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#loan forgiveness
gardening-tea-lesbian · 7 months
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This is a big fucking deal: https://www.npr.org/2023/08/22/1195141913/borrowers-can-now-apply-for-new-income-based-student-loan-repayment
Under the SAVE plan, as long as borrowers make their monthly payments, interest will not accumulate. With previous plans, borrowers with low or $0 payments — too low to cover their monthly interest charge — saw that interest accrue. Now, the government says, that won't happen.
The department says that under the old plan, borrowers repaid, on average, $10,956 for every $10,000 they borrowed. Under the new plan, they would pay back just $6,121.
Borrowers can now apply at studentaid.gov/SAVE . In an announcement video, President Biden assured borrowers that the application will take "10 minutes."
The program allows borrowers to opt in to a feature that allows the Education Department to access their tax returns from the Internal Revenue Service. This will allow the department to automatically recertify borrowers' enrollment every year, so they don't have to keep applying and updating.
The administration is urging borrowers to apply soon because, after three years of pause extensions, student loan payments are set to resume in October, with interest starting to accrue in September.
studentaid.gov/SAVE
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sunnygang · 9 months
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i didn't see anything on my dash yet, so—
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genderfcker · 9 months
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here's a list of fun things that the supreme court has decided in just the past week:
affirmative action is illegal. this is what lets colleges account for race when admitting students in, and getting rid of it in california a few years ago has shown that diversity in schools takes a MAJOR hit. (also, like roe v. wade, this law had DECADES of legal precedent under its belt)
that the dept. of education (and biden) can't go thru with that loan forgiveness plan he put out months ago. you know, the one that would forgive half or even all of some students' debt.
the first amendment lets a web designer refuse to do gay weddings. this means anyone can legally discriminate against queer people. it's a fun time to live in america right now, isn't it?
an important note is that all of these decisions were 6-3, with the more conservative justices overruling the more liberal ones. and if you need ANOTHER reason to care about the supreme court having checks & balances, two of the conservative justices (alito & thomas) have come under scrutiny these past few years for ethics violations, but the chief justice (aka the guy in charge, roberts) has failed to follow through on his promises to make an ethics code.
and i can assure you that they think they can get away with all of this because they know they can never be held accountable for their decisions—it's a lifetime appointment, and it's tricky to get impeached.
so tl;dr: voting is important. we might not vote for these guys, but we DO vote for who appoints them & who confirms their nomination. and the only way we can ever get our rights back is by appointing people to legislative offices so they can enshrine our rights in something a little stronger.
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atfisty · 9 months
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To any American reading this of voting age. Or will be of voting age for the 2024 election… VOTE! Vote vote vote. Register to vote. Ensure your friends are registered to vote. If it wasn’t clear before the SCOTUS decisions in the last two days have spelled it out clearly.
If you are not an able-bodied cis white heterosexual man, you are at risk. They will strip away your rights, they will do everything they can to make sure you are erased. That you are silenced that you are dead.
And if you think that your vote doesn’t matter. That there is no point. Then they have won. You have already let them win. You have let them control you.
They will come after you. If you are not a cis white male you are a target. You are disposable. And you will eventually lose your basic rights as a human being. Because if you are not a cus white man… to them you are not human. Simple as.
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asmallvoiceinthewind · 9 months
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🙃☹️
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killingkueen · 2 years
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You can get a refund if you made payments to your student loans after March 13 2020!!
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If you paid off your student loans during the freeze and think you don’t benefit from Biden’s forgiveness, you actually might! I don’t know if there’s a cap but I literally got off the phone with my provider and the payments after March 13 are being refunded to me now. You don’t have to wait for the loan forgiveness to get worked out, they will send the money to your bank account as soon as you request.
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jmtorres · 2 years
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hey everyone beware there are now scams out try get your college loan forgiveness money
i just got a voicemail about the $10,000 i could get and friends, i was fortunate enough to never take out loans for college so i KNOW this call was pure stinkin' BS
while the application for student debt forgiveness is not online yet, please make sure when you do fill it out you do it at a .gov official address.
Here's a Q&A about the program with a link to sign up to be emailed when the application is available. You will note it's on a .gov address so it's the real deal.
https://studentaid.gov/debt-relief-announcement/
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runningoutofbooks · 2 years
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I see so many people irl saying ‘student loan forgiveness is unfair to those who’ve already paid of their debt’ like bitch how selfish do you have to be to not want someone else to have something nice because you can’t have it?
That would be like me saying ‘nobody is allowed to eat ice cream because it’s unfair to those who are lactose intolerant’
Or ‘Child labor laws are unfair to all the children who worked and died in factories’
I can’t even imagine being that far up my own ass
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lostlegendaerie · 9 months
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Fuck it! US Private Student Loans Guide!
DISCLAIMER: while I have worked in private loans specifically for five+ years, this isn't ‘financial’ advice and is just a heavily summarized guide on how to navigate them. Yes, these loans suck, but complain to your legislators not me. I’m just trying to help you know what you’re doing. Additional info for each section is under the cut!
1) Who are you and who are all the companies constantly running around with my money?
I work in loan SERVICING, which is basically the billing department. If you’ve got a new company asking you for money, it's probably a new servicer and your debt is still owned by the bank. We enforce the terms in the promissory note, the document you sign telling the bank “yeah I'll play by your rules if you give me the money.” If your loan defaults, you’ll get contacted by a third (fourth?) party, but how that works is beyond my wheelhouse. The bank or your servicer should be able to confirm what happens in case of default.
2) What am I looking for in a ‘good’ loan?
Generally, you’re going to want SIMPLE instead of compound interest, a FIXED RATE opposed to a variable one, and you’ll want to go for FULL DEFERMENT while in school and make manual payments when you can. Also ask up front about stuff like if disability forgiveness or co-signer release (getting your parents off it) is offered.
3) This loan sucks! How do I make it better?
Student loans are NOTORIOUSLY hard to get out of, unfortunately. If the interest rate/payment relief options suck, you can try to REFINANCE where you take out a new loan to pay off the old one. This gives you a new promissory note, interest rate, and terms/conditions. If you’re trying to erase the debt entirely, ask for the promissory note (if they can't provide a copy, we have to forgive the debt. I've only seen this happen ONCE.) or try to go through social security disability.
DO NOT USE FREEDOM DEBT RELIEF OR OTHER SERVICES. DO NOT. THEY ARE SCAMS.
More in depth information for each point!
1) Lenders and Servicers
The lender is the person who provides the funds in the debt - the bank who pays the school or the hospital or the home contractor fixing your sink. The servicer is the company that is your point of contact when you need to make payments, ask for payment relief, or otherwise manage the loan that exists. Think of us as the mechanic (we keep the car running) where the bank is the manufacturer (they make the car). Some different servicers are SoFi, Zuntafi, Great Lakes, Nelnet and Firstmark Services; their names will be on the billing statements. Some different banks are Citizens, US Bank, NorthStar; their names will be on the promissory note and the disclosures.
Sometimes banks do sell the debt, however! A couple years ago Wells Fargo sold an enormous chunk of their loans off somewhere (an investment group, maybe?) but! The promissory note will still be the EXACT same if your debt gets sold. You’ll only get a new promissory note if you refinance the loan yourself.
2a) Interest Accrual and Rates
Interest is how banks profit off the loans they give out and/or ‘ensure they don't end up with a loss if the loan defaults’. (It's profit.) Most, but not all, loans calculate interest with the simple daily interest formula, shown below:
[(Current loan balance) x (interest rate)] divided by 365
If your loan’s balance is $10,000 and your interest rate is 6% you’ll be charged $1.64 each day. SIMPLE INTEREST means that this interest just kind of floats around on the account until a payment comes in and pays it off, where COMPOUND adds that interest to the balance at the end of the month/day/whatever. Compound charges you more over the life of the loan.
FIXED INTEREST is a set percent that doesn't change, where VARIABLE will change usually based on whatever the economy is doing. There’s a minimum and maximum value to the variable interest rates, so if you’re doing a variable ASK WHAT THE MINS AND MAXES ARE. A fixed rate might be 8% and a variable might be 3.25% the day you take it out, but that variable could have a maximum interest rate of 25% so be VERY, VERY CAREFUL. If you get stuck in a real bad variable interest rate, your best solution is probably a refinance.
2b) Deferment and Payment Allocation
So interest is gonna be accruing on your loan from the day the money leaves the bank. Sucks. And you may not be able to make payments while you're in school, so opting to DEFER your payments will stop them from billing you so you can skip a month or whatever without penalty. At the END of that deferment, though, whatever interest that accrued will be added to your current balance. If we use the example from above (10k loan with 1.64 daily interest) four years of school will add $2,400 to your balance and then your daily interest will jump up to $2.03 a day.
Solution? Make payments of what you can while you’re in school to chip away at that floating interest. Usually when you make a payment, it’s gonna go towards the interest first and then the rest drops the balance. (E.g. if you make a $20.00 payment ten days after your loan is disbursed, $16.40 will go towards interest and $3.60 towards your 10k balance). There is NO PENALTY for making extra payments or making early payments, but it might make your bills look a little weird if you’re being billed each month for just the interest.
3) Why are these loans so horrible? Can’t I find anything to help me?
Blame Reagan and the republicans who enabled him.
No, but really. The problem with these loans is that those promissory notes are VERY legally binding and have lots of fine print in there designed to make it as hard as possible for someone to skimp out on their debt without having their credit score decimated. Some lenders might even dip into your paychecks if you're crazy behind or default; again, that's not my wheelhouse and I've only maybe seen that once. Your best bet is just to pay it off as fast as possible (again, no penalty for paying the loan off early) or refinance into better terms.
And I get it. I really do. I hate how we’ve made so many incredibly important things in our society locked behind a paywall that charges poor people more to climb than the rich. But if you’ve made it this far, please don't turn your anger at me for not giving you the answers you want. The best I can do is vote for people who are willing to crack down on predatory lending, keep fighting for student loan forgiveness… and at my own job, make sure that my coworkers aren't making mistakes.
If you have a more specific question, I can try to answer as best I can without breaking any information privacy laws. And take care, okay? You are never fighting alone.
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mysharona1987 · 1 year
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lifehacksthatwork · 2 years
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Reminder to any Americans on here, if you qualify for student loan forgiveness, you still need to apply to receive it. Here’s the official page to see if you are eligible and here’s a link to receive reminders for when the application is available.
I will also paste the plain links below:
https://studentaid.gov/debt-relief-announcement/one-time-cancellation
https://www.ed.gov/subscriptions
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tomorrowusa · 9 months
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How the Republican Supreme Court is celebrating the holiday.
We ourselves should celebrate by brushing up on SCOTUS corruption and conflict of interest.
Here's an interactive SCOTUS corruption graphic. It's best viewed on medium and larger screens for detail.
Supreme Court Corruption June 27, 2023 • Corrupt Supreme Court
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randomnessoffiction · 2 years
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They’re really not trying to hide anything anymore huh
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hotvampireadjacent · 1 year
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Since I’m in the middle of changing my legal name I was worried about loan forgiveness. If anyone else is in the same position as me this is what fasfa told me
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luckydiorxoxo · 7 months
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