💥WOW 😎 I got a refund check AFTER my student loan forgiveness

[underpants]

I got a check from the US Treasury today. It says “FED STUDENT LOAN REFUND”. I had no idea. It’s a US Treasury check.

Whaaaat?
Yeah apparently it wasn’t just my loan balance that was paid. I’m getting a refund on payments I made. I mean I’ve got it.
According to Nerdwallet.
https://www.nerdwallet.com/article/loans/student-loans/what-happens-next-if-student-loans-are-forgiven-2

My post about my surprise loan forgiveness of my $34,000+ balance.
https://www.democraticunderground.com/100218205489

The check is for $8,800+

I guess we are getting a new deck on the house.

[Iggo]

1. Woo-hooo!!!!

You’re welcome!

[Hekate]

2. Wonderful!

[onetexan]

3. Cool beans!! 🌞

[Solly Mack]

4. Excellent! Have fun on the new deck!

[blm]

5. So happy for you.

Yeah, that’ll get you a great deck.

[underpants]

10. Looks like it should cover it.

Rough internet search on a 350 sq Ft deck.

[Cha]

6. Wonderful & Shocking?!

[underpants]

8. A complete shock.

My wife opened it without seeing that my name on it. She knew how much it was when I got home. I thought it was some tax review type thing so I was thinking I don’t know $100 and something.

[Cha]

19. I can imagine.. and then you

danced!

[captain queeg]

7. Thanks Joe!

Glad to hear he finally got it past the rethugs. So cool. Bet you were happily shocked.

[underpants]

11. Blown. A. Way.

I know it’s two words but

[viva la]

9. I love hearing about this!

What a wonderful surprise.

[helpisontheway]

12. Awesome!!! Congratulations!!! Is the refund for money that you paid during the pandemic?

My loans were forgiven a few weeks ago after paying for many years. Not a peep about a refund though. Would be nice but I’m thrilled to have my loans forgiven.

[underpants]

14. I think it's what I had paid.

Over just the last 11 years 2009-2020 I paid $34,000 on what I think was a total of $15,000 loans. I made payment before that but I was very disciplined when I started again.

[Dyedinthewoolliberal]

20. This is the part the opposition to loan amnesty people never talk about.

How badly people with loans were/are getting screwed. If this country was smart (fat chance), education costs would be regulated and people would be encouraged to go to either college or into the trades. I can't figure out why we think for profit education is a good idea.... oh, and good for you!!

[Blue Owl]

13. K&R

[fierywoman]

15. So happy for you !!!

[BumRushDaShow]

16. Wow.

(x44 )

[4lbs]

17. Nice! So they forgave the entire original loan amount, but since you already

paid some of it, they gave money for the difference, you already paid.

I'm glad they gave you the money directly instead of just trusting the loaning institution to handle that.

[Biophilic]

18. And there you are, putting that money right back into your community.

Congratulations. I’m honestly thrilled for you and all the others. We desperately need to return to the concept of the common good of our communities and nation. Otherwise we are just a bunch of individual lost souls doing our best to stay afloat in a stormy sea.

[yardwork]

29. Well said.

[underpants]

34. Didn't think of that.

I have $250 in car repairs I need to get done - long term stuff like flushing the brakes. Local place. Very big in the kids food operation here - the owner had a weekend good backpack program going for at least a decade. I get a loaner car even for state inspections ($16).

[lapucelle]

21. WOW. I'm just so happy for you.

How many times did you have to reread the check before you finally believed it was true?

[underpants]

32. 5

At least 5 times.

[twodogsbarking]

22. Would you be interested in an extended car warranty? Me neither. Good for you.

[fpublic]

23. Congrats with a caution

Check with your state revenue office. Here in WI, I would owe tax on the forgiven debt. Make sure you figure out your situation so not to have unexpected tax debt spoil your fun.
Good luck.

[underpants]

37. No tax but the link above says it will ding my credit score

only for a while.
We aren’t buying anything on credit. Nothing big in the near future.

[a kennedy]

24. That is awesome........congrats.

[calimary]

25. EXCELLENT!!!

Terrific news!!!

Thanks for letting us know. We can ALL appreciate good news like that.

[mountain grammy]

26. Fantastic! What a great surprise!

[MontanaMama]

27. Oh my gosh! underpants!

Seriously? I had tears when your loan was forgiven and I’m a mess right now! This is the BEST. Thank you Joe Biden.

[underpants]

36. Couldn't believe it

Just couldn’t believe it

[yardwork]

28. Wow! I'm so happy for you!

[radical noodle]

30. Congratulations!

I hope my daughter is able to get some relief soon. I've heard that loan forgiveness is taxable, but I don't know how that works. You might want to check with an accountant before spending all the refund money.

[underpants]

31. Taxibilty depends on the state

In Virginia, it’s not taxable.

[radical noodle]

33. Oh, so only state taxes?

Not federal? That's great, and even better. Enjoy the deck!

[underpants]

35. No. None.

[UpInArms]

38. That is wonderful!

Am so happy for you. You can now make your present and your future better and brighter.

[lostnfound]

39. Why did it say 'first disbursement' was 2006 but also says 20 or 25 years??

When were you in college and when did you graduate?

Great news, happy for you.

[underpants]

42. Student loans are a mysterious world

2006 was my last deferment I think. Either that or I switched over to another kind of loan. This sort of thing messes up the number of payment calculations. I started paying in 97 or 98 so it’s over 20 years (not continuous) until now. The calculation for payments on my Public Service application said I needed to pay for another year.

I have no idea where this SAVE program came from. There was no coverage of it while the case after the other plan and the SCOTUS thing was going on. Apparently Joe had this in his back pocket.

[Goddessartist]

40. Fabulous!!!!!

[MLAA]

41. Congrats!

[homegirl]

43. Or

start or add to a college fund for your children. Or, a donation to an organization like the AAUW* that gives grants to girls to help pay fees, tuition, books, etc. There is something to be said for bread upon the waters!

*American Association of University Women

[Attilatheblond]

44. So, you are spending that on Main Street and not hoarding it in some offshore tax haven?

Good for you, but you'll never be a billionaire with that sort of habit! LOL Good on ya, you're a patriot.

[yourmovemonkey]

45. I certainly hope that I get this nice surprise too.

I got the forgiveness letter. I had all but a little over $9K left to pay on a loan that never seemed to move down. Over the past nearly 25 years, I've shelled out close to $100K on a loan that was originally around $20K.

To be honest, I had gone into default back in the 90s. So sending it to collections immediately doubled the amount owed to $40K. Which was the amount that was transferred to the Dept of Ed back in 2001.

I have been making payments ever since, but 8.25% interest was killing me. I used the first year of the pandemic interest deferment to whittle down the remaining amount due to under $10K.

In spite of my youthful irresponsibility, I really do think I'm a great example of just how usurious the system had become. It felt like they were intent on keeping me tied to this debt forever. I mean, how else does a person still end up owing $10K after nearly 25 years on a debt that was originally only around $20K when they also shelled out nearly $100K over that time attempting to pay it off?

I would love to know how the refunds are calculated... or maybe the surprise would be better... unless it's nothing. I do already have a deck, but some new kitchen cabinets would be really nice.

At the very least, this has convinced me that Joe Biden is my favorite president ever.

[liberalla]

46. OMG what a fabulous major surprise!!! I'm so very happy for you!

Thanks, Biden!!!