Student loan 10K cancellation

[VA Hopeful Dr]

If banks can get free money, corporations can get bailed out, auto lenders can give 0% APR to well off people, the government can surely give 0% interest for student loans. To be fair, I’m only supporting 0% interest for tuition directly paid to colleges, otherwise everyone will cap out their loans lol.

I'm well off with a great credit score and I don't get 0% anything.

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[wholeheartedly]

It’s very simple. Have the right type of loans, work for a qualifying employer, certify your employment, and make 120 payments and you will get forgiven. The problem is that a lot of people, especially the first people who were 10 years into the program, did not have qualifying loans and had not consolidated to a qualifying loan type.

Go to the PSLF subreddit. There are plenty of success stories. The people who actually pay attention to the requirements are having their loans forgiven.

This isn’t quite accurate. There were a lot of barriers to people getting pslf besides people just not having the right loans or not following directions to qualify.

Loan service res often didn’t understand the nuances of the rules so they gave borrowers inaccurate info.

Numerous borrows were told by fed loan that they were working in qualifying positions and their payments counted only to later find out they weren’t.

the servicers miscounted payments.

Servicers would imprperly allocate payments so they wouldn’t count towards the 120 payments. they would miscalculate the amounts owed under IBR plans, people would pay what they were told, then later be told that wasn’t the right amount so those payments made didn’t count.

they would automatically put students in forbearance when transferring them into the fedloan servicer because they had difficulty processing the applications, without consent of the lendee so the person couldn’t make qualifying payments for months.

and other servicer shenanigans

CFPB Spotlights Borrower Complaints About Student Loan Servicers Mishandling Public Service Loan Forgiveness Program | Consumer Financial Protection Bureau

Consumer Bureau Launches “Certify Your Service” Campaign to Help Teachers, First Responders, and Other Public Servants Stay on Track.

www.consumerfinance.gov

Massachusetts Complaint Against the Pennsylvania Higher Education Assistance Agency (Published 2017)

The Massachusetts attorney general filed a lawsuit against the Pennsylvania Higher Education Assistance Agency, accusing it of extensive mistakes in handling two federal student loan forgiveness programs for those who work in public service jobs.

www.nytimes.com

Senate Democrats Demand CFPB Investigate Mismanagement of Student Loan Forgiveness Program | U.S. Senator Sherrod Brown of Ohio

WASHINGTON, D.C. — U.S. Sen. Sherrod Brown (D-OH) – ranking member of the U.S. Senate...

www.brown.senate.gov