The "relief" is for loans that have ballooned interest. It is not forgiving the loan itself. Example, if a borrower borrowed 15,000 but the interest added to the balance was another 10,000...they may reduced the accrued interest added to the balance. There are students who now owe as much interest as the amount they borrowed.
My student loan is around $5,100 and on the other day I received a email stating that my payment is due November 26th 2024 but it says zero owed. I am debt free by faith in Jesus name!
So on yesterday I received a email from student aid letting me know that there will be some that their loans may be forgiven. So at this point I will just be waiting to get that answer and praying for the best!
As a person who paid $30,000 off in student loan debt, and has a young adult daughter who went to college debt free. I still feel that if our government could write off the PPP loan money they can write off the student loan debt money.
My husband and I are 100% debt free since 2021!!! We will be purchasing a car soon tho, but will pay off within 2 years before retirement at 55. Glory to God!!!! All Praises to God.
Another important factor you need to preach is that school is a business - shop around. Three of my coworkers and I were pursuing our masters. They paid over 30K, I paid 14k. Same degree from a reputable state university.
I have paid back far more than I ever borrowed in the first place. But the compounding interest stacks up. After 20+ years in repayment, I actually owe far more now than what I took out as the original loan. I sure wish I knew about compounding interest a long time ago!
I'm with you on that. I only took out 15K because I purchased a vehicle in which I paid off that amount. So I said I could definitely pay off 15K in student loans. Now that thing is 30k lol. I wish I knew about compound interest as well. They don't explain the stuff to you.
It's true, I've rec'd 4 checks so far; 3500, 23000, 10000 and 11000. I rec'd two checks in '23 December and two checks '24. I rec'd a letter last year in November that my loans were forgiven and that I was due a refund.
I never thought about it being a gift. I saw it as Biden/Harris hocking/pawning off STOLEN GOODS!🤷🏾♀️ It's taxpayers money and the fact that many times the miss-use of the college loan money is what dug this hole so now it's payback time. Everyone should not be responsible for cleaning up the mess. When people don't learn from their bad money management style, the mindset will stay the same in the next phase of life... it just won't be student loan debt next time. Most of the time bailing people out of poor money handling decisions will not fix their problems... and I'm sure that there might be a few exceptions to this rule. And you're so right. There are so many layers to this discussion. Blessings to you.🙏🏽🕊
I received an email in April and May I got my letter that my loans had been forgiven! God is sooo good! Now just waiting for the credit bureaus to be updated
Congratulations! What was the process for approval? Did you pay consistently over 20 years or PILF? Asking for myself. Having the faith that mine would be forgiven
@@jdotbunni Actually I never paid anything towards my loans(hate to admit that) and during Covid you know everything was paused. So my loans were due to start back December 2024 which I was like okay I have the income to pay now. So out of the blue I get a email from the department of education that my account was being reviewed for loan forgiveness and they would make a decision after May 5th. I was thinking it was a mistake. Then in May I received the letter in the mail that all my loans were forgiven and I went online to check my account and the balance was $0! I do work at a title 1 school but I never applied for any loan forgiveness programs. I truly believe it was allll Gods favor and me just praying for years prior that God would restore my credit and and debts would be forgiven as I forgive others and prayed for other people financial breakthroughs.
God is good... really? You didn't get a $200,000 reparations check from the government, but you jumping for joy over student loan debts. God wasn't good during them 400 years of slavery, and the 100 years of Jim Crow, Segregation, Apartheid and this integration fiasco that has wiped out the black family.
Anthony it's not the loan but the compounded interest daily. If you only had aloan it should be just that amount and a flat ŕate for borrowing the loan. Be Blessed. Thank you
I'm 100% debt free!! My student loans were forgiven last year after working in public service for 10 plus years via public service student loan program. Great excitement and I'm on my way to bigger and better things. To God Be the Glory!!🙏🏽
I have PSLF and worked 13 years but only 92 payments because of forced deferment of 3 years I wonder will the IDR one time credit will have my loan forgiven? 🙏🏽
It's interesting to me how I was able to get loans for learning at the age of 17 (not working), but for a long time denied a loan to get a home while working a full-time job!
It should be cancelled if that better paying job doesnt come to fruition. When someone is constantly denied enployment with a degree, how on earrh can that person pay it back? That makes no sense and is a form of torment. Forgiving loans would only make sense due to the false advertising campaigns those colleges go on and on about that get people to get the loans in the first place. That would be ethical and upright thing to do and or force the schools to provide those better paying jobs to all graduates. After all, they the ones that planted those seeds in the minds of loan recipients. It didnt come out of no where!
@@roolyfe We can allocate billions of dollars for Ukraine and war criminal Israel, subsidize Amtrak to the tune of $2B/year, line the pockets of billionaire NFL owners to promote the armed forces, and all the other corporate subsidies (welfare), but our tax dollars shouldn’t pay for higher education? Ok. That’s a bridge too far I guess.
@@ikejones3000 Argentina, Austria, Brazil, Czech Republic, Egypt, Finland, France, Norway, Iceland, Spain, Slovenia, and the list goes on, all offer free higher education (college, doctoral degrees) for their citizens.
Why is it the biggest debate when it comes to helping citizens but no fuss no action when billions go out the country and billions to immigrants. Yeah, give the most, get the most and forgive it ALL. Somebody gone get it, why not US!!!! Sicka of yall
Those with the debt shouldn't be forgiven just like funding other countries & migrants shouldn't occur. There are better things to spend all that money on.
I don't understand why you would say "you're not for forgiving student loans " like they forced ppl to go to college and promised jobs and there weren't any jobs available. I've been working since I was 16 and put myself through college and did everything I was told they finessed me and I deserve a chance
No one forced you to go to school. Your parents failed to set up a 529 account for you when you were born. Stop listening to the white man. Obama and Arnie Duncan lied to you and said "get an education", but no corporation promised you a job. Black people need to stop praising and fighting for student loan forgiveness and fight for reparations. That's what we are actually owed and will make you far wealthier than any student loan forgiveness will ever do.
Not getting my hopes up like last time, they did this before midterms in 22, and now again before the presidential election. I literally started budgeting my income around them being forgiven. Not falling for the okie dokie again, this is just political theater and vote fishing 🎣 🎭
My loans totaling $99K were forgiven. I went to predatory schools and half my loans were forgiven last year and the remaining were forgiven and the end of last month. I took out $55K and with me being forced into forbearances, the interest blew up. I would asked for a reduced payment that I could afford and o was told NO. The only option only had was forbearance. I asked if I could make half the payment and was told that it would be considered a late payment and I would be charged fees. It’s a shame what the schools and loan services were doing. Glad they are making changes so that people can’t get duped in the process.
I applied for the DeVry loans in March 2022. They were forgiven under the Cardona vs Sweet case. They were forgiven in May 2023. For Bauder and AIU, I applied AFTER the C vs S case and technically I didn’t qualify for forgiveness under that case. I applied for Borrowers Defense for those loans March 2023. They were forgiven last month. I didn’t receive an email or letter in the mail. I just checked my account and they were forgiven. So I don’t know under which plan I was forgiven BDR or the other plans. My friend was also forgiven for $283K in loans. She didn’t know until I told her to check her account. Her undergrad was at a state university and her graduate degree was from Keller/DeVry. In June I first noticed that the loans were removed from my credit report. Things were happening behind the scenes and I was never notified, I just periodically checked. I know something will happen for you soon darling.
@@so.many.obstacles Thanks. My loans are from Devry also. Periodically I check the Federal Student Aid website and it just shows the status as “under review”. Hopefully they’ll be forgiven soon. 🙏🏽
WOW! I just made my daughter withdraw from a prestigious college because she was about to take out a student loan. She will be attending a community college for her first 2 years for free. MONEY SAVED!!!
I never received the email but mine were forgiven. Check your account periodically. My friend had over $200K forgiven too. She didn’t know until I told her to check her account.
1. I need them gone. Yes, I pay on them, unlike some people. But a as active service member, I feel like that's a given. The military stopped paying back student loans as an incentive by the time I joined 🙄boo! I have two degrees that would have paid them off, but like so many graduates, I wasn't working in my degrees concentration. I have the GI bill now😂 two degrees too late. Hoorah!! Bring back paying student loans for joining!!!
I am a teacher and I am looking forward to public service loan forgiveness. If you are nurse or police officer you too can get forgiveness. I pray they will allow forgiveness to other non-public service professionals. Pay 120 payments and be forgiven within 10 years. Or whatever programs the government developments. I definitely want my student loans to be CANCELLED.
I paid mine off on August 2023. I’m praying ya’ll get YO MONEY!!! I was praying that mine were going to be forgiven…but if I’m not going to get it…then, I want them to LET MY PEOPLE GO!!
I got an email. I went straight to your channel to see what to do next. I was able to get them consolidated, praying it get forgiven. Thank you for sharing the information. God bless!
I got an email so we'll see. There is nothing to do if you WANT relief. If you want to opt-out, then you have to do something with your loan servicer. I hope I'm included in this round.
@@KFontLab Upcoming Student Debt Relief from the Biden-Harris Administration. In your email search for Secretary of Education Miguel Cardona that’s who sent the email.
The gov’t is not just going to forgive student loans. The person will have to meet a list of criteria to have their loans forgiven. I’m quite sure one of the criteria is making “on time” payments for a certain amt of time.
Nope. Making payments doesn't qualify one for forgiveness. Actually, if u are making payments, it appears you are fortunate enough to pay them and don't need forgiveness. There are forgiveness programs for many different situations and so to say that u must make payments for them is absurd and obscene considering the fact that I've seen many people have their loans forgiven completely and didn't pay one dime.
I hope I get this email because I consolidated for the Save program. Which had been blocked. I’m tired. I’ve paid off other student loans and I want to be done.
I don’t need all of it forgiven. It would be very helpful to have the interest paid off and (maybe asking too much but,) no more accruing so that I could have a better chance of paying this disaster off! I wish I would’ve knew better back then so I could be doing better now. The whole narrative that I was told was, you’ll get a great job and be able to pay it off don’t worry about taking out a lot because you’ll be able to pay it back. Never mind they didn’t know the future. Young, trusting, and dumb I was. Smh
It sounds like you were conned into getting the loan. You need forgiveness of the loan and you also like me and many others need a refund for being decieved and tormented in that manner. That's not right. And our loans shall be forgiven because we took them based on false promises we thought were true. That's called fraud and some people call that a for of witchcraft (deceiving others for unjust gains)
Here's the thing...those of us who BORROWED money knew that we were going to owe it. IMO, what really is the bigger issue is the compounded interest that I don't believe those around 20 years of age really understood the ramifications of how it could get out of control. Our amount borrowed should not be forgiven HOWEVER forgiving the interest would make it where most people would have paid without question. In my 50s (and having hard times like so many) I now owe in compounded interest MORE than what my loan amount initially was.
There’s a lot of people hating on the student loan forgiveness. I don’t understand, but it has helped me tremendously. I know Dave Ramsey said at one point that this will never happen and possibly yes and another time it wouldn’t but it’s happening and it’s such a blessing. We really need this.
I'm perfectly fine with paying for what I've created. If they choose to forgive my loans, then great. I won't apply for anything to wipe that away because it is my obligation. BUT I will use that money to both get out of other debt and to create a 529 for my youngest child.
I was emailed as well!!I pray to be debt free! I have a son that’s in his 3rd year of college and explained to him don’t get in a lot of student loan debt .
There's no canceling student loans. It goes into the trillion of dollars of debt that the US owes. Nothing is free. We still end up paying for it. The ones of us that pay taxes. They should tackle the colleges lowering tuition to make education more affordable like it was back in the 50s and the 60s. You got the same institutions that ain't changed not one bit driving up the prices to attend the colleges. We should not be forgiving student loans because people have to take accountability for being responsible for how much money they take out. I'm saying this as a person who hasn't always been able to pay for my student loans. I made unwise decisions and took out more money than I needed so I can spend it on stuff that wasn't educational like many of us. Because the money was there we took it, that was foolish. I did stop at 15K because I said I purchased a car for that amount and I was able to pay that off so I would be able to pay off 15k. Of course the longer it sits there it became 30k with interest.
I have a daughter who have a student loan, probably around 60K.😔She already has her bachelor's degree. Now, she's online for her Masters. I'm like, slow it down..Smh
I never got an email and my friend didn’t either. I checked my account and they were gone. I told her to check her account and hers were forgiven as well.
The Dept of Education Secretary Miguel Cordona sent the email and it basically just saying what had already been announced in the news to stay tuned for their next steps at giving relief. You won’t have to do anything to receive what ever they plan to do toward forgiveness. HOWEVER, if you DO NOT want to reap the benefit then you MUST contact your service provider and say “I WANT TO OPT OUT by the August 30th deadline. And that option out was for folks who states tax them for loan forgiveness which was what someone sued over the first go around for the $10k and $20k they wanted to given borrowers and the Supreme Court blocked it. Thus the reason for the SAVE plan created to help borrowers.
As a then divorced mother of two daughters" I have student loans... both of my girl's have graduated with a Bachelor's degree (each) and one with a Master's degree. I would be most grateful to have them all forgiven 100%. Thank you!!
My loans were forgiven under this administration so thankful!! The big businesses have been getting forgiven for years. It’s middle class and poor who suffer.
