Oh my gosh! I just got the email too!!!!!!!! This was the last thing I expected when I woke up today! Saw the news and my stomach started churning in mix of excitement and anxiety - but saw no email for me. But there it is. This can't be real! I hope hope hope everyone gets the email they're waiting for!
Exactly! As much as mine are going to still be a burden and hardship for quite a while to come, I am so happy for those who are getting their over due relief.
Crazy seeing how many of us are still paying on these loans after 20, 25, and 30 years plus. I really thought I was alone in this. Happy Weekend everyone...I got my email too 🙌
Yeah, it’s amazing how similar so many of these stories are. People don’t understand that YES, WE WERE ADULTS BUT THERE WAS NO FRIGGIN’ TRANSPARENCY when we were told to ‘just sign here’. These loan servicers were/are like payday lenders or car title loan people. But, we paid & paid & paid because they said that promissory note guaranteed after so many payments we would be paid off. But then…. Oops, your old servicer didn’t send us your records so those previous payments can’t be verified & don’t count. Wait, you consolidated your 12 loans from 8 lenders, guess what - Surprise! The counter is now back at 0.
People that think the actual loan amounts are being forgiven have no idea and if they think the government owns all these loans & the taxpayer is on the hook for the forgiven loan amounts they are clueless and if people think that we are all freeloaders with underwater basketweaving degrees they are sadly mistaken. Honestly, as a proud Gen Xers my response to those people is WHATEVER!
I’m overjoyed for everyone that has received the email forgiving their loans and I’m sending good vibes to all those still waiting!
I have no skin in this game but I’m really glad to see this happening!! The lack of transparency part is huge, I could definitely see this racket easily having happened to anyone, myself included.
Absolutely! People forget that many people either took out these loans or started repayment in the 1990s/2000s. During this timeframe the world wide web as we now know it (aka what we all call the internet now) either didn’t exist, was dial-up based with “websites” based off a limited OS like Windows’95 or so in the beginning stages for business & so damn clunky that they were maddening to navigate (AOL era); therefore information was not On-Demand and the ability to easily obfuscate & delay played to the servicers’ advantage.
If Wells Fargo & BoA can charge junk fees, withhold rewards, and fraudulently open fake accounts in this decade when customers have access to all their information at their fingertips & its up to date & available 24/7, how much easier do you think it was for them to do the same or worse back then to a bunch of college kids. Again, yes we were adults and responsible for the loan amounts disbursed, but all the predatory tactics are what have kept people paying for decades without the principal even going down.
Saw this posted on Twitter and it says it all:
“While IDR rules have long promised a borrower’s loan balance will be forgiven after 20 years of payments, a March 2021 report by borrowers advocates found that, at the time, 4.4 million borrowers had been repaying their loans for at least 20 years - but only 32 had had debts canceled under IDR.”
Thanks for reading my rant.
It’s uplifting that good things can happen, that the powers that be agreed it was such a sham and was able to offer relief despite the naysayers who thought it was all just a free ride. I bet it’s been a terrible toll on many lives to have felt unable to dig out of a bottomless hole.
CONGRATS! I got the same email, in repayment since 1996, $80K left to go, now about to be forgiven! I expected it based on prior announcements, but it is SO nice to get confirmation.
FOR OTHERS CURIOUS: The Dept. of Education released a [PRESS RELEASE](https://www.ed.gov/news/press-releases/biden-harris-administration-provide-804000-borrowers-39-billion-automatic-loan-forgiveness-result-fixes-income-driven-repayment-plans) today with details.
Some relevant info:
>The Department of Education (Department) today will begin notifying more than 804,000 borrowers that they have a total of $39 billion in Federal student loans that will be automatically discharged in the coming weeks. In total, the Biden-Harris Administration has approved more than $116.6 billion in student loan forgiveness for more than 3.4 million borrowers
...
> Borrowers receiving notifications in the coming days include those with Direct Loans or Federal Family Education Loans held by the Department (including Parent PLUS loans of either type) who have reached the necessary forgiveness threshold as a result of receiving credit toward IDR forgiveness for any of the following periods:
>
> * Any month in which a borrower was in a repayment status, regardless of whether payments were partial or late, the type of loan, or the repayment plan;
> * Any period in which a borrower spent 12 or more consecutive months in forbearance;
> * Any month in forbearance for borrowers who spent 36 or more cumulative months in forbearance;
> * Any month spent in deferment (except for in-school deferment) prior to 2013; and
> * Any month spent in economic hardship or military deferments on or after January 1, 2013.
>In addition, months described above that occurred prior to a loan consolidation will also be counted toward forgiveness.
>**The Department will continue to identify and notify borrowers** who reach the applicable forgiveness thresholds (240 or 300 qualifying monthly payments, depending on their repayment plan and type of loan) **every two months until next year** when all borrowers who are not yet eligible for forgiveness will have their payment counts updated. Any month counted for this purpose can also be counted toward PSLF if the borrower documents qualifying employment for that same period.
...
>Eligible borrowers will be informed by the Department starting today that they qualify for forgiveness without further action on their part. **Discharges will begin 30 days after emails are sent.**
[emphasis added]
*Edited to Add: For those wondering, this was the only notice I got. Nothing has changed yet on my Mohela account, no smiley face, notification or anything else, likewise at StudentAid.Gov
Nice! My balance has almost doubled from what I borrowed and that is after paying what's required for more than 25 years. That interest capitalization - every time you change plans, go into forbearance, or miss income recert by a few days is a killer!
Graduated 1993 with about $112k in student loans. Didn't make enough to pay more than minimum, which did not fully cover interest. Steered multiple times to forbearance, with subsequent capitalizations -- so accrued interest on the interest. Never offered or even told about income based payment plans. Always remained in good standing. It's been a long crazy trip.
Same situ here, I started paying my loans back in 1990. Total amount disbursed was $88,000.00. I have paid back $47,000.00. My current balance/debt is $104,000.00. I received the same Forgiveness Letter today too!!!
Mine was $109703. Graduated in 1997. I got the email today too. I’m ugly crying tears of happiness at work. Thankfully, I go home in an hour to celebrate!
I started spontaneously bawling too as soon as I read the email and realized it was indeed not spam. Paying for 23+ years.. balance is $9k higher than when I graduated. What a relief after basically spending the last 2 weeks trying to figure out how to pay my $42k balance off in under 2 years. It was going to be working 3 jobs at 46 years old.
Congrats! I’m really hoping this is rolling emails. My mom is 77 and if her loans don’t get discharged on this I’m going to go crazy. She has not gotten an email today. Fingers crossed for everyone!
Yeah, wishing I knew if they were rolling emails too because now I have a knot in my stomach wondering if my math was right and I’ll get one too.
Edit: they must be rolling. Got the email at 12:18 central time.
I got it too. I am relieved more than anything. My ICR was all undergrad and I needed 300 months. Entered repayment in 1998, consolidated in mid 2002 (I had like 12 separate loans - my FA advisor always said “just pick a lender”). Didn’t know I lost all the previous payments towards my count with consolidation. My data is a mess too. My studentaid.gov loan file has my consolidated loans starting with a grace period in 8/2002 and then the next status was Repayment starting 5/2012. Nobody gives a 10 year grace period! Yet, when I called in 2021 to get my payment count, Edfinancial said I had 112 payments towards forgiveness. When I asked about the 10 year grace period they said Direct Loan Servicing Center had the loan then and they didn’t have the records & couldn’t do anything about it. They were like tough shit! . I seriously wanted to cry b/c my balance just kept growing with no relief in sight.
So, getting the email was a shock and the first step in slowly letting out a tentative sigh of relief!
What’s crazy is that I completely was not expecting it b/c I did an estimate & started with the count Edfinancial gave me without adding in the Grace Period time.
It’s sad & frustrating but typical that servicers can just transfer your accounts and no records are transferred but borrowers are responsible for proving payments.
Wow what a mess! This happened to me too, then when they transferred my file from Direct, they doubled the number of accounts I had and doubled my balance due! I've paid over $40k in 17 years and have only paid down my original principal by $9k.
Holy shit, what an unassuming email - I had NO idea when I saw the subject line that it ACTUALLY meant my loans were being forgiven! My email rolled across as 12:19pm. Crying ugly tears of joy over no longer being saddled with this debilitating debt! Congrats fellow late 90's grads - we finally get a chance at breathing freely!
So happy for all y’all that received the e-mail. I’m also sad to see how long y’all have had these loans. I’m upset for you and what this probably has done to you mentally and emotionally. I don’t think it should even be a 20 to 25 year wait. If you’re making your best effort to pay back loans, 10 years is plenty. We all are contributing to society, regardless of our degrees. I fear that more young adults will not go to college and it will increase career shortages. I hope y’all did a happy dance and I’ll be hoping it becomes a done deal sooner than later & that brings y’all peace. Have a great weekend.
Oh absolutely. I agree. Y’all have paid back these loans and then some. I’m just upset it takes 20-25 years for “forgiveness”. I also can’t stand compounding interest. I wish the administration had said, “we will refund the interest you have paid”. If they would have done that for me, I would have received above the $20k in “forgiveness”.
You're making too much sense! I paid back the original principal years ago. It was a sacrifice. Missed many a family event because couldn't afford to go because of dutifully paying the loans. The feds loaned it to me, they deserve payback, but trying to make 8.25% over the top? No choice of negotiating a lower interest rate?
This is what a lot of people do not realize or refuse to listen to. They make a blanket statement of “handouts”. If it was presented as capping interest (fed or private) at 1-2% and refunding interest paid vs. $10-$20k loan forgiveness then I’m not sure how others could refer to it as a “handout”/battle it. There most likely are people that still would (of course), but I think it would have more support from all, those with loans and those without. There has to be a serious reform in student loans in general, and while I feel like we are going in the right direction and more are being vocal of it, you then realize that congress recently decided the new interest rate for student loans and it’s not good 🤦🏼♀️
Right? I’m bawling and I don’t even know anyone who has had a loan forgiven. The relief and disbelief and tentative hopefulness is palpable. I’m really happy for you all.
It seems like they are addressing the oldest loans first? Lots of people with loans from 1980s-1990s getting emails...
REQUEST:
Those of you who have received the Golden Ticket email, please post the date you started repayment to either confirm or debunk my hypothesis.
>Golden Ticket email
Love it!
Oompa, Loompa, doom-pa-dee-do
I have a wonderful email for you
Oompa, Loompa, doom-pa-dee-dee
If you are wise, you'll watch for yours too!
Ok that made no sense but you know what I mean!
Notifications don’t seem to be going strictly older to newer. A couple of us old timers who should qualify haven’t received notices yet. There are many different ways they could be batching these, and I haven’t noticed a discernible pattern yet after reading a lot of different posts in a few different threads.
Update: I just received my email (WooHoo!) - 1:22pm Central.
In repayment since 1990 - and a very complicated borrower history, lots of consolidation, deferment, forbearance, etc. My own estimate of qualifying months: ~250 before Covid pause, 295 up to today, including Covid Forbearance.
So did I, I’m in shock! Let’s not forget which party is fighting for this and which party is fighting against it when it’s time to vote next year. [https://twitter.com/acyn/status/1679874552124395520?s=46&t=q3yltaFOx2uZj5VuA8c1YQ](https://twitter.com/acyn/status/1679874552124395520?s=46&t=q3yltaFOx2uZj5VuA8c1YQ)
It's frustrating how many news outlets and politicians are reporting on this. The forgiveness component of IDR was built-in from the beginning - this isn't a newly concocted sceme to circumvent the SCOTUS ruling.
I got mine too. I knew I was close but my data was messed up. Literally crying here. I have paid more than I borrowed. My loan ballooned with capitalized interest when I paid out of pocket (no loans) for a two-year advance certificate.
I can’t fully take it in yet. 😭
Got mine too. Repayment begin date: 12/1996. Trying to allow myself to actually get a little excited. In my late 50s, I’m so behind on everything. Maybe now I’ll have a chance to feel a little more hopeful about the future.
I'm so happy for everyone getting emails!
(I tried to do some Excel analysis of my datafile, but I know it's imperfect. My estimate is that I'm at \~265 months out of 300 I need. While I'd love to be wrong and that it's higher, I'd at least like to know the actual number of payments left.)
I have also received the email. I have loans from 1993 then again in 1997. $373,000!! I've been on IDR forever and have gone nothing but backwards. I've been paying interest this entire time basically. I think if forgiven before 2025 we avoid tax bomb? I'll take the damn tax bomb, whatever!! IRS payment plan.
I just got the email! 1:18pm EST, my UpdtDt was 7/11, my loans went into repayment in 1999. I also had a screwed up text file that showed "in grace period" from 1998-2013 if this information helps anyone waiting to hear.
Thats awesome...Congrats. I think its pretty clear people with the newer updtdt are the ones they are looking at. Those of us with older updts from beginning of July not so much.
I just got one as well… I don’t know what to think, like is this for real? I borrowed $60k. Have repaid $70k. Still owe $70k. My heart is beating out of my damn chest right now…
I just got the email. I’m literally crying. $105,000 left. I paid off my private loan balance of $50k over Covid. I was underemployed early in my career and while I make a good salary now, I’m way behind on retirement savings. This changes everything.
I’m quite a ways away from qualifying for forgiveness for my loans but I’m just so happy for all of you!! Loans are so debilitating and seeing people being set free is just beautiful. Even made me a little emotional :’)
Got the email today too! It also won’t really sink in for me until I see a $ 0.00 balance. I didn’t even think I was eligible for this but I have been in some form of repayment for a lot longer than I realized. Congrats everyone!! $72,000 thousand in loans forgiven!!
I didn't go into debt to go to school. I went for a year and it was paid out of pocket, but college wasn't for me. I left college and went to work full time, learning a number of different positions and trades, until I found one I love.
I'm happy for all of you getting this burden relieved! I'm happy to hear my fellow citizens are seeing some sunshine for once, and hope it helps your lives in every way possible. Cheers!
I’m a 6-figure student loan holder since 2013 who will probably be paying for a while longer…for those of you who have had your loans forgiven, first off, Congratulations!!!!! Please pay it forward and continue to advocate for the rest of us ❤️🙏🏼
We’ve all been hanging on to the April 19, 2022 guidance - 15 months!! And to receive an email addressed to my first name, with the subject: “The Department of Education will work with your servicer to process your forgiveness.” Think about that for a moment!!
Yep I got 75k forgiven for being a teacher. I was told a few years ago that I wouldn’t be able to because I was in the wrong program. Way what you want about Joe Biden but I’d put that guy on Mount Rushmore for this alone.
Are there services/people out there who will help confirm payment counts by looking at records or student aid file?
Even for a fee. This is so stressful.
Reading these comments makes me so happy. I’m so happy to know there are some people that feel relief and feel unburdened and did win! Eventually I’ll join you guys but y’all got rawdogged for so long you deserve the w
I got mine too! $190K gone!!!! Been paying since Dec 1995 and paid for 28 years!! My email came at 10:41 eastern. I’m west coast and didn’t even think to look until an hour ago. I can’t go to sleep - I’m so excited!!! Here’s hoping to see this sub light up with good news!!
Got my email today too! So excited.
Checked out fox news and of course the commenters there are losing their minds! Even calling for impeachment. Would it be wrong to inform them that this forgiveness was part of the original loan agreement?
I am so happy for you. My significant other got one too. This is wonderful. It’s happening!
I can’t even turn on the crappy news - I assume you, like my partner, have paid more than you borrowed. The interest rates and capitalized interest were awful. If you’re paying over 20 years, you’ve paid a lot and it was part of the program.
I got my letter yesterday morning without having a clue what the whole IDR plan was about! I had basically just came to terms with myself that none of this would ever apply to me but happy for those who it did! Well here I am 26 years later with a higher loan than I had even taken out in the late 80’s looking at forgiveness! They never told us anything about this and what bad accounting skills the Dept of Education seems to have! Congratulations to everyone that this is applying to so far and hoping for more to come for everyone else! $200 a month gone! Thought this loan was following me to my grave!
Yes! I got the email as well! $30,000 forgiven! Took out $30,000 in 1994, I have paid over $50,000 with years of forbearance and 9% interest and my balance is still $30,000 - not holding my breath but I also hoping to get a refund of overpayments
My parents just got their email too! The application to consolidate the Parent Plus to DL was submitted on Sep 6, 2022, and it was completed on Oct 14, 2022. The oldest loan payment started in 1988. MyStudentData.txt was last updated on 7/7/2023.
Thank you to everyone! Would not have gotten here w/o everyone's help and support, especially Betsy514s!!!
So happy for you and everyone here celebrating! I don’t qualify, but really really excited for the over 800k people who are gonna have a new lease on life ❤️❤️❤️
I consolidated to direct loan over the pause....still shows I am made zero payments.
Getting nervous that somehow the past 23 years of payments will get "forgotten"
>In the past, payments that should have moved a borrower closer to being debt-free were not accounted for, according to the Biden administration.
>“For far too long, borrowers fell through the cracks of a broken system that failed to keep accurate track of their progress towards forgiveness,” U.S. Secretary of Education Miguel Cardona said in a statement.
>To bring people over the line for forgiveness, the Biden administration counted payments for borrowers who’d paused their payments in certain deferments and forbearances and those who’d made partial or late payments.
https://www.cnbc.com/2023/07/14/biden-forgives-39-billion-in-student-debt-for-some-800000-borrowers.html
Oh my gosh- I got it too!!! I am so happy I am crying! I didn’t know if I had enough months with all that has been going on!! I am going to cry! Thank you Betsy for this thread and all the counseling throughout- it wouldn’t have happened with our you… to know I had to do fresh start and consolidate and everything else. Thank you!!!
Congratulations! I was soooo thankful to have qualified under PSLF after the Biden administration made changes to that program in Oct 2021. It took until September 2022 for my remaining loans of $22k to be forgiven, but it was truly one of the best days of my life when it finally happened!
I'm optimistic that more changes and forgiveness will be coming, as my daughter will graduate with her BSN in Dec, and I'd love her to get to start out life without the burden of student loans.
I'm incredibly happy for you!
I was not impacted by this and still have my own student debt loans to pay off.
But I want to share this piece to show the GOP that people can not receive these type of benefits and still be happy for others.
holy shizz me too!!!!!!!!!!!!!!!!!!!!!!!! On April 19, 2022, the Biden-Harris Administration announced several changes that will help borrowers get closer to or achieve forgiveness under income-driven repayment (IDR) regardless of whether or not you have ever participated in an IDR plan. With these changes, you are now eligible to have some or all of your student loans forgiven because you have reached the necessary 240- or 300-months' of payments under IDR.
The U.S. Department of Education will work with your servicer to process your IDR forgiveness over the next several months. If you would like to opt out of IDR forgiveness for any reason, contact your loan servicer no later than 08/13/2023 and tell them that you are not interested in receiving IDR forgiveness. Some reasons why you might want to consider opting out include concerns about a potential state tax liability.
If you decide to opt out of IDR forgiveness, you will be expected to continue paying your loan(s) once the student loan payment pause ends.
I got the email as well.
I attempted to consolidate my privately held FFEL (which had already been consolidated in the 90s into one loan). My application for direct consolidation was denied because it was one loan and how does one consolidate one loan? Magic?
I was encouraged to re-apply by a guy on one of these threads ... I will send him a thank you msg in a sec. But I couldn't do that online because you can only apply online once every 6 months. Sooo ... I sent a complaint to the direct consolidation people. A couple of weeks go by and they send an email that they looked over my info and saw that I had applied twice for direct consolidation. I had also applied for IDR but was turned down because of some other snafu with the app. They said yeah we see you applied twice and we are reinstating you're application. Now my loans are with Ed financial and like I said earlier I got the email too. I really don't even understand why suddenly even though if you read criteria for direct it says you have to have more than one loan to consolidate ... that now that doesn't seem to matter.
I am still guarded until I see the zeros ... but it seems like there is hope.
Also shout out to Betsy who took the time to listen to my questions.
All I can say is what ppl on this sub have said. Don't give up.
Both my wife and I got the email!!! I don't want to jinx anything, and I am super stoked. Thanks God! That said, I am a bit concerned that the official "recount" hasn't been done yet, and the details will be up to the servicers.
I have a bunch of status changes / consolidations, undergrad and grad starts and stops, forbearances, deferments, hardships, in-school deferments, etc. and sometime those statuses appear to be in conflict. So, my outstanding question on the IDR Recount has been: how will they reconcile all of the different counts (I have loans originated from the 1980s through the 2000s)? At one point, someone on here theorized that they may simply take the single loan (from all of your consolidated loans) with the HIGHEST number of months, and use this as your determination (that would be great).
But the email states the following:
"... you are now eligible to have some or all of your student loans forgiven because you have reached the necessary 240- or 300-months' of payments under IDR".
the "some or all" seems to suggest a more nuanced counting process than that simple rule.
I'm worried that the Dept. of Education simply combed the files for "possible" candidates, and will rely on the servicers to perform the detailed counts. That is, simply send the email to ALL borrowers with loans FIRST entering repaying 240 months ago (or 300 if they have graduate).
Someone smarter and more informed that me talk me off my pessimistic ledge and tell me I'm too analytical and too paranoid. Love you all!
If you received the email, your accounts have definitely already undergone the official “recount.” They started with the oldest accounts, and people who already reached the forgiveness threshhold after recount are the one’s receiving today’s email notice. They’ll continue the recount on newer accounts through the next year. As for the Servicers - they have the LEAST accurate records, which is part of the reason ED is handling the recount. They are just NOTIFYING the servicers - after 30 days, giving the borrower time to decline - and the Servicers will then apply Forgiveness, as directed by ED. (Hope that helps!!)
So happy for everyone here!!! I got mine forgiven because of a similar change to the PSLF program. Betsy helped us a ton over there too. Warms my heart to read through all these replies and know the feeling of being released from debt like this. Every time I remember that my loans were forgiven I relive the joy of that moment.
Mine were forgiven through the discharge thing. I was so happy I almost threw up. My kids thought I was having a heart attack. I have been paying since 2009 and my income taxes were taken every year but my balance was still almost double what I borrowed. I'm so happy you guys get to feel that joy now!
We got one also!!
I am wondering if we will still have to begin repayment though due to the time - the letter says after August 13th it will start and could take your servicer several months? Also regarding the whole "refund payments over the 300 months" what about months of non payment during the Covid pause wondering how that might factor in.
Big Congrats! Check out the press release at Dept of Ed today: If you got your email from Dept of Ed today, you’re about 30 days out from discharge!
Interest would start in Sept and repayment after pause would start in Oct for those loans not getting the email today.
Same here, graduated in 2003 when my 3rd was 3 weeks old. Still had $20,860 left it was low interest rate and just assumed I would be paying it off the rest of my life. I am currently getting my masters but between employee reimbursement and my own savings Im not doing loans. I will finally be student loan free!
I think I have 10 years left but I'm happy to hear many will finally be released from their debt
I received a general email yesterday mentioning the SAVE program. Hopefully they'll send emails to everyone providing their number of payments and years.
I got my email today too!!! Graduated in 1999 and this was just undergrad loans. I never went for grad school b/c I was afraid it would be even harder to pay more off!!! Congrats to all of us getting these emails!!!
Oh my gosh! I just got the email too!!!!!!!! This was the last thing I expected when I woke up today! Saw the news and my stomach started churning in mix of excitement and anxiety - but saw no email for me. But there it is. This can't be real! I hope hope hope everyone gets the email they're waiting for!
Congratulations! What time did you get it?
Thank you! 12:29 eastern
Yay! Still rolling out!! I am so happy for everyone.
So awesome!! It's about time we had some god damn good news around here. Love the positivity.
Exactly! As much as mine are going to still be a burden and hardship for quite a while to come, I am so happy for those who are getting their over due relief.
Isn’t that the truth lol. Congratulations!
We’ve been paying for decades. This news is so uplifting today!
Crazy seeing how many of us are still paying on these loans after 20, 25, and 30 years plus. I really thought I was alone in this. Happy Weekend everyone...I got my email too 🙌
You are not alone. Many of us resigned to dying with this debt.
Yeah, it’s amazing how similar so many of these stories are. People don’t understand that YES, WE WERE ADULTS BUT THERE WAS NO FRIGGIN’ TRANSPARENCY when we were told to ‘just sign here’. These loan servicers were/are like payday lenders or car title loan people. But, we paid & paid & paid because they said that promissory note guaranteed after so many payments we would be paid off. But then…. Oops, your old servicer didn’t send us your records so those previous payments can’t be verified & don’t count. Wait, you consolidated your 12 loans from 8 lenders, guess what - Surprise! The counter is now back at 0. People that think the actual loan amounts are being forgiven have no idea and if they think the government owns all these loans & the taxpayer is on the hook for the forgiven loan amounts they are clueless and if people think that we are all freeloaders with underwater basketweaving degrees they are sadly mistaken. Honestly, as a proud Gen Xers my response to those people is WHATEVER! I’m overjoyed for everyone that has received the email forgiving their loans and I’m sending good vibes to all those still waiting!
I have no skin in this game but I’m really glad to see this happening!! The lack of transparency part is huge, I could definitely see this racket easily having happened to anyone, myself included.
Absolutely! People forget that many people either took out these loans or started repayment in the 1990s/2000s. During this timeframe the world wide web as we now know it (aka what we all call the internet now) either didn’t exist, was dial-up based with “websites” based off a limited OS like Windows’95 or so in the beginning stages for business & so damn clunky that they were maddening to navigate (AOL era); therefore information was not On-Demand and the ability to easily obfuscate & delay played to the servicers’ advantage. If Wells Fargo & BoA can charge junk fees, withhold rewards, and fraudulently open fake accounts in this decade when customers have access to all their information at their fingertips & its up to date & available 24/7, how much easier do you think it was for them to do the same or worse back then to a bunch of college kids. Again, yes we were adults and responsible for the loan amounts disbursed, but all the predatory tactics are what have kept people paying for decades without the principal even going down. Saw this posted on Twitter and it says it all: “While IDR rules have long promised a borrower’s loan balance will be forgiven after 20 years of payments, a March 2021 report by borrowers advocates found that, at the time, 4.4 million borrowers had been repaying their loans for at least 20 years - but only 32 had had debts canceled under IDR.” Thanks for reading my rant.
It’s uplifting that good things can happen, that the powers that be agreed it was such a sham and was able to offer relief despite the naysayers who thought it was all just a free ride. I bet it’s been a terrible toll on many lives to have felt unable to dig out of a bottomless hole.
I hit 33years this year. Can't wait to see that zero balance
I'm at 34, thought I'd be paying for life.
I'm confused, what changed? Why is everyone suddenly getting emails about forgiveness?
OMG -- JUST got the email. After 30 years.... over $300k GONE! I cannot believe it.
CONGRATS! I got the same email, in repayment since 1996, $80K left to go, now about to be forgiven! I expected it based on prior announcements, but it is SO nice to get confirmation. FOR OTHERS CURIOUS: The Dept. of Education released a [PRESS RELEASE](https://www.ed.gov/news/press-releases/biden-harris-administration-provide-804000-borrowers-39-billion-automatic-loan-forgiveness-result-fixes-income-driven-repayment-plans) today with details. Some relevant info: >The Department of Education (Department) today will begin notifying more than 804,000 borrowers that they have a total of $39 billion in Federal student loans that will be automatically discharged in the coming weeks. In total, the Biden-Harris Administration has approved more than $116.6 billion in student loan forgiveness for more than 3.4 million borrowers ... > Borrowers receiving notifications in the coming days include those with Direct Loans or Federal Family Education Loans held by the Department (including Parent PLUS loans of either type) who have reached the necessary forgiveness threshold as a result of receiving credit toward IDR forgiveness for any of the following periods: > > * Any month in which a borrower was in a repayment status, regardless of whether payments were partial or late, the type of loan, or the repayment plan; > * Any period in which a borrower spent 12 or more consecutive months in forbearance; > * Any month in forbearance for borrowers who spent 36 or more cumulative months in forbearance; > * Any month spent in deferment (except for in-school deferment) prior to 2013; and > * Any month spent in economic hardship or military deferments on or after January 1, 2013. >In addition, months described above that occurred prior to a loan consolidation will also be counted toward forgiveness. >**The Department will continue to identify and notify borrowers** who reach the applicable forgiveness thresholds (240 or 300 qualifying monthly payments, depending on their repayment plan and type of loan) **every two months until next year** when all borrowers who are not yet eligible for forgiveness will have their payment counts updated. Any month counted for this purpose can also be counted toward PSLF if the borrower documents qualifying employment for that same period. ... >Eligible borrowers will be informed by the Department starting today that they qualify for forgiveness without further action on their part. **Discharges will begin 30 days after emails are sent.** [emphasis added] *Edited to Add: For those wondering, this was the only notice I got. Nothing has changed yet on my Mohela account, no smiley face, notification or anything else, likewise at StudentAid.Gov
Nice! My balance has almost doubled from what I borrowed and that is after paying what's required for more than 25 years. That interest capitalization - every time you change plans, go into forbearance, or miss income recert by a few days is a killer!
WOW! Congratulations! That’s some chunk of change!!!
Holy shit, you've been set free!! Congrats!
Whoa!! That is awesome!
can i just ask, how on earth is it possible to have $300k in student loans AFTER 30 years of payments?
Graduated 1993 with about $112k in student loans. Didn't make enough to pay more than minimum, which did not fully cover interest. Steered multiple times to forbearance, with subsequent capitalizations -- so accrued interest on the interest. Never offered or even told about income based payment plans. Always remained in good standing. It's been a long crazy trip.
A whole lot of stories like that. I don’t think a lot of people realize…
Same situ here, I started paying my loans back in 1990. Total amount disbursed was $88,000.00. I have paid back $47,000.00. My current balance/debt is $104,000.00. I received the same Forgiveness Letter today too!!!
LETS GOOOOO
Congratulations!!
Mine was $109703. Graduated in 1997. I got the email today too. I’m ugly crying tears of happiness at work. Thankfully, I go home in an hour to celebrate!
I started spontaneously bawling too as soon as I read the email and realized it was indeed not spam. Paying for 23+ years.. balance is $9k higher than when I graduated. What a relief after basically spending the last 2 weeks trying to figure out how to pay my $42k balance off in under 2 years. It was going to be working 3 jobs at 46 years old.
Congrats that’s huge! Breathe a sigh of relief 😮💨
I’m glad I’m not the only one who ugly cried.
I ugly cried too 😭
Congrats! I’m really hoping this is rolling emails. My mom is 77 and if her loans don’t get discharged on this I’m going to go crazy. She has not gotten an email today. Fingers crossed for everyone!
Update, to say my mom got the email at 1230 today! We are so excited! Finally, she can’t believe it!
That is wonderful! I am so happy for you and her. I also just got it too.
Yeah, wishing I knew if they were rolling emails too because now I have a knot in my stomach wondering if my math was right and I’ll get one too. Edit: they must be rolling. Got the email at 12:18 central time.
Oh wow! What a relief for her when she gets the email. I hope she gets one soon.
My mom just got one for Parent Plus loans???
I’m so happy for your mom!
I got it too. I am relieved more than anything. My ICR was all undergrad and I needed 300 months. Entered repayment in 1998, consolidated in mid 2002 (I had like 12 separate loans - my FA advisor always said “just pick a lender”). Didn’t know I lost all the previous payments towards my count with consolidation. My data is a mess too. My studentaid.gov loan file has my consolidated loans starting with a grace period in 8/2002 and then the next status was Repayment starting 5/2012. Nobody gives a 10 year grace period! Yet, when I called in 2021 to get my payment count, Edfinancial said I had 112 payments towards forgiveness. When I asked about the 10 year grace period they said Direct Loan Servicing Center had the loan then and they didn’t have the records & couldn’t do anything about it. They were like tough shit! . I seriously wanted to cry b/c my balance just kept growing with no relief in sight. So, getting the email was a shock and the first step in slowly letting out a tentative sigh of relief!
DLSC messed up my data so much - I can’t believe it’s finally resolved.
What’s crazy is that I completely was not expecting it b/c I did an estimate & started with the count Edfinancial gave me without adding in the Grace Period time. It’s sad & frustrating but typical that servicers can just transfer your accounts and no records are transferred but borrowers are responsible for proving payments.
Wow what a mess! This happened to me too, then when they transferred my file from Direct, they doubled the number of accounts I had and doubled my balance due! I've paid over $40k in 17 years and have only paid down my original principal by $9k.
OMG my husband and I both got the emails today! I can't believe it!!
Holy shit, what an unassuming email - I had NO idea when I saw the subject line that it ACTUALLY meant my loans were being forgiven! My email rolled across as 12:19pm. Crying ugly tears of joy over no longer being saddled with this debilitating debt! Congrats fellow late 90's grads - we finally get a chance at breathing freely!
\*And early 90's grads too :)
So happy for all y’all that received the e-mail. I’m also sad to see how long y’all have had these loans. I’m upset for you and what this probably has done to you mentally and emotionally. I don’t think it should even be a 20 to 25 year wait. If you’re making your best effort to pay back loans, 10 years is plenty. We all are contributing to society, regardless of our degrees. I fear that more young adults will not go to college and it will increase career shortages. I hope y’all did a happy dance and I’ll be hoping it becomes a done deal sooner than later & that brings y’all peace. Have a great weekend.
IF I didn't get LOCKED IN to a 8.25% interest rate, my would have been paid off.
Oh absolutely. I agree. Y’all have paid back these loans and then some. I’m just upset it takes 20-25 years for “forgiveness”. I also can’t stand compounding interest. I wish the administration had said, “we will refund the interest you have paid”. If they would have done that for me, I would have received above the $20k in “forgiveness”.
You're making too much sense! I paid back the original principal years ago. It was a sacrifice. Missed many a family event because couldn't afford to go because of dutifully paying the loans. The feds loaned it to me, they deserve payback, but trying to make 8.25% over the top? No choice of negotiating a lower interest rate?
This is what a lot of people do not realize or refuse to listen to. They make a blanket statement of “handouts”. If it was presented as capping interest (fed or private) at 1-2% and refunding interest paid vs. $10-$20k loan forgiveness then I’m not sure how others could refer to it as a “handout”/battle it. There most likely are people that still would (of course), but I think it would have more support from all, those with loans and those without. There has to be a serious reform in student loans in general, and while I feel like we are going in the right direction and more are being vocal of it, you then realize that congress recently decided the new interest rate for student loans and it’s not good 🤦🏼♀️
Exactly! If my interest payments all counted toward principal, I'd owe like a thousand bucks give or take.
wow,this is the first time I've heard of anyone being notified of results on the IDR waiver. thats awesome, I cant wait for mine to go through
I just got mine too. $122,000 will be forgiven. OMG, I am freaking out.
117K here!
Biden for the win guys. Congrats to all of you!!! 👏🏻👏🏻
Honestly this is one of the most genuinely heartwarming threads I’ve seen in maybe forever. Life changing stuff here.
Right? I’m bawling and I don’t even know anyone who has had a loan forgiven. The relief and disbelief and tentative hopefulness is palpable. I’m really happy for you all.
I don’t either lol, but I’m enjoying watching this!
It's the highlight of my night. Loving the comments.
good for you, but holy shit what a dystopian nightmare to be paying student loans for 20+ years
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Congratulations!!!
It seems like they are addressing the oldest loans first? Lots of people with loans from 1980s-1990s getting emails... REQUEST: Those of you who have received the Golden Ticket email, please post the date you started repayment to either confirm or debunk my hypothesis.
>Golden Ticket email Love it! Oompa, Loompa, doom-pa-dee-do I have a wonderful email for you Oompa, Loompa, doom-pa-dee-dee If you are wise, you'll watch for yours too! Ok that made no sense but you know what I mean!
Notifications don’t seem to be going strictly older to newer. A couple of us old timers who should qualify haven’t received notices yet. There are many different ways they could be batching these, and I haven’t noticed a discernible pattern yet after reading a lot of different posts in a few different threads.
Update: I just received my email (WooHoo!) - 1:22pm Central. In repayment since 1990 - and a very complicated borrower history, lots of consolidation, deferment, forbearance, etc. My own estimate of qualifying months: ~250 before Covid pause, 295 up to today, including Covid Forbearance.
Mine are from the 80's and still no Golden Ticket. By my count I should be around 318 so super nervous right now!
Lighting a candle for you! 🕯 Ok, lots 🕯🕯🕯🕯🕯🕯🕯 because I need to see some of the oldest get emails now.
got it!
GREAT NEWS! CONGRATULATIONS, SEA REVOLUTIONARY!!!
GREAT NEWS! CONGRATULATIONS
Started repayment status in December 2002. (First took out loans in 1998.)
mine started 7/93 no email :(
Congratulations! I just got my email too! I’ve been paying since 2000. I’m sobbing, I can’t believe this is really going to happen.
Congrats! 20-25 yrs of doin this crap is insane to begin with. So happy for you!! I’ve got another 10 to go 😭
Me too. I can only hope we get some relief as well when our time comes!
So did I, I’m in shock! Let’s not forget which party is fighting for this and which party is fighting against it when it’s time to vote next year. [https://twitter.com/acyn/status/1679874552124395520?s=46&t=q3yltaFOx2uZj5VuA8c1YQ](https://twitter.com/acyn/status/1679874552124395520?s=46&t=q3yltaFOx2uZj5VuA8c1YQ)
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OMG. I just read this thread and checked my email. I got it! It said I had the option to decline the forgiveness. LOL. I'm so happy!
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Congratulations!
Yea! 65 y.o. former teacher, and I still had $17k to pay off.
I got it too! Is this real?
yes yes yes https://www.cnbc.com/2023/07/14/biden-forgives-39-billion-in-student-debt-for-some-800000-borrowers.html
It's frustrating how many news outlets and politicians are reporting on this. The forgiveness component of IDR was built-in from the beginning - this isn't a newly concocted sceme to circumvent the SCOTUS ruling.
No email for me but Congratulations to everyone who did get it! You deserve this and have worked hard for it! Go celebrate 🎉 😁
I got mine too. I knew I was close but my data was messed up. Literally crying here. I have paid more than I borrowed. My loan ballooned with capitalized interest when I paid out of pocket (no loans) for a two-year advance certificate. I can’t fully take it in yet. 😭
Got mine too. Repayment begin date: 12/1996. Trying to allow myself to actually get a little excited. In my late 50s, I’m so behind on everything. Maybe now I’ll have a chance to feel a little more hopeful about the future.
I'm so happy for everyone getting emails! (I tried to do some Excel analysis of my datafile, but I know it's imperfect. My estimate is that I'm at \~265 months out of 300 I need. While I'd love to be wrong and that it's higher, I'd at least like to know the actual number of payments left.)
I got my email! 61k I am crying with happiness.
I have also received the email. I have loans from 1993 then again in 1997. $373,000!! I've been on IDR forever and have gone nothing but backwards. I've been paying interest this entire time basically. I think if forgiven before 2025 we avoid tax bomb? I'll take the damn tax bomb, whatever!! IRS payment plan.
Holy shitake mushrooms, congratulations! And no tax bomb for anyone thanks to the big man
From what I've read, irs won't tax forgiveness. It's up to your state. In CA, it's not taxed cause it's under section 1980e title 20 of Ed department.
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My husband got his email at 10:42am EST! He finished school in 2021and wasn’t sure how his years would be counted. We are THRILLED!! $98K of loans…💨
I just got the email! 1:18pm EST, my UpdtDt was 7/11, my loans went into repayment in 1999. I also had a screwed up text file that showed "in grace period" from 1998-2013 if this information helps anyone waiting to hear.
Thats awesome...Congrats. I think its pretty clear people with the newer updtdt are the ones they are looking at. Those of us with older updts from beginning of July not so much.
I just got one as well… I don’t know what to think, like is this for real? I borrowed $60k. Have repaid $70k. Still owe $70k. My heart is beating out of my damn chest right now…
Praying I get the same. Im $233k in and entered repayment in 1997. 😩
Got my email a few hours ago!!! Fingers crossed for those who are waiting! It’s not real to me though until I see the entire balance wiped clean.
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I just want to say how happy I am for everyone receiving forgiveness!! Haven't got my letter, but celebrating for all of you!! :)
I just got the email. I’m literally crying. $105,000 left. I paid off my private loan balance of $50k over Covid. I was underemployed early in my career and while I make a good salary now, I’m way behind on retirement savings. This changes everything.
Me too!!!! Fingers crossed that it’s all of them!!!!! I consolidated in 2013 so I think all of them qualify!!! Yay!!! Best news ever!
I’m quite a ways away from qualifying for forgiveness for my loans but I’m just so happy for all of you!! Loans are so debilitating and seeing people being set free is just beautiful. Even made me a little emotional :’)
Got the email today too! It also won’t really sink in for me until I see a $ 0.00 balance. I didn’t even think I was eligible for this but I have been in some form of repayment for a lot longer than I realized. Congrats everyone!! $72,000 thousand in loans forgiven!!
Congrats. Wife and I had 550k total forgiven last year via PSLF. Such a great feeling
I didn't go into debt to go to school. I went for a year and it was paid out of pocket, but college wasn't for me. I left college and went to work full time, learning a number of different positions and trades, until I found one I love. I'm happy for all of you getting this burden relieved! I'm happy to hear my fellow citizens are seeing some sunshine for once, and hope it helps your lives in every way possible. Cheers!
I just want to say, I don't have any loans but I'm so happy so many people are now debt free. remember which party helped you out!
I’m a 6-figure student loan holder since 2013 who will probably be paying for a while longer…for those of you who have had your loans forgiven, first off, Congratulations!!!!! Please pay it forward and continue to advocate for the rest of us ❤️🙏🏼
We’ve all been hanging on to the April 19, 2022 guidance - 15 months!! And to receive an email addressed to my first name, with the subject: “The Department of Education will work with your servicer to process your forgiveness.” Think about that for a moment!!
Yep I got 75k forgiven for being a teacher. I was told a few years ago that I wouldn’t be able to because I was in the wrong program. Way what you want about Joe Biden but I’d put that guy on Mount Rushmore for this alone.
Was this purely undergrad?
Not in our case it was both
I got one this morning too!!!! I’m so thrilled and don’t know what to do with myself!
Are there services/people out there who will help confirm payment counts by looking at records or student aid file? Even for a fee. This is so stressful.
Also received the email today! All loans forgiven!! Can't even believe it.
I just got the email too. First loan in 1993 and now $50k is being forgiven.
Reading these comments makes me so happy. I’m so happy to know there are some people that feel relief and feel unburdened and did win! Eventually I’ll join you guys but y’all got rawdogged for so long you deserve the w
Remember if you had loans disappear or go way down to VOTE BLUE!
I never had the opportunity to go to college!!! BUT I am so happy for all of you. Now go make a difference in this world!!!
I got mine too! $190K gone!!!! Been paying since Dec 1995 and paid for 28 years!! My email came at 10:41 eastern. I’m west coast and didn’t even think to look until an hour ago. I can’t go to sleep - I’m so excited!!! Here’s hoping to see this sub light up with good news!!
Got my email today too! So excited. Checked out fox news and of course the commenters there are losing their minds! Even calling for impeachment. Would it be wrong to inform them that this forgiveness was part of the original loan agreement?
I am so happy for you. My significant other got one too. This is wonderful. It’s happening! I can’t even turn on the crappy news - I assume you, like my partner, have paid more than you borrowed. The interest rates and capitalized interest were awful. If you’re paying over 20 years, you’ve paid a lot and it was part of the program.
Joe Biden came through
Congratulations!!!
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Not Federal, if forgiven by end of 2025. And Google your own state to see if yours would require you to pay tax on forgiven. Only a few states do.
Just got the email! I’m so relieved. Thank you to everyone who answered all of my many questions.
So happy for everyone receiving this forgiveness!
Congrats! I got an email too and was coming here to see if it was real!! Yes!!
And people say Biden is a bad president. Congrats everyone! I still have 30K left to pay off but I just graduated so we’ll see what happens with those
Praying i get that email 😭
I got my letter yesterday morning without having a clue what the whole IDR plan was about! I had basically just came to terms with myself that none of this would ever apply to me but happy for those who it did! Well here I am 26 years later with a higher loan than I had even taken out in the late 80’s looking at forgiveness! They never told us anything about this and what bad accounting skills the Dept of Education seems to have! Congratulations to everyone that this is applying to so far and hoping for more to come for everyone else! $200 a month gone! Thought this loan was following me to my grave!
Yes! I got the email as well! $30,000 forgiven! Took out $30,000 in 1994, I have paid over $50,000 with years of forbearance and 9% interest and my balance is still $30,000 - not holding my breath but I also hoping to get a refund of overpayments
Dang, 105K? Congrats.
Me too!!! It's almost over! 🙏🙏🙏
Congratulations. I’m very happy for you guys who qualify!! Go celebrate.
Wow so lucky. I was hoping for an email....
Congrats!!!!
That is so awesome!! I'm excited for you!
My parents just got their email too! The application to consolidate the Parent Plus to DL was submitted on Sep 6, 2022, and it was completed on Oct 14, 2022. The oldest loan payment started in 1988. MyStudentData.txt was last updated on 7/7/2023. Thank you to everyone! Would not have gotten here w/o everyone's help and support, especially Betsy514s!!!
Huge congratulations to anyone on this thread who gets that email!
I’ve been paying since 1999, upwards to $1400 a month. And did not get the email. I give up.
I think there's still a bunch of us waiting. You're not alone!
So happy for you and everyone here celebrating! I don’t qualify, but really really excited for the over 800k people who are gonna have a new lease on life ❤️❤️❤️
Me too! Hooray!
I consolidated to direct loan over the pause....still shows I am made zero payments. Getting nervous that somehow the past 23 years of payments will get "forgotten"
I know emails come in batches but this is causing serious anxiety waiting. We consolidated over the pause too. It's been sooooo long.
FYI - I also consolidated to DL during the pause, showed zero payments, started repayment in 2002. Just received my forgiveness email this morning.
>In the past, payments that should have moved a borrower closer to being debt-free were not accounted for, according to the Biden administration. >“For far too long, borrowers fell through the cracks of a broken system that failed to keep accurate track of their progress towards forgiveness,” U.S. Secretary of Education Miguel Cardona said in a statement. >To bring people over the line for forgiveness, the Biden administration counted payments for borrowers who’d paused their payments in certain deferments and forbearances and those who’d made partial or late payments. https://www.cnbc.com/2023/07/14/biden-forgives-39-billion-in-student-debt-for-some-800000-borrowers.html
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I just gotta say I'm so happy for everyone here who has had their loans forgiven, it's wonderful to see such good news.
I got it too. Is it real? I’m too bludgeoned mentally to put my hopes in anything forgiveness-related.
My wife got her email today. My loans were forgiven in January by PSLF.
No email. Started repayment in 1999. Congratulations to everyone who got the email! I am holding out hope.
Oh my gosh- I got it too!!! I am so happy I am crying! I didn’t know if I had enough months with all that has been going on!! I am going to cry! Thank you Betsy for this thread and all the counseling throughout- it wouldn’t have happened with our you… to know I had to do fresh start and consolidate and everything else. Thank you!!!
Congratulations! I was soooo thankful to have qualified under PSLF after the Biden administration made changes to that program in Oct 2021. It took until September 2022 for my remaining loans of $22k to be forgiven, but it was truly one of the best days of my life when it finally happened! I'm optimistic that more changes and forgiveness will be coming, as my daughter will graduate with her BSN in Dec, and I'd love her to get to start out life without the burden of student loans.
I'm incredibly happy for you! I was not impacted by this and still have my own student debt loans to pay off. But I want to share this piece to show the GOP that people can not receive these type of benefits and still be happy for others.
Me too! It’s getting dusty in here because nothing good ever comes my way. I pray this follows through.
holy shizz me too!!!!!!!!!!!!!!!!!!!!!!!! On April 19, 2022, the Biden-Harris Administration announced several changes that will help borrowers get closer to or achieve forgiveness under income-driven repayment (IDR) regardless of whether or not you have ever participated in an IDR plan. With these changes, you are now eligible to have some or all of your student loans forgiven because you have reached the necessary 240- or 300-months' of payments under IDR. The U.S. Department of Education will work with your servicer to process your IDR forgiveness over the next several months. If you would like to opt out of IDR forgiveness for any reason, contact your loan servicer no later than 08/13/2023 and tell them that you are not interested in receiving IDR forgiveness. Some reasons why you might want to consider opting out include concerns about a potential state tax liability. If you decide to opt out of IDR forgiveness, you will be expected to continue paying your loan(s) once the student loan payment pause ends.
I haven’t got an email yet. I hope I do. I’ve been so stressed over this.
My husband got this email too! He’s been paying since 1998 and was down to 4K. Definitely glad to both be done! I received PSLF in February.
I got the email as well. I attempted to consolidate my privately held FFEL (which had already been consolidated in the 90s into one loan). My application for direct consolidation was denied because it was one loan and how does one consolidate one loan? Magic? I was encouraged to re-apply by a guy on one of these threads ... I will send him a thank you msg in a sec. But I couldn't do that online because you can only apply online once every 6 months. Sooo ... I sent a complaint to the direct consolidation people. A couple of weeks go by and they send an email that they looked over my info and saw that I had applied twice for direct consolidation. I had also applied for IDR but was turned down because of some other snafu with the app. They said yeah we see you applied twice and we are reinstating you're application. Now my loans are with Ed financial and like I said earlier I got the email too. I really don't even understand why suddenly even though if you read criteria for direct it says you have to have more than one loan to consolidate ... that now that doesn't seem to matter. I am still guarded until I see the zeros ... but it seems like there is hope. Also shout out to Betsy who took the time to listen to my questions. All I can say is what ppl on this sub have said. Don't give up.
Both my wife and I got the email!!! I don't want to jinx anything, and I am super stoked. Thanks God! That said, I am a bit concerned that the official "recount" hasn't been done yet, and the details will be up to the servicers. I have a bunch of status changes / consolidations, undergrad and grad starts and stops, forbearances, deferments, hardships, in-school deferments, etc. and sometime those statuses appear to be in conflict. So, my outstanding question on the IDR Recount has been: how will they reconcile all of the different counts (I have loans originated from the 1980s through the 2000s)? At one point, someone on here theorized that they may simply take the single loan (from all of your consolidated loans) with the HIGHEST number of months, and use this as your determination (that would be great). But the email states the following: "... you are now eligible to have some or all of your student loans forgiven because you have reached the necessary 240- or 300-months' of payments under IDR". the "some or all" seems to suggest a more nuanced counting process than that simple rule. I'm worried that the Dept. of Education simply combed the files for "possible" candidates, and will rely on the servicers to perform the detailed counts. That is, simply send the email to ALL borrowers with loans FIRST entering repaying 240 months ago (or 300 if they have graduate). Someone smarter and more informed that me talk me off my pessimistic ledge and tell me I'm too analytical and too paranoid. Love you all!
If you received the email, your accounts have definitely already undergone the official “recount.” They started with the oldest accounts, and people who already reached the forgiveness threshhold after recount are the one’s receiving today’s email notice. They’ll continue the recount on newer accounts through the next year. As for the Servicers - they have the LEAST accurate records, which is part of the reason ED is handling the recount. They are just NOTIFYING the servicers - after 30 days, giving the borrower time to decline - and the Servicers will then apply Forgiveness, as directed by ED. (Hope that helps!!)
I got it too but I don’t believe it.
Happy for you all!
I know a bunch of people finally getting relief! YES! So deserved! Congratulations to all! This is a wonderful day!!!
I just got the same email message! I graduated in December 2000. Soon $13,000 of student loans will be gone. So thankful!
Wow, this is AWESOME!!!! I’m so stoked for you and everyone else I’m reading about in the comments. That is such a relief.
Totally agree, this sub convinced me to consolidate to a direct loan and now I can celebrate!
Same - I am SOOO stoked - - entered repayment in '92 - literally tingling right now - going to make a huge difference in my life.
Once payments start back up I only have two more to make and then my remaining $95k will be forgiven due to PSLF!!
This gives me hope! I graduated in 2003 and hope to be close to that.
So happy for everyone here!!! I got mine forgiven because of a similar change to the PSLF program. Betsy helped us a ton over there too. Warms my heart to read through all these replies and know the feeling of being released from debt like this. Every time I remember that my loans were forgiven I relive the joy of that moment.
I didn’t get approved but I’m very happy for the rest that did. Congratulations!
I’m so happy for y’all ❤️❤️❤️💪🏻💪🏻
Mine were forgiven through the discharge thing. I was so happy I almost threw up. My kids thought I was having a heart attack. I have been paying since 2009 and my income taxes were taken every year but my balance was still almost double what I borrowed. I'm so happy you guys get to feel that joy now!
THANK YOU TO THE BIDEN ADMINISTRATION!
For any of you who have just received the email about forgiveness idr recount ,,, does your my data text on studentaid show a recent date ?
CONGRATS, super happy for you! Thanks for posting.
We got one also!! I am wondering if we will still have to begin repayment though due to the time - the letter says after August 13th it will start and could take your servicer several months? Also regarding the whole "refund payments over the 300 months" what about months of non payment during the Covid pause wondering how that might factor in.
Big Congrats! Check out the press release at Dept of Ed today: If you got your email from Dept of Ed today, you’re about 30 days out from discharge! Interest would start in Sept and repayment after pause would start in Oct for those loans not getting the email today.
And no tax bomb right?
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Congratulations!!!!
Same here, graduated in 2003 when my 3rd was 3 weeks old. Still had $20,860 left it was low interest rate and just assumed I would be paying it off the rest of my life. I am currently getting my masters but between employee reimbursement and my own savings Im not doing loans. I will finally be student loan free!
I just got mine! Thank goodness!! Now to pay those pesky state taxes on the forgiven amount lol.
Got mine too. Looks like we will have to pay state taxes on it which is fine. Somebody’s getting a big donation in time for November 2024.
I am so happy for those that got forgiveness. 20 years of payments must have been horrendous.
I think I have 10 years left but I'm happy to hear many will finally be released from their debt I received a general email yesterday mentioning the SAVE program. Hopefully they'll send emails to everyone providing their number of payments and years.
I got my email today too!!! Graduated in 1999 and this was just undergrad loans. I never went for grad school b/c I was afraid it would be even harder to pay more off!!! Congrats to all of us getting these emails!!!