Student Loan Forgiveness thread

[katt_goddess]

  On 3/11/2025 at 6:53 PM, scoobdog said:

Not to interject, but that orders looks suspiciously like an attempt to disqualify teachers from the loan forgiveness plan.  

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It would disqualify literally everyone that would have qualified for forgiveness based on going into and continuously serving in any public service but especially teachers because who needs an educated populace? 

[Raptorpat]

  On 3/11/2025 at 6:13 PM, discolé monade said:

what does this mean for you? 

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i'm private sector, so for this particular change technically nothing. but folks in my cohort who went in that direction are at or nearing that ten-year mark.

but to extent that i'm in that broader student loan bucket generally and paying attention, it's just infuriating the absolute contempt these people have for kids who were told all their lives to stay in school and then were promised that if they sacrifice earning potential to work in the public sector for a decade, that debt would be wiped clean.

the PSLF stuff in particular is just mean, cruel, spiteful, and terrible all around.

[Raptorpat]

Trump announced student loan portfolio will be transferred to the Small Business Administration 

https://www.nbcnews.com/video/trump-announces-the-small-business-administration-will-handle-student-loans-235043909909

[1pooh4u]

  On 3/21/2025 at 6:14 PM, Raptorpat said:

Trump announced student loan portfolio will be transferred to the Small Business Administration 

https://www.nbcnews.com/video/trump-announces-the-small-business-administration-will-handle-student-loans-235043909909

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What could possibly go wrong 🫠

”forgiving student loans is unconstitutional”

”dismantling and rearranging departments approved by Congress not unconstitutional”

fuckin crazy land 

[Raptorpat]

Are they the ones who forgave all the fraudulent PPP loans? Maybe we're in business!

[MasqueradeOverture]

  On 3/21/2025 at 7:08 PM, Raptorpat said:

Are they the ones who forgave all the fraudulent PPP loans? Maybe we're in business!

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If DOGE has any input I fully expect loan shark interest rates.

[Jman]

https://apnews.com/article/student-loan-debt-default-collection-fa6498bf519e0d50f2cd80166faef32a
 

Student loans will now be sent to debt collectors, which also means a lot of outstanding debt will be bought up for pennies on the dollar, dismissed by courts, or settled in lump sums.

This could go several ways.

[Raptorpat]

here's the official announcement: https://www.ed.gov/about/news/press-release/us-department-of-education-begin-federal-student-loan-collections-other-actions-help-borrowers-get-back-repayment

[discolé monade]

most people will try to settle if at all possible. 

payments can be broken up into 3 for a settlement of 60% or higher. 

any settlement under 60% will have to get approval for 3 payments, but will probably only be able to do in 2. 

what i see is a lot of people filing BK if the size is right. while in collections the interest does not stop. 

and i have to wonder will they revert to 'in house' or begin wih 2nd house or got straight to tertiary. 

 so many questions. next i BET the powers that be allow high risk lending again. 

[scoobdog]

You know.... putting a bunch more people into a cash crunch at a time when we'll likely start hemorrhaging jobs while industries go into correction all while inflation is going to go up....

seems like a bad idea.

[rpgamer]

Tariffs aren't making enough revenue. Gotta squeeze some money out of somewhere.