Very interesting (well for me only really):
The DOE thinks I make a lot less than I do.
Yeah they fixed this in the American Rescue Plan. Forgiveness that happens before 2025 is tax free from what I’ve read.
Overall the headline is going to be the forgiveness, and some people will be annoyed that this isn’t radical enough. I think that’s fair. Regardless of those things, a lot of the rule changes are quite significant and this is a significant improvement for people with student debt
I assume that, much like Obamacare, these changes will just ensure that we live with a fundamentally fucked up system for even longer than we would have.
“it’s a beautiful plan and it’s going to be so easy. more details in two weeks”
While this is true, not capping interest makes this practically meaningless.
I didn’t expect the pell grant bonus. That would hit my wife for $20k. She was dirt poor going to school. Pretty great package all around for a lot of people.
On undergrad loans. Look like us graduate loan borrowers are screwed on that front
In case you were curious, you can login to studentaid.gov and at the Dashboard (Federal Student Aid or Federal Student Aid) it should show if you had Pell grants.
I dont understand the forgiveness after ten years instead of 20 for such low amounts. Wouldnt it be a much bettrr plan to forgive high loan amounts after a shorter time? Is anyone at 12,001 locked into 20 years or does that change if they fall below 12001 at some point between ten and twenty years? If the latter, why not just add an additional 12K of forgiveness to everyone after ten years of payments?
I’m guessing if you fall below 12k by end of it
My wife owed more than her salary… Dark Brandon coming in clutch. Obviously we’re in a more fortunate position than most, but I’m very happy to pay down $30k of our debt.
It appears the site is overloaded. Shocker
BASED ON WHAT INCOME YOU FUCKING ASSHOLES
I wonder what the timeline is for all this? Payments start Jan 1. I assume they process forgiveness before then based on 2021 tax returns?
Seems like a better deal than I initially thought.
Unfortunately it still doesn’t get to the root of the problem which is that college is still insanely expensive and subjects people to immense debt at a young age.
This deal, while good, is like cleaning up some of the puddle of blood forming around a gushing gunshot wound
Tune in to next week’s episode to find out!
As much as I’m joking, the specific year could actually screw me pretty hard lol.
Like I referenced above, it seems like they might go with what the dept of education last has on file for you. For me, that’s my 2019 (!) returns. They also mention a form to update things. It’s not specified yet though as far as I can tell
Yeah but what does the Dept of Education even have? I don’t think I’ve ever updated income through them. Gotta be tax returns right?
