Greedy college administrators are the problem. I remember having to pay a massive "technology" fee in my tuition every semester just for a bare bones computer lab that was frankly useless for my degree. My only choice was to use my own computer, and there was no way for me to waive that technology fee if I didn't want to use the computer lab. Rather than forgive debt, we need to focus on making tuition costs reasonable - especially for public universities where they're SUPPOSED to be affordable.
NOT A SCAM! If confused ask for help but some people don't know how so they miss out! If you make under 40k a year as a single person your monthly payment is Zero a month. Which counts towards an on time payment towards forgiveness. So if you make under 40k for the next 10 years Your payment will be forgiven on the 10th year of your final zero dollar payment regardless of the left over balance. So we'll probably have to apply each year. So currently its good for the next 12 months according to a letter from my provider. If the next year you make more than 40k you'll have the smallest monthly payment.etc.
The thing is Joe Biden made this so if Donald Trump becomes president, then this program isn't guaranteed to exist still within 10 years. Furthermore like you said you'd have to re-new. Not gonna mention the weirdness displayed on your credit score. The good thing is it pauses the payments and interest. The bad thing is the loan still exist.
I don't think that the forgiveness part of your statement is true. Forgiveness after 10 years of abiding by the rules of SAVE for balances of $12,500 or less.
All of a sudden everyone is a certified accountant. Commenters here have no idea how the program works and so they think it's stupid. Just because you don't understand how it works, doesn't mean it doesn't work. It's okay to be confused by it. Loans are complicated. Finance is complicated; it's why accountants get paid so much. Have some patience with yourself, and do more reading. If you still don't understand, reach out to them and ask for clarification, even if it takes them time to get back to you.
@@nothings5524 yes this is correct. And say you're principal is $1,000. You still owe this amount. If you can't afford payments, they're basically saying we'll help you cover the interest payments on your loan and keep your credit score in-tact for a year.
So, all people do is make part of the interest payment. The government pays for the remaining monthly interest. However, the principal amount will never go down. Since nothing is being applied. At the end of 12, 20 or 25 years, the loanee is give a discharged hefty bill from the IRS to pay taxes on? Is this my understanding?
I think the minimum required payment covers interest only. My understanding is that you are expected to pay more than the minimum if you want to see your overall principal amount to decrease. So if your minimum balance is $60, the government will take care of the rest of that months interest and whatever you add to that $60 will be subtracted from the principal. I guess the purpose of the plan is to make interest rates are "less" of a burden.
Your payments $30, but the interest is $50. The gov't covers your $20. Your interest obligation is $0 and your paid up for month. But your principal is the same.
The years will be 10yrs or less. If you've been paying it should be reduced drastically. Just pay the amount they give and what ever year they give you., the remaining balance will be FORGIVEN
Yes, and if it's not paid, they will take your full income tax return. My friend has told me some stories about these student loans. I enrolled this year, so I guess I'll learn whether it is true or not 😅
@@radiant2052 Yes I understood what interest was, but it's ridiculous that interest gets paid first when repaying your loan. That is a scam. If I make a payment to my loan at least 70% should go towards the principal - not the interest. The current system is backwards and is a scam. That is where my complaint lies.
@@radiant2052 You can't buy cigarettes or alcohol until you're 21. But by that age, many students are already neck deep in student loan debt. My generation was told to get a college education at *all costs* and that a degree would pay for itself. Unfortunately, we could not have predicted the tech boom or the market crash of 2008, both of which changed the value of a degree. Some of us were just kids doing what our parents said - "Get an education so you don't have to work in a factory like me."
No, it doesn't get rid of your loan either. It just stops payments and interest for up to a year. Then you have to re-new every year. If you have no job at the time you apply then you more than likely pay nothing per month. If you have a job then they base what amount you have to pay based on that income. However your loan still exist either way for the next 20 years or until paid off in full. The only way to get your Student debt canceled is with PSLF which ironically requires employment.
@@jcbabb2 They "fix" you not having to pay every month for your loan if you can't afford to pay for your loan without it going into deferment, or default thus affecting your credit score. They also "fix" the interest that accrues during this "payment pause". They can't get rid of the loans because opposing political parties not allowing for it. They feel if you opened up a loan then you're obligated to pay it. This is essentially the best they can legally do. You technically speaking don't have to do anything, but the loan will exist for 10+ years. However if you want it gone completely you can always pay it down gradually as intended, pay for it in full, or ask for loan forgiveness.
Exactly! Because the loan owners want to make a lot of money off of these loans that can't be discharged in Bankruptcies and where people have no choice but have the loans for long time so it's alot of $ for the loan owners.
@@ellynicole6655 Yes the government wants the benefits of providing money for people to get an education. Through people having higher taxable incomes, and through interest.
that would benifit the borrower the most youre right. but if you think about it like too people, you have to pay them the benifit of giving you money in the first place. it would feel less scummy if they said something like we give you 10k now but your give us 15k by 10 years. instead they say its a loan with a 20% interest every year for whatever is outstanding. makes the borrow see numbers and not critically think about it.
Does anyone know if you have the recertify your income under the SAVE plan? I had to before when I was in an IDR plan. But I need to know if I need to be doing it under the SAVE plan.
@@ryneobrien1That’s great! Recommend keeping an eye on your accounts. I’ve heard some people had issues with their loan providers not updating their student loan records or the federal gov taking a while to pay back the interest. I check my student loans about once a month to make sure there aren’t any default payments or issues.
One more question if you know. I have been teaching since 2013. I am in the PSFL program. When I did my masters program took loans for 2 terms. Then I paid those two masters loans off and paid the rest in cash. So now it shows me short of 120 payments. Is there a way to buy back those months so I can be at the 120? I read there is a program. Just don’t know if that really works. I’d love to just pay those months I’m missing at once and be done now with the PSFL program.
The best option to me is 1. Enroll in Save 2. Pay $0 or a lower amount and the gov't covers your interest payment monthly. 3. Then make your regular payment to go towards the principal.
It is better to pay higher monthly at shorter length of time. They really need to get rid of the interest rates all together. It is horrible interest continually putting on the left over balances as people pay them. Let's say you have $45,000 balance and you just paid $300...and you have $44,700 left but then they add 5.75% interest which is $2,570.75 which is added to the $44,700 totaling $47,270.25...so that $300 didn't even make a dent...balance owe is still increasing. That is how people are unable to pay it off. Yes college administrators are making big money and making people suffering financially. I recommend to all young people not going to University where you need to take a loan. Don't do it. Find a trade or University that you can pay off within less than a year...like $1000-$3000.
Interest is an Annual Percentage Rate (APR), so your math is wrong. Divide your $2,570.75 by 12 and you’ll be closer. E.g., 5.75% APR on a $45k loan would accrue $2,587.50 / 12 = $215.63 of interest for a month. So if you make a $300 payment, $84.37 would go towards principal. Yes, this still sucks. But you need to correctly calculate how much it sucks. 😄
@@user-zd8zs3rl6d If you have federal student loans, go to your Aidvantage estimated calculator...because that is where I got the information and I also used the smart asset calculator for student loans pay downs. If I am wrong, then you do the math and provide all the information here please...otherwise shut up.
What I’m trying to figure out is the interest I think we will all be paying for the rest of our lives the interest I might just pay this off in full. I’m kind of pissed about that because interest continue to accrue through all of these deferments and crisis.
I make under 60000 and they are charging 700 on the save plan, if in the video is correct that means I won't qualify for 0 a month which I get but definitely not 700. It's just me no dependents so yeah I feel ya something not right here
Ok, hold on .... there is a payment plan based on my annual income. I thought college was supposed provide me a high income career/ job. If so, then what's the benefit of this ? The system we have is a joke Work for yourself and forget a degree
I agree. You get the degree but you don't get the job because you don't have the experience. If you have experience they don't want you because you don't have a degree. Yes, they have had an income based repayment plan for quite a while. It is called an IBR. You have to renew every year and it collects interest. Which kind of means that you'll never actually pay it down.
Yes colleges/ education is expensive & its a choice. I took student loans & used credit cards to pay for school/ other expenses. In the mean time i realized i should work so i don't get stuck with the loan for rest of my life. I think everyone has to find that balance on how much to take out. Don't just go out there and take bunch of money to pay for your tuition and other life expenses, alcohol, parties, expensive shopping, vacation etc. When you do that, that's on you & own up to it & pay back. Complain is not going to take you anywhere. No matter how much we complain & play the blaming game it will always fall back on you my friends. Life is not easy, but enjoy the ride regardless of what life gives you & make better choices bcuz every choices matter. Accountability!! Peace & Love!!
I didn't want to go to college at the time my husband forced me into, so as a good wife I did, he then cheated on me and got divorced. I want to pay back believe me but when I first enrolled I wasn't ready mentally I wasn't mature enough to understand or even know about the cost until it hit me in the face as a single women paying something back that I didn't even want in the first place.
@@mbenitez6722 I owe $174,000 in student loans. So I moved to Korea to teach English the past 3 years and do the IDR plan for student loans. My salary is more than enough for me to live comfortably here but in the usa it's considered poverty. So I do the IDR and my monthly payment is $0. lol I'm never moving back. Women in korea are gorgeous. And I will NEVER pay a penny in student loans.
Finally, financial assistance for student debt. Large corporations like the auto industry and hotels get bailouts often. Thank God for this administration. All who have student loans should apply for President Biden's SAVE PROGRAM. Think of it this way: you only have student debt to lose. It's a win-win! Apply NOW!
These plans continue to leave people out. Total failure for the millions who have paid their loan for a substantial amount of time and are now just paying interest.
Hahaha I’m an accountant you guys have to understand it’s a step by step complicated process. So you need to understand every complicated step in the process. The government is confusing you on purpose so you give up
"If the American people ever allow private banks to control the issue of their currency, first by inflation, then by deflation, the banks and corporations that will grow up around them will deprive the people of all property until their children wake up homeless on the continent their Fathers conquered." Thomas Jefferson
BS. They aren’t addressing the real issue which is the cost itself. They are allowing all their cronies to rake in millions including our corrupt resident who was supposedly a “professor at U Penn but never taught a class for several 100k per year. Crooks.
This is a scam. Before SAVE my payment was $130 (and that was the lowest amount of ALL the plans). Now it's $300. I make $160 a WEEK. And none of my payment will go towards the principle balance, just the interest. It's only if I can't afford to pay ALL the $300 that the gov will be "generous" and pay the rest of the INTEREST, but not the principle. And that's not mentioning how CONFUSING they still make it all sound to the point where people have to go to social media to get answers from people who DONT work for the government or even the student aid facilities! It's the blind leading the blind out here while the american gov just dicks us around!
That doesn't check out. When I was making 50k a year mine got dropped from 124 a month total to 88 a month with the newest plan. I make 65% more now and mine still doesn't exceed 300 a month. You need to call your loan issuer.
Obvious lie and anyone can verify this by checking out the SAVE estimate calculator. They also tell you again what your new payments will be prior to enrolling. Are you that disgruntled you spend time trying to harm other people who could benefit from this program? Pretty pathetic.
I pay $34 and my income is less than $37000. Only thing I was confused on FASA didn't mention the 10yrs. I thought theyl was taken the reduction off the top, leaving us with a lower a balance.
Nothing is corrupt about the cost of getting an education. As much as I don't like student loans, we have a choice to make for our future. We can choose a future living in poverty or become middle-income with student debt? The lesson learned is how much debt should you take on before enrolling in the university of your choice? Before you consider a Masters's degree, think about going overseas for your education. Everything is cheaper and in some cases, your fees are nowhere near prices at UCLA or Penn State. It would be great to study in Euope, Spain, Thailand or Kenya. Get out and see the world while keeping your expenses and debt low. Get out there!
It is corrupt. If your parents tell you to go to school and fill out your paperwork and you're left with debt you didn't know about when you leave school then who's fault is it? Doesn't matter because you would bare the burden. Not everyone chooses to take out a loan nor does everyone choose to be unemployed.
The level of dumb ass logic in this comment kills me mean to tell me there are white folks out here thinking like this you honestly think people have money to go to a whole Nother country? Tell me your privileged without telling me your privilege.
I didn’t finish my education I’m barely above the poverty line If it wasn’t for this plan, I would have literally drowned in student loan debt Greatest country in the world btw
@@brother_maleik Indeed, but people like mikeymike don't want that for people here. He wants your average joe to potentially go bankrupt for lifesaving procedures and for people to be barred from education if they're too poor.
@@shawnnahopper7466 I'm just glad I can pay for Ukraine to get Billions of dollars. Zolensky just got a 75million dollar yacht too. We are all blessed here
Its funny that people are mad about this. You "BORROWED" the money and I am sure most people took and spent the stipend that was left over to buy stuff. Don't borrow and you won't owe. Borrow "ONLY" what you need. Find out what you can pay back and be faithful doing it and you will be fine.
I understand your point. But going to school is expensive and things add up quickly and most people have to work and go to school just to get by so I don’t think it’s the point of borrowing what you need if you don’t have it you just dont.
@@jasminenicole34 Exactly! Yes school is expensive but it is still a choice. I obtained my masters and a doctorate with having a full-time job. It was hard but I paced myself, borrowed what needed and paid it back over time. Not everyone can say that but there are more people who can help themselves verses those who used it as income or decided not to work out a plan after they graduated. They will allow as low as $5 per month. The problem is, people wait to late, never investigate or read the terms, then complain when it piles up. Thanks for your comment.
@sounddoctrine6159 the point is society benefits from having educated citizens that in turn have higher wages , pay higher taxes and less of a burden on it's social structure. Why make it nearly impossible for the majority to receive a higher education without being in outrageous debt that takes decades to pay back?
@@oreosk8ter My payment quadrupled on SAVE and after years of affordable payments in REPAYE. I had to switch to another IDR plan to get my payments affordable. SAVE only works for unemployed or totally broke with huge balances. If you are making an honest living and owe less than 20K SAVE plan actually makes things much worse.
Greedy college administrators are the problem. I remember having to pay a massive "technology" fee in my tuition every semester just for a bare bones computer lab that was frankly useless for my degree. My only choice was to use my own computer, and there was no way for me to waive that technology fee if I didn't want to use the computer lab. Rather than forgive debt, we need to focus on making tuition costs reasonable - especially for public universities where they're SUPPOSED to be affordable.
NOT A SCAM! If confused ask for help but some people don't know how so they miss out!
If you make under 40k a year as a single person your monthly payment is Zero a month. Which counts towards an on time payment towards forgiveness. So if you make under 40k for the next 10 years Your payment will be forgiven on the 10th year of your final zero dollar payment regardless of the left over balance. So we'll probably have to apply each year. So currently its good for the next 12 months according to a letter from my provider. If the next year you make more than 40k you'll have the smallest monthly payment.etc.
I make less than $40, 000 and my payments are $34 for 7yrs.
10 years if you work in public service. It's 20 or 25 years (graduate and undergraduate) if you don't.
The thing is Joe Biden made this so if Donald Trump becomes president, then this program isn't guaranteed to exist still within 10 years. Furthermore like you said you'd have to re-new. Not gonna mention the weirdness displayed on your credit score. The good thing is it pauses the payments and interest. The bad thing is the loan still exist.
I don't think that the forgiveness part of your statement is true. Forgiveness after 10 years of abiding by the rules of SAVE for balances of $12,500 or less.
I have a $0 payment, and on the SAVE plan, but they still keep adding interest to my account. I'm so confused.
Right? And there are no news articles or videos addressing it
Thanks for the information.
There's always a scam with this kind of thing. When something is too good to be true, there's shit somewhere.
If you aren’t paying down principle, interest will still incur. It’s not doing you any favors
@@SophiaXepoleas-s9wthis video says the govt is paying the accrued interest monthly though.....
*OH WOW!* Pay less interest? Big help! Why don't you forgive the interest and just help us pay off the principle? 🙄
All of a sudden everyone is a certified accountant. Commenters here have no idea how the program works and so they think it's stupid. Just because you don't understand how it works, doesn't mean it doesn't work. It's okay to be confused by it. Loans are complicated. Finance is complicated; it's why accountants get paid so much. Have some patience with yourself, and do more reading. If you still don't understand, reach out to them and ask for clarification, even if it takes them time to get back to you.
50 = total
30 is normal amount and if paid the rest goes away right?
The 20 is just interest paid off for you. Correct? Or am I missing something?
@@nothings5524 yes this is correct. And say you're principal is $1,000. You still owe this amount. If you can't afford payments, they're basically saying we'll help you cover the interest payments on your loan and keep your credit score in-tact for a year.
All I did was call my lender and asked a service rep to break it down and it was simple to understand.
So, all people do is make part of the interest payment. The government pays for the remaining monthly interest. However, the principal amount will never go down. Since nothing is being applied. At the end of 12, 20 or 25 years, the loanee is give a discharged hefty bill from the IRS to pay taxes on? Is this my understanding?
I think the minimum required payment covers interest only. My understanding is that you are expected to pay more than the minimum if you want to see your overall principal amount to decrease. So if your minimum balance is $60, the government will take care of the rest of that months interest and whatever you add to that $60 will be subtracted from the principal. I guess the purpose of the plan is to make interest rates are "less" of a burden.
Your payments $30, but the interest is $50. The gov't covers your $20. Your interest obligation is $0 and your paid up for month. But your principal is the same.
The years will be 10yrs or less. If you've been paying it should be reduced drastically. Just pay the amount they give and what ever year they give you., the remaining balance will be FORGIVEN
Yes, and if it's not paid, they will take your full income tax return. My friend has told me some stories about these student loans.
I enrolled this year, so I guess I'll learn whether it is true or not 😅
HOW DO I PAY MY PRINCIPAL DOWN. You all are making it so hard for us. We just want to pay back what we BORROWED.
Did you not understand what interest was when taking out a loan? Genuine question.
@@radiant2052 Yes I understood what interest was, but it's ridiculous that interest gets paid first when repaying your loan. That is a scam. If I make a payment to my loan at least 70% should go towards the principal - not the interest. The current system is backwards and is a scam. That is where my complaint lies.
@@radiant2052 You can't buy cigarettes or alcohol until you're 21. But by that age, many students are already neck deep in student loan debt. My generation was told to get a college education at *all costs* and that a degree would pay for itself. Unfortunately, we could not have predicted the tech boom or the market crash of 2008, both of which changed the value of a degree. Some of us were just kids doing what our parents said - "Get an education so you don't have to work in a factory like me."
Does this program do anything to help stop giving out NEW student loans? Genuine question.
No, it doesn't get rid of your loan either. It just stops payments and interest for up to a year. Then you have to re-new every year. If you have no job at the time you apply then you more than likely pay nothing per month. If you have a job then they base what amount you have to pay based on that income. However your loan still exist either way for the next 20 years or until paid off in full. The only way to get your Student debt canceled is with PSLF which ironically requires employment.
I’m just confused as to why they do this program but don’t fix the source of the problem which is the student loans.
@@jcbabb2 They "fix" you not having to pay every month for your loan if you can't afford to pay for your loan without it going into deferment, or default thus affecting your credit score. They also "fix" the interest that accrues during this "payment pause". They can't get rid of the loans because opposing political parties not allowing for it. They feel if you opened up a loan then you're obligated to pay it. This is essentially the best they can legally do. You technically speaking don't have to do anything, but the loan will exist for 10+ years. However if you want it gone completely you can always pay it down gradually as intended, pay for it in full, or ask for loan forgiveness.
So basically if you keep paying the same amount as if you're not on the save plan, more money will go towards the principal, I think 😮🙆🏽♀️🤷🏽♀️
They did the same thing with the Medicare program and a lot of Seniors got royally screwed as it pays less and denies coverages after the fact.
I still have no clue wtf this is but I’m enrolled
lol
Government: aye bruh we gonna let you slide on dat lil money u owe us just make sure when this deal over you come at us “correct”
@@slimeyjthompson6302 i actually understand this lol . Thx man
Same lol
Why not pay the principle first, interest second? Loan will end earlier. Also, allow students to renegotiate the terms of their loans.
Exactly! Because the loan owners want to make a lot of money off of these loans that can't be discharged in Bankruptcies and where people have no choice but have the loans for long time so it's alot of $ for the loan owners.
@@ellynicole6655 Yes the government wants the benefits of providing money for people to get an education. Through people having higher taxable incomes, and through interest.
@@ellynicole6655 modern sharecroppers.
that would benifit the borrower the most youre right. but if you think about it like too people, you have to pay them the benifit of giving you money in the first place. it would feel less scummy if they said something like we give you 10k now but your give us 15k by 10 years. instead they say its a loan with a 20% interest every year for whatever is outstanding. makes the borrow see numbers and not critically think about it.
just because someone makes x amount doesnt mean they are rich and not broke. this plan does nothing for a boat load of variables
Does anyone know if you have the recertify your income under the SAVE plan? I had to before when I was in an IDR plan. But I need to know if I need to be doing it under the SAVE plan.
Yes, recertify every year. It’s automatic if you file your annual tax return or you can do manually on the website
I do file my taxes. So I don’t need to do anything? They just lowered my monthly payment today actually. So I’m assuming it’s good.
@@ryneobrien1That’s great! Recommend keeping an eye on your accounts. I’ve heard some people had issues with their loan providers not updating their student loan records or the federal gov taking a while to pay back the interest.
I check my student loans about once a month to make sure there aren’t any default payments or issues.
One more question if you know. I have been teaching since 2013. I am in the PSFL program. When I did my masters program took loans for 2 terms. Then I paid those two masters loans off and paid the rest in cash. So now it shows me short of 120 payments. Is there a way to buy back those months so I can be at the 120? I read there is a program. Just don’t know if that really works. I’d love to just pay those months I’m missing at once and be done now with the PSFL program.
The best option to me is 1. Enroll in Save 2. Pay $0 or a lower amount and the gov't covers your interest payment monthly. 3. Then make your regular payment to go towards the principal.
Why make regular payments too??
If you pay the SAVE amount after the 10 yrs or less they forgive what ever your balance is including the interest.
@@cristyle32 I read that forgiveness after 10 years is only for balances of $12,500 or less.
It is better to pay higher monthly at shorter length of time. They really need to get rid of the interest rates all together. It is horrible interest continually putting on the left over balances as people pay them. Let's say you have $45,000 balance and you just paid $300...and you have $44,700 left but then they add 5.75% interest which is $2,570.75 which is added to the $44,700 totaling $47,270.25...so that $300 didn't even make a dent...balance owe is still increasing. That is how people are unable to pay it off. Yes college administrators are making big money and making people suffering financially. I recommend to all young people not going to University where you need to take a loan. Don't do it. Find a trade or University that you can pay off within less than a year...like $1000-$3000.
Interest is an Annual Percentage Rate (APR), so your math is wrong.
Divide your $2,570.75 by 12 and you’ll be closer.
E.g., 5.75% APR on a $45k loan would accrue $2,587.50 / 12 = $215.63 of interest for a month. So if you make a $300 payment, $84.37 would go towards principal. Yes, this still sucks. But you need to correctly calculate how much it sucks. 😄
@@user-zd8zs3rl6d If you have federal student loans, go to your Aidvantage estimated calculator...because that is where I got the information and I also used the smart asset calculator for student loans pay downs. If I am wrong, then you do the math and provide all the information here please...otherwise shut up.
You clearly didnt go to college
I hope this works out for everyone seeing this!!
I called the number and theyes a recorded message but after it is played the phone hangs up. How im supposed to get help with some questions?
What I’m trying to figure out is the interest I think we will all be paying for the rest of our lives the interest I might just pay this off in full. I’m kind of pissed about that because interest continue to accrue through all of these deferments and crisis.
Yes they have been charging me intrest as well.
I don't understand any of this. I have three kids and a wife and our household income is under $60k and they're still overcharging us.
I make under 60000 and they are charging 700 on the save plan, if in the video is correct that means I won't qualify for 0 a month which I get but definitely not 700. It's just me no dependents so yeah I feel ya something not right here
Bidenomics 😂
Did you apply for the SAVE PLAN or you assumed they put you in that program?
Basically this is for all of us unemployed folks that can’t make payments 😂
That but also for students like me who have to take a unwanted gap year
Stop judging, grow up
Also, either 20 or 25 years of payment may be forgivable debt- Or 10 years if you have a total loan under $12k
Yeah that one didn't pass the Supreme Court. There was millions that was approved, as I was one of those.
ok 👍
Ok, hold on .... there is a payment plan based on my annual income.
I thought college was supposed provide me a high income career/ job.
If so, then what's the benefit of this ?
The system we have is a joke
Work for yourself and forget a degree
I agree. You get the degree but you don't get the job because you don't have the experience. If you have experience they don't want you because you don't have a degree. Yes, they have had an income based repayment plan for quite a while. It is called an IBR. You have to renew every year and it collects interest. Which kind of means that you'll never actually pay it down.
I need a repayment plan
Yes colleges/ education is expensive & its a choice. I took student loans & used credit cards to pay for school/ other expenses. In the mean time i realized i should work so i don't get stuck with the loan for rest of my life. I think everyone has to find that balance on how much to take out. Don't just go out there and take bunch of money to pay for your tuition and other life expenses, alcohol, parties, expensive shopping, vacation etc. When you do that, that's on you & own up to it & pay back. Complain is not going to take you anywhere. No matter how much we complain & play the blaming game it will always fall back on you my friends. Life is not easy, but enjoy the ride regardless of what life gives you & make better choices bcuz every choices matter. Accountability!! Peace & Love!!
I didn't want to go to college at the time my husband forced me into, so as a good wife I did, he then cheated on me and got divorced. I want to pay back believe me but when I first enrolled I wasn't ready mentally I wasn't mature enough to understand or even know about the cost until it hit me in the face as a single women paying something back that I didn't even want in the first place.
I wasn't paying anyways
Oh how I love this comment
@@mbenitez6722 I owe $174,000 in student loans. So I moved to Korea to teach English the past 3 years and do the IDR plan for student loans. My salary is more than enough for me to live comfortably here but in the usa it's considered poverty. So I do the IDR and my monthly payment is $0. lol I'm never moving back. Women in korea are gorgeous. And I will NEVER pay a penny in student loans.
@@welfareleech1525 Here's your W you dropped 👏
Same lol
So you'll have the principal debt following you and giving the government guaranteed money money. Got it
youll pay back the money you borrowed ;)
Finally, financial assistance for student debt. Large corporations like the auto industry and hotels get bailouts often. Thank God for this administration. All who have student loans should apply for President Biden's SAVE PROGRAM. Think of it this way: you only have student debt to lose. It's a win-win! Apply NOW!
These plans continue to leave people out. Total failure for the millions who have paid their loan for a substantial amount of time and are now just paying interest.
Hahaha I’m an accountant you guys have to understand it’s a step by step complicated process. So you need to understand every complicated step in the process. The government is confusing you on purpose so you give up
They're not trying to confuse you so you give up. Go yell at some clouds or learn how the federal government works.
"If the American people ever allow private banks to control the issue of their currency, first by inflation, then by deflation, the banks and corporations that will grow up around them will deprive the people of all property until their children wake up homeless on the continent their Fathers conquered." Thomas Jefferson
all i ask is for additional time without all this bs
Great government ❤️
BS. They aren’t addressing the real issue which is the cost itself. They are allowing all their cronies to rake in millions including our corrupt resident who was supposedly a “professor at U Penn but never taught a class for several 100k per year. Crooks.
This is a scam. Before SAVE my payment was $130 (and that was the lowest amount of ALL the plans). Now it's $300. I make $160 a WEEK. And none of my payment will go towards the principle balance, just the interest. It's only if I can't afford to pay ALL the $300 that the gov will be "generous" and pay the rest of the INTEREST, but not the principle. And that's not mentioning how CONFUSING they still make it all sound to the point where people have to go to social media to get answers from people who DONT work for the government or even the student aid facilities! It's the blind leading the blind out here while the american gov just dicks us around!
thanks im in idr and was going to switch but i wont for now
That doesn't check out. When I was making 50k a year mine got dropped from 124 a month total to 88 a month with the newest plan. I make 65% more now and mine still doesn't exceed 300 a month. You need to call your loan issuer.
Obvious lie and anyone can verify this by checking out the SAVE estimate calculator. They also tell you again what your new payments will be prior to enrolling. Are you that disgruntled you spend time trying to harm other people who could benefit from this program? Pretty pathetic.
Just apply again and say you want the lowest payment amount. Making a low income your payment should be $0 monthly
I pay $34 and my income is less than $37000.
Only thing I was confused on FASA didn't mention the 10yrs. I thought theyl was taken the reduction off the top, leaving us with a lower a balance.
Nothing is corrupt about the cost of getting an education. As much as I don't like student loans, we have a choice to make for our future. We can choose a future living in poverty or become middle-income with student debt? The lesson learned is how much debt should you take on before enrolling in the university of your choice? Before you consider a Masters's degree, think about going overseas for your education. Everything is cheaper and in some cases, your fees are nowhere near prices at UCLA or Penn State. It would be great to study in Euope, Spain, Thailand or Kenya. Get out and see the world while keeping your expenses and debt low. Get out there!
It is corrupt. If your parents tell you to go to school and fill out your paperwork and you're left with debt you didn't know about when you leave school then who's fault is it? Doesn't matter because you would bare the burden. Not everyone chooses to take out a loan nor does everyone choose to be unemployed.
The level of dumb ass logic in this comment kills me mean to tell me there are white folks out here thinking like this you honestly think people have money to go to a whole Nother country? Tell me your privileged without telling me your privilege.
Lmao bro thinks he can pull himself up by his bootstraps
What a plan. So if we enroll we will never repay the loan... yet another brilliant government idea, what a joke.
I didn’t finish my education
I’m barely above the poverty line
If it wasn’t for this plan, I would have literally drowned in student loan debt
Greatest country in the world btw
@@whatcookgoodlooksome places school is free. And healthcare.
@@brother_maleik Indeed, but people like mikeymike don't want that for people here. He wants your average joe to potentially go bankrupt for lifesaving procedures and for people to be barred from education if they're too poor.
Voted for Biden to help me with student loans instead we helping everyone else. I'm moving on
Are you a moron or just a troll? This program looks amazing. Thanks Biden!
Definitely not from Biden...😂
@@shawnnahopper7466 I'm just glad I can pay for Ukraine to get Billions of dollars. Zolensky just got a 75million dollar yacht too. We are all blessed here
The GOP blocked student loan forgiveness 😳
@@aureliocam6308 ok, I guess it's both
that migrant and ukraine $ shoulda went to all of us who owe, then those who already paid get a tax credit....
More BS
Its funny that people are mad about this. You "BORROWED" the money and I am sure most people took and spent the stipend that was left over to buy stuff. Don't borrow and you won't owe. Borrow "ONLY" what you need. Find out what you can pay back and be faithful doing it and you will be fine.
I understand your point. But going to school is expensive and things add up quickly and most people have to work and go to school just to get by so I don’t think it’s the point of borrowing what you need if you don’t have it you just dont.
I never saw a dime as all went to the institution directly.
@@jasminenicole34 Exactly! Yes school is expensive but it is still a choice. I obtained my masters and a doctorate with having a full-time job. It was hard but I paced myself, borrowed what needed and paid it back over time. Not everyone can say that but there are more people who can help themselves verses those who used it as income or decided not to work out a plan after they graduated. They will allow as low as $5 per month. The problem is, people wait to late, never investigate or read the terms, then complain when it piles up. Thanks for your comment.
@@MC-cw5ph Thanks for your comment.
@sounddoctrine6159 the point is society benefits from having educated citizens that in turn have higher wages , pay higher taxes and less of a burden on it's social structure. Why make it nearly impossible for the majority to receive a higher education without being in outrageous debt that takes decades to pay back?
This has scam written all over it
You post has dumb written all over it. Zing
@@TJ-kw3ou Mr Saturn? Zoom?
It's not. Had my payment go to zero and still counts towards an on time payment towards forgiveness.
@@oreosk8ter My payment quadrupled on SAVE and after years of affordable payments in REPAYE. I had to switch to another IDR plan to get my payments affordable. SAVE only works for unemployed or totally broke with huge balances. If you are making an honest living and owe less than 20K SAVE plan actually makes things much worse.
First