yrs 😢

  • @austinmerrill752
    @austinmerrill752 10 месяцев назад +2

    Doesnt loan forgiveness mean they should be giving a 1099 for income??

  • @MrHawkshadow
    @MrHawkshadow 8 месяцев назад

    thanks Tate

  • @Moe412_
    @Moe412_ 10 месяцев назад

    I got Pell grant loan that with interest is up to 17k and the original amount borrowed was 12k and change back in 07- 08. I never really made a payment at all. Do you think mines might be forgiven?

    • @stanleytate
      @stanleytate  10 месяцев назад

      I'm not sure I understand what you're saying. You never have to pay back aa Pell Grant. They're not loans. And they're not a conditional grant of money that must be repaid back if you don't do certain things. So I'm guessing you have a loan. If you do have a loan, then you can qualify for this forgiveness opportunity if you meet the requirements we spelled out in the video.

    • @Moe412_
      @Moe412_ 10 месяцев назад

      @@stanleytate I’m not working right now and I never made a payment towards it and it keep going up every month.

  • @bumblebee9335
    @bumblebee9335 10 месяцев назад +1

    My question is if you have more than one loan for diff colleges is the 10 yr repayment for the years the loans were in repayment (if each loan has diff start repayment dates) or if you have just been in repayment for 10 years in all? Thanks for any help

    • @stanleytate
      @stanleytate  10 месяцев назад

      I think you're asking what happens if you have multiple loans with different time in repayment. If that's the case, each loan will have it's own forgiveness timeline. You can get around that by consolidating. Check out our video about the IDR Waiver to learn more.

  • @jackblast5809
    @jackblast5809 7 месяцев назад

    I paid off my student loans :-/

  • @Myers70
    @Myers70 7 месяцев назад

    This is flat out WRONG

  • @briannguyen4078
    @briannguyen4078 9 месяцев назад +1

    So I have about 100k in student loans. Base on the 16k loan to 14 year example. Does that mean it would take me about 88 years to get my loans canceled? That just sounds absurd.

    • @gabrielregalado7087
      @gabrielregalado7087 9 месяцев назад

      I owe $9,530 I have been giving $20 a month does that means I would just have to be give that for ten years

    • @stanleytate
      @stanleytate  9 месяцев назад

      No. You would be forgiven after 20 years if you only borrowed for undergrad, and after 25 years if you borrowed loans for grad school or Parent PLUS Loans.

  • @flo4546
    @flo4546 6 месяцев назад

    They have billions of dollars for Ukraine but refuse to void this loans so ppl can put money into buying homes and investing in the economy. SMH

  • @clint1261
    @clint1261 10 месяцев назад +5

    When you stated "conservatives" blocked efforts for loan forgiveness, I felt you're framing conservatives in a bad light. Not all of us are down with the corporations and bankers and not all liberals shun the same money. Truth is, they're all evil and could care less for any of us.
    Hell, the raising of the interest rates on college loans I'm betting was bipartisan! Now, at first this loan forgiveness stuff had me thinking, "Hell no!" Then I saw the amount of money being dumped in another war the US did help start (remember 2014?). In fact, billions of our tax dollars have paid for Zelenky's mansions, planes, etc. That's under Biden's watch.
    The point: You, me, all of us are in the same boat. This govt doesn't give a damn about us. They poison our water, indoctrinate our children, divide the races, poison our food, stigmatize genders and sexual choice....AND if we have so much money to fund these wars, then we have enough money to wipe out these loans!! That is where my conservative colleagues fail. Compassion and common sense trump a narrow minded fiscal policy any day. We need hope...maybe our people (Americans) can breathe some sigh of relief.

    • @crookjoe
      @crookjoe 9 месяцев назад +1

      You just accused this guy of d demonizing republicans because he stated the truth about the party that shot down the democratic loan forgiveness plane, then you go on to demonize BOTH parties yourself. You need to get your head checked.

    • @stanleytate
      @stanleytate  9 месяцев назад +3

      I respect your opinion. What I said was factual, but there's always room to improve how we communicate.

    • @trapezoidbeauty
      @trapezoidbeauty 9 месяцев назад

      This monstrous paragraph is certainly "conservative".

    • @clint1261
      @clint1261 9 месяцев назад

      @@crookjoe you need to learn how to read. That was my initial impression.

  • @WesleySnipes3568
    @WesleySnipes3568 7 месяцев назад

    Still can’t figure out why we are paying off loans for a bunch of lames that haven’t paid taxes in their lives….

  • @scottmelton3092
    @scottmelton3092 9 месяцев назад

    Can I get forgiveness? I bought a truck and now I don’t like making payments. I did not understand that if I borrowed money I would have to pay it back ??

  • @ComicKish
    @ComicKish 9 месяцев назад +1

    Where is my 20 k biden then i can get on lonthly payments on the remaining 35 k

  • @EbonyNash-j7n
    @EbonyNash-j7n 8 месяцев назад +1

    I need help for forgiveness student loan im disabled over 5 years so is my son. I need help

    • @EbonyNash-j7n
      @EbonyNash-j7n 8 месяцев назад

      I have tried but no help

    • @EbonyNash-j7n
      @EbonyNash-j7n 8 месяцев назад

      I’m permanent disabled

    • @stanleytate
      @stanleytate  8 месяцев назад +1

      Check out our article explaining disability discharge here: www.tateesq.com/learn/student-loan-forgiveness-disability-discharge

  • @joecastro6721
    @joecastro6721 8 месяцев назад

    Not loan forgiveness, loan transfer to the taxpayers. Typical lawyer, lying through his teeth.

    • @stanleytate
      @stanleytate  8 месяцев назад +1

      You sound like you've been burned before. I hope you heal.

  • @elaineteut1249
    @elaineteut1249 9 месяцев назад

    That way Obama doesn't have to pay for Sasha and Malia's college.

  • @mikes6853
    @mikes6853 9 месяцев назад

    I got 75k on my fed loan and now on SAVE they put me on at moehela how many years I have till forgiveness estimate?