Student Loans

Biden coming through on a new SAVE plan? It makes me think of the forgiveness for Public Service jobs but expanded. Will be a kind of Income Based Payment with a path toward canceled debt after some years. Not sure if this time varies for applicants with different debt amounts.
 
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Videodrome said:
Biden coming through on a new SAVE plan? It makes me think of the forgiveness for Public Service jobs but expanded. Will be a kind of Income Based Payment with a path toward canceled debt after some years. Not sure if this time varies for applicants with different debt amounts.
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I owe almost $300K in student loans (have paid nearly $30,000K during covid). Through the save plan, my estimated payment is about $400.00 less. (though I am deferred until 2026 as I applied for borrower defense as my s*** grad school went under haha).

I think big plus is the interest update. My understanding is as long as you pay your monthly payment, you will no longer accrue interest and see your loan go up.

LIke $60K of that $300K is interest on my loans. Not accruing interest like that is going to be huge for a lot of people.
 
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www.businessinsider.com

Student-loan borrowers have new safeguard to prevent debt pileup

Biden released the final gainful employment rule, which will ensure student-loan borrowers have the means to pay off their debt after graduating.
www.businessinsider.com


President Joe Biden's Education Department has released its final rule to keep student debt from spiraling after a borrower graduates.

On Wednesday, the Education Department announced its final version of the gainful employment rule. The rule, first established in 2014 under then-President Barack Obama, cut off federal aid for schools that offered programs that left students with too much debt when compared to their likely postgraduation income.

Former President Donald Trump repealed the rule in 2019, and now Biden's administration is reinstating it — and the new provisions will be implemented in July 2024.

According to the department's fact sheet, the rule will protect about 700,000 students a year from career training programs that leave graduates earnings with "no better than what someone with a high school diploma" would earn. It also includes financial transparency requirements so students who enroll at the program will have information at the outset on how much debt they might take on from the program
 
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ZombiesRUCrazy said:
I owe almost $300K in student loans (have paid nearly $30,000K during covid). Through the save plan, my estimated payment is about $400.00 less. (though I am deferred until 2026 as I applied for borrower defense as my s*** grad school went under haha).

I think big plus is the interest update. My understanding is as long as you pay your monthly payment, you will no longer accrue interest and see your loan go up.

LIke $60K of that $300K is interest on my loans. Not accruing interest like that is going to be huge for a lot of people.
Click to expand...


Are you a neurosurgeon now?
 
Was curious if anyone else wound up having their loans moved to be serviced y AidVantage?

When payment restarted, everything looked as expected. Going into November though, it shows I owe $0 while still showing my full balance $36,495.31.

I'm not sure if something messed up behind the scenes or if a broad sweeping income based repayment plan to put in place that I got dropped in? Still, it seems like that might lower my payment, but not drop it to zero.

I guess I'm going to make a payment anyway since it still shows a balance, but this is weird. I wish it showed what I owe since before it was broken down by what goes to individuals loans and I could prioritize them.
 
Videodrome said:
Was curious if anyone else wound up having their loans moved to be serviced y AidVantage?

When payment restarted, everything looked as expected. Going into November though, it shows I owe $0 while still showing my full balance $36,495.31.

I'm not sure if something messed up behind the scenes or if a broad sweeping income based repayment plan to put in place that I got dropped in? Still, it seems like that might lower my payment, but not drop it to zero.

I guess I'm going to make a payment anyway since it still shows a balance, but this is weird. I wish it showed what I owe since before it was broken down by what goes to individuals loans and I could prioritize them.
Click to expand...
Navient used to handle the federal, but during the Trump administration, it was moved to Aidvantage for reasons.
 
my loans were through Navient but I paid them off during the 0 interest rate period.
 
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