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Is there no forgiveness on US student loans? Government student loans in Canada that aren't paid off after 15 years are forgiven, though they won't give anothe
by retrac 3y ago
Is there no forgiveness on US student loans? Government student loans in Canada that aren't paid off after 15 years are forgiven, though they won't give another loan after that.
- whatshisface 3y agoAs far as I am aware there is no possibility for forgiveness or bankruptcy.
- frumper 3y agoVarious government student loans can be forgiven through a few different programs. The IDR, IBR, PAYEE, REPAYE, and now SAVE all have forgiveness dates after X years. The newest program, SAVE, forgives after 20 years of payments. These are separate from more niche forgiveness ones for teachers, or government workers. There could be more, not sure.
- zer8k 3y agoHow many of those require service to the government? How many require you to work in a position where living wage is a dirty word? So many backflips through flaming hoops when allowing bankruptcy to discharge loans would solve it all in one fell swoop. Universities donating millions and millions to political candidates would never want this golden goose to be culled though. Creating debt slaves is good for business. All business. Good for the military too, in fact, and good for calling citizens lazy and entitled to justify bringing in more and more H1Bs working for less than their position is worth. The more you dig the more it feels like a giant conspiracy. I am not pro "forgiveness" in the mainstream sense of the term. I am absolutely for no-fault, no question bankruptcy that eliminates the debt entirely. This would punish the lenders, punish the schools, and punish the government for their absolutely moronic decisions.
- frumper 3y agoNone of the general forgiveness ones require any type of employment. Anyone can join the latest program SAVE. There is no income limit and your payment can be $0 and considered in good standing. It's all based off of your income. I think a family of 4 can make into the mid 60's before they have to pay. It also doesn't compound interest beyond your normal payment anymore, so no more start out with 60k in loans and 5 years later you have an 80k balance.
- throwuwu 3y ago[flagged]
- ourmandave 3y agoThere is when you flop over, and they won't come after your estate for any balance.
- jonathankoren 3y agoWe literally just had the Surpreme Court strike down loan forgiveness on the basis that the pandemic was not a national emergency. https://www.scotusblog.com/2023/06/supreme-court-strikes-down-biden-student-loan-forgiveness-program/ https://www.scotusblog.com/2023/06/supreme-court-strikes-dow...
- thrill 3y agoThe majority did not address whether the pandemic was a national emergency but that the Act as passed by Congress did not delegate the ability to forgive the loans to the Administration.
- jstarfish 3y agoSomeone should tell that to the SBA. Maybe we can claw back some of that PPP money issued to businesses on account of the national emergency that wasn't.
- paulddraper 3y agoThat is an incorrect understanding, even according to the article you linked. It was struck down because not because the circumstances (emergency) was not met, but rather because the action itself was not allowed. > The HEROES Act, Roberts emphasized, gives the secretary of education the power to “waive or modify”...“modify” means that the Biden administration can make “modest adjustments and additions to existing provisions...Roberts stressed, instead “created a novel and fundamentally different loan forgiveness program.”...Roberts suggested, “only in the same sense that the French Revolution ‘modified’ the status of the French nobility — it has abolished them and supplanted them with a new regime entirely.”
- deleted 3y ago[deleted]