They don't argue about the predatory interest and capitalization of that interest. Maybe borrowers would pay what was borrowed if the interest was not so astronomical.
I feel lied to. They said go to school, and take a loan if you need to. Don't worry, the employment opportunities you'll have after college will more than cover the cost. You'll be able to pay the loan back quickly. They lied. No jobs. Ridiculously high loan payments. It's been 25 years. They'll never let me out.
@@antoniosmith197 -- thanks for the encouragement. I'm trying to stay positive, optimistic, hopeful... you know, all those things. ;) The system keeps systeming, though. 🙄
Teachers are running for the hills because kids do not behave properly anymore. Unfortunately, parental duty has shifted to the smartphone for many kids. Kids say what they want, do what they want, and lack the ability to take responsibility for their actions. This is because parents hand their kid a tablet or smartphone and let them be while they themselves are scrolling instead of parenting. Instead of teaching kids right from wrong, good decisions vrs bad decisions, letting them learn and grow from mistakes, trial and error.....we just let them scroll and do what they please. At school, teachers try to unplug them, and they have no idea how to handle themselves. This is the reason for the teacher shortage. It's not student debt, salary, or any other reason. Kids just do not behave. Teachers get pressure to have good test results. It's hard to get good test results when students can't sit still in the classroom and learn. Its hard to get good test results when 10 of the 24 students in class will not be quiet while the teacher is teaching. It's hard to get good test results when students are fighting at recess and bring the drama back to the classroom.
If you watch the video he mentions congress is clear on PSLF and its a forgiveness program. It's not that under scrutiny it's everything else like "repayment" plans leading to forgiveness programs
@@Tkh21209well MOHELA better approve my recertification soon to switch me from Save to IDR. They are taking forever and no payments since July would have qualified towards forgiveness under Save
It has never been the loan that was the issue. It is the interest. A smart restructure that allows students to pay the amount they borrow with a fixed fee ( 10-15%) non interest accruing is the best and fairest solution . Students are responsible for the money they borrow while not allowing the government and predatory lenders to make a windfall off of student loan programs. One would think that this could gain bipartisan support as it addresses the most vocal issues of each side. Example. You borrow $10K you owe $11.5k. very easy to repay.
I don't understand why they don't realize they're losing way more money now arguing about it and with us all paying NOTHING at this point while we wait for them to argue. What is there even to argue about? Do they like it better when the payments are so high that families cant afford to pay? How are they any better off if people just stop paying them at all simply because they can't afford to? You'd think affordable payments would be an incentive for them, because it almost guarantees a predictable amount of payments from borrowers.
Students graduate and entry-level salaries often do not allow them to begin to pay down the principle. Meanwhile interest rapidly starts to accumulate. After ten years many have paid $10s of 1000s in interest with no dent in the principlel. Some reform is desperately needed.
If they can send billions of money to other countries, why can't they help us Americans since businesses won't pay a good salary to live off of and afford student loan payments?
The higher education act of 1965 declared No Interest on these loans. Where are lawyers etc on this??? The interest charges has made this a money maker for the banks and the govt
Why would they not just lower the interest rate so more of our payments will go toward the principal of the loan? They are arguing against loan forgiveness, citing the possible costs, but what about the costs we have already incurred? The interest on these loans is a sin and a God-awful shame. What in the world could a person owe worse than student loans-NOTHING?
The legal argument here is that these plans HARM MOHELA (the standing) in that it reduces the fees they collect, aka the interest. So why would they self-inflict that harm?
I was told that single mothers could go back to school and get degrees and if disabled no repayment it was on the government maybe I got it wrong i cant ge t no direct answer about what to do because I am disabled now and not able to work whaf do Ido now
With the Chevron case held overruled by SCOTUS, the DOE should not have the authority to change the terms of promissory notes. That would be like the mortgage company changing the terms of a loan just because they decide to, at any point during the life of the loan. In the event the DOE does change the terms from the 20-25 years forgiveness agreed to at the time of the loan origination. This should be offset by allowing bankruptcy for financial hardships on a more relaxed basis.
They need to make all them PPP loans repayable for EVERYONE who received one…regardless if who gave permission. Also, get back all the money the banks, car industry and all the other bailouts that was given. PAY IT ALL Back!!!! And with predatory interest rates!
Agreed but the rich don’t have to pay back money only the middle class and poor. They talk about handouts and the rich have received the most with their tax breaks and generous loans. Hell, even Elon’s company was built on them!!
Agreed! Everyone else got help but we can’t. This is ridiculous that people are so angry about loan forgiveness. Guess its not about people who pay taxes every year! It’s about big business.
Part that pisses me off, is back in 2015 when i consolidated to get into REPAYE, I asked this specific question mulitple times, what if somebody else comes in and reverses it. Over and Over I was told, youd be grandfathered in, it would only be for new lones going forward. Jokes on us I guess. I listen to nobody anymore
Mohela has already been shown to be fraudulent due to not reporting to the credit bureau correctly and giving incorrect information to borrowers. Currently there applications pending that show one amount due but you can get a bill for a different amount that is three times higher
Ive never had an issue with repaying the actual borrowed amount of my student loans. However interest capitalization is predatory. That approach was supposed to be offset with the promise of loan forgiveness after 20 or 25 years based on income. That was the offsetting circumstance that was explained to me by the financial aide office counselor and in the loan terms when i took my first college loan in 1997. I had no other way to attend college but through the promise of an affordable higher education. Its subsequently been an anchor in my life even though I've been in repayment for over 20 years now.
Wait, so the contract i signed when I took out these loans stated that My loans would be forgiven after 25 years. How can the states challenge the written contract 25 years later??? The government should have considered that when doing business with an 18 year old.
That's my problem as well. People keep telling me it's my fault for signing up but I wouldn't have signed up if they hadn't promised me PSLF and IDR 🤷🏻♀️ I don't see how they can just go back on contracts like that
@@sourpeach6716 -- 100% the truth. I would've never taken out my loans if they weren't offered as ICR/IBR/IDR. I chose loans over working a second job during grad school because I knew I could at least have anything unpaid forgiven at 25 years (which was April 2024). I'm so pissed.
Thank you for an update on what's going on in the Missouri court. I've come to accept that the whole more student loans available for college setup was to snag people into working and providing another long-term stream of tax revenue for government spending, and so it is not in any politician's interest to fully help people pay off their loans quickly. Why should we feel bad for these loan servicers who were given a government supported contract? I can only hope to make more to pay off the loans quicker without impacting my daily life and future plans.
Question: I am a federal employee and have 5 yrs left on the PSLF. I have received notification that it’s time to re-certify my income. Problem is…Mohela forwards you to the federal website and there is no re-certification option like before. It just says to apply for IDR. Do I ignore the notice and do nothing? Or do i apply for IDR?
I'm thinking about getting citizenship elsewhere at this point, most other countries have more options and better job prospects in my field (healthcare) than America does now.
It’s a sad day indeed they waited until it was time to start giving forgiveness and now turn around and so oh no we never meant to forgive your loans, although we’ve added on a asinine amount of interest that by the way will continue to grow. I’ve paid for 19 years with the hope that I would be done next year only to be told that now that may not happen and when I go to the loan stimulator my only option are non ICR plans which have me paying another 20-25 years and making my total above $100k owed for a $30k loan that I took out. It’s not right what they are doing to us, I still paid during COVID, still paying now because for once I can finally see my balance lowering instead of growing. The key now should be to stand on the promise that many of us signed up for and for borrowers to stop allowing politicians to control our pockets.
I filed for forgiveness under Borrowers Defense years ago for these reasons. They told me that I can put it pause, but if it doesn’t get forgiven I have to pay interest for the entire time. I said no, because they can take as much time as they want and I’d owe even more. I’m still waiting. It’s been like 2 years now.
Can they legally kick people off of plans that they have already entered? Also IBR should be safe since it was passed by congress for anyone reading the comments.
What if you are both in SAVE and enrolled in PSLF? Could you lose out on PSLF entirely? I'm at 79 out of 120 payments and am terrified! I owe 95k due to capitalizing interest while living on disability during most of my twenties and into my early thirties. I finally caught a break with the PSLF temporary waiver when I was able to count many of my seasonal or AmeriCorps jobs that Navient had originally told me didn't count since I was working at slowly getting off disability at the time of those jobs. I'm so scared I'll lose my waiver counts or PSLF entirely.
Well try being at 115 out of 120 payments on 3 loans then get talked into consolidating those loans to my other 3 that were not eligible for forgiveness only to be stuck in the mess and now they say I don't qualify for forgiveness. But I'm not fool it I have to I will use my savings to pay it off because there is no way I am keeping any loan for 25 years.
PSLF was approved by Congress and signed into law by a sitting President. So it wasn’t made by executive order thus it’s safe from these court proceedings.
Thanks so much for the update! It's disheartening, but your clarity and kindness are clear. Much appreciated, Stanley. Keep doing what you do. Like, really, don't stop.
My wife has a predatory loans both federal and private when she went to the Art Institute in Charleston SC. Will this affect any forgiveness that was supposedly being done for those students? We've regrettably have had to stop paying her loan because the variable interest rate is making the monthly payments unbearable to keep paying.
Some were forgiven depending on the years attended. I attended the Art Institute as well and missed the forgiveness date by 3 months. I recently signed up for IDR and now I'm screwed because the courts just got rid of it. We will both be paying in full no matter what. I'm sorry to be the bearer of bad news.
If they would reduce the interest… my shit would have already been paid off … and I started 6 months after college and realized well my payments was not even touching my principal balance … they wild for that ….
PSLF was approved by Congress and signed into law by a sitting President. They would need 60 votes in the Senate to repeal it which they don’t have so it’s safe for the foreseeable future. Even when Trump tried to kill it during his first term he was willing to grandfather in those who were already on track.
I’ve never even been on an IDR or PSLF program and am sad for the millions of people who are struggling and now are loosing hope. Been paying my loans for 18 years and just now am down to the original principle. While I am happy to repay all that I borrowed, I have no sympathy for MOHELA loosing interest on the SAVE. People should pay what they owe and not a penny more. If they work in some sectors I think they should be given some incentive to do so. Teachers don’t make nearly enough and often have to take a second job in the summer just to make ends meet. PSLF should remain.
I had almost 8 years of qualifying payments towards PSLF forgiveness and was automatically put in the SAVE Plan once the loan payments started back. Since July when it came out that payments under this plan will no longer count towards my forgiveness, I was literally restricted from changing my plan to IDR, which I read still counts. It's been about 5 wks and MOHELA still hasn't reviewed my recertification application. I really hope my years of payments don't banish
PSLF is safe because it was approved by Congress and signed into law by a sitting President. Trump tried to end it during his first term however he was willing to grandfather in everyone already on track.
Missouri has an A+ program that allows students to go to school free or at a decreased rate depending on their grades so Missouri should have nothing to say
Since the IBR plan was authorized by Congress through the College Cost Reduction and Access Act in 2007 for FFEL and Direct Loans, can this court action undue that act? Please answer this for me! Thanks!
I will try to help with the info provided in this vid. YES somewhere the department of education wrote into some document that they have the right to change ANY student loans program (this was in 1994). Correct me if I am wrong, anyone…?
I turned off autopay in August after receiving my letter placing me in a forbearance that will not count towards PSLF as a result of the litigation. Today, a Mohela representative told me that the forbearance will continue until at least January (that pushes back my PSLF forgiveness timeline by 6 months). My question is, is there any chance they’ll retroactively make these months of forbearance count towards PSLF, but it only counts for people who have autopay turned on (people who basically continued making payments even if the payments were $0.00, like during the COVID deferment period??) should I turn autopay back on? I turned it off because I didn’t trust Mohela not to take full loan payments out that would not count toward PSLF during this period. Thank you!
I have one (1) more month then I will have 120 payments! I hope and pray I can be forgiven and DONE. I know it will tske a while to process. I just want to be done.
My wife just finished her Masters degree earlier this year and we need to enroll in a repayment plan. I hadn't heard all this drama about the SAVE plan until now. I'm not sure if we should just enroll in a standard or extended plan and get started, or enroll in SAVE and see where things go. At least that would buy us a year of forbearance where interest is paused, right?
If you can even get past the application submission point… I’ve had my application in for the SAVE plan for over 2 months, they have “received” my application and are stuck due to everything in limbo.
Would this mean people who meet the 20-25 yr mark after the One Time Adjustment (whenever it happens, and if it ever happens) are now at risk of not being forgiven now?
Ya, but if SAVE goes- I have no path to PSLF anymore because none of the other plans qualify that I am eligible for.... so what the hell am I supposed to do? Can't even go to the standard payment because consolidation loan standard don't count. I dont qualify for any of the other IDR plans... lol like what?
Amazing how when Zelinsky shows up Congress is immediately in full agreement to send him billions. But when it comes to helping people that elect them I would say it’s like pulling teeth, but that would be an understatement.
University tuition should be paid for by the federal government and capped at only what covers the basics like professors, academic deans and direct administrative staff. All the 'extras' like public programs, DEI departments, even sports teams, should be covered by donations from alumni and if a state college also the state's coffers. We need to stop the inflation of the administrative state within universities which is bloating the cost of tuition and making it impossible for people to repay loans at the incomes available in the real economy.
The whole argument of whether or not repayment means forgiveness is basically going to hold us hostage for 4 years or more...and it will result in the Supreme Court ruling against borrowers.
Well if loan forgiveness should not have ever happened, the discrepancy is that some borrowers already got it so how do you now double down and say no more loan forgiveness. I feel like because the workers didn’t get to my accounts fast enough, I suffer. It’s not fair. Everyone needs to pay their amounts in full including big business and individuals who received PPP loans!
The people that will be affected by the cancellation of the PSLF is the future students. Any government loans signed as of today has the PSLF written into the fine print of the loan. So if he destroys the department of education then the loan is automatically cancelled and that’s not going to happen.
Argument: "We need to do something about student loan debt. It is completely out of hand." Counterargument: "You were an adult. You took out the loan and signed the papers. It's debt, so you need to pay it back in full just like any other loan. Interest and all." Same side: "But also it's special debt on top of being no different than any other debt. Because it is special, unlike any other debt, you can't get rid of this debt in bankruptcy and the Department of Education can't alter it. Some naive young man took out $40,000 for a car and vacation he couldn't afford and wiped out the debt in bankruptcy six months later entirely, but the naive young man/woman who took out the same to better their lives and their contributions to society via an education needs to pay it back in full. One is not the same as the other. Taxpayers don't want to pay for your education. We need to save taxpayer money to bail out Wall Street and people who make irresponsible financial choices beyond doing something unacceptable like educating themselves and pursuing their dreams."
I've been in pslf program for 9 years. If they do away with pslf, I won't be able to pay the loan back and being a govt employee for 9 years would've been for nothing.
PSLF can only be removed by an act of congress. People who already took out those loans have it in their master promissory notes. It would be litigation city if they tried to end it for them.
My loans were forgiven 3 days ago while under ICR PSLF. This was 10 years of payments while working as a non for profit nurse. Will the government clawback my forgiveness now?
Let the courts get rid of income based plans and the courts can deal with the influx of 10 million borrowers going through bankruptcy. That’s a real possibility. Peoples loans will triple. How nice for terms and conditions to change after paying for 18 years.
I am wondering if another alternative and cheaper option is to go back to school at part-time status till ready to die. Then would be in deferment status (or which ever one they give you when your in school). Take every course the schools offer at different schools online e or in person. Then maximize my FSA and 401k/deferred Comp. And ride this on out to the end or maybe social security when on fix income and lower payments. Just become a career student.
Judge is wrong, IMHO. The 25 is meant as a CAP. This argument can go either way. If they didn't specify, its bench legislation to say the Administration who PASSED the implementation is wrong. Their job is to say, did Congress exceed authority? NO. Ok, then is the Administration exceeding the spirit and letter of law? If not, they can STFU. This is the libertarian application of the law, meaning the libertarian logic not politics. Unlike my contemporaries, I'm not a hypocrite on this application process when I don't like the outcome.
Higher education and trade education should be free with contingencies like it is in some first world countries. The investment in education pays multiples in GDP and economic return.
I’m 48 and committed to ensuring my child has a bright future. Over the years, I’ve prioritized saving for their college education by consistently contributing to a 529 savings plan. By starting early and leveraging the power of compound interest, I’ve managed to accumulate a substantial amount that will cover tuition and other expenses. This proactive approach not only gives me peace of mind but also instills in my child the importance of education and financial responsibility. I truly believe that investing in their future is one of the greatest gifts I can offer, setting them up for success in their academic journey.
I’ve always felt that luck plays a significant role in investing. Without it, achieving true success can be challenging, regardless of the resources at your disposal.
While I agree that luck can influence outcomes, especially in the short term, I’ve learned that consistent results stem from more than mere chance. When I had only saved $200k, I realized I couldn’t rely on luck or time alone. I needed a more deliberate approach-one that moved beyond just hoping for the best. That’s when I discovered Kathie Daisy Bosco, a fund manager whose balanced strategy of risk and growth inspired confidence in my investment decisions.
I did a quick search on her name and found her page, and I’m eager to learn more about her methods. I appreciate you pointing her out; it feels like a promising opportunity to enhance my financial strategy.
@ufash7 cancelled save and other idr plans due to an injunction from the courts. My plan I have been on is gone and my student loans went up 400.00 a month starting Dec. Just got a notice a few days ago.
Oh man-- I've been paying the parent plus loan my dad took out for my siblings and I through IDR. We double consolidated.. And I'm very worried that the Trump admin can revert loophole'd consolidation loans to no longer being able to stay on IBR/REPAYE... and now with ICR and PAYE being at risk it'd leave parent plus borrowers (especially those after july 2025) without an income driven repayment option
If the SAVE plan is eliminated then my will to exist will absolutely nosedive afterward. If SAVE is obliterated I genuinely believe it will end people. Edit to test if TH-cam's doing what I think: Crypto's a scam Now let's watch what happen
@consciouscrypto3090 A world that has become increasingly hostile to people inhabiting it because Money. Also bit rich coming from somebody with "crypto" in the name. Edit because TH-cam HATES ME: Crypto is Scam
@@youtubeuniversity3638 what does crypto have to do with it other than that it makes it easier to live anywhere, since it converts into local currency wherever you go in the world. Bottom line, if I owed money in the US I couldn't pay, I would leave the US, not the planet. But you do you.
@@consciouscrypto3090 "It's just money" says the person with a word for a finance scam in their name. Either you're pushing it or you're a mark for it.
People wouldn't mind paying the loans back if they could find a good paying job. Hell minimum wage is still 7.25 nationally. Make that make sense. They are more worried about the employer than the employee. People have to work two and three j
They must want the economy to collapse, cause the way I won’t have enough money to buy the bare bones basic necessities after paying a $800 monthly student loan! I was thinking maybe I’d be able to the IDR at least and get a lower payment but I guess not 🥺
The payment count adjustment is still not complete. Submitted my app awhile ago. I feel like the Biden administration just strung us along in the hope of getting our vote. They had to know where this was headed or they would've staffed the department properly.
10 years working in education last month. I consolidated my loans last April hoping to get on a IDR plan and get PSLF. Absolutely nothing has changed with my loans except it looks like I have a brand new loan that I have actually had since 2005 😢. I don’t feel like it was a good idea for me to screw around with my loans and I am scared I will die with them. I have not had a “count” on my loans. Absolutely nothing has moved. Just now I have a MOHELA loan that’s brand new where I had old loans under Navient
I too was talked into consolidating my Navient loan and was assured my my forgiveness count would not go lower but under the one time account adjustment, it would improve since my Navient undergrad loans are 25 years old. As of right now…big mistake. Went from 44 months to 36 months towards lone forgiveness and no one time account adjustment as of yet smh.
@ I am obsessed with getting all the new accurate information. Possibly including hiring a different tax consultant to separate my taxes from my husbands.
If you listen to the video, he mentioned, in detail, that considering the factors, it probably won't matter who's in office. Listen to the video, but coming here telling people how to vote, should be a no, on your behalf. Furthermore, just listing "R" doesn't help you. Closing, if anybody should be to blame, it's BIDEN, or "D" because he could have chosen to go through Congress, or some other way, to relieve the matters from being tied up in court!
Well, with trump wanting to cancel the Department of Education, we were all screwed. Everyone is going to owe astronomical amounts on their loans bc of interest. So much at stake and greed 😔
They don't argue about the predatory interest and capitalization of that interest. Maybe borrowers would pay what was borrowed if the interest was not so astronomical.
I would love to pay back how much i borrowed plus even 20% interest…one of my loans was taken out as $2500 and the balance is now $7500.
Agreed!
@@BlueTiger-c7bfacts. Why don't they just stop the interest once you get into repayment.
Agreed!
I fully agree
I feel lied to. They said go to school, and take a loan if you need to. Don't worry, the employment opportunities you'll have after college will more than cover the cost. You'll be able to pay the loan back quickly. They lied. No jobs. Ridiculously high loan payments. It's been 25 years. They'll never let me out.
Same!
Yup. Same. 25 years as of April 2024. And here I am still paying. I'm so pissed.
@@BonnieGillespieLivethat's messed up. Hopefully you get forgiven and get a refund. You have already been a slave to the system long enough
@@antoniosmith197 -- thanks for the encouragement. I'm trying to stay positive, optimistic, hopeful... you know, all those things. ;) The system keeps systeming, though. 🙄
19 years for me.
If they kick people off PSLF, they’ll never get teachers again or government employees.
Good we need less government employees.
In my experienced going to school and raising children 2/3 Of teachers are lazy pieces of junk.
Teachers are running for the hills because kids do not behave properly anymore. Unfortunately, parental duty has shifted to the smartphone for many kids. Kids say what they want, do what they want, and lack the ability to take responsibility for their actions. This is because parents hand their kid a tablet or smartphone and let them be while they themselves are scrolling instead of parenting. Instead of teaching kids right from wrong, good decisions vrs bad decisions, letting them learn and grow from mistakes, trial and error.....we just let them scroll and do what they please. At school, teachers try to unplug them, and they have no idea how to handle themselves.
This is the reason for the teacher shortage. It's not student debt, salary, or any other reason. Kids just do not behave. Teachers get pressure to have good test results. It's hard to get good test results when students can't sit still in the classroom and learn. Its hard to get good test results when 10 of the 24 students in class will not be quiet while the teacher is teaching. It's hard to get good test results when students are fighting at recess and bring the drama back to the classroom.
If you watch the video he mentions congress is clear on PSLF and its a forgiveness program. It's not that under scrutiny it's everything else like "repayment" plans leading to forgiveness programs
@@Tkh21209well MOHELA better approve my recertification soon to switch me from Save to IDR. They are taking forever and no payments since July would have qualified towards forgiveness under Save
It has never been the loan that was the issue. It is the interest. A smart restructure that allows students to pay the amount they borrow with a fixed fee ( 10-15%) non interest accruing is the best and fairest solution . Students are responsible for the money they borrow while not allowing the government and predatory lenders to make a windfall off of student loan programs. One would think that this could gain bipartisan support as it addresses the most vocal issues of each side. Example. You borrow $10K you owe $11.5k. very easy to repay.
I don't understand why they don't realize they're losing way more money now arguing about it and with us all paying NOTHING at this point while we wait for them to argue. What is there even to argue about? Do they like it better when the payments are so high that families cant afford to pay? How are they any better off if people just stop paying them at all simply because they can't afford to? You'd think affordable payments would be an incentive for them, because it almost guarantees a predictable amount of payments from borrowers.
Yes this would be reasonable and doable. Congress will use it as a wedge issue and not solve the problem as always.
Students graduate and entry-level salaries often do not allow them to begin to pay down the principle. Meanwhile interest rapidly starts to accumulate. After ten years many have paid $10s of 1000s in interest with no dent in the principlel. Some reform is desperately needed.
Can we do a class action law suit against the koan companies for predatory loans?
If they can send billions of money to other countries, why can't they help us Americans since businesses won't pay a good salary to live off of and afford student loan payments?
The government is worthless
What the courts SHOULD be correcting is how student loan debt is the only debt immune to bankruptcy.
Amen
It’s not immune. There are very strict guidelines to which the exception MAY be considered.
@Christ_Is_Life10-10 ah, yes... "You are technically correct. The best kind of correct." Should I have used the qualifier, "practically?"
Yes uncle san is not too good than he say
The higher education act of 1965 declared No Interest on these loans. Where are lawyers etc on this??? The interest charges has made this a money maker for the banks and the govt
Why would they not just lower the interest rate so more of our payments will go toward the principal of the loan? They are arguing against loan forgiveness, citing the possible costs, but what about the costs we have already incurred? The interest on these loans is a sin and a God-awful shame. What in the world could a person owe worse than student loans-NOTHING?
The legal argument here is that these plans HARM MOHELA (the standing) in that it reduces the fees they collect, aka the interest. So why would they self-inflict that harm?
MOHELA can kiss my butt with their practices. I don’t feel bad for them in the least.
I was told that single mothers could go back to school and get degrees and if disabled no repayment it was on the government maybe I got it wrong i cant ge t no direct answer about what to do because I am disabled now and not able to work whaf do Ido now
With the Chevron case held overruled by SCOTUS, the DOE should not have the authority to change the terms of promissory notes. That would be like the mortgage company changing the terms of a loan just because they decide to, at any point during the life of the loan. In the event the DOE does change the terms from the 20-25 years forgiveness agreed to at the time of the loan origination. This should be offset by allowing bankruptcy for financial hardships on a more relaxed basis.
They need to make all them PPP loans repayable for EVERYONE who received one…regardless if who gave permission. Also, get back all the money the banks, car industry and all the other bailouts that was given. PAY IT ALL Back!!!! And with predatory interest rates!
Agreed but the rich don’t have to pay back money only the middle class and poor. They talk about handouts and the rich have received the most with their tax breaks and generous loans. Hell, even Elon’s company was built on them!!
Absolutely
Agreed! Everyone else got help but we can’t. This is ridiculous that people are so angry about loan forgiveness. Guess its not about people who pay taxes every year! It’s about big business.
Part that pisses me off, is back in 2015 when i consolidated to get into REPAYE, I asked this specific question mulitple times, what if somebody else comes in and reverses it. Over and Over I was told, youd be grandfathered in, it would only be for new lones going forward. Jokes on us I guess. I listen to nobody anymore
Yup, you borrowed it. Now pay it back.
Mohela has already been shown to be fraudulent due to not reporting to the credit bureau correctly and giving incorrect information to borrowers. Currently there applications pending that show one amount due but you can get a bill for a different amount that is three times higher
THANK YOU SO MUCH for allowing us to actually hear the judges speak. Great job!!
I wish they would play some of your videos in court.
Sounds like we need a class action against the department of education for all interest paid , while duped into illegitimate payment options.
Exactly!
You better hurry up. Trump is about to dismantle the department of education
Ive never had an issue with repaying the actual borrowed amount of my student loans. However interest capitalization is predatory. That approach was supposed to be offset with the promise of loan forgiveness after 20 or 25 years based on income. That was the offsetting circumstance that was explained to me by the financial aide office counselor and in the loan terms when i took my first college loan in 1997. I had no other way to attend college but through the promise of an affordable higher education. Its subsequently been an anchor in my life even though I've been in repayment for over 20 years now.
Wait, so the contract i signed when I took out these loans stated that My loans would be forgiven after 25 years. How can the states challenge the written contract 25 years later??? The government should have considered that when doing business with an 18 year old.
That's my problem as well. People keep telling me it's my fault for signing up but I wouldn't have signed up if they hadn't promised me PSLF and IDR 🤷🏻♀️ I don't see how they can just go back on contracts like that
Bingo
@@sourpeach6716 -- 100% the truth. I would've never taken out my loans if they weren't offered as ICR/IBR/IDR. I chose loans over working a second job during grad school because I knew I could at least have anything unpaid forgiven at 25 years (which was April 2024). I'm so pissed.
They're breaking the contract. If you break the contract then the loan should be released.
Thank you for an update on what's going on in the Missouri court. I've come to accept that the whole more student loans available for college setup was to snag people into working and providing another long-term stream of tax revenue for government spending, and so it is not in any politician's interest to fully help people pay off their loans quickly. Why should we feel bad for these loan servicers who were given a government supported contract? I can only hope to make more to pay off the loans quicker without impacting my daily life and future plans.
This is so discouraging.
I can see how it is so discouraging. But there will be solutions. We just need to know what problem we're solving.
Question: I am a federal employee and have 5 yrs left on the PSLF. I have received notification that it’s time to re-certify my income. Problem is…Mohela forwards you to the federal website and there is no re-certification option like before. It just says to apply for IDR. Do I ignore the notice and do nothing? Or do i apply for IDR?
No. Reapply for IDR, you have to submit an paper application because you can't complete online.
@@stanliemurray2085 thank you. I was so lost. I’ll take care of that.
I'm thinking about getting citizenship elsewhere at this point, most other countries have more options and better job prospects in my field (healthcare) than America does now.
Totally on my list of possible solutions to this mess.
Yes, me too!
Germany or Canada would be your best bet.
It’s a sad day indeed they waited until it was time to start giving forgiveness and now turn around and so oh no we never meant to forgive your loans, although we’ve added on a asinine amount of interest that by the way will continue to grow. I’ve paid for 19 years with the hope that I would be done next year only to be told that now that may not happen and when I go to the loan stimulator my only option are non ICR plans which have me paying another 20-25 years and making my total above $100k owed for a $30k loan that I took out. It’s not right what they are doing to us, I still paid during COVID, still paying now because for once I can finally see my balance lowering instead of growing. The key now should be to stand on the promise that many of us signed up for and for borrowers to stop allowing politicians to control our pockets.
If your school has been closed due to predatory and fraudulent actions…your loan should automatically be forgiven!!!!
I filed for forgiveness under Borrowers Defense years ago for these reasons. They told me that I can put it pause, but if it doesn’t get forgiven I have to pay interest for the entire time. I said no, because they can take as much time as they want and I’d owe even more. I’m still waiting. It’s been like 2 years now.
Can they legally kick people off of plans that they have already entered? Also IBR should be safe since it was passed by congress for anyone reading the comments.
It has happened. I just got a notice the other day. Mine are going up 400 a month next month
The root is greed the schools also need to be held responsible cause a president of a school doesn't need to be making 400 to 500k a year
What if you are both in SAVE and enrolled in PSLF? Could you lose out on PSLF entirely? I'm at 79 out of 120 payments and am terrified! I owe 95k due to capitalizing interest while living on disability during most of my twenties and into my early thirties. I finally caught a break with the PSLF temporary waiver when I was able to count many of my seasonal or AmeriCorps jobs that Navient had originally told me didn't count since I was working at slowly getting off disability at the time of those jobs. I'm so scared I'll lose my waiver counts or PSLF entirely.
Well try being at 115 out of 120 payments on 3 loans then get talked into consolidating those loans to my other 3 that were not eligible for forgiveness only to be stuck in the mess and now they say I don't qualify for forgiveness. But I'm not fool it I have to I will use my savings to pay it off because there is no way I am keeping any loan for 25 years.
What about PSLF is that on the cutting board. I have one pmt left? I should have been forgiven in July.
It's not.
No it’s not. The courts are only complaining about the repayment plans leading up to PSLF.
PSLF was approved by Congress and signed into law by a sitting President. So it wasn’t made by executive order thus it’s safe from these court proceedings.
I thought the government was going to get rid of using mohela as a servicer
That would be incorrect.
@@stanleytate The federal government would have the right to do that, wouldn't they and it would negate their claim of standing?
@@reasonablegentleman omg this sounds like a great point!
Thanks so much for the update! It's disheartening, but your clarity and kindness are clear. Much appreciated, Stanley. Keep doing what you do. Like, really, don't stop.
@@rebelandromantic Yes!!! Thank you so much.
We need to tax churches and wealthy billionaires.
Tate can you link the actual hearing?
My wife has a predatory loans both federal and private when she went to the Art Institute in Charleston SC. Will this affect any forgiveness that was supposedly being done for those students? We've regrettably have had to stop paying her loan because the variable interest rate is making the monthly payments unbearable to keep paying.
Some were forgiven depending on the years attended. I attended the Art Institute as well and missed the forgiveness date by 3 months. I recently signed up for IDR and now I'm screwed because the courts just got rid of it. We will both be paying in full no matter what. I'm sorry to be the bearer of bad news.
Are they still processing the one time IDR adjustments?
Drop the background music!! that is so annoying and wrong when you are trying to assimilate information.
If they would reduce the interest… my shit would have already been paid off … and I started 6 months after college and realized well my payments was not even touching my principal balance … they wild for that ….
I've worked public health since 8/2015, payoff coming 8/2025. If they drop PSLF I'll never pay off my loans.
Same
PSLF was approved by Congress and signed into law by a sitting President. They would need 60 votes in the Senate to repeal it which they don’t have so it’s safe for the foreseeable future. Even when Trump tried to kill it during his first term he was willing to grandfather in those who were already on track.
I’ve never even been on an IDR or PSLF program and am sad for the millions of people who are struggling and now are loosing hope. Been paying my loans for 18 years and just now am down to the original principle. While I am happy to repay all that I borrowed, I have no sympathy for MOHELA loosing interest on the SAVE. People should pay what they owe and not a penny more. If they work in some sectors I think they should be given some incentive to do so. Teachers don’t make nearly enough and often have to take a second job in the summer just to make ends meet. PSLF should remain.
I had almost 8 years of qualifying payments towards PSLF forgiveness and was automatically put in the SAVE Plan once the loan payments started back. Since July when it came out that payments under this plan will no longer count towards my forgiveness, I was literally restricted from changing my plan to IDR, which I read still counts. It's been about 5 wks and MOHELA still hasn't reviewed my recertification application. I really hope my years of payments don't banish
Same here
I’m 64 and count on PSLF! I can’t pay 25 years! They promised if I switched to teaching that my loan would be forgiven in 10 years. They promised!
Way to believe politician lies, dumbass
AMEN!!!! I am within 3 years of forgiveness under PSLF. Project 2025 calls for abolishing PSLF which was started by GEORGE BUSH….a republican!!!
Hello, I am with you and I am very upset about the promises that will be broken!
@@Wakitarb1I'm so upset with this. It's depressing
PSLF is safe because it was approved by Congress and signed into law by a sitting President. Trump tried to end it during his first term however he was willing to grandfather in everyone already on track.
Thank you Stanley for all the work you do!
Missouri has an A+ program that allows students to go to school free or at a decreased rate depending on their grades so Missouri should have nothing to say
Since the IBR plan was authorized by Congress through the College Cost Reduction and Access Act in 2007 for FFEL and Direct Loans, can this court action undue that act? Please answer this for me! Thanks!
Please help me with this question
I will try to help with the info provided in this vid. YES somewhere the department of education wrote into some document that they have the right to change ANY student loans program (this was in 1994). Correct me if I am wrong, anyone…?
What about the post applicants under the sweet vs cardona case?
I turned off autopay in August after receiving my letter placing me in a forbearance that will not count towards PSLF as a result of the litigation. Today, a Mohela representative told me that the forbearance will continue until at least January (that pushes back my PSLF forgiveness timeline by 6 months). My question is, is there any chance they’ll retroactively make these months of forbearance count towards PSLF, but it only counts for people who have autopay turned on (people who basically continued making payments even if the payments were $0.00, like during the COVID deferment period??) should I turn autopay back on? I turned it off because I didn’t trust Mohela not to take full loan payments out that would not count toward PSLF during this period. Thank you!
I have one (1) more month then I will have 120 payments! I hope and pray I can be forgiven and DONE. I know it will tske a while to process. I just want to be done.
Good luck!
Way to dip out like Tim Walz
GOOD LUCK!!!!!!! Oh, I sure wish I were in your shoes right now (and I hope it pays off, being in your shoes). Sending you good vibes!
Trump has said that he will undo all of it retroactively. I hope he can't away with it for your sake. God bless you.
My wife just finished her Masters degree earlier this year and we need to enroll in a repayment plan. I hadn't heard all this drama about the SAVE plan until now. I'm not sure if we should just enroll in a standard or extended plan and get started, or enroll in SAVE and see where things go. At least that would buy us a year of forbearance where interest is paused, right?
If you can even get past the application submission point… I’ve had my application in for the SAVE plan for over 2 months, they have “received” my application and are stuck due to everything in limbo.
Man…what a time to be alive…and have student loans. Strength to all.
Would this mean people who meet the 20-25 yr mark after the One Time Adjustment (whenever it happens, and if it ever happens) are now at risk of not being forgiven now?
Bingo.
This was so thorough and very impactful thanks so much
Thank you for this breakdown!!! I've been reading and reading information on this and it just did not click.
IBR and PSLF was congressional....
Ya, but if SAVE goes- I have no path to PSLF anymore because none of the other plans qualify that I am eligible for.... so what the hell am I supposed to do? Can't even go to the standard payment because consolidation loan standard don't count. I dont qualify for any of the other IDR plans... lol like what?
Amazing how when Zelinsky shows up Congress is immediately in full agreement to send him billions. But when it comes to helping people that elect them I would say it’s like pulling teeth, but that would be an understatement.
I appreciate you trying to explain something soooo terribly complicated to us who need to know
You are welcome!
When millions default on their loans now they don’t need to worry about the interest. They’ll be lucky to collect anything.
This was an excellent clarification of what is happening with the Student Loan Plans. Very much appreciated. Thank you!
Glad it was helpful!
University tuition should be paid for by the federal government and capped at only what covers the basics like professors, academic deans and direct administrative staff. All the 'extras' like public programs, DEI departments, even sports teams, should be covered by donations from alumni and if a state college also the state's coffers. We need to stop the inflation of the administrative state within universities which is bloating the cost of tuition and making it impossible for people to repay loans at the incomes available in the real economy.
What about the loans that were already forgiven under certain IDR’S? Will it affect those as well?
No.
@ thank you 😊 Mr. Tate
The whole argument of whether or not repayment means forgiveness is basically going to hold us hostage for 4 years or more...and it will result in the Supreme Court ruling against borrowers.
It will hold us hostage much longer than that
Well if loan forgiveness should not have ever happened, the discrepancy is that some borrowers already got it so how do you now double down and say no more loan forgiveness. I feel like because the workers didn’t get to my accounts fast enough, I suffer. It’s not fair. Everyone needs to pay their amounts in full including big business and individuals who received PPP loans!
All I wanted was for someone to remove the interest so I can actually PAY my debt.
That was very informative, thank you!
The people that will be affected by the cancellation of the PSLF is the future students. Any government loans signed as of today has the PSLF written into the fine print of the loan. So if he destroys the department of education then the loan is automatically cancelled and that’s not going to happen.
Thank you 🙏🏾
Could this undo forgiveness Already granted?
Argument: "We need to do something about student loan debt. It is completely out of hand."
Counterargument: "You were an adult. You took out the loan and signed the papers. It's debt, so you need to pay it back in full just like any other loan. Interest and all."
Same side: "But also it's special debt on top of being no different than any other debt. Because it is special, unlike any other debt, you can't get rid of this debt in bankruptcy and the Department of Education can't alter it.
Some naive young man took out $40,000 for a car and vacation he couldn't afford and wiped out the debt in bankruptcy six months later entirely, but the naive young man/woman who took out the same to better their lives and their contributions to society via an education needs to pay it back in full. One is not the same as the other. Taxpayers don't want to pay for your education. We need to save taxpayer money to bail out Wall Street and people who make irresponsible financial choices beyond doing something unacceptable like educating themselves and pursuing their dreams."
I've been in pslf program for 9 years. If they do away with pslf, I won't be able to pay the loan back and being a govt employee for 9 years would've been for nothing.
PSLF is safe because it was approved by Congress and signed into law by a sitting President.
The amount of people in the comments that trusted the government is astounding.
PSLF can only be removed by an act of congress. People who already took out those loans have it in their master promissory notes. It would be litigation city if they tried to end it for them.
What the C and R group mean is that a businesses’ life means more than citizens’ lives.
Exactly
Thank you for these videos! I appreciate you!
My loans were forgiven 3 days ago while under ICR PSLF. This was 10 years of payments while working as a non for profit nurse. Will the government clawback my forgiveness now?
Congratulations 🎉
No they won’t.
Let the courts get rid of income based plans and the courts can deal with the influx of 10 million borrowers going through bankruptcy. That’s a real possibility. Peoples loans will triple. How nice for terms and conditions to change after paying for 18 years.
Does this affect PSLF? I mean, is it on the chopping block as well?
No. That would take congressional action. However, the Trump administration could make forgiveness more difficult to achieve.
Is IBR and PSLF forgiveness in jeopardy as well, I thought they were enacted and authorized by Congress?
Likely not. You should be fine.
@@stanleytate What if you don't qualify for any other PSLF qualifying repayment plan and SAVE (or REPAYE) was all you had? Lol what now?
I am wondering if another alternative and cheaper option is to go back to school at part-time status till ready to die. Then would be in deferment status (or which ever one they give you when your in school). Take every course the schools offer at different schools online e or in person. Then maximize my FSA and 401k/deferred Comp. And ride this on out to the end or maybe social security when on fix income and lower payments. Just become a career student.
If they want to forgive the loans why not have mandatory military service for those that want free loans ?
Judge is wrong, IMHO. The 25 is meant as a CAP. This argument can go either way.
If they didn't specify, its bench legislation to say the Administration who PASSED the implementation is wrong.
Their job is to say, did Congress exceed authority? NO. Ok, then is the Administration exceeding the spirit and letter of law?
If not, they can STFU. This is the libertarian application of the law, meaning the libertarian logic not politics.
Unlike my contemporaries, I'm not a hypocrite on this application process when I don't like the outcome.
Why is it all about the benefit to businesses? What about helping massive amounts of people who can then be a part of the economy?
Higher education and trade education should be free with contingencies like it is in some first world countries. The investment in education pays multiples in GDP and economic return.
Why is this case not MOHELA vs Dept of Education?
Why is this MISSOURI vs Dept of Ed?
Will Mohelas bankruptcy harm Missouri? I doubt it
The idea that a loan servicer can go bankrupt but loan holders have to meet much higher burdens for bankruptcy is ridiculous.
I’m 48 and committed to ensuring my child has a bright future. Over the years, I’ve prioritized saving for their college education by consistently contributing to a 529 savings plan. By starting early and leveraging the power of compound interest, I’ve managed to accumulate a substantial amount that will cover tuition and other expenses. This proactive approach not only gives me peace of mind but also instills in my child the importance of education and financial responsibility. I truly believe that investing in their future is one of the greatest gifts I can offer, setting them up for success in their academic journey.
I’ve always felt that luck plays a significant role in investing. Without it, achieving true success can be challenging, regardless of the resources at your disposal.
While I agree that luck can influence outcomes, especially in the short term, I’ve learned that consistent results stem from more than mere chance. When I had only saved $200k, I realized I couldn’t rely on luck or time alone. I needed a more deliberate approach-one that moved beyond just hoping for the best. That’s when I discovered Kathie Daisy Bosco, a fund manager whose balanced strategy of risk and growth inspired confidence in my investment decisions.
I did a quick search on her name and found her page, and I’m eager to learn more about her methods. I appreciate you pointing her out; it feels like a promising opportunity to enhance my financial strategy.
Kathie Daisy Bosco is finally getting the popularity she deserves and this docent come as a surprise.
Already did. Mine just went up 400 a month starting next Month
Already did what?
@ufash7 cancelled save and other idr plans due to an injunction from the courts. My plan I have been on is gone and my student loans went up 400.00 a month starting Dec. Just got a notice a few days ago.
Oh man-- I've been paying the parent plus loan my dad took out for my siblings and I through IDR. We double consolidated.. And I'm very worried that the Trump admin can revert loophole'd consolidation loans to no longer being able to stay on IBR/REPAYE... and now with ICR and PAYE being at risk it'd leave parent plus borrowers (especially those after july 2025) without an income driven repayment option
If the SAVE plan is eliminated then my will to exist will absolutely nosedive afterward.
If SAVE is obliterated I genuinely believe it will end people.
Edit to test if TH-cam's doing what I think:
Crypto's a scam
Now let's watch what happen
I'm not sure what will happen. But whatever does, we'll figure it out.
It's just money, friend. There's a great big world out there too.
@consciouscrypto3090 A world that has become increasingly hostile to people inhabiting it because Money.
Also bit rich coming from somebody with "crypto" in the name.
Edit because TH-cam HATES ME:
Crypto is Scam
@@youtubeuniversity3638 what does crypto have to do with it other than that it makes it easier to live anywhere, since it converts into local currency wherever you go in the world. Bottom line, if I owed money in the US I couldn't pay, I would leave the US, not the planet. But you do you.
@@consciouscrypto3090 "It's just money" says the person with a word for a finance scam in their name.
Either you're pushing it or you're a mark for it.
Wait so does it mean we can’t apply for it anymore?😂
Cause I’m now applying since they said it ends in july
You can still apply.
People wouldn't mind paying the loans back if they could find a good paying job. Hell minimum wage is still 7.25 nationally. Make that make sense. They are more worried about the employer than the employee. People have to work two and three j
Dang I’m not trying to not pay, I just want my payments to start out low while I save for a house and kids.
They must want the economy to collapse, cause the way I won’t have enough money to buy the bare bones basic necessities after paying a $800 monthly student loan! I was thinking maybe I’d be able to the IDR at least and get a lower payment but I guess not 🥺
Good Morning Stan! In Olathe dog sitting.....guess sitting in 13 might be the best plan!
I think it was mentioned to you to consider filing the AP before a diffrent judge in your district. That might be worthwhile.
With Trump in office, all these videos will not matter. Time to pay up I guess
Those whom required a loan aren't the rich...must remove the ladder of the inferior from climbing. 🤷
The payment count adjustment is still not complete. Submitted my app awhile ago. I feel like the Biden administration just strung us along in the hope of getting our vote. They had to know where this was headed or they would've staffed the department properly.
Let me just call El Chapo for a loan.
10 years working in education last month. I consolidated my loans last April hoping to get on a IDR plan and get PSLF. Absolutely nothing has changed with my loans except it looks like I have a brand new loan that I have actually had since 2005 😢. I don’t feel like it was a good idea for me to screw around with my loans and I am scared I will die with them. I have not had a “count” on my loans. Absolutely nothing has moved. Just now I have a MOHELA loan that’s brand new where I had old loans under Navient
I too was talked into consolidating my Navient loan and was assured my my forgiveness count would not go lower but under the one time account adjustment, it would improve since my Navient undergrad loans are 25 years old. As of right now…big mistake. Went from 44 months to 36 months towards lone forgiveness and no one time account adjustment as of yet smh.
@ I am obsessed with getting all the new accurate information. Possibly including hiring a different tax consultant to separate my taxes from my husbands.
Click bait title. PSLF, a student loan forgiveness program, is not on the chopping block.
Stop voting R.
@@batwing71 As in, epublican?
FYI it was Biden that made student loans damn near impossible to discharge in bankruptcy court.
No thanks
F.O.
If you listen to the video, he mentioned, in detail, that considering the factors, it probably won't matter who's in office. Listen to the video, but coming here telling people how to vote, should be a no, on your behalf. Furthermore, just listing "R" doesn't help you.
Closing, if anybody should be to blame, it's BIDEN, or "D" because he could have chosen to go through Congress, or some other way, to relieve the matters from being tied up in court!
Well, with trump wanting to cancel the Department of Education, we were all screwed. Everyone is going to owe astronomical amounts on their loans bc of interest. So much at stake and greed 😔
Trump needs 60 votes in the Senate to kill the DOE which he doesn’t have. Reagan also tried to kill the DOE but failed.
Thank you for this clear and updated explanation! ❤
With all this loan forgiveness, where can I get a student loan? I need in on this!
There is no loan forgiveness. There is debt.
awesome video. Thanks. Anyone want to become a rapper with me so we can pay the loans at least in 100 years