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Related: Editorials & Other Articles, Issue Forums, Alliance Forums, Region ForumsI'm in tears. A grow ass man in tears. My Student Loans are forgiven
Before I go on I have to admit I was really bad at paying these off for a while. In 2009 I got on a payment plan. $269 per month. For what I can best figure was a total of $15,000 that I borrowed I’ve paid back $34,000 and had $34,000 left. Not anymore. I logged into MOHELA to verify.
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tblue37
(68,445 posts)
MontanaMama
(24,734 posts)This is wonderful. 
bobnicewander
(982 posts)Enjoy the wonderful feelings forever big man.
viva la
(4,614 posts)My nevvie has been paying forever. I'd love to give him some info.
underpants
(196,849 posts)Focused more on time (+20 years). I was in the process of getting a public service forgiveness.
It’s a slow painful process but hey I put in the time and god knows I paid.
pwb
(12,728 posts)Zero Balance for Public Service. Joe did that awhile ago. Good for you Underpants!!
BlueWaveNeverEnd
(14,551 posts)loan servicers are evil. they will sell paid off loans, and the person begins paying them again because they can't prove they paid them off.
store backups of proof in multiple ways
utopian
(1,124 posts)This thing had been hanging over me for 25 years. It's a game changer, and I can't express the joy and relief I feel.
underpants
(196,849 posts)I was going for a PSLF (public service) forgiveness.
This appears to be Joe’s response to that BS SCOTUS Ruling.
Hell yes! Congratulations to you too.
Beartracks
(14,623 posts)... the whole thing got forgiven?
So you've been in repayment status for 20+ years, with only SOME of that counting towards PSLF, and then the forgiveness came through?
I've had some of my loans over 20+ years but only been in consistent repayment status for 10, the last several years of which I've been working toward PSLF.
I am envious. 
And hopeful!
utopian
(1,124 posts)But like you, a lot of it didn't count because it preceded the start date of the program. But essentially, it was 10 years of payments, which I had done before the current forbearance. I also held off applying while TFG was in office, as I knew where that would get me. I'm glad I waited.
Beartracks
(14,623 posts)
And thank you for your service!
I didn't enter obvious public service work until a few years into my repayment, and I finally enrolled in PSLF last year (also didn't want to bother durng the TFG regime, as I didn't want it to get "lost" ), but I think a case could be made for the earlier years of repayment, too, so I suppose I'll need to talk to someone at Mohelo.
MissB
(16,344 posts)I’m sure it feels fabulous to be relieved of that burden.
Solly Mack
(97,074 posts)
Kid Berwyn
(24,726 posts)...In the United States of America people can be forced into poverty for getting an education.
Hekate
(100,133 posts)Evolve Dammit
(21,802 posts)to have a chance at success. Should that not be rewarded somehow instead of indentured servitude for trying to achieve? Sigh. I was lucky; 10K in the hole after obtaining a Bachelors. By todays standards, almost nothing.
Hermit-The-Prog
(36,631 posts)Damned Republicans and their ongoing attack on America.
BlueIn_W_Pa
(842 posts)It was both parties, with Biden backing the worst law that got us in this mess.
https://www.theguardian.com/us-news/2019/dec/02/joe-biden-student-loan-debt-2005-act-2020
Hermit-The-Prog
(36,631 posts)You may want to research why there were students seeking bankruptcy as well as take note that the bill you cite reduced fees from 4% to 1%, among other helpful things.
The history of Republican assaults on education at all levels does not begin in 2016 or even in 2005. It really began in earnest after Jimmy Carter created the Department of Education.
Backseat Driver
(4,671 posts)both also forgiven their student loans; hopefully awaiting on SIL's.
MLAA
(19,773 posts)
vlyons
(10,252 posts)Your original loan was $15k and you paid back $34k with $34k still to go? Well congratulations.
underpants
(196,849 posts)6.25% - not everyday but a fraction of that was added each day which creates a new principle for the next day’s calculation
Canoe52
(2,963 posts)vanlassie
(6,257 posts)Travesty.
LisaM
(29,666 posts)Most people have paid the amount and more - far more. If we just got rid of the penalties and interest, it would make a huge difference.
sinkingfeeling
(57,878 posts)He says it won't help him. He has a 6 figure salary. His student loan and his child support are about the same. I think he has about $50K in student loans, but I don't know for sure.
underpants
(196,849 posts)It’s frustrating and time consuming but it’s worth it.
Doc Sportello
(7,964 posts)I paid off my student loans but doesn't loan forgiveness bother me; in fact it's a good thing. This country shouldn't be saddling lower or middle class students with the debt and the interest you had to pay. Congrats. I'm sure it is a burden you are happy to be rid of.
Hugin
(37,916 posts)Congratulations! 
Hortensis
(58,785 posts)
LoisB
(13,153 posts)
rickford66
(6,078 posts)MissB
(16,344 posts)I’m very very happy for you
sarge43
(29,173 posts)Congratulations. Hellva load gone. 
Carlitos Brigante
(26,848 posts)come back. But celebrating cautiously for now. Can't wait to see what these repigs are gonna try to pull to fuck this one up.
underpants
(196,849 posts)My daughter is sitting in her first college class right now.
Carlitos Brigante
(26,848 posts)separate note. I think it's time to bring back the floating underpants gif thingy....
roamer65
(37,965 posts)Just make sure to confirm the tax status of the forgiveness so IRS problems don’t crop up later.
Many people had later IRS problems stemming from forgiven mortgages during the Great Recession.
58Sunliner
(6,363 posts)greatauntoftriplets
(179,181 posts)Congratulations! This has to be a load off your mind, especially with your daughter starting college and the cost of that.
highplainsdem
(62,646 posts)
Tesha
(21,151 posts)So happy for you, I'm tearing up over here too!
Solly Mack
(97,074 posts)sheshe2
(97,958 posts)
Aristus
(72,321 posts)Oh frabjous day! Calloo! Callay!
70sEraVet
(5,534 posts)underpants
(196,849 posts)
barbtries
(31,322 posts)My great niece just posted on fb yesterday that her loans were forgiven. She has 3 young children and i am so happy for her too.
tazkcmo
(7,419 posts)Congrats!!!!
Karadeniz
(24,751 posts)
TheBlackAdder
(29,981 posts).
So many horror stories about the shittiness of the lenders that were in the Federal programs, that we opted for NJ State managed loans, that have a sterling reputation for not screwing over borrowers.
.
50 Shades Of Blue
(11,445 posts)Biophilic
(6,602 posts)I'm so glad for you. Welcome to the world of the easier breathing.
Duncanpup
(15,651 posts)
Joinfortmill
(21,377 posts)
Roc2020
(1,790 posts) 
orleans
(37,049 posts)
thatcrowwoman
(1,230 posts)What a wonderful load lightener!
Thank you for sharing and thank President Biden for making it happen! 
🕊thatcrowwoman
fierywoman
(8,608 posts)
area51
(12,722 posts)
Nittersing
(8,433 posts)
calimary
(90,366 posts)Congratulations for getting that off your back (AND out of your pocket)!
AllyCat
(18,918 posts)Ignore the naysayers here on having your loans forgiven.
YOU DESERVE IT!!
AllaN01Bear
(29,697 posts)peacebuzzard
(5,884 posts)You just came off a long, rocky road friend; relax and enjoy. You certainly deserved this relief! 🌼
judesedit
(4,599 posts) yardwork
(69,471 posts)COL Mustard
(8,306 posts)I have 29 months to go until I get qualify for PSLF.
underpants
(196,849 posts)Apparently it’s the policy Joe put out after the SCOTUS ruling.
Bettie
(19,788 posts)seriously happy for you.
lambchopp59
(2,809 posts)If it hadn't been for a whole decade sweating to make the rent, light bill, car and student loans I likely could have financed a home.
steelyboo
(904 posts)Feels strange not to have that albatross around my neck anymore. For folks who are amazed by the numbers, I started re-paying my 68K debt in 2003. It was consolidated in 2012, in order to qualify for PSLF. They forgave 60,853. That means in 20 years of repayment, I only covered the interest and about 7k of the principle. A mortgage without the house, as I always called it.
peggysue2
(12,557 posts)The interest on these student loans is insane and financially backbreaking.
Enjoy!
Lars39
(26,549 posts)That money can be rolled back into the economy or tucked away for your future.
flying_wahini
(8,279 posts)So happy Biden is doing this.
camartinwv
(151 posts)Hekate
(100,133 posts)
God bless that man forever — and you, too, for persevering through this loan shark experience.
I remember when the loan program was implemented close to the end of my just-scraping-by university experience, and I didn’t understand it so I didn’t do it. That’s all that saved me.
Decades later I found those loans had been sold — and the borrowers had been sold out. It was not supposed to have been that way — in my opinion, it was a crime.
I am so happy for you, underpants.
underpants
(196,849 posts)They don’t want any part of the suit brought by the state of Missouri.
Fla Dem
(27,690 posts)Imagine all the individuals in America who have had this weight lifted off their back. All the families who can breathe a little easier.
What a wonderful, wonderful thing to have happen.
ShazzieB
(22,727 posts)My daughter's student loans would have been forgiven by now if not for that crappy SCOTUS decision. Would love to kick certain smug, black-robed butts for that (along with Dobbs and a few other things).
Enjoy your new found freedom!
Hassin Bin Sober
(27,473 posts)
mike_c
(37,072 posts)Congratulations!
Bluethroughu
(7,215 posts)Freedom!!!!!
flamingdem
(40,947 posts) lillypaddle
(9,606 posts) 
ismnotwasm
(42,674 posts)Sucha NastyWoman
(3,020 posts)2naSalit
(103,375 posts)Now you really can enjoy the rest of your life! 
underpants
(196,849 posts)The AC is getting fixed after 10 days.
The very first class of my daughters college and she found out about an almost can’t miss scholarship in her major.
Oh yeah I bought lottery tickets.
2naSalit
(103,375 posts) 
mahina
(20,684 posts)Aloha.
FlyingPiggy
(3,748 posts)If I didn’t have my student loans, I’d be considering retiring soon
Orrex
(67,238 posts)Congratulations to you for escaping this horrible burden! What a profound change this will make in your life!!!!
BumRushDaShow
(170,813 posts)
Big burden off your mind.
piddyprints
(15,115 posts)Just seeing what you borrowed, what you've paid, and what is left without the loan forgiveness is a good argument for student loan forgiveness. It didn't used to be this hard. I know from experience!
My hope is that President Biden can continue to provide relief for others.
Meanwhile, like I said, I am so happy for you!
MOMFUDSKI
(7,080 posts)Back in my day college was affordable and then it all went haywire. So wrong. A Country needs educated people to thrive.
ecstatic
(35,088 posts)helpisontheway
(5,387 posts)democrank
(12,634 posts)Celebrate
BlueWaveNeverEnd
(14,551 posts)
Lisa0825
(14,492 posts)So I am very happy for you to no longer be under that burden
LiberaBlueDem
(1,167 posts)He brought it up in public and he helped Biden understand why it was imnportant.
ExWhoDoesntCare
(4,741 posts)He's had decades in the US Congress (both houses) to craft and work to pass legislation that would have fixed this abominable situation.
He didn't.
The amount of legislation he's gotten through either chamber is outright pathetic. Anybody moron or self-serving slacker can talk big, but talk gets bugger all done.
He's always been lacking in DOING. That's why I hold him in complete contempt.
Think. Again.
(22,456 posts)I'm so glad that Joe Biden recognizes how important an educated population is.
Ellipsis
(9,469 posts)Congrats.
3catwoman3
(29,600 posts) 
maspaha
(748 posts)You deserve this! Higher education is an investment in ourselves and in our society.
Everyday, many times a day, I hope, pray, and advocate to have more access to student loan forgiveness. About once a year, I vote for it.
My kid graduated from college in 2021 some 50K in debt because we spent her college fund on medical bills when I found lumpy lymph nodes and a multifocal 4.5 cm tumor in my right breast.
But I’m an irresponsible parent for not saving more for her college and of course it’s my fault i got cancer…sarcasm included at no $extra charge$
Maraya1969
(23,515 posts)electric_blue68
(27,013 posts)
JudyM
(29,785 posts)I was paying back loans for decades, so relieved when I was through.
babylonsister
(172,777 posts) 
Smackdown2019
(1,362 posts)If you had to do over again, what would you do different? Would you not change anything?
When i was in college, i paid my way. Worked for my education. It was shocking seeing college kids spending unnecessary college funds; knowing they would have to pay it back.
Of course, when textbooks are in the hundreds of dollars and so is each credit hour; college is expensive.
James48
(5,244 posts)Your loan was disbursed in 2006, and now they are saying you have been paying for 20 years already?
What did I miss?
liberalmuse
(18,881 posts)My student loans changed servicers and were bundled with tons of interest and charges like jumbo loans at least 3 times and each servicer shows a later and later "First Disbursement Date". My forgiveness letter has a first disbursement date of 2011 and also says my loans should have been forgiven in 2017. In fact my loans were first disbursed back in the 90's. That is another reason Biden clarified the payment rules - lenders/loan services kept poor or inaccurate records of payments.
Up to now, my interest was almost half of the principal. I still can't believe it. I don't believe any other President would make this one of their priorities like Biden did. Bless that man and all the people like Elizabeth Warren and Bernie Sanders who continued pushing for this. I don't think they have any idea how life changing this is for almost a million people shackled to mountains of debt when they initially borrowed modest amounts.
James48
(5,244 posts)Have a beer on me next time you go out.
liberalmuse
(18,881 posts)
Iris
(16,884 posts)
nini
(16,831 posts) 
canetoad
(20,846 posts)No-one deserves it more.
diva77
(7,880 posts) 
samnsara
(18,774 posts)twodogsbarking
(19,015 posts)
CountAllVotes
(22,234 posts)A person I knew in graduate school kept borrowing and borrowing and borrowing. I told her not to do that.
She kept re-enrolling in "thesis" for years and kept borrowing the entire time.
Finally, there was no more room left to borrow more and they were after their money.
I don't know what happened but I think this person may have ended up losing their home as they had to sell and relocate.
Said person sure regrets borrowing all of that money with no way to ever repay it.
I'm sure this person is just one case of many in different forms.
These student loans can work for some people but they sure don't work for far too many. To be in repayment status for 20+ years is criminal!
I hope you can find some peace now.
ExWhoDoesntCare
(4,741 posts)I just had mine wiped out, save for $375 dollars, that I can repay between now and 2042.
I can't swing that all at once right now (need for new glasses is a bit more important right now), but I'll probably get it done before the holidays. I can sock away that much, to get the monkey off my back, once and for all.