>33 days
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Ya know anons:
Most anons will heartily disagree with student loan bailouts. I count myself as one. I was certainly more than a bit miffed when I saw that Biden had forgiven outstanding student loan debt by royal decree. After all, I just paid off over $10K in student loan debt myself after I sold my house in August 2021. It was a great feeling then, but now to think that, just one year later Biden would wave a magic wand and erase these debts? Too much really. It’s like figuring out you threw away a winning lottery ticket or something. Well, I for one am sick of corporate bailouts and, although I vehemently disagree with the student loan bailout, at least it helps individuals to some extent. I know it’s bad policy and nothing is free, but it’s going to happen barring intervention in the courts, which I feel is unlikely due to the hot button nature of this particular issue.
So, I looked into it and found out that, if you made any Federal student loan payments after 3/13/2020, you can call your loan servicer and request a refund of those payments, thus bringing the student loan debt back. Then, when the applications for student loan forgiveness/discharge are available sometime in October 2022, you can apply to have that debt discharged. Supposedly, if you meet the income qualifications ($125,000/yr or less for individuals, $250,000/yr or less for married couples), the debt will go away and you’ll have that $ you paid since 3/13/2020 back in your pocket with no remaining debt obligations. That’s at least something for people who paid student loan debt somewhat recently.
I just called my loan service provider last week and requested a refund of my payoff payment (just over $10k), and they said it would be processed anywhere between 2 weeks to 2 months (weird I know). I figure I’ll give the loan discharge application a try when it’s ready in October. Worst case scenario I don’t get approved and I just make the payoff payment again with the same money I used to pay it off the first time.
Set up to favor minorities for sure, as minorities hold a lot more outstanding debts (percentage wise) in general, but not to the exclusive benefit of minorities. We will see what happens.
Yes. I make a living doing what I went to school for..,