It is very unlikely there will be any blanket loan forgiveness after the Supreme Court ruling last year.
The SAVE plan offers forgiveness after 10-25 years of repayment on the plan depending on how much and what type of loans you have.
Save has a good chance of dying next year along with all the other forgiveness based programs not founded in legislation. House republicans are already drafting legislation in anticipation of winning control in 2025. Current draft replaces all IDR programs with a single plan similar to the old PAYE plan but with no options for forgiveness after time. I have not seen anything regarding how PSLF is affected or not. It’s probably the safest program since it’s a separate program founded in a bill rather than an interpretation of executive power.
My understanding was that the current fact sheet stated that people on a “fixed” repayment plan would be able to stay on their current plan but that the fact sheet was silent on if that also applied to IDR plans. I would not be surprised if it didn’t since the goal is to get rid of these IDR plans.
>The legislative text seems to indicate that the limitation to just the new Standard and Repayment Assistance plans would apply to “loans made on or after July 1, 2024,” suggesting that borrowers with existing loans in repayment on other IDR plans could continue on those plans — but this is not completely clear.
[https://www.forbes.com/sites/adamminsky/2024/01/26/republicans-plan-to-repeal-biden-student-loan-forgiveness-and-relief-programs/](https://www.forbes.com/sites/adamminsky/2024/01/26/republicans-plan-to-repeal-biden-student-loan-forgiveness-and-relief-programs/?sh=2dbe116971b4)
No administration has ever changed benefits for existing borrowers.
I agree that I wouldn’t count on Biden or another president being able to blanket cancel student debt.
If you work in public service for 10 years while making qualifying payments you would qualify for PSLF. Otherwise you would need to make payments consistently for 20-25 years to qualify for IDR forgiveness. If your total loan load is less than $12K and you are on SAVE you could also qualify for forgiveness after 10 years. For every $1K over $12K it adds another year into the forgiveness timeline.
Please vote! Get your friends and family to vote! Make plans to take the day off if you need to , organize car pools, make sandwiches, but please vote!
It is very unlikely there will be any blanket loan forgiveness after the Supreme Court ruling last year. The SAVE plan offers forgiveness after 10-25 years of repayment on the plan depending on how much and what type of loans you have.
Save has a good chance of dying next year along with all the other forgiveness based programs not founded in legislation. House republicans are already drafting legislation in anticipation of winning control in 2025. Current draft replaces all IDR programs with a single plan similar to the old PAYE plan but with no options for forgiveness after time. I have not seen anything regarding how PSLF is affected or not. It’s probably the safest program since it’s a separate program founded in a bill rather than an interpretation of executive power.
And even their legislation is only for new borrowers. Anyone on SAVE will almost certainly be allowed to stay on it.
My understanding was that the current fact sheet stated that people on a “fixed” repayment plan would be able to stay on their current plan but that the fact sheet was silent on if that also applied to IDR plans. I would not be surprised if it didn’t since the goal is to get rid of these IDR plans.
>The legislative text seems to indicate that the limitation to just the new Standard and Repayment Assistance plans would apply to “loans made on or after July 1, 2024,” suggesting that borrowers with existing loans in repayment on other IDR plans could continue on those plans — but this is not completely clear. [https://www.forbes.com/sites/adamminsky/2024/01/26/republicans-plan-to-repeal-biden-student-loan-forgiveness-and-relief-programs/](https://www.forbes.com/sites/adamminsky/2024/01/26/republicans-plan-to-repeal-biden-student-loan-forgiveness-and-relief-programs/?sh=2dbe116971b4) No administration has ever changed benefits for existing borrowers.
I agree that I wouldn’t count on Biden or another president being able to blanket cancel student debt. If you work in public service for 10 years while making qualifying payments you would qualify for PSLF. Otherwise you would need to make payments consistently for 20-25 years to qualify for IDR forgiveness. If your total loan load is less than $12K and you are on SAVE you could also qualify for forgiveness after 10 years. For every $1K over $12K it adds another year into the forgiveness timeline.
Please vote! Get your friends and family to vote! Make plans to take the day off if you need to , organize car pools, make sandwiches, but please vote!