submitting an application for the $10,000 forgiveness

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Let me say that again and allow it to sink in

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We don’t all have equal opportunity.
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We ALL have the opportunity to be and do better than we did yesterday.

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WE ALL have the opportunity to GROW more today than we did yesterday
WE ALL have the opportunity to become MORE than THEY thought we could become!

WE ALL have the opportunity to ATTRACT whatever we desire into our experience.
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And you alone.
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And seek the opportunities you wish to find,
 you WILL find them,
 and when you do: 
FIND THEM and CONQUER THEM.

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I’m only two payments away from completing my 120-payment plan. I still owe $58,000 and would be eligible for Uncle Joe’s $20,000 forgiveness.

I’m scared that applying for the $20,000 off will mess up my PSLF, but I’m also afraid that if my PSLF gets messed up, I’ll regret not applying for the $20,000 off.

CANDID ADVICE

Anything to reduce the frightening amount and make it increase less.

I realise it’s a waste of time for us, but why not? Is there a disadvantage I’m not aware of?

My state is currently planning to tax the crap out of it. This is the 120th month of my life. I’m not looking for Biden’s forgiveness.

I heard, and I haven’t done any investigation to confirm, that you have to pay taxes on the $10,000 pardon. PSLF, on the other hand, is tax-free.

The student aid website provides the following link: https://studentaid.gov/manage-loans/forgiveness-cancellation/debt-relief-info

“What happens if I apply for Public Service Loan Forgiveness (PSLF) as well?

Any borrower who submitted both a Student Loan Debt Relief Application and a PSLF form will be identified. If you obtain one-time student loan debt relief and are later found to be eligible for PSLF forgiveness, we will amend your loan and apply the PSLF discharge. After you have made 120 payments, the PSLF discharge may include a refund on some qualified payments.”

In a perfect world, they deduct X months based on your payment plan, amounting to 10k-20k months of payments.

I applied while the programme was still open; I don’t want to be surprised. They originally stated that you should “simply wait” to consolidate if you had FFELP or Perkins loans… Then they surreptitiously declared that you couldn’t after September 29th. So I’m not waiting for anything or anyone lol, I submitted as soon as the beta version app came accessible! I don’t trust or believe anyone anymore, lol.

fuck yeah? So, because my consolidation from August up and fucking vanished, the fresh one I sent in the other day won’t be eligible? What happened to October 31st? So I guess I won’t be getting the waiver after all.

I believe the likelihood of Biden’s forgiveness disappearing unexpectedly is considerably greater than that of PSLF disappearing. I’d apply right away.

In that vein, does anyone know if the $10,000/20,000 forgiveness includes uncapitalized interest if applied to specific loans and totally eliminates them?

I am eligible for a cash award of $20,000. I’m going to be patient. I live in a state that will levy income tax on it.

Same. I’m on pace to make 120 payments before Biden’s term expires.

Me too. And I owe $80,000, so the $10,000 isn’t a big concern because PSLF will accept the entire amount (and my state won’t tax it).

I live in a place that taxes forgiveness, yet, correct me if I’m wrong, forgiveness is still more advantageous in most circumstances than the tax hit?

It actually doesn’t matter with only two payments remaining. Do not apply if you live in a state where it will be taxed, as PSLF is tax-free. Otherwise, it makes no difference. I’m going to apply for it just in case because I have 4.5 years remaining and there’s a slight chance I’ll bail.

You can apply until December 20, 2023. I’d wait, not because it will make your situation worse, but because you’re already knocking on the door of pslf forgiveness.

If you don’t get PSLF, you’ll know well before 12/2023. There’s no reason to doubt you’ll get it when you’re only two months away. The most important thing is to give them enough time to figure things out. You can request forbearance in January and not have to pay while they process.

The disadvantage of waiting is that there may be an injunction that prevents the processing of applications and the issuance of relief. I don’t think they’ll do take-backsies if the sums are paid up, but they may have to halt the programme as more and more innovative Republican cases make their way through the courts.

This may be more significant for some than others, depending on your balance, how close you are to 120 qualifying months, and so on.

My question is whether it would slow down pslf if you already fall into the 20k automatic forgiveness bracket, for example, if you are in idr, have a pell grant, and make less than 125k. I guess I’m perplexed as to how that would slow down your pslf?

I don’t see how it could work. That’s why I’m wary of those who advise waiting. I believe a more likely conclusion is that one of the lawsuits is successful and an injunction is issued compelling the Biden administration to cease processing student relief. With that in mind, I’d prefer that my account be processed and released as soon as possible.

To apply for the Biden-Harris debt relief proposal, you have until December of next year. Why would you add another action to your already-overburdened PSLF paperwork at this point? (In fact, if you’re aiming for PSLF, $10K in debt relief won’t help you at all.) It would even be worse if you live in a state that taxes debt relief as income but does not tax PSLF.)

My debt is $17,510, and as a Pell grant recipient, my slate would be wiped clean in any case. I yanked the rip cord and completed the form. I’m fine with whatever one hits my account first because there are no tax consequences in my state that give one or the other an advantage.

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This is my stance. Why sluggish things if you don’t have to?

I’m also at 120+ right now. I just want my account cancelled out, ideally before GA changes the tax rules next year…if they can alter it at all.

Could you explain how the Biden tax break might complicate PSLF?

Also, I live in a state where it is not taxed.

Not me. I believe there will be some last-minute “gotchas,” similar to the FFEL catastrophe. Our promissory notes include the PSLF, and I’m in it to win it. With this present “token” forgiveness, I will not compromise my PSLF.

Why don’t you just wait till next year to apply for the $20,000? The application for that does not close until December 31, 2023, so you can make your two payments, wait up to six months for it to process, and still have six months before your last chance to apply for the $20,000.

My wife and I both use PSLF. She could receive $20,000, whereas I could receive $10,000. We both work on PAYE. I’m not sure if there’s any point in applying because my pay won’t change…

I’m doing everything. I don’t believe the Republicans will try to shut down programmes. There is a lot of grumbling about assisting student loan borrowers. It’s as if we can give $1 trillion to rich individuals and businesses who don’t need the money, but we can’t support people who are truly hurting and in need of assistance. So I’m going to take what I can get and keep pushing on my PSLF because it appears that MOHELA couldn’t find my form after Fedloan switched everything over, so I’m also having my employer to provide me another certified form that’s updated on the Mohela form from their site to send over to them. Nobody seems to be able to get anything done correctly or in the correct order. So I’m going to do it all and keep pressing and uploading documents until they figure out what the hell is going on with my student loans. It shouldn’t be this difficult.

I’ve been waiting for pslf processing for months. Because I only owe $4000, applying for the $10,000 debt forgiveness was a no-brainer for me. I’m aware that there are a couple lawsuits pending against it, so covering every angle seems prudent.

I believe it may be determined by the state in which you reside. I will receive no tax benefit either way, and my balance is $17,510, which will be wiped clean under either programme as a Pell grant recipient, so I filled it out.

I should be at around 132 months on PSLF after my IDR waiver numbers are adjusted, though I won’t be eligible for a return because I only consolidated in January. I figure whomever hits my account first wins, and I’ll hopefully walk away unscathed.

My PSFL employment verification paperwork were submitted in a few hours before the forgiveness app went available. I filled out the forgiveness form as well, but my scenario is probably rare. I have over 120 payments and was assured (possibly mistakenly) by my servicer that I will receive a refund going back to 2017. Because I have an AES/FFELP loan, I know my prospects of receiving a refund are limited to none. But I figure why not combine the two? Simply in case! I had less than $3k left, but it still offers me an extra $200 per month.
I am really grateful to the Biden administration for doing so. But I’m irritated that servicers like AES kept us in the dark about our ability to consolidate with a Direct Fed loan when the pandemic began. I paid $200 per month for two years when I could have transferred and had the loan paused and then forgiven (essentially paying nearly $6k that I didn’t have to). I understand that this is a separate issue, but I believe that servicers who were not upfront with borrowers should face sanctions. Surprisingly, I only received a letter from AES informing me of my consolidation choice after I had paid off all but a few dollars in interest. Whether by coincidence or not, that appears suspicious. I’m also upset with myself for not conducting more research, because AES told me straight up that my loans would not be eligible for the payment pause in 2020. (even though they knew I could have easily transferred them to Direct).

I’m also irritated by how complicated the student loan system is. My original loans, received in the late 1990s, were all federally subsidised, but in 2006 or thereabouts, I switched to a step payment plan, which supposedly made them FFELP. They were also sold several times before ending up with AES. If I had taken out a Direct Loan, I would have received a nearly $14k refund (PSFL payments made 2017 to June of this year). Again, I’m relieved that my student loan ordeal is finally over after 20+ years of payments, but I’m still irritated by how predatory the system is. I estimate that I paid $70,000 for $24,000 in loans… In all those years, I never missed a payment. I know $200 doesn’t seem like much, but on a social worker/government wage, it feels like a lot.

Personally, I’d rather do PSLF, but that’s because I was forgiven in July. My husband is trying to attain PSLF before any automatic 20/10 Biden forgiveness occurs, but he’s at 125, so we can say that again. We’re done, and we don’t want any of that money interfering with this fantastic programme.

My reasoning is as follows:

At this point, Biden’s forgiveness is just political poison. It’s viewed as a handout, and people will be outraged when they learn how much money is being given out at “taxpayer expense.” PSLF is something you EARNED and WORKED FOR, not something you found on a table. Haters should quiet up; if they didn’t like PSLF, they should have sought to stop it in 2007.

The forgiveness of Biden is being challenged in court and has become completely political. I wouldn’t want to be caught in the crossfire.

States are trying to tax Biden’s pardon. It’s considerably more likely that you’ll wind up paying tax on it because states are attempting to take whatever they can from this programme. Coming from you.

I’m continuing in public service, as is my husband, so even if we weren’t this close, I’d probably stay with PSLF.

Anyone who is less than 120 should probably hedge their bets and reduce their balance in whatever way they can. Not because I believe PSLF is going away (unlike the Biden gift, it was in your contract when you borrowed the money), but because you may have substantial life changes in the coming years and may not be able to continue working for an eligible business. That would be terrible, not taking the $10 or $20k now only to have to pay off a larger sum later when you decided that getting that amazing job at Google, a private law firm, or a Beverly Hills plastic surgery clinic was just too good to pass up. Loans be damned, but why pay more than you have to if you leave PSLF for any reason?

In any case, given my personal circumstances, it is my position. Everyone must consider the benefits and drawbacks of their individual circumstances.

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