If you are eligible for student loan forgiveness, READ THIS!

[Sigblaster]

If you made payments on your student loans during the covid payment pause, you can request a refund of those payments. ONLY DO THIS IF IT IS ADVANTAGEOUS TO YOU.

For example, if you're eligible for $10,000 of forgiveness of your loan, but your balance is $12,000, it's not advantageous for you, because that refund will be added back to the balance of your loan.

Now look at my example. Wife took out a loan for daughter. Eligible for $10,000 forgiveness. Current balance is $2800. Made $6500 in payments during the pause. She requested a refund today. The $6500 will be added to the $2800 balance for a total of $9300. Entire balance will be forgiven, $6500 back into my pocket.

NELNET said it will take 4-8 weeks to process the refund. Make sure you ask for a refund of any loans that were paid off during to pause (we had 2). Open loans may be automatic, but closed loans may not. Either way, call your servicer and request a refund if it makes sense for you.

https://studentaid.gov/debt-relief-announcement/one-time-cancellation

Am I eligible for a refund if I made voluntary payments during the pandemic?

Yes. You will automatically receive a refund of your payments during the payment pause if:

you successfully apply for and receive debt relief under the Administration's debt relief plan, AND
your voluntary payments during the payment pause brought your balance below the maximum debt relief amount you're eligible to receive but did not pay off your loan in full.
For example, if you're a borrower eligible for $10,000 in relief; had a balance of $10,500 prior to March 13, 2020; and made $1,000 in payments since then—bringing your balance to $9,500 at the time of discharge—we'll discharge your $9,500 balance, and you'll receive a $500 refund.
Other borrowers can still receive refunds on voluntary payments made after March 13, 2020 by contacting their servicer. It's important to note that these refunded payments will increase your loan balance and your monthly payments. If you expect to have a balance after discharge is applied and wish to request a refund, you can do so by contacting your servicer until Dec. 31, 2023.

If you consolidated your loan after March 13, 2020, refunds aren't available for any voluntary payments made prior to the consolidation.

Refund requests can only be made by you and refunded to you, even if someone else made a payment on your loan.

 

[Sigblaster]

Bumping this thread to make sure potential recipients are informed.

 

[wcd]

Bumping this thread to make sure potential recipients are informed.

Yes glad hear, great plan for redistribution of wealth. Not only did my wife and I repay our student loans in full. Now we have the opportunity to pay for someone else’s debt, I am so happy I am jumping for joy.

 

[patience0830]

Not wishing any bad luck on anyone, but I hope someone sues the pants off the Biden administration for using the power of the purse reserved to Congress to buy votes in a mid term election. It's wrong, it's unconstitutional, and it's corrupt.

 

[Frosty]

It's wrong, it's unconstitutional, and it's corrupt.

I thought that was the liberals new campaign slogan

 

[Sigblaster]

Not wishing any bad luck on anyone, but I hope someone sues the pants off the Biden administration for using the power of the purse reserved to Congress to buy votes in a mid term election. It's wrong, it's unconstitutional, and it's corrupt.

I can't disagree with you, because you're right. However, this country has slid so far sideways from the principles and values that it was founded on, that when the government gives away money that you're eligible for, you better grab it with both hands.

This loan forgiveness won't even cover my federal income tax payment for the year, let alone all the other federal, state, and local taxes I pay this year. The taxes that go to organizations that I don't support, the people who contribute nothing to the nation, the countries that will embezzle most of it and give a paltry amount to people who don't deserve it, and into the pockets of corrupt people performing shady tasks for the electorate.

No, this loan forgiveness should not have been done. But if you're eligible for this or any any other government program and you don't take advantage of it, you're just another sucker paying into the system.

 

[fullmetaljesus]

If you made payments on your student loans during the covid payment pause, you can request a refund of those payments. ONLY DO THIS IF IT IS ADVANTAGEOUS TO YOU.

For example, if you're eligible for $10,000 of forgiveness of your loan, but your balance is $12,000, it's not advantageous for you, because that refund will be added back to the balance of your loan.

Now look at my example. Wife took out a loan for daughter. Eligible for $10,000 forgiveness. Current balance is $2800. Made $6500 in payments during the pause. She requested a refund today. The $6500 will be added to the $2800 balance for a total of $9300. Entire balance will be forgiven, $6500 back into my pocket.

NELNET said it will take 4-8 weeks to process the refund. Make sure you ask for a refund of any loans that were paid off during to pause (we had 2). Open loans may be automatic, but closed loans may not. Either way, call your servicer and request a refund if it makes sense for you.

https://studentaid.gov/debt-relief-announcement/one-time-cancellation

How do you know it will be forgiven?

 

[Sigblaster]

How do you know it will be forgiven?

Have to read the eligibilty requirements. For me, it's simple. On Nelnet, if your loan number starts with an "E", it's government backed and will be forgiven. Check with your loan servicer if you have questions.

 

[hoosierdoc]

.

Actually 350,000 .s but i am lazy

 

[hoosierdoc]

Th

Not wishing any bad luck on anyone, but I hope someone sues the pants off the Biden administration for using the power of the purse reserved to Congress to buy votes in a mid term election. It's wrong, it's unconstitutional, and it's corrupt.

That's the rub. Who has standing to bring a lawsuit? Who is harmed,?

Precedent says adding to your share of national debt isn't enough

 

[WebSnyper]

Th

That's the rub. Who has standing to bring a lawsuit? Who is harmed,?

Precedent says adding to your share of national debt isn't enough

Does congress not have recourse?

 

[fullmetaljesus]

Have to read the eligibilty requirements. For me, it's simple. On Nelnet, if your loan number starts with an "E", it's government backed and will be forgiven. Check with your loan servicer if you have questions.

Guess I'm s.o.l. my loans are private.

 

[Ark]

Yeah... payments... that I totally made...

 

[oze]

Yes glad hear, great plan for redistribution of wealth. Not only did my wife and I repay our student loans in full. Now we have the opportunity to pay for someone else’s debt, I am so happy I am jumping for joy.

I only wish that the handouts (if they actually go through) would be treated by the Feds as taxable income. At least some states will do so.

 

[hoosierdoc]

Does congress not have recourse?

Not sure. But in a dem controlled Congress I'm guessing it won't happen. By the time Republicans control and try the money is long since spent, and the people get another taste of .gov's milk.

Anything is constitutional until a court rules it's not. That's one of the fallacies of our system

 

[Sigblaster]

I only wish that the handouts (if they actually go through) would be treated by the Feds as taxable income. At least some states will do so.

I'd be fine with that. The amount of taxes I would pay to fed and will pay to Indiana are miniscule compared to the $9300 in debt that will be wiped away.

It's like those people who say " I wouldn't want to win the lottery because of all the taxes I'd have to pay". Are you kidding me? You'd turn down 20 mil because you had to pay about 7 mil in taxes?

An extra $9300 in income wouldn't knock me into a higher tax bracket, and would add a very small amount to my tax burben.

 

[Sigblaster]

Not sure. But in a dem controlled Congress I'm guessing it won't happen. By the time Republicans control and try the money is long since spent, and the people get another taste of .gov's milk.

Anything is constitutional until a court rules it's not. That's one of the fallacies of our system

Republicans are notoriously loathe to undo anything the democrats have done. The optics of "taking something away" are much worse than stopping it before it begins through the legislative process.

 

[oze]

I'd be fine with that. The amount of taxes I would pay to fed and will pay to Indiana are miniscule compared to the $9300 in debt that will be wiped away.

It's like those people who say " I wouldn't want to win the lottery because of all the taxes I'd have to pay". Are you kidding me? You'd turn down 20 mil because you had to pay about 7 mil in taxes?

An extra $9300 in income wouldn't knock me into a higher tax bracket, and would add a very small amount to my tax burben.

It would be a consolation prize for the rest of us.

 

[Dante1983]

Gonna get some hate for this but.. I’m in the trades, no college for me except night classes a previous employer paid for and now an apprenticeship. But.. most of the ppl I know paying on student loans long term are middle to lower class, and have been working every day since they could legally hold a job, often way before. They pay taxes too. They’ve paid way more in taxes than their loans were. Can we just pretend it’s coming out of their taxes and not yours? I don’t agree with Biden but there are so many subsidies and payments for ppl who won’t work, illegals, yet they make it really hard for someone with disabilities to get help, I’m kinda happy that ppl who are trying (at least some of them) might be getting something back. In a perfect Murica, no maybe not, but in this one, where we give our petroleum reserve and farmland to china, pay for generational welfare, blow social security on senators bar tabs, and give 10 million to Pakistan for gender studies, screw it help a single working mom out with her education

 

[GodFearinGunTotin]

It is said the greatest trick satan ever accomplished was making the world believe he didn’t exist. A close second has to be the way the government has convinced Americans, who could do it themselves, that they deserve and are entitled to government handouts.