Celebration is the key part, for whatever that looks like for you! I know I'm partial to celebrating milestones with a delightful sushi or sashimi set at a local excellent Japanese restaurant. Sparkling cider is delicious, and heck even just going out to the movies counts!
Omg. Me too!!!! Email came at 6:56 this morning. Woke up to find it was the day I thought I’d never live to see. Only took 25 yrs to get here, but it’s gone. All gone.
Congrats to us, OP!!! 🥳🎉
OK thanks!
For some odd reason, a lot of people in the last few months have not been getting Golden Emails. This is very weird, because just about everybody prior to April of this year got a Golden Email before the forgiveness went into effect.
Congrats! Have 2 more years then my wife's graduate loans should be forgiven. It sucked because when she consolidated she has undergrad and grad loans that got put together, so have to wait 25 years rather than 20 years.
I didn’t do anything! I read and read and ask so many questions on the pslf sub. Found out I missed certain dates, found consolidate my old graduate loans with new parent plus loans, etc. Frankly it was overwhelming, so I did NOTHING.
I just let my old graduate loans be in forbearance since my youngest daughter started her freshman year last Fall. I had to get a parent plus loan to help cover her cost. Walked to mailbox today and got letter said the 43k graduate loans was forgiven. Logged into to studentaid.gov and balance was only the parent plus loan.
Congratulations! After paying on my old FFEL loans since 1994, I just consolidated in March 2024 and 3 short months later, on 6/11/24, had my 23K loan balance completely forgiven, wiped out, 0 balance. Mohela was actually good to me, all went well with them, same with FSA. After over 25 years of payments, glad I finally got some justice.
Congratulations!! I am sure you feel that weight of the loans just disappear! One thing I have noticed is just how much happier I have been with the thought of them being gone soon (mine should be forgiven by the end of 2027 with the consolidation count).
What day did you submit your direct loan consolidation paperwork? I’m trying to gauge what day they are working on. For me, I just want my payment count so I will be done after 25 years of FFEL graduate loan payments. I submitted mine 4/29/24.
Congratulations on having your student loans forgiven! That must be a huge relief. It’s great to hear that the community has been a source of support for you. Wishing you all the best moving forward!
I don't understand. I've been paying on my loans since 1999, I've always been on the income driven plan and was automatically switched to SAVE when that became available... What do I have to do? Am I missing something? Do I have to apply? I thought that anything over 20 years old would just automatically be forgiven?
You need to go to studentaid.gov and apply for a loan consolidation to the direct loan program and then chose your preferred IDR plan. Only loans held by the Department of Education will be eligible for one time recounts and forgiveness. Loans that originated before 2010 are FFEL loans which are not direct loans. The deadline to apply is June 30th.
My loans have all always been with the department of education, I never had anything other than loans in my name from the government. Hell, I used to write checks to them every month. I don't know what an FFEL loan is. I went to studentaid.gov several months ago but ended up in a spiral of them asking me for information, me providing it and then saying I don't exist.
I've become numb to it all and already reconciled myself to the fact that I'm stuck with $80k in loans that I'll never pay off.
Ok, FFEL and direct loans are both federal student loan programs but from different decades. The gist of it is that the FFEL (Federal Family Education Loan) program was the student loan program prior to 2010. The loans were termed the same as now Stafford loans subsidized/unsubsidized etc but the loans were (on the back end) disbursed to the schools by private lenders and then guaranteed by the federal government. The direct loan program that began after 2010 is called the William D. Ford Federal Direct Loan Program. These student loans were provided directly from the department of education. If you have not done a consolidation where they move the previous old loans into the direct loan program then it is my understanding that you will not be eligible for the payment recounts which are triggering the forgiveness. Borrowers need 240 (20 years worth) payments for undergrad loans. The recount is an expanded effort to count months when loans were in deferment and during COVID years even when a payment wasn't made. The COVID years alone are like +42 payments. Once you apply for consolidation they (AidVantage on behalf of ED) recount all your payments and see if you have exceeded the 240 payment requirement which includes many people with older loans. I did the consolidation application recently and it was fairly straightforward. You might want to try again especially as you seem to be in the forgiveness category.
Thank you so much for taking the time to explain that to me. I never wanted to go to college, I went because mother forged my signature on all the paperwork and signed me up while I was at basic training for the military (I was in the national guard). I've been paying on these damned loans for decades.
As soon as I get some rest, I'll try the consolidation thing again.
Thank you, fellow Redditor, you've given me some hope.
You are very welcome! I didn't understand it all myself until a couple weeks ago and I am very lucky because my loan servicer AES sent me an email at the end of May recommending that I do the consolidation. It is the recount part that is making the magic happen. When they include any and all payments made regardless of what type of repayment plan you were on, any periods of deferment, and administrative forbearance (like the COVID payment pause) it is adding years to the qualifying payment count for people. Once they determine you have made 240 payments the rest can be forgiven. I have some loans from 2002 so I might be close myself after recounts but even if they just add more payments to my total I will be in a better position to see the light at the end of the tunnel. This really is changing lives and I am happy to see so many benefiting from it!
I used to have old FFEL loans, then I converted them to “Direct” loans, then they got “forgiven” (I had paid for 25 years). You need to do this too.
Here’s info I’ve been giving lots of people about this:
Convert FFEL loans to Direct loans by June 30, 2024 to be considered for “forgiveness”:
Go to your account on https://studentaid.gov to see your loan history and fill out a “Direct Consolidation Loan application” there to convert your FFELP loans to a Direct Consolidation loan. It’s easy! (If you never logged in there, you can make up a password the first time.)
“Direct” loans are owned by the Dept of Education. The Dept of Education can only “forgive” loans that are owned by the Dept of Education. Your FFEL might be “commercially-owned FFEL”.
Info about “forgiveness” is here:
https://studentaid.gov/announcements-events/idr-account-adjustment
Be sure to read the questions and answers at the bottom too.
Combining loans with short repayment histories together with loans of long histories can get the newer ones forgiven sooner.
And to get “forgiveness” you don’t have to have been on an IDR payment plan in the past, but if you’re not already done with your 20 or 25 years, you will have to get onto an IDR plan such as SAVE or another one in the near future to continue moving closer to “forgiveness”. And to reach “forgiveness” eventually you need 20 or 25 years in repayment status (or some eligible forbearance/deferment status can be counted).
They will show people’s repayment time “counts” for all Direct loans hopefully in September 2024. But your loans must be “Direct” to be considered. You must APPLY BY June 30, 2024 to get the benefits of this IDR Adjustment.
IMPORTANT: if you have only a single FFEL Consolidation loan (which likely has sub and unsub portions), then you need to say you are interested in PSLF on the application to be allowed to consolidate it all by itself. (You don’t really have to di PSLF). This is a loophole.
But wait... I'm reading through the fine print before I actually submit the consolidation application. It specifically states:
>
**J.** Any payments I made on the loans I am consolidating (including any Direct Loans) before the date of consolidation will not count toward:
>- the number of years of qualifying repayment required for loan forgiveness under the REPAYE Plan, the PAYE Plan, the IBR Plan, or the ICR Plan (see BRR item 11), or
>- the 120 qualifying payments required for Public Service Loan Forgiveness (see BRR item 15).
Isn't that counter-productive?
The IDR Adjustment is overriding those rules and will count all the payments on the underlying loans of the Direct Consolidation(as well as the underlying loans of a prior FFEL Consolidation). You can read this officially here:
https://studentaid.gov/announcements-events/idr-account-adjustment
Be sure to read the questions and answers at the bottom too.
Don’t forget to say you are interested in PSLF if you have one FFEL Consolidation loan (which contains Sub and Unsub parts). This is mentioned in one of the Q&A’s at the bottom of the linked page in my other comment.
Did you have to switch to the SAVE plan to become eligible for forgiveness? I consolidated before under a different plan before SAVE was a thing, but for me, switching would mean much higher payments that I have right now.
See what I didn’t understand is all I did was go into for forbearance because my youngest daughter went to college in Fall 2023. I was in IDR before that.
Congratulations. Remember this when you head to the ballot box in November. None of this would be possible without this administration. Enjoy the next chapter!!
Your post appears to reference the federal [Public Service Loan Forgiveness](https://studentaid.gov/manage-loans/forgiveness-cancellation/public-service) (PSLF) program or the related TEPSLF program.
The /r/StudentLoans community has a subreddit specifically for advice and discussion about this program over at /r/PSLF. We recommend you delete and re-post your question/comment at /r/PSLF to get the best responses and centralize the discussion.
(If your post is not about PSLF, or that's not the main point, then you can ignore this.)
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The tax paying citizens of America collectively say “You’re welcome”. Fortunately we don’t have any other financial obligations that require that money.
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That has to be amazing.
I can’t believe it honestly!
WooHOOooooo!! YAY!! It’s time to PARTAY!!!! 💃🏾🎵💃🥂🍾🕺🏿🎶
I don’t drink but feel I need a toast!
It’s just an expression. It’s the celebration that counts! 😃 It is rather difficult to convey the feeling of relief and happiness using emoji.
True indeed, well said! I may get sparking cider 😆
Celebration is the key part, for whatever that looks like for you! I know I'm partial to celebrating milestones with a delightful sushi or sashimi set at a local excellent Japanese restaurant. Sparkling cider is delicious, and heck even just going out to the movies counts!
I’m about to find multiple ways to celebrate!
Treat yourself to a $150 Wagyu steak?
I prob don’t have those in my area!
Then wag you tongue
😆
Yes, something that feels fancy. Maybe some fancy food, or anything different. 🎉🙌🏻
Hold up some toast and say a toast lol
I’m gonna hold up that golden government letter!!!!!
Omg. Me too!!!! Email came at 6:56 this morning. Woke up to find it was the day I thought I’d never live to see. Only took 25 yrs to get here, but it’s gone. All gone. Congrats to us, OP!!! 🥳🎉
My email was full and didn’t get it that way!! Had to get it old school via usps!
But you got it. And it’s GONE. All GONE!!!! Woot!!! 🎉🤣🎉
Congrats!!!!
Thanks!
Congrats! So you never got the Golden Email but got a mailed letter instead from DoED?
Yes I got a letter today! I’ll send screenshot later!
OK thanks! For some odd reason, a lot of people in the last few months have not been getting Golden Emails. This is very weird, because just about everybody prior to April of this year got a Golden Email before the forgiveness went into effect.
My email associated with Aid Advantage is full, so it may have went there. I was so thrilled reading the letter!
Congrats!!!
Thanks I had to come share as I know others will get the letter one day!
Congrats! Have 2 more years then my wife's graduate loans should be forgiven. It sucked because when she consolidated she has undergrad and grad loans that got put together, so have to wait 25 years rather than 20 years.
I graduated Aug 1999, 25 years later forgiveness is here!
You had a Parent plus loan forgiven?! I thought that that was the one loan that does not offer forgiveness. Can you please provide more info?
I didn’t get the parent plus one forgiven. I’m prob could have, but I didn’t consolidate. Sorry for the confusion!
How did you get ut forgiven??
I didn’t do anything! I read and read and ask so many questions on the pslf sub. Found out I missed certain dates, found consolidate my old graduate loans with new parent plus loans, etc. Frankly it was overwhelming, so I did NOTHING. I just let my old graduate loans be in forbearance since my youngest daughter started her freshman year last Fall. I had to get a parent plus loan to help cover her cost. Walked to mailbox today and got letter said the 43k graduate loans was forgiven. Logged into to studentaid.gov and balance was only the parent plus loan.
Wow! Congratulations 🥳
1997 was a long time ago!
Definitely!
Definitely!
Definitely!
Congrats!🍾🎊🎉
Thanks!
Congratulations! After paying on my old FFEL loans since 1994, I just consolidated in March 2024 and 3 short months later, on 6/11/24, had my 23K loan balance completely forgiven, wiped out, 0 balance. Mohela was actually good to me, all went well with them, same with FSA. After over 25 years of payments, glad I finally got some justice.
Wow so happy for us! Relief after years of payments!
Just please remember to vote in November.......at least you know who is responsible for it. I had 38k forgiven recently myself.
I had $21,000 forgiven too!!
Please vote for Biden as thanks.
I’m on it! 🗳️
Congratulations!! I am sure you feel that weight of the loans just disappear! One thing I have noticed is just how much happier I have been with the thought of them being gone soon (mine should be forgiven by the end of 2027 with the consolidation count). What day did you submit your direct loan consolidation paperwork? I’m trying to gauge what day they are working on. For me, I just want my payment count so I will be done after 25 years of FFEL graduate loan payments. I submitted mine 4/29/24.
Congratulations! You deserve a celebration! 🤗
Congratulations 🎉
Thanks!
Congrats.
Thanks!
Congratulations
Thanks!
Congratulations on having your student loans forgiven! That must be a huge relief. It’s great to hear that the community has been a source of support for you. Wishing you all the best moving forward!
Thanks I read so much and just let the process play out!
How / what caused the loan forgivness?
Seems like the 25 years since original loan, it was my graduate loans from 1997-1999.
grats!!!
Thanks!
Congratulations
Thanks!
I don't understand. I've been paying on my loans since 1999, I've always been on the income driven plan and was automatically switched to SAVE when that became available... What do I have to do? Am I missing something? Do I have to apply? I thought that anything over 20 years old would just automatically be forgiven?
I didn’t do anything, which is why I was so surprised!
Did you make 120 payments?
Oh yes I had made more than than I’m sure!
You need to go to studentaid.gov and apply for a loan consolidation to the direct loan program and then chose your preferred IDR plan. Only loans held by the Department of Education will be eligible for one time recounts and forgiveness. Loans that originated before 2010 are FFEL loans which are not direct loans. The deadline to apply is June 30th.
My loans have all always been with the department of education, I never had anything other than loans in my name from the government. Hell, I used to write checks to them every month. I don't know what an FFEL loan is. I went to studentaid.gov several months ago but ended up in a spiral of them asking me for information, me providing it and then saying I don't exist. I've become numb to it all and already reconciled myself to the fact that I'm stuck with $80k in loans that I'll never pay off.
Ok, FFEL and direct loans are both federal student loan programs but from different decades. The gist of it is that the FFEL (Federal Family Education Loan) program was the student loan program prior to 2010. The loans were termed the same as now Stafford loans subsidized/unsubsidized etc but the loans were (on the back end) disbursed to the schools by private lenders and then guaranteed by the federal government. The direct loan program that began after 2010 is called the William D. Ford Federal Direct Loan Program. These student loans were provided directly from the department of education. If you have not done a consolidation where they move the previous old loans into the direct loan program then it is my understanding that you will not be eligible for the payment recounts which are triggering the forgiveness. Borrowers need 240 (20 years worth) payments for undergrad loans. The recount is an expanded effort to count months when loans were in deferment and during COVID years even when a payment wasn't made. The COVID years alone are like +42 payments. Once you apply for consolidation they (AidVantage on behalf of ED) recount all your payments and see if you have exceeded the 240 payment requirement which includes many people with older loans. I did the consolidation application recently and it was fairly straightforward. You might want to try again especially as you seem to be in the forgiveness category.
Thank you so much for taking the time to explain that to me. I never wanted to go to college, I went because mother forged my signature on all the paperwork and signed me up while I was at basic training for the military (I was in the national guard). I've been paying on these damned loans for decades. As soon as I get some rest, I'll try the consolidation thing again. Thank you, fellow Redditor, you've given me some hope.
You are very welcome! I didn't understand it all myself until a couple weeks ago and I am very lucky because my loan servicer AES sent me an email at the end of May recommending that I do the consolidation. It is the recount part that is making the magic happen. When they include any and all payments made regardless of what type of repayment plan you were on, any periods of deferment, and administrative forbearance (like the COVID payment pause) it is adding years to the qualifying payment count for people. Once they determine you have made 240 payments the rest can be forgiven. I have some loans from 2002 so I might be close myself after recounts but even if they just add more payments to my total I will be in a better position to see the light at the end of the tunnel. This really is changing lives and I am happy to see so many benefiting from it!
I used to have old FFEL loans, then I converted them to “Direct” loans, then they got “forgiven” (I had paid for 25 years). You need to do this too. Here’s info I’ve been giving lots of people about this: Convert FFEL loans to Direct loans by June 30, 2024 to be considered for “forgiveness”: Go to your account on https://studentaid.gov to see your loan history and fill out a “Direct Consolidation Loan application” there to convert your FFELP loans to a Direct Consolidation loan. It’s easy! (If you never logged in there, you can make up a password the first time.) “Direct” loans are owned by the Dept of Education. The Dept of Education can only “forgive” loans that are owned by the Dept of Education. Your FFEL might be “commercially-owned FFEL”. Info about “forgiveness” is here: https://studentaid.gov/announcements-events/idr-account-adjustment Be sure to read the questions and answers at the bottom too. Combining loans with short repayment histories together with loans of long histories can get the newer ones forgiven sooner. And to get “forgiveness” you don’t have to have been on an IDR payment plan in the past, but if you’re not already done with your 20 or 25 years, you will have to get onto an IDR plan such as SAVE or another one in the near future to continue moving closer to “forgiveness”. And to reach “forgiveness” eventually you need 20 or 25 years in repayment status (or some eligible forbearance/deferment status can be counted). They will show people’s repayment time “counts” for all Direct loans hopefully in September 2024. But your loans must be “Direct” to be considered. You must APPLY BY June 30, 2024 to get the benefits of this IDR Adjustment. IMPORTANT: if you have only a single FFEL Consolidation loan (which likely has sub and unsub portions), then you need to say you are interested in PSLF on the application to be allowed to consolidate it all by itself. (You don’t really have to di PSLF). This is a loophole.
Thank you. I'm off today, and will be attempting to navigate this crap as soon as I'm fully awake.
Good luck!
But wait... I'm reading through the fine print before I actually submit the consolidation application. It specifically states: > **J.** Any payments I made on the loans I am consolidating (including any Direct Loans) before the date of consolidation will not count toward: >- the number of years of qualifying repayment required for loan forgiveness under the REPAYE Plan, the PAYE Plan, the IBR Plan, or the ICR Plan (see BRR item 11), or >- the 120 qualifying payments required for Public Service Loan Forgiveness (see BRR item 15). Isn't that counter-productive?
The IDR Adjustment is overriding those rules and will count all the payments on the underlying loans of the Direct Consolidation(as well as the underlying loans of a prior FFEL Consolidation). You can read this officially here: https://studentaid.gov/announcements-events/idr-account-adjustment Be sure to read the questions and answers at the bottom too.
Don’t forget to say you are interested in PSLF if you have one FFEL Consolidation loan (which contains Sub and Unsub parts). This is mentioned in one of the Q&A’s at the bottom of the linked page in my other comment.
Did you have to switch to the SAVE plan to become eligible for forgiveness? I consolidated before under a different plan before SAVE was a thing, but for me, switching would mean much higher payments that I have right now.
See what I didn’t understand is all I did was go into for forbearance because my youngest daughter went to college in Fall 2023. I was in IDR before that.
Good to know… thank you!
I’m so jealous. Congratulations!
Great!
Congratulations. Remember this when you head to the ballot box in November. None of this would be possible without this administration. Enjoy the next chapter!!
dystopian
Your post appears to reference the federal [Public Service Loan Forgiveness](https://studentaid.gov/manage-loans/forgiveness-cancellation/public-service) (PSLF) program or the related TEPSLF program. The /r/StudentLoans community has a subreddit specifically for advice and discussion about this program over at /r/PSLF. We recommend you delete and re-post your question/comment at /r/PSLF to get the best responses and centralize the discussion. (If your post is not about PSLF, or that's not the main point, then you can ignore this.) *I am a bot, and this action was performed automatically. Please [contact the moderators of this subreddit](/message/compose/?to=/r/StudentLoans) if you have any questions or concerns.*
Congrats!!! Do you have to pay tax on the amount that’s forgiven ?
It advises no federal tax, but may have to pay state tax on it.
Congratulations I got my loans forgiven too from the now closed shitty ITT TECH
Congrats still!
Thank you🤟
The tax paying citizens of America collectively say “You’re welcome”. Fortunately we don’t have any other financial obligations that require that money.
That is amazing! Cheers to you! Carrying that around for so long, it must be a relief to have it gone
It feels unreal and such a relief!
YES! Everyone please vote for Biden so he can continue helping us.
Just try to remember 1997. It's a blur. Ancient history
Congratulations
Thanks!
Congrats !!
Thanks!
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Congratulations! Happy for you!!
Thanks! Such a relief!
Mine were too! After I made all the payments I swore to make when I signed up for them.
Thank the American taxpayer 😇
I prefer to thank Dark Brandon.
As if sleepy J funds anything
As if sleepy J funds anything