Author Topic: Has anyone applied for the student loan forgivness?  (Read 5953 times)

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Filroy77

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Re: Has anyone applied for the student loan forgivness?
« Reply #15 on: September 11, 2022, 12:04:29 PM »
Stand on your own two feet, pay your bills. This is a general statement/observation not directed at anyone here.

By accepting this debt relief you are condoning something they have no right to do. I wouldn’t want to be beholding to an already run away government that could say at sometime, “if you took x,y,z you now have to do x,y,z”. Who knows what that may consist of but I wouldn’t want to find out.

I am debt free with the exception of a mortgage. I wouldn’t take mortgage relief but many would. How is this relief fair to those who played the game honestly?

We’re the gov and we’re here to help.  :roll:
« Last Edit: September 11, 2022, 04:21:50 PM by Filroy77 »
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Rocketvapor

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Re: Has anyone applied for the student loan forgivness?
« Reply #16 on: September 11, 2022, 12:08:11 PM »
Maybe not post about accepting social program dollars on a gun forum?  :shrug:
(the wife and I accepted, without complaint those Obama checks)

When you decide to accept/reject money know the rules (subject to change).

Well I guess my new **** stirrin paddle don't work . I got a like . WTF 😈

Flo just received her EXPERT Mid range card from the NRA.

https://www.yahoo.com/news/famed-ex-uss-john-f-003916449.html

Toad

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Re: Has anyone applied for the student loan forgivness?
« Reply #17 on: September 11, 2022, 12:49:08 PM »
"While you won’t have to pay federal income tax on your student loan forgiveness, you may still possibly face state income tax if you live in one of the 43 states that have a state-level income tax."

Even if you are taxed it's likely going to be a fraction of the amount forgiven.
I don't have any student loans or bills that I need to settle on but taxable lump sum payments cost me.
It drives up my income and more of my Social Security is taxable (Fed, not Louisiana).
I start my RMD from 401(k) this year.  Fed tax will hurt.
There is a bill in committee (that probably won't go anywhere) to eliminate Federal Income Tax on Social Security (with a means threshold). 
I need to decide if I take the first one this year or delay it until April and end up with 2 next year. 
and what to buy with all the extra money :)

That's good to confirm. It's been nontaxable in the past on Fed. Ohio doesn't tax. Fed has been giving me the credits for paying. Ohio, sometimes gave me a credit. Ohio changes tax codes like I change my underwear.
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Toad

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Re: Has anyone applied for the student loan forgivness?
« Reply #18 on: September 13, 2022, 04:14:43 PM »
Here's what I found...

I spoke with FSA (Office of Federal Student Aid) of Dept of Education. (Formerly FAFSA).

If you had a Pell loan, or "other" FEDERAL loan before Jan 2020. This includes Stafford (which is really hard to get in the last decade or so) and Perkins. You are eligible for loan forgiveness of those FEDERAL loans.

If you have outstanding debt on FED loans from Jan 2020 to "today" you are eligible for forgiveness.

If you paid off FED loans from Jan 2020 to "today" you are eligible for reimbursement of payments made during that time.

The dollar amount is up to $20,000. $10,000 for Pell loans, $10,000 for "other Federal" loans.

FSA said that the forms will be available "next month" on StudentAid.gov.

The deadline to fill out these form is December 31, 2022.

You will need to have your FSA (FAFSA) ID. If you no longer have it, call 1-800-433-3243.

You will have to have an income of less than $125,000.


The PLSF, (Public Service Loan Forgiveness) program is still active. There is now (released today) a "Limited PSLF Waiver". If you already are enrolled in PLSF, [I am waiting on a good link. The one I was provided was bad. Will post when I receive a good link] you can apply for a waiver, and have the 10 year service requirement waived, and you receive your forgiveness. If you are eligible for PLSF, you can apply for the Limited PSLF Waiver, and receive the forgiveness right away. Do so by applying for PSLF from Dept of Education. The deadline for Limited PSLF Waiver is October 31, 2022.

If you have any other student loans that aren't Federal, you are not included.
The VA - Giving Veterans a second chance to die for their country since 1930.
"I hate to admit Toad is more right than wrong."--panoz77
When you are dead, you don't know you are dead. It is difficult only for the others. It is the same when you are stupid.

Rocketvapor

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Re: Has anyone applied for the student loan forgivness?
« Reply #19 on: September 13, 2022, 04:42:16 PM »
Looks like you have a handle on this.
Well I guess my new **** stirrin paddle don't work . I got a like . WTF 😈

Flo just received her EXPERT Mid range card from the NRA.

https://www.yahoo.com/news/famed-ex-uss-john-f-003916449.html

Toad

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Re: Has anyone applied for the student loan forgivness?
« Reply #20 on: October 07, 2022, 10:08:00 AM »
Currently, DoED hasn't released the paperwork for Uncle Joe's forgiveness plan.

If you have loans and have worked for Fed/State/Local government, 501c3 non-profit, you can still apply for the Public Student Loan Forgiveness. There is currently a Limited PSLF Waiver that is applied to your PSLF application if you apply before October 31, 2022.

Information is still up in the air. Various .gov and .mil Directors are urging employees to fill out the forms regardless, by the end of the month.

Here's the link for PSLF application. https://studentaid.gov/manage-loans/forgiveness-cancellation/public-service
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Scratch

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Re: Has anyone applied for the student loan forgivness?
« Reply #21 on: October 07, 2022, 10:59:14 AM »
From what I read, the form is supposed to come out sometime in October.  I have two daughters who will be taking advantage of this.  I don’t agree with it, as I feel that everyone else shouldn’t have to pay for my kids’ college, but we’re all getting taxed on it whether I agree on it or not, so I might as well get something out of it.

I heard somewhere that everyone will end up paying about 2000.00 more in taxes to pay for this.  While “I’m” ok spending 4000.00 (the wife and I) to wipe out 40,000.00 of my kids debt, I don’t think everyone else should have to, and I would rather this thing would get cancelled.

Am I a hypocrite… maybe.

Toad

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Re: Has anyone applied for the student loan forgivness?
« Reply #22 on: October 07, 2022, 11:10:58 AM »
In the end, it's democracy and tax money. It's just the way things work. How many $1000's of dollars have I contributed to the tax barrel, to build a bridge in another state I've never been to, nor will ever drive upon?
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When you are dead, you don't know you are dead. It is difficult only for the others. It is the same when you are stupid.

Filroy77

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Re: Has anyone applied for the student loan forgivness?
« Reply #23 on: October 07, 2022, 03:11:41 PM »
Building a bridge is one thing, debt relief is another as well as paying for someone else’s abortion, transgender surgery, child hormone blocker/genital mutilation etc. Our tax $ are being used against most of us. At what point do you stop paying them? The day you want to go to jail I guess but you could string out taxes  for probably 5 years or more unless everyone stopped paying. Income tax is about the only thing you could stop paying. Most property tax is in with your mortgage and if you don’t pay, someone else will and take your property. Legalized extortion for teaching your kids/grandkids to hate you and America and themselves. Sales tax, can’t get away from that unless you just loot like some. At that point you’ve just become them.
How can these people say such lies? Because lying is not an issue when truth is not a value. Dennis Prager

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Toad

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Re: Has anyone applied for the student loan forgivness?
« Reply #24 on: October 07, 2022, 04:35:51 PM »
Free-rider is Free-rider. Can't be avoided, and we can't choose who gets the money, how much, and how.
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Danjal

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Re: Has anyone applied for the student loan forgivness?
« Reply #25 on: October 07, 2022, 06:27:41 PM »
I heard they weren't giving any fed loans money. Just private.
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Toad

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Re: Has anyone applied for the student loan forgivness?
« Reply #26 on: October 07, 2022, 08:24:42 PM »
There's two programs that are giving out money.

PSLF is through DoED. These cover any FED loan under William D. Ford Federal Direct Loan (Direct Loan). PSLF does not cover FED loans under Federal Family Education Loan (FFEL) Program and the Federal Perkins Loan (Perkins Loan) Program. PSLF does not cover private loans. Drop dead date on "the accelerated" PSLF is 10/31/2022. PSLF is a perpetual program. It's just that there is a one time bail out on the books.

The Biden Plan (which has yet to materialize) is through FSAA, Federal Student Aid Administration, with is under the oversight of DoED. In this forgiveness U.S. Department of Education will provide up to $20,000 in debt relief to Pell Grant recipients with loans held by the Department of Education and up to $10,000 in debt relief to non-Pell Grant recipients. Both of these being FED loan/grant situations. Drop dead date on this plan is December 31, 2022.

There was a kinda-sorta private bail out that happened earlier in the year for those that got predatory loans from non accredited institutions (fly by night companies [won't even say schools]...similar to those that promise a study from home degree in Gun Smithing via an add in the back pages of ShotGun News, right after adds for penis pills, and fake jewelry your granddaughter will love). They also forgave predatory loans from ***cough**cough**schools like ITT Tech that were shut down for giving out worthless degrees. This being not a bailout, but dumping the loan debt back onto the snake institutions that ran these scams.
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When you are dead, you don't know you are dead. It is difficult only for the others. It is the same when you are stupid.

Toad

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Filroy77

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Re: Has anyone applied for the student loan forgivness?
« Reply #28 on: October 13, 2022, 04:01:19 PM »
Despite legal challenges, White House unveils 'simple' student loan forgiveness application form

https://justthenews.com/government/white-house/despite-legal-challenges-biden-admin-unveils-simple-student-loan-forgiveness

Quote
The White House says the application for up to $20,000 of student loan debt forgiveness won't require "supporting documents" or Federal Student Aid identification. The Biden administration unveiled a "short and simple" student loan forgiveness application form on Tuesday despite legal challenges to the program. The White House said the application process for up to $20,000 of student loan debt forgiveness, which will be handled by the Department of Education, won't require "supporting documents" or Federal Student Aid (FSA) identification.

"The student debt relief application will be: Short and simple; No supporting documents or FSA ID needed; Available in both English and Spanish, and on both mobile and desktop devices," read a tweet from the White House on Tuesday.

The Job Creators Network Foundation Legal Action Fund filed a lawsuit against the student loan forgiveness program on Monday in the District Court for the Northern District of Texas, Fort Worth Division.

"Our lawsuit intends to block the Biden administration's student loan bailout, which is an unprecedented executive power grab," said Elaine Parker, president of the Job Creators Network Foundation. "The administration's action does nothing to address the root cause of unaffordable tuition: greedy and bloated colleges that raise tuition far more than inflation year after year while sitting on $700 billion in endowments." Six Republican-led states — Iowa, Kansas, Missouri, Nebraska, South Carolina and Arkansas — have also sued the Biden administration over the student loan forgiveness program, arguing that implementing it is an abuse of power. President Biden announced the enactment of the program unilaterally without congressional approval.

Applicants with adjusted gross income of less than $125,000 for individuals or $250,000 for household joint income can receive $10,000 in student loan debt forgiveness. The amount goes up to $20,000 for Pell Grant recipients that meet the same income requirements.

According to the Internal Revenue Service, adjusted gross income is calculated by subtracting deductions from gross income.

"Gross income includes your wages, dividends, capital gains, business income, retirement distributions as well as other income," according to the IRS. "Adjustments to income include such items as educator expenses, student loan interest, alimony payments or contributions to a retirement account." The previewed application includes the borrower's name, social security number, date of birth and contact information. Applicants have to sign and agree that they qualify for relief based on the income requirements, with potential penalties such as "fines, imprisonment or both" if the information provided turns out to be false.

One of the statements applicants have to agree to includes: "I request federal student loan debt relief of up to $20,000. If requested, I will provide proof of income to the U.S. Department of Education. I understand that if I fail to do so by March 31, 2024 or if my income does not qualify for federal student loan debt relief, the relief will not be processed."

The form informs borrowers that the must apply by Dec. 31, 2023 to be eligible for debt forgiveness.

"We'll determine your eligibility and will contact you if we need more information," the form reads. "Your loan servicer will notify you when your relief has been processed." The Committee for a Responsible Federal Budget has projected that the full cost of the student loan forgiveness program will be $420 billion.
Quote

Like everything the gov does these days, this sounds like it’s ripe for abuse and fraud. They are doing everything they can to affect the outcome of the election.

How can these people say such lies? Because lying is not an issue when truth is not a value. Dennis Prager

Blessed is the nation whose God is the LORD

Our Constitution was made only for a moral and religious people. It is wholly inadequate to the government of any other.

Toad

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Re: Has anyone applied for the student loan forgivness?
« Reply #29 on: October 13, 2022, 06:33:38 PM »
Quote
Like everything the gov does these days, this sounds like it’s ripe for abuse and fraud. They are doing everything they can to affect the outcome of the election.

I'm sure there will be fraud and abuse. Not everyone had access to these loans. They did not give them out to non-accredited institutions. So the UTI, DeVry, Wio-Tech, WECSOG, folks did not get these loans. The FSA ID is your Social Security Number. Loans were not given out to foreign students. You had to register for selected service to get the loan. If you or your parents made too much income, you didn't get a loan. You lost the loan for criminal offenses. You had to keep your grades up to maintain the loan. Those that tried to freeload the system to get free room and board at a college, while not taking classes, did not have it very long. You had to be a legit American to get the loans to begin with, so it's doubtful that money will be going to a Nigerian prince.

What I don't agree with is paying of the Grants. Grants are free money. You get these as essentially a scholarship based money (you had good enough grades to get them in the first place), or special cases like you were orphaned because your parent(s) died in the sandwar post 9/11. You get the Grant, go to college, graduate, you are done. You owe nothing it's free money. If you screw up, drop out, fail out, go to jail, then you have to pay back the Grant.

If someone takes a real effort to get an education, and achieves that said education. Ok, cool. Here's a $10,000 off of your $80,000+ student loan debt. I'm fine with that. It's not forgiving the entire loan, but $10,000 is $10,000. The Pell Grant students can screw off, and get an extra $10,000 ($20,000 total) off their Grant debt. The only way you have Pell Grant debt is because you screwed up.
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When you are dead, you don't know you are dead. It is difficult only for the others. It is the same when you are stupid.