#student loan

[capitalism-and-analytics]

[madewithonerib]

student loan debt: business expense (interesting proposal) #meme

[mags-grandiflora]

US Federal Student Loan Information

Call me Auntie Legalese because I can read their gibberish lol

Federal Student Loan repayment begins in May.

Your repayment might begin after that. You need to log into your loan servicer website to find out. My payment begins in May, but my sister's doesn't start until December. It looks like it's based on either the month you graduated or the month you were put in deferral.

Deferral and Forbearance are NOT default. You are not in default just because you have a deferred status!

Delinquency is from day 1 of missed payment until day 270 of missed payment for FEDERAL DIRECT LOANS (sub or unsub). At day 90, it goes on your credit report.

Default means you had a payment due and you didn't make it for 271 days for FEDERAL DIRECT LOANS (sub or unsub). You will remain in default until you have paid all of the past due amount including interest. Partial payments don't cut it. If you are more than one month in default, you have to pay all of it.

The rules are different if you have Perkins loans. A Perkins loan can go default on the first day of missed payment. The last application for a Perkins loan was allowed on 09/30/2017 so if you got a loan after that, it's not Perkins. If you got a loan before that, it still may not be Perkins (mine isn't, and I got my first loan in 2013).

Student loans in default never go away, and they can't be erased by bankruptcy (and yes, it's largely because of Joe Biden). That 7 year thing is how long it stays on your credit report after you get out of default. Yes, that's right, you will be punished for seven years after you get out of default.

No, your student loan doesn't get forgiven if you default on it for 20 years. This is the US, not the UK.

PSLF only forgives the remainder of your loan if you make every payment for 10 years. If you're in default, that counts against you because you didn't make one (or more) of the payments.

What about SAVE? SAVE is dead. SAVE is gone. SAVE will not save you. That's what kept your loans in deferral this long, but it's over now. That's why repayments start in May.

Can the government legally take your tax returns and garnish your wages if you're in default? YES. It's in the contract. They're going to put out liens soon, too, mark my words. (That means they will legally own your house/car/business/etc. until you repay the debt. They can also put a lien out against you even if you don't have assets, which will show up if you attempt to acquire assets.)

I don't typically ask people to share things, but it may help people if this is spread around. Also please feel free to ask me (general!) questions because, well, I can read their gibberish.

[half--agony--half--hope]

I just made the final payment on my federal student loan for my BSN.

I got really lucky when I took my current job. I didn't know when I accepted, but they offered loan payback help even if you didn't do the degree when working for them. So for 22 months they paid $400 directly to my loan so no tax. Prior to that I had been paying $150/month, so it paid down so much faster than I otherwise could have gotten it to.

Sadly the grant for that program ended after January this year so no more work payments. Figured since it was down to about 2k, and last month was 3 paycheck month, I should be responsible, pay it off and never have to think about it again.

I feel a bit bad bragging, but I am so proud that I can now say my only debt is my mortgage.

[one-time-i-dreamt]

I became a top streamer who lived modestly and was dedicated to donating my income to paying off people's student loans.

[ennovance]

𝐖𝐡𝐞𝐧 𝐅𝐞𝐝𝐞𝐫𝐚𝐥 𝐀𝐢𝐝 𝐏𝐫𝐨𝐩𝐬 𝐔𝐩 𝐂𝐨𝐥𝐥𝐞𝐠𝐞𝐬 𝐚𝐧𝐝 𝐎𝐯𝐞𝐫𝐬𝐢𝐠𝐡𝐭 𝐅𝐚𝐥𝐭𝐞𝐫𝐬, 𝐭𝐡𝐞 𝐅𝐫𝐚𝐠𝐢𝐥𝐢𝐭𝐲 𝐒𝐡𝐨𝐰𝐬 — 𝐅𝐫𝐨𝐦 𝐇𝐢𝐠𝐡𝐞𝐫 𝐄𝐝 𝐭𝐨 𝐇𝐢𝐠𝐡 𝐒𝐜𝐡𝐨𝐨𝐥𝐬

Colleges aren’t just “exposed” to federal loans — they’re structurally dependent. With 40%+ of students borrowing and PLUS loans making up a quarter of originations, even small policy shifts hit the balance sheet. And accreditation isn’t a counterweight: 88% of reviews end in reaffirmation, even when outcomes or finances wobble. The system protects institutions more than students.

https://x.com/mohossain/status/2047734141479743696?s=46 @phillyinquirer #philadelphia #college #studentloan

[everyspeedonourkneesiscrawling]

I paid off my student loan today! I’m kind of in shock. Go me! 🥳

[geek-ramblings]

Took 15 years but woop woop!