This is literally explicitly written into the bill passed by Congress. There arguments last time was that the bill passed by Congress didn't explicitly provide the exact authority Biden wanted even though it fell under the purview of powers that were expiring granted. They can't just ignore what was written in the bill itself. Their selective semantics are actively working against them this time.
I'll have to keep an eye out for that, ty for the heads up.
You need to give Mohela a call. Make sure you make note of the call and what was discussed. If they don't follow through you can report them to the loan servicer feedback line and potentially get your loans dismissed if they are found at fault
Yep you have to give them 30 days from first contact and I believe make at least one more attempt to reach out to them. Documentation is key though so just make sure you keep track of all calls and what was discussed
So just double checking but:
There should be an Income Driven Repayment Plan details page that will tell you what your current plan is and what the status of any applications are on the mohela site. If it doesn't show you are on SAVE plan call them and ask for a status update on your application and why it hasn't been accepted yet. They may tell you to reapply. If they do then go ahead and reapply. Either way the 30 days window starts then
Oh it had been a while since I checked, and so I just did. I'm now officially on SAVE! No sign of forgiveness or anything new otherwise tho. So I'm all good now.
President Joe Biden expected to roll out new student loan forgiveness plan in Madison next week
The effort would mark Biden's second attempt at large-scale loan forgiveness after the U.S. Supreme Court last year overturned the administration's first debt cancellation plan.madison.com
Awesome! Congrats! Nothing left for you to do for now just keep an eye out for that announcement I mentioned in my post above
You're just making figures up out of thin air. This is not some temporary power granted to the executive it's the formal process laid out in the act that established the loan program. They aren't declaring the student loan reform act unconstitutional.
This would be the announcement I mentioned! Exciting news coming!President Joe Biden expected to roll out new student loan forgiveness plan in Madison next week
The effort would mark Biden's second attempt at large-scale loan forgiveness after the U.S. Supreme Court last year overturned the administration's first debt cancellation plan.
I thought it was already supposed to be forgiven after 20 years.
Wow, this might apply to me, depending on just how flexible they are with the definition
It's rolling out in waves. Just be patient. Don't stress about it and continue as normal for now.
Whether you can get forgiveness prior to 20 years is dependent on your initial loan balance. Do you know what it was?
You'll need to be on an income based plan of some sort to be eligibility for the interest cancellation
The initial balance only applies to forgiveness at 10 years. The graduated forgiveness is based on current balance. At $12k they would be eligible under graduated forgiveness at 12 years of repayment
You should definitely get on SAVE then as you'd be covered under the graduated forgiveness given the total you have and the length of time you've been paying. Eligibility and payment calculation is based on the AGI on your taxes so if you file separately for this years return you can use that instead when you apply.
HAAHAHAHAHAHAHAAHAHAHAHAHAHAAHAAHHAAA!!!
Same. Some of my private plans have actually made pretty good progress, but my federal ones are nuts.
I used to just wait for them to email or call me lol
The increase in amount paid you are seeing there is just because it's a longer pay off timeline so you'll be saying slightly more thanks to interest. As far as if it's worth it to apply; it's up to you. It could lead to a lower payment. Something else to keep in mind is that payments on the SAVE plan will be halved for undergrad loans come July. The other thing to keep in mind is that applying for SAVE now allows you to take advantage of the expanded payment history exceptions that might move you closer towards one of the forgiveness paths for folks on one of these plans.
Oh thanks! I've linked directly to this page before and I swear I don't remember reading that part before. It does look like they've updated it a few times since I initially linked it. My apologies looks like the graduated program is based on initial principal amounts. Thankfully the new oaths open up some other options that will hopefully cover folks
Yes I still have a several recertifications listed as in process but also a completed SAVE and consolidation from earlier this year. I'm on Mohela.
Yep same thing happened to me. As long as you are shown as being enrolled in SAVE you're good. That just means the servicer didn't close the request after moving you into the plan. Doesn't factor into anything as far as the new plan or the new forgiveness paths is concerned.
