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He’s been stopped! He didn’t want to stop! Many believe that, “they paid theirs, so you should pay yours.” I do believe that the emphasis on all of this has deterred many young people from going into debt for college. I worked in nonprofit for 10 years and I am 116/120 of the required 120 to receive forgiveness. It’s ridiculous though, dealing with Mohela! It takes forever to get through to anyone, they are slower than quicksand responding to your inquiries. It all stinks! I do know a couple of people who have actually received it but I feel like I am chasing a silver unicorn to obtain forgiveness! I was laid off in December from a nonprofit. I had to take a 30 hour a week job at a church in January to continue so I could hopefully get my PSLF granted but at a loss of 1200.00 a month! Luckily, I was a non-traditional student, and I am 65… so I just need to do this to get rid of my $72 K of debt! So, I have an MBA and I am making 1800.00 a month. I do believe as a country we need to look at ways to help individuals go to college! FAFSA and all of the process are totally screwed up!
Agreed. Education needs to be more accessible. So many European countries have it right
Loan forgiveness should be part of a comprehensive strategy to make higher education affordable. It’s a band-aid on a wound that needs stitches.
I personally don't think that debt should be canceled, but I think they need to make interest rates more reasonable and cancel it after a certain amount of repayment. I don't necessarily think that people should get their debt wiped out completely because it penalizes those who have already paid. But this whole thing where people are retiring with student debt is completely unreasonable.
Student loans are just a symptom of a bigger issue. Tuition increased at a pace far higher than inflation. This makes some degrees ROIs so bad that it doesn’t make financial sense to get those degrees. All in the name of school’s profit.
I am happy he is fixing the past issues with the program. It benefited me, as my loans were forgiven in August, and I never thought they would qualify. Especially since my loans were old commercial ffelps held by Navient. I am also happy to be out of the system now, as Navient is about to transfer its ffelp portfolio to mohela for servicing. I never had any issues with Sallie Mae or navient. Just AES, and I suppose the feds, who treated ffelp borrowers like we didn't exist during covid, as we did not get our loans paused.
My wife and I had over $350k in debt coming out of school. Med and MBA. We’re at zero now having paid it off thanks to a high HHI but still paid almost 2x of the initial borrowed amounts. Yes, it nauseates me.
And yes, we believe there should be forgiveness.