Student Loan 'Forgiveness'

[COINTELPRO]

This peaked my interest because I don't want my SS being offset with this garbage living overseas.

1. The Lack of Information (Fraud, Inducement)

Let say the government issues misleading information to a large portion of the population by claiming the infection rate from AIDS and Monkeypox is extremely low. We know that AIDS and Monkeypox affect the LGBTQ+ community mainly.

The same thing happened to us by the federal government, not providing relevant data regarding the default rates on student loans until the Obama administration. Aggregating the data to hide the truth, which would have deter many from seeking college.

Hiding that although you went to college, like your white peers, your job prospects were deem and your ability to repay your student was bleak. It wasn't until the President Obama administration that this data was finally compiled and released.

It is no different than drinking contaminated water from Camp Lejeune, and receiving a payout for damages.



One of the few positive things about this clown was his insight on this matter.

2. Income Based Repayment

The big thing this executive order will change is setting up an income based repayment plan that is extremely affordable. You basically pay 5% for 10 years. I was the first to advise parents to buy real estate, stock, or other investment assets in lieu of paying fully for a degree. This is a huge wealth transfer out of the black community. We can transfer the risk back to the federal government if you end up earning like me 25% of what your white peers earn or deal with intellectual property theft that prevents you from starting a business, the federal government will pick up the costs.

FACT SHEET: President Biden Announces Student Loan Relief for Borrowers Who Need It Most | The White House

A three-part plan delivers on President Biden’s promise to cancel $10,000 of student debt for low- to middle-income borrowers President Biden believes that a post-high school education should be a ticket to a middle-class life, but for too many, the cost of borrowing for college is a lifelong...

www.whitehouse.gov

Forgive loan balances after 10 years of payments, instead of 20 years, for borrowers with original loan balances of $12,000 or less. The Department of Education estimates that this reform will allow nearly all community college borrowers to be debt-free within 10 years.

3. Loan Forgiveness is Small

Loan forgiveness is actually a tiny part of this package that many people attack as being unfair. Unfair is earning a degree with the same GPA and still not getting the same job prospects. Going forward, students that do not get this loan forgiveness will benefit tremendously which can be many times more. I done some rough calculation, it is a huge benefit that if you are affected by discriminatory hiring practices, you are looking at $80,000 to $200,000 of loan 'forgiveness'.

4. You might have paid off your loans, but the really affordable income repayment plan will benefit greatly your children and your wallet. Instead of saving up to fully pay their $100,000 tuition, you can pocket the money giving you a huge benefit. Again you can set aside investment in real estate or the stock market to help them, meanwhile let them test out the job market to see if they can earn the income to fully pay the loan.


If the federal government mislead us into taking out student loans either to hide discrimination by the private sector, this could be grounds for a class action lawsuit. I believe this plan remedies this problem, although the basis/authority is due to the pandemic.

 

[COINTELPRO]

After doing further analysis these generous loan terms such as income based repayment in conjunction with hiding relevant data for us suggest a new scheme. We need good employment prospects and sustainability on the job. Yes I did not default because my income was zero for two years after being wrongfully terminated or intellectual property stolen.

They published relevant data with racial demographic regarding default rates but fixed the problem with income based repayment schemes to hide discriminatory hiring/employment practices during the Obama administration.

• Revised Pay As You Earn Repayment Plan (REPAYE Plan)
• Pay As You Earn Repayment Plan (PAYE Plan)
• Income-Based Repayment Plan (IBR Plan)
• Income-Contingent Repayment Plan (ICR Plan)

Colleges degree is the great equalizer since you are competing with other white students academically. Abnormal default rates is a red flag that something is wrong.

 

[COINTELPRO]

On a personal note, I received a well paid position after many years. I immediately received a call from a college loan servicer pressuring me to defer my student loan that had defaulted. I went off on this person considering all the issues I have been dealing with such as IP theft, harassments/threats, and interference setting up a business.

My loan is one of the old ones that went through a servicer with limited options such as no income based repayment schemes and not directly with the federal government. In any event, after rejecting this offer, my value was worthless, since I could not help them juke the stats and lost the job.

This tragedy triggered my PTSD of being flooded with HR documentation and dealing with attorneys straight out of college. I remarked how they quickly got rid of you through micro feedback which they heavily documented and coordinated. With her credentials and background, they couldn't play that game which allowed her to rise to manager level at this firm. She probably suffered for years in a toxic work environment which mentally degraded her dealing with child like behavior. During this time period, this racial statistic was not published by the government, allowing companies to setup this practice. We have overall unemployment rate for us, but you can blame that on outsourcing of jobs to China.

Once, this data became available, they made attempts to juke the stats by finally giving us employment in our fields hoping we would reach out to defer our student loans taking them out of the default status. I afraid that people with a Harvard degree could be living homeless yet be current with their student loans, zero percent of zero income is nothing. There is no incentive to provide decent job prospects. This is a crime against humanity and should be noted with the international community.

We need to go quantum level with the statistics, tracking the difference between payments being made under the IBR versus standard loan payments terms, with a racial demographic. If you are homeless with a Harvard Law degree, it will pick this person up, even though they have not defaulted. We can get the best of both worlds to ensure this data is tracked and debt relief.

https://www.washingtonpost.com/local/social-issues/the-homeless-man-who-graduated-from-harvard-law-school-with-chief-justice-john-roberts/2015/07/13/63257b5c-20ca-11e5-bf41-c23f5d3face1_story.html

 

[COINTELPRO]

The Continued Student Loan Crisis for Black Borrowers

New federal data shows high default rates for newer borrowers despite increased use of income-driven repayment plans.

www.americanprogress.org

New Federal Data Show a Student Loan Crisis for African American Borrowers

Low rates of repayment and high rates of default show a long road to higher education equity.

www.americanprogress.org

Two weeks ago, the U.S. Department of Education provided the first-ever look at long-term outcomes for student loan borrowers, including results by race and ethnicity.

The data show that 12 years after entering college, the typical African American* student who started in the 2003-04 school year and took on debt for their undergraduate education owed more on their federal student loans than they originally borrowed. This holds true even for students who finished a bachelor’s degree at a public institution. One reason they might not be paying down their loans? Nearly half of African American borrowers defaulted, including 75 percent of those who dropped out of for-profit colleges.

These results show that the U.S. Department of Education cannot ignore the interaction of race and student loans. Traditionally, the agency has not collected any data on the race of borrowers, except in irregular sample surveys conducted by its quasi-independent statistical arm. Unfortunately, not collecting this information has allowed for the disparate outcomes by race to go unnoticed.

I finally found what Boy Watkins was talking about although the video is long gone. It looks like they setup these IDR under the Obama administration, than under President Trump, started collected this data based on race.

 

[VAiz4hustlaz]

 

[COINTELPRO]

My concern is getting 15% garnished in retirement/Social Security, I might get on a IDR which will stop any offsets to my Social Security, and get tax refunds back with my interest payment suspended. My non discretionary expenses should shield most of my Social Security.

I would like to get this setup before I take off. Fools are getting more desperate and brazen, I need to get away from these scamsters.

 

[DC_Dude]

 

[COINTELPRO]

New Federal Data Show a Student Loan Crisis for African American Borrowers

Low rates of repayment and high rates of default show a long road to higher education equity.

www.americanprogress.org

In 2017, the U.S. Department of Education released groundbreaking data showing that half of Black or African American borrowers who first entered college in the 2003-04 academic year defaulted on their student loans within 12 years.

I described my experience of stat juking by a student loan servicer, as an OG, I don't have the new repayment option schemes. These Income Debt Repayment (IDR) that have been setup has brought the default rate down to 32% from 50% when they looked at the numbers again. Most of the people don't have any income using the IDR, so these people would have defaulted under the old system like me.

It is counter-intuitive, but if you are planning on paying for their education, it might be better to laden them with debt that can be repaid under an IDR. Invest in an appreciating asset, that you can transfer.

Any financial planners reading this thread that can chime in?

This is suspicious how they did not release these numbers and pushed free trade deals.

 

[DC_Dude]

 

[COINTELPRO]

Apply for this and get your balance reduced. Based on what I have been reading, your student loan won't get put back on your credit report.

Get your loan setup under an IDR, if it has aged off your credit report, it should stay off. Again, your tax refund is being offset to the Department of Education, so as a quasi financial planner it makes sense to setup an IDR. You get a time certain end of repayment plus your future tax refunds that could offset payments being made.

Example #1

This is what I have been doing is taking a hypothetical tax refund scenario, student loan payments and comparing the two.


Future Generations:

Setup a trust fund with an appreciating asset, don't 'payoff' college education.

Many people are complaining about this program received bad advice from their financial planner, they should have taken out a loan to pay it off - setup a trust fund with an appreciating asset such as real estate or stocks.

This is no different than the Federal Reserve changing interest rates that can create a payment difference between two people that got mortgages at two different times.

 

[DC_Dude]

 

[COINTELPRO]

Many of these clowns that steal my work, need to show a payment calculation under an IBR (Income Based Repayment) and your tax refund that gets taken for defaulted student loans. If I had the time, I might set something up.

If I try to get a mortgage now with 7% interest rates, I will be paying $200,000 more in interest costs to the bank than somebody that got their loan a few years back paying 2% for a $200,000 loan. Is that fair? I just missed out on getting the $7,500 tax credit for EV. These decisions are made all the time by the free market that are time based.

Bank of America is offering a generous program for minority home borrowers that did not exist before, since I got my loan before it was announced I am paying more. No wonder the Democrats are sad, especially the minority politicians that desperately attack me for white votes, these statements have racial undertones, that could lead to terrorism.

 

[COINTELPRO]

The Supreme Court won't block the student loan debt relief program, at least for now

Justice Amy Coney Barrett, who is assigned to the Seventh Circuit Court of Appeals, was the one who received the emergency application brought by a Wisconsin taxpayers group.

www.npr.org

When they are talking like this, it is against the principles of the free market, which is time based distribution of resources in the future that is unknown. Do they want the government to socialize the disparities? I worked hard, Tesla was selling for $10 a share and now it is $900, I want the government to socialize this gain that I missed out on.

With the stock market, an investors uses data to time when they should make an investment, here it is studying political trends and hedging decisions such as delaying total repayment of student loans. I never understood this financial advice on student loans where you pay off as fast as possible this highly flexible debt instrument in favor of mortgages or rent.

It is a political stock market that the government has created.

 

[DC_Dude]

 

[COINTELPRO]

I understand his need to get the shackles of debt off as soon as possible, but there is a backstory/coded language to this financial advice coming from white financial planners. Your defaulted student loan is financial data that the federal government can't ignore. By quickly paying it off, this important data is lost if he was to lose his job or get discriminated against. You might live lavish just coming out of school but long term, they could dump you on the street with nothing real fast.

This could be him after paying off his student loans with a Harvard degree. Realizing that he won't show up as a statistic, they can get rid of him

These results show that the U.S. Department of Education cannot ignore the interaction of race and student loans. Traditionally, the agency has not collected any data on the race of borrowers, except in irregular sample surveys conducted by its quasi-independent statistical arm. Unfortunately, not collecting this information has allowed for the disparate outcomes by race to go unnoticed.

Income Debt Repayment, student loan forgiveness can mask wide spread discrimination in the private sector that would warrant Congressional action. You can explain away this disparity with a person not having a degree, but it is a much harder argument to make when you have attained a bachelor degree or higher.

Why don't you start a business?

Unless it involves racial cannibalism, you won't get far and you could die...

 

[COINTELPRO]

He did this at a HBCU, Delaware State University, WTF? Have you been reading the tweets by them dog whistling to each other, no wonder a stay was issued immediately putting the implementation on hold. No federal court or Congress is going to go 100 miles near this thing now.

I should probably delete this post, there must be some political strategy behind this.

What is next, signing Obamacare or expanded welfare at a black church?

We need good paying sustainable jobs in our fields which based on the data is not happening.

 

[DC_Dude]

 

[COINTELPRO]

Reduction in student debt balances

 

[DC_Dude]

 

[DC_Dude]

 

[COINTELPRO]

 

[DC_Dude]

 

[COINTELPRO]

I need to somebody needs to do an exaggerated parody of the blue collar worker.

 

[DC_Dude]

Wifey just got 200K worth of students loans eliminated as of today. Thank you Biden!

 

[Politic Negro]

Wifey just got 200K worth of students loans eliminated as of today. Thank you Biden!

When was the paperwork submitted?

 

[tebriel69]

Student loan debts completely paid off yall. Letter just came today. It wasn’t Biden’s doing however. I used the PSLF. it took over 2 years but it finally worked. I would encourage everyone to look into EVERY avenue for loan relief. Be wary of brand new programs/legislation/laws that get proposed right before an election cycle. Remember, programs exist and have existed long before the current leadership. Don’t get hung up on democrat/republican drama. Look for programs and ways to help yourself. That goes not just for student loans, but for home ownership, job searching etc. government don’t like to give free money but they do have assurance programs. Use them and deal with the red tape while simultaneously putting forth whatever extra effort u can towards debt elimination and financial freedom. We can do this.

 

[COINTELPRO]

All he had to do is shorten the Income Debt Repayment time period to 15 years or less. They had it down to 5% from 10% with a 20 year repayment period.

President went to a HBCU (Delaware State University)! - putting a black face on this program, the courts immediately issued a stay and shot that down.

 

[jawnswoop]

Thanks to biden, I was eligible for student loan forgiveness that they was able to charge me an affordable monthly payment that would be paid off in 6 months.

Also, I went to trade school back in 2017 for welding, worked but not long since the pandemic fucked everything up and things haven't been the same.

So, now that's why my focus is on real estate and welding will always be there for me no matter what. But I do some small welding jobs that people need for repair or small projects.

 

[DC_Dude]

Thanks to biden, I was eligible for student loan forgiveness that they was able to charge me an affordable monthly payment that would be paid off in 6 months.

Also, I went to trade school back in 2017 for welding, worked but not long since the pandemic fucked everything up and things haven't been the same.

So, now that's why my focus is on real estate and welding will always be there for me no matter what. But I do some small welding jobs that people need for repair or small projects.

Good shit bro!

 

[jawnswoop]

Good shit bro!

Thanks Bro!

 

[COINTELPRO]

As an OG, this whole affirmative action by colleges was a very clever preemptive legal move to shield themselves from litigation. You appear progressive and open to diversity. You attack us as inferior needing to lower standards to get college admission into school.

This eventually leads to lawsuits like this that overturn affirmative action, the colleges go back to past practices of exclusion overrelying on test scores and jelly bean tests.

The alternative would have been a Brown v Board type of decision by the NAACP attacking discriminatory college admission process such as overly relying on test scores. The ultimate goal a University wants to pick is somebody like me, when there is a crisis, I am outfront providing solutions such as the financial crisis. Most people that get degrees are academic bureaucrats, that do nothing to improve society.

These predominately white universities are racist as noted by insiders like Dr. Boyce Watkins. I had noted a similar scheme with the Defund the Police that almost suckered me in. You want smart criminal justice reform, smart policing tactics, preventing crime before it happens.

 

[DC_Dude]

Summary of Final Rules for New Income Driven Plan (SAVE)
No rest for the wicked! It's been a long day but I know that folks have been very anxious to see what the new plan looks like. The Final Rules came out a little while ago and I'm going to give a quick and dirty summary of it before calling it a day. We could all use some good news so I didn't want people to have to wait.

Please please please read the OP before asking a question. If you ask and it's here I'm just not going to answer you. Not trying to be cranky but there's just too much volume right now to repeat something that's already here.

EDIT: I've done all i'm probably going to do tonight - but this covers about 90% or more of it. Later this weekend I'll try and clean it up and organize it to improve readability.

Tomorrow I'll be updating the TISLA website with all of the July 1st changes. And then I'm going to drink some gin and have a nap.

SAVE Plan

You can read the federal register here https://www2.ed.gov/policy/highered/reg/hearulemaking/2021/nfridrriapra.pdf

Normally regulations require a certain time period between final rule posting and implementation. But in some cases the ED can exercise it's authority for early implementation. In this case they are doing so for the rule change that allows spousal income to be excluded from repaye/save when the borrower files taxes separately - that rule will be effective July 30th, 2023 (repaye applications received on or after that date I assume)

Part of this rule also allows for certain deferments to count towards the forgiveness counts prior to July 1, 2024. They are doing early implementation for this as well but don't have a date when they will start counting those. They will publish another notice when that is up and running.

Changes to consolidation IDR eligibility will be effective for consolidation loans disbursed on or after July 1, 2025. This is unusual. Usually such changes are effective for applications submitted on or after an effective date. This means anyone looking to take advantage of the Parent Plus double consolidation loophole will essentially need to ensure all steps are completed by that July 1, 2025 date.

The rest of the provisions are effective July 1, 2024

Maybe i missed it because i was going fast - but my understanding right this second is that the only part that will be available before repayment restart is repaye allowing exclusion of spousal income when filing taxes separately. My read is the actual fun stuff with SAVE won't be effective until July 1, 2024.

So SAVE is not an additional plan - it's a renamed and revised REPAYE.

I'm going to call the plan SAVE going forward to refer to the new version - repaye for the old version

Under the SAVE plan, 225% of the poverty level for the borrowers state and family size will be subtracted from their AGI/income. The repaye plan subtracts 150%, as does paye and both new and old ibr. ICR uses 100% Only SAVE/REPAYE are changing

The double consolidation loophole for Parent Plus borrowers will expire July 1, 2025. They have specifically said they will honor those already made and those fully made by that date. After that date, even double consolidated PP loans will only be eligible for ICR, graduated repayment and extended repayment. They can still qualify for PSLF, but will only have ICR as an option to do so. (I'm particularly salty about this and their long argument as to the why is full of nonsense IMO.)

The PAYE plan is being sunsetted. If you aren't enrolled in that plan on July 1, 2024 you never can. If you are and then change plans after that date you can never go back

The ICR plan is being sunsetted except for consolidated PP. If you aren't enrolled in that plan on July 1, 2024 you never can. If you are and then change plans after that date you can never go back. To repeat - this sunset doesn't apply to Parent Plus - ICR will still be available indefinitely for consolidated PP loans.

If as of July 1, 2024 you've made sixty or more payments under repaye you may not switch to the IBR plan. (i'll dig down on this provision more later)

Only the borrowers income will be used in the calculation of repaye/SAVE, IBR, ICR and Paye if they are single or married and filing separately.

For repaye/SAVE, IBR and paye - if both spouse's have loans and both incomes are provided the payment will be adjusted based on the spouse's loans (and income). Both spouse's do not have to be on an IDR or the same plan for this.

For ICR, both spouse's have to be on ICR specifically if both debts and income are to be used in the payment calculation.

In situations where both spouse's loans and income are being considered in the calculation - they will portion it as follows

"Dividing the outstanding principal and interest balance of the borrower’s eligible loans by the couple’s combined outstanding principal and interest balance on eligible loans;"

So they will determine a payment based on the combined income. Say it comes out to $1000. If spouse A has 70% of the total debt their payment will be $700 and spouse B's payment will be $300

Under the SAVE program, payments are calculated as follows:

-5% of discretionary income if the borrower only has undergraduate loans

-10% of discretionary income if the borrower only has graduate loans

-a proportionate percentage if the borrower has both. So for example, if a borrower had $50K in undergraduate and 50% in graduate they would use 7.5%. They are basing the proportion on ORIGNAL total loan balance - which I'm going to have to dig down on that clause as it begs a bunch of questions for me.

Payments under all of the IDR plans can be zero dollars if that's how the calculation works out. Zero dollar payments under these plans count towards both IDR and PSLF forgiveness. This is not a change.

Under the SAVE plan, any interest not covered by the calculated monthly payment is waived. This includes times when the borrower pays more than what is billed. So if your payment is 100 a month and your interest is 200, the ED will forgive the 100 - even if you decide to pay 300. This applies to all loans eligible for SAVE. Yes that includes graduate loans.

Under SAVE, forgiveness occurs after 300 months on the plan for graduate loans and consolidation loans that contain graduate loans.

Under SAVE forgiveness occurs after 240 months on the plan for undergraduate loans and consolidation loans that contain undergraduate loans.

If the borrower has both graduate and undergraduate - consolidated or not - the forgiveness is after 300 months. You cannot be on different plans for different loan types.

Under SAVE, if your original principal was $12K or less, forgiveness is after 120 payments. This is total - not per loan. so if you have three $10K loans this doesn't apply to you.

After $12K they add a year of required payments under the plan for ever $1K over the 12 you owe. So if you owe $13K, you get forgiveness if you still have a balance after 11 years on SAVE.

You get credit towards the forgiveness count for: -payments made under an IDR ($0 payments count) -payments made under a ten year standard or equivalent -cancer, unemployment, rehabilitation, military and economic deferment periods -Americorps forbearance periods -national guard forbearance -Department of defense forbearance -bankruptcy forbearance on or after July 1, 2024 if the borrower made the required payments

Other deferments and forbearances, including in school deferment, grace and financial hardship forbearance do NOT count - however see below for a hold harmless option for these period.

If the borrower has consolidated loans with different counts after the end of this year, they will get a weighted average of the underlying loans counts.

A borrower may obtain credit toward forgiveness for any months in which a borrower was in a deferment or forbearance not listed above by making an additional payment equal to or greater than their current IDR payment, including a payment of $0, for a deferment or forbearance that ended within 3 years of the additional repayment date and occurred after July 1, 2024.

Borrowers will be able to give blanket permission to access tax information. Otherwise they will have to provide it annually themselves. Borrowers will be able to initiate their intent to use an IDR plan and provide that tax info access in their promissory notes in the future.

Borrowers that initiate their intent for an IDR plan on their promissory note or future IDR application, and provide the blanket permission to access their tax info will automatically be entered into an IDR and recertified annually until they indicate otherwise. They will also auto-enroll borrowers into IDR plans if they are 75 days past due, or some defaulters. But only if the IDR plan would be lower than their current plan.

It appears borrowers will be removed from default if they prove that they are eligible for zero dollar idr payments and were at the time of default.

 

[DC_Dude]

FACT SHEET: President Biden Announces New Actions to Provide Debt Relief and Support for Student Loan Borrowers​

June 30, 2023
No President has fought harder for student debt relief than President Biden, and he’s not done yet. President Biden and Vice President Harris will not let Republican elected officials succeed in denying hardworking Americans the relief they need.

In light of the Supreme Court’s ruling this morning, President Biden and his Administration have already taken two steps this afternoon aimed at providing debt relief for as many borrowers as possible, as fast as possible, and supporting student loan borrowers:

• The Secretary of Education initiated a rulemaking process aimed at opening an alternative path to debt relief for as many working and middle-class borrowers as possible, using the Secretary’s authority under the Higher Education Act.
  
• The Department of Education (Department) finalized the most affordable repayment plan ever created, ensuring that borrowers will be able to take advantage of this plan this summer—before loan payments are due. Many borrowers will not have to make monthly payments under this plan. Those that do will save more than $1,000 a year.

In addition, to protect the most vulnerable borrowers from the worst consequences of missed payments following the payment restart, the Department is instituting a 12-month “on-ramp” to repayment, running from October 1, 2023 to September 30, 2024, so that financially vulnerable borrowers who miss monthly payments during this period are not considered delinquent, reported to credit bureaus, placed in default, or referred to debt collection agencies.
These actions reflect the President’s belief that an education beyond high school should be a ticket to the middle class. It also builds on the unprecedented steps President Biden and his Administration have taken to make college more affordable for working and middle-class families and make federal student loans more manageable. The Biden-Harris Administration has:

• Secured the largest increases to Pell Grants in a decade.
  
• Fixed broken student loan programs such as Public Service Loan Forgiveness, so borrowers actually get the relief they deserve.
  
• Approved more than $66 billion in loan cancellation for 2.2 million borrowers across the country, including public service workers and those who have been defrauded by their colleges.
  

Debt Relief for As Many Borrowers as Possible, as Fast as Possible

The President remains committed to providing relief to low- and middle-income borrowers. For too many Americans, a ticket to the middle-class remains out of reach because of unmanageable student loan debt. COVID-19 exacerbated that challenge – risking tens of millions of borrowers’ financial security and futures because of the economic harms brought on by a once-in-a-century pandemic.

Today, the Department initiated rulemaking aimed at opening an alternative path to debt relief for as many borrowers as possible, using the Secretary of Education’s authority under the Higher Education Act. The Department issued a notice, which is the first step in the process of issuing new regulations under this so-called “negotiated rulemaking” process. The notice announces a virtual public hearing on July 18th and solicits written comments from stakeholders on topics to consider.

Following the public hearing, the Department will finalize the issues to be addressed through rulemaking and begin the negotiated rulemaking sessions this fall. The Department will complete this rulemaking as quickly as possible.
Lowering Monthly Payments

The Biden-Harris Administration today also finalized the most affordable repayment plan ever created, called the Saving on a Valuable Education (SAVE) plan. This income-driven repayment plan will cut borrowers’ monthly payments in half, allow many borrowers to make $0 monthly payments, save all other borrowers at least $1,000 per year, and ensure borrowers don’t see their balances grow from unpaid interest.

Specifically, the plan will:

• For undergraduate loans, cut in half the amount that borrowers have to pay each month from 10% to 5% of discretionary income.
• Raise the amount of income that is considered non-discretionary income and therefore is protected from repayment, guaranteeing that no borrower earning under 225% of the federal poverty level—about the annual equivalent of a $15 minimum wage for a single borrower—will have to make a monthly payment under this plan.
• Forgive loan balances after 10 years of payments, instead of 20 years, for borrowers with original loan balances of $12,000 or less. The Department estimates that this reform will allow nearly all community college borrowers to be debt-free within 10 years.
• Not charge borrowers with unpaid monthly interest, so that unlike other existing income-driven repayment plans, no borrower’s loan balance will grow as long as they make their monthly payments—even when that monthly payment is $0 because their income is low.

All student borrowers in repayment will be eligible to enroll in the SAVE plan. They will be able to enroll later this summer, before any monthly payments are due. Borrowers who sign up or are already signed up for the current Revised Pay as You Earn (REPAYE) plan will be automatically enrolled in SAVE once the new plan is implemented. To learn more about the new SAVE plan, visit the Department of Education’s website.
Ensuring Support for Borrowers Most at Risk

To protect the most vulnerable borrowers, the Department is creating a temporary “on-ramp” to protect borrowers from the harshest consequences of late, missed, or partial payments for up to 12 months. While payments will be due and interest will accrue during this period, interest will not capitalize at the end of the on-ramp period. Additionally, borrowers will not be reported to credit bureaus, be considered in default, or referred to collection agencies for late, missed, or partial payments during the on-ramp period. Future monthly bills for borrowers not enrolled in an income-driven repayment plan will be automatically adjusted to reflect the accrued interest during those months.

Borrowers who can pay should do so, but this on-ramp period gives borrowers who cannot make payments right away the necessary time to adjust, enabling them to ultimately make their monthly payments and meet their financial obligations on their loans. Borrowers do not need to take any action to qualify for this on-ramp.
###

 

[COINTELPRO]

As an OG, this whole affirmative action by colleges was a very clever preemptive legal move to shield themselves from litigation. You appear progressive and open to diversity. You attack us as inferior needing to lower standards to get college admission into school.

This eventually leads to lawsuits like this that overturn affirmative action, the colleges go back to past practices of exclusion overrelying on test scores and jelly bean tests.

The alternative would have been a Brown v Board type of decision by the NAACP attacking discriminatory college admission process such as overly relying on test scores. The ultimate goal a University wants to pick is somebody like me, when there is a crisis, I am outfront providing solutions such as the financial crisis. Most people that get degrees are academic bureaucrats, that do nothing to improve society.

These predominately white universities are racist as noted by insiders like Dr. Boyce Watkins. I had noted a similar scheme with the Defund the Police that almost suckered me in. You want smart criminal justice reform, smart policing tactics, preventing crime before it happens.

Anytime somebody makes you take a jelly bean test for a job or to get into a university, than having quotas, they are shielding themselves from litigation while they wait until some fool like Asians or Indians thinking this jelly bean test validates their superiority files a lawsuit. When this group wins, the racist White University looks like hero, trying to help feed the homeless/needy/minorities when they are scum.

These legal tactics are quite familar to @QueEx, this is what he advises his many clients on how to setup:

Honorary whites - Wikipedia

en.wikipedia.org

Honorary White

I remarked about South Africa under the Apartheid regime, the Asians were given honorary white status. They were lumped in with Africans originally, and other groups that were adversely impacted by apartheid. There is a history of Asians wanting to be considered distinct from us, rather than fighting racial injustice.

It would be similar to MLK just wanting negroes to be considered honorary white over latinos/asians/indians/indigenous to get equality rather than fighting for everybody. Indians have been freaking out over Kamala Harris, doing all kinds of weird shit behind the scenes. The president of India visited, I did not see a single photo with her at all.

This lawsuit and other peculiar behavior are symptoms.

1. Rather go to a white university over building an Asian or Indian college.
2. Live in predominately white neighborhoods where they mimic the white culture versus creating their own enclave with their culture.
3. Practice the same discriminatory behavior towards other groups.
4. Have surgery performed to imitate the appearance of Caucasians, removing the epicanthal folds. Indians/Africans skin bleaching and lightening.
5. Refuse to do porn with us, although interracial relationships are allowed, any celebrity ones results in tragedy. They only engage in interracial relationship with whites.
6. Constantly building over engineered products or overperforming on tests to demonstrate their differences with whites.

In South Africa they gladly accepted this status, rather than saying I am Asian and I want equality as an Asian, not to be considered as being you.

I was approached by whites for honorary white status one time, and I resoundly turned them down. I am a freedman and want equality for everybody. There are many black fool just wanting to be considered honorary white, rather than fighting for equality.

 

[DC_Dude]

UPDATED Summary of SAVE/REPAYE Plan Final Rules​

Please please please read the OP before asking a question. If you ask and it's here I'm just not going to answer you. Not trying to be cranky but there's just too much volume right now to repeat something that's already here.
SAVE Plan You can read the federal register here https://www2.ed.gov/policy/highered/reg/hearulemaking/2021/nfridrriapra.pdf
You can read the fact sheet here https://www2.ed.gov/policy/highered/reg/hearulemaking/2021/idrfactsheetfinal.pdf
REPAYE and SAVE are now the same plan and the names will be used interchangeably in the real world. For our purposes to avoid confusion I’m going to use repaye to talk about the current plan, and SAVE the new one. So SAVE is not an additional plan - it's a renamed and revised REPAYE. This renamed plan will continue to count for PSLF.
SAVE PLAN ELIGIBILITY
All Direct Loans (Direct subsidized and unsubsidized Stafford, Direct Graduate Plus, Direct consolidation in most cases) other than Parent Plus loans or consolidated PP loans are eligible – regardless of when the loan was made. Double consolidated PP loans are eligible – but only if the double consolidation was completed before July 1, 2025. Defaulted loans, FFEL loans and Perkins loans are not eligible – but can be made eligible by getting out of default and/or consolidating into the Direct Loan program at www.studentaid.gov
SAVE PLAN PAYMENT CALCULATION
Under the SAVE plan, 225% of the poverty level for the borrower’s state and family size will be subtracted from their AGI/income. The repaye plan subtracts 150%, as does paye and both new and old ibr. ICR uses 100%.
Only SAVE/REPAYE are changing in these areas.
Under the SAVE program, payments are calculated as follows:
-5% of discretionary income if the borrower only has undergraduate loans -10% of discretionary income if the borrower only has graduate loans -a proportionate percentage if the borrower has both. So for example, if a borrower had $50K in undergraduate and 50% in graduate they would use 7.5%. They are basing the proportion on ORIGNAL total loan balance - which I'm going to have to dig down on that clause as it begs a bunch of questions for me. Payments under all of the IDR plans can be zero dollars if that's how the calculation works out. Zero dollar payments under these plans count towards both IDR and PSLF forgiveness. This is not a change. SAVE PLAN INTEREST Under the SAVE plan, any interest not covered by the calculated monthly payment is waived. This includes times when the borrower pays more than what is billed. So if your payment is 100 a month and your interest is 200, the ED will forgive the 100 - even if you decide to pay 300. This applies to all loans eligible for SAVE. Yes that includes graduate loans. If your billed payment amount covers your monthly interest you will not get any interest forgiven. To be crystal clear – this benefit is based on what you are BILLED - not what you actually pay. So not paying won’t mean interest forgiveness if your billed payment covers that interest. And you don’t get the benefit if you don’t make the payment. Zero dollar calculated payments excluded of course.
SAVE FORGIVENESS Under SAVE, forgiveness occurs after 300 months on the plan for graduate loans and consolidation loans that contain graduate loans. Under SAVE forgiveness occurs after 240 months on the plan for undergraduate loans and consolidation loans that contain undergraduate loans. If the borrower has both graduate and undergraduate - consolidated or not - the forgiveness is after 300 months. You cannot be on different plans for different loan types. Under SAVE, if your original principal was $12K or less, forgiveness is after 120 payments. This is total - not per loan. so if you have three $10K loans this doesn't apply to you. After $12K they add a year of required payments under the plan for ever $1K over the 12 you owe. So if you owe $13K, you get forgiveness if you still have a balance after 11 years on SAVE.
PERIODS THAT COUNT TOWARDS FORGIVENESS You get credit towards the forgiveness count for: -payments made under an IDR ($0 payments count) -payments made under a ten year standard or equivalent -cancer, unemployment, rehabilitation, military and economic deferment periods -Americorps forbearance periods -national guard forbearance -Department of defense forbearance -bankruptcy forbearance on or after July 1, 2024 if the borrower made the required payments Other deferments and forbearances, including in school deferment, grace and financial hardship forbearance do NOT count - however see below for a hold harmless option for these periods. If the borrower consolidates loans with different counts after the end of this year, they will get a weighted average of the underlying loans counts. If they consolidate before that they will get the highest count due to the one time IDR adjustment. See my post history if you don’t know what that is. A borrower may obtain credit toward forgiveness for any months in which a borrower was in a deferment or forbearance not listed above by making an additional payment equal to or greater than their current IDR payment, including a payment of $0, for a deferment or forbearance that ended within 3 years of the additional repayment date and occurred after July 1, 2024.
TREATMENT Of SPOUSAL INCOME Only the borrowers income will be used in the calculation of repaye/SAVE, IBR, ICR and Paye if they are single or married and filing separately. But they will also exclude the spouse from the borrowers family size in this situation. For repaye/SAVE, IBR and paye - if both spouse's have loans and both incomes are provided the payment will be adjusted based on the spouse's loans (and income). Both spouse's do not have to be on an IDR or the same plan for this. For ICR, both spouse's have to be on ICR specifically if both debts and income are to be used in the payment calculation. In situations where both spouse's loans and income are being considered in the calculation - they will portion it as follows "Dividing the outstanding principal and interest balance of the borrower’s eligible loans by the couple’s combined outstanding principal and interest balance on eligible loans;" So they will determine a payment based on the combined income. Say it comes out to $1000. If spouse A has 70% of the total debt their payment will be $700 and spouse B's payment will be $300
AVAILABILITY OF OTHER PLANS The PAYE plan is being sunsetted. If you aren't enrolled in that plan on July 1, 2024 you never can. If you are and then change plans after that date you can never go back
The ICR plan is being sunsetted except for consolidated PP. If you aren't enrolled in that plan on July 1, 2024 you never can. If you are and then change plans after that date you can never go back. To repeat - this sunset doesn't apply to Parent Plus - ICR will still be available indefinitely for consolidated PP loans.
If as of July 1, 2024 you've made sixty or more payments under repaye you may not switch to the IBR plan. This is to prevent borrowers with graduate loans to be able to game the system and get forgiveness sooner.
Sunset of the Parent Plus double consolidation loophole The double consolidation loophole for Parent Plus borrowers will expire July 1, 2025. They have specifically said they will honor those already made and those fully made by that date. After that date, even double consolidated PP loans will only be eligible for ICR, graduated repayment and extended repayment. They can still qualify for PSLF,but will only have ICR as an option to do so. (I'm particularly salty about this and their long argument as to the why is full of nonsense IMO.)
If you don’t know that is or want to learn more about it while it’s still available see the consolidation page on the TISLA site, towards the bottom.
Automatic IDR Enrollment and Recertification Borrowers will be able to give blanket permission to access tax information via future IDR applications and promissory notes – but not until after July of next year or later.. Otherwise they will have to provide it annually themselves. Borrowers will be able to initiate their intent to use an IDR plan and provide that tax info access in their promissory notes in the future. When that happens you’ll go right into the lowest IDR plan as soon as you enter repayment with no action needed by you. Borrowers that initiate their intent for an IDR plan on their promissory note or future IDR application, and provide the blanket permission to access their tax info will automatically be entered into an IDR and recertified annually until they indicate otherwise. They will also auto-enroll borrowers into IDR plans if they are 75 days past due, or some defaulters. But only if the IDR plan would be lower than their current plan. This will mean no need to recertify annually but you’ll need to watch your bills for payment changes - especially those on ACH. You will be able to withdraw this permission at any time.
TIMING Borrowers already on repaye will automatically have their payments recalculated under the new formula – no reapplication needed. For those not enrolled in repaye already – hypothetically you can just apply for repaye now – and you’ll be given the save benefits after July 30th per the below. Normally regulations require a certain time period between final rule posting and implementation. But in some cases the ED can exercise its authority for early implementation. In this case they are doing so for the following pieces, which will be implemented July 30, 2023: • Only using the borrowers income in the repaye/save calculation when the borrowers files taxes separately. • Increasing the income exemption to 225 percent of the applicable poverty guideline in the REPAYE plan • Not charging accrued interest to the borrower after the borrower’s payment on REPAYE is applied • The Secretary also designates the changes to the definition of family size for Direct Loan borrowers in IBR, ICR, PAYE, and REPAYE in § 685.209(a) to exclude the spouse when a borrower is married and files a separate tax return for early implementation on July 30, 2023. Part of this rule also allows for certain deferments to count towards the forgiveness counts prior to July 1, 2024. They are doing early implementation for this as well but don't have a date when they will start counting those. They will publish another notice when that is up and running. Changes to consolidation IDR eligibility will be effective for consolidation loans disbursed on or after July 1, 2025. This is unusual. Usually such changes are effective for applications submitted on or after an effective date. This means anyone looking to take advantage of the Parent Plus double consolidation loophole will essentially need to ensure all steps are completed by that July 1, 2025 date. The rest of the provisions are effective July 1, 2024
DELINQUENT AND DEFAULTED BORROWERS Effective next year, borrowers who are at least 75 days past due on their loans and who have given the ED permission to access their tax information will be automatically enrolled in the lowest IDR plan they are eligible for as long as it’s not a higher payment than their existing payment. This is for future payments and periods only. Borrowers in default but not yet under wage garnishment or tax offset or litigation will be automatically given the IBR plan assuming they have previously given the ed permission to access their tax information. If it turns out they would have had a zero dollar payment at the moment of default they will be taken out of default automatically.
Defaulted borrowers placed on the IBR plan will get credit towards forgiveness when they make payments under that plan while in default – even involuntary payments such as wage garnishment. This includes payments that are equal to or exceed the ten year standard amount. These payments will also count towards loan rehabilitation assuming they are at least $5
For borrowers entering loan rehab not on IBR, rehab payments will be calculated as 10% of discretionary income – but no less than $5. Defaulted parent Plus