I could write a book of all the stupid shit in this post. Kind of incredible...
Biden doesn't want to fight for 50,000 student loan relief. It's too hard
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You are from Chicago ? Do like whats happening with your education system and the gentrification?
Do you really think you are getting bang for you buck from the white municipal workers that are supposed to serve your black communities?
Are the black politicians serious about service to black Chicago beyond collecting votes and making promises that they take little action on?
You like the facts that migrants are getting kids kicked out of their community centers?
You have homeless and migrants living in your critical public transportation facilities such as your airport. Is that normal for to you?
Do you understand how much pension debt you guys have and how much of that money is going towards the the coffers of Republican states?
You guys are going to need a federal government bail out soon and having a senile old man to scheme money from like Biden would save your assess right now. So I can see why you want the old bastard in there.
But you will never get rid of the built in corruption of your city unions and politicians unless you're going to bring in people who will make them accountable.
Do you think Harold Washington will go for any of the current mess that's going on in your city?
Nigga, you guys are a pure joke right now. You last two Mayors have made Kwame Klpatrick look competent and I don't see any local government willing to pick up the slack. Detroit bankruptcy was regulated by the state Republican party and they actually had the balls to tell some of these municipal unions no and cut pork jobs attached to city government.
I wish you guys the best but Chicago is in for some very dark times. The sad part is that I know the Republicans are going to have to come in and make the adult decisions the Democrats refuse to make. Only then will things get better from an economical physical standpoint.
I'm just telling you what I've seen personally work. Its not easy to really to have to confront the hard truths. But our cites are dying because of very bad policy. If you don't believe me then please understand demographics drive economics. You probably need to take a look at this lecture first and then let's discuss how these numbers impacted the black community.
It has nothing to do directly with African Americans but if you look at the numbers you can understand why blacks are pissed right now..
You look at these numbers and you will start to understand the policy. DM me if you want details.
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“What I’ve come to learn in my long life is that ignorance is not bliss; it is time consuming and costly as hell.”
— Dick Gregory
— Dick Gregory
Draft rules for the forgiveness proposal are out
I'll be doing a summary later today. Please hold off on questions until I do. And remember..these are draft rules. Things can change and be challenged.
From politico
The Education Department unveiled a draft proposal on Tuesday of President Joe Biden’s latest plan to broadly cancel swaths of student loan debt for millions of borrowers.
His plan seeks to forgive unpaid interest for some 25 million Americans who now owe more on their loans than they originally borrowed. It would also help more than 2 million borrowers who’ve carried their debts for decades and another 2 million borrowers who would have qualified for existing federal programs but failed to enroll. Borrowers who attended “low-value programs” could see relief as well.
If implemented, the administration said the plan, along with its other student debt relief efforts, would apply to roughly 30 million borrowers as early as this fall.
“These distinct forms of debt relief are designed for borrowers struggling with their loans — and that’s a lot of people,” Education Undersecretary James Kvaal said in a statement. “There are 25 million borrowers whose interest is growing faster than they can pay it down. That fact alone shows how badly President Biden’s student loan relief is needed.”
Biden first announced the plan last week at a community college in Madison, Wisconsin, while other top administration officials went to other swing states to push his pitch.
The proposal, which provides targeted relief for the majority of student loan borrowers, comes as Biden looks to deliver on his campaign promise to cancel some student loan debt after his more sweeping plan was thwarted by the Supreme Court last year.
Senior administration officials have previously told reporters they’re “confident” that Biden’s new attempt is sufficiently different to pass muster before the court. The plan hinges on the Education secretary’s legal authority under the Higher Education Act, rather than the Covid-related emergency powers that were the basis for the administration’s first plan.
While Democrats and groups in support of debt relief have lauded the Biden administration’s efforts, Rep. Virginia Foxx (R-N.C.), who helms the House education panel, slammed the proposal as a “reckless and fiscally irresponsible" action.
“Mr. President, you have no legal ground to stand upon,” Foxx said. “Your scheme is not steeped in benevolence or goodwill. It is mired in utter contempt for the Supreme Court and every student, family and hardworking taxpayer in this country.”
The proposed rule will be published in the Federal Register on Wednesday with a 30-day comment period, and the department said it is still aiming to finalize its rules by the fall.
A separate draft rule focused on relief for borrowers experiencing hardship is slated for the coming months. It is expected to include proposals to grant automatic forgiveness of loans for borrowers at a high risk of default and others who “show hardship due to other indicators” like high medical and caregiving expenses.
“As President Biden said last week, our Administration is working as quickly as possible to deliver relief to as many borrowers as possible,” a department spokesperson said about the hardship proposal. “As we vigorously continue to develop the NPRM related to hardship for release in the coming months, we also are moving forward with these proposed rules today so we can begin delivering relief to borrowers as early as this fall.”
Link to the undrafted rule
Student Debt Relief for the William D. Ford Federal Direct Loan Program, the Federal Family Education Loan Program, the Federal Perkins Loan Program, and the Health Education Assistance Loan Program
An unpublished Proposed Rule by the Education Department on 04/17/2024
Thanks for the update, this would def be a welcome move
You gotta be super evil n greedy to be in such STRONG opposition to cutting interest off of decades old student loan balances under these circumstances. What type of person or why would one even care enough to fight so vehemently against this, unless they are just a true blue greedy piece of shit? Especially considering all the other bs this country promotes and has the nerve to waste money on? It's baffling.
On a separate but related note: I called Aidvantage yesterday and these fools are dumb as rocks
I was able to confirm the new certification date, but I still need to get in touch with Fed Aid directly for a full list of my past payments. I don't think they are giving me credit for a few years of payments I made in the past.
THIS! That interest is some BSThanks for the update, this would def be a welcome move
You gotta be super evil n greedy to be in such STRONG opposition to cutting interest off of decades old student loan balances under these circumstances. What type of person or why would one even care enough to fight so vehemently against this, unless they are just a true blue greedy piece of shit? Especially considering all the other bs this country promotes and has the nerve to waste money on? It's baffling.
On a separate but related note: I called Aidvantage yesterday and these fools are dumb as rocks
I was able to confirm the new certification date, but I still need to get in touch with Fed Aid directly for a full list of my past payments. I don't think they are giving me credit for a few years of payments I made in the past.
I think Fed Aid has a live online chat if you don’t want to call. You should be able to log in also and pull up all of your payments. If you know the original loan folks, you can try and log in there also.
I can still pull up all my payments I made to Sallie Mae and Moehela before I switched over to FedLoans.
I think I was Sallie Mae way back when, then FedLoan for most of my payment history, now Aidvantage post-pandemic.
I went on the site a few months back but got frustrated and left. I'ma give it another shot though. I plan on calling them or chatting if I can't find what I need on the site.
I went back on the other day and noticed that they appear to have a few options to file a complaint. Which I also might do just to have something logged in writing and see what they say.
Thanks man.
only had about 20 grand left... i work in government so mine was going to be forgiven in a few years anyway
but now its gone totally in may
I just got one too and I'm not on the IDR plan. Mohela just put my account on an administrative hold until June. Fingers crossed.
On April 19, 2022, the Biden-Harris Administration announced several changes that will help borrowers get closer to or achieve forgiveness under income-driven repayment (IDR) regardless of whether or not you have ever participated in an IDR plan. With these changes, you are now eligible to have some or all of your student loans forgiven because you have reached the necessary 240- or 300-months' of payments under IDR.
Interest rates gonna sink Biden, not this. A damn 30k car costs $500 a month with a 750 credit score.
You sure? I have a high credit score and got a car loan on a new car from navy federal at about 3% in 2016. It’s 4.5% now on there website. Might even be lower if you have good credit.
You haven't bought many cars if you think a 30k car with a 500 monthly payment is ok. I bought a loaded Yukon Denali in 21 & my note is $1,006.36 a month & it was 88K
Not actually correct brother... (I said car, not loan cost)
Plus I am a GM employee, so incentives are added in
I was just talking to a broker to locate a car for my 15 year old....
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I got a rate today as of 4.9% ( I got excellent credit)
My payment for an Encore GX ST would be $494.13
Be careful if you get any emails saying it’s from Moeahla. Wife just got a phishing email saying she owed money even though her loans were discharged last year
The US Department of Education sign hangs over the entrance to the federal building housing the agency’s headquarters on February 9, 2024, in Washington, DC.
J. David Ake | Getty Images
If your current federal student loan servicer is Mohela, or the Missouri Higher Education Loan Authority, the U.S. Department of Education saidit will soon transfer some student loan borrowers to different servicers.
Here’s what you should know about the change.
More than 1 million borrowers may be impacted.
“A different servicer will begin managing these loans and assisting these borrowers,” the department said.
The Education Department contracts with different companies to service its federal student loans, including Mohela, Nelnet and EdFinancial. It pays the servicers more than $1 billion a year to do so, according to higher education expert Mark Kantrowitz.
At the end of October 2023, the government accused the servicer of failing to send timely billing statements to 2.5 million borrowers when the Covid-era pause on payments expired, resulting in more than 800,000 borrowers becoming delinquent.
The Education Department withheld $7.2 million in payment to Mohela for its error.
“The disruption to Mohela’s servicing last fall may have been caused by capacity issues,” Kantrowitz said.
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In February, the Student Borrower Protection Center and the American Federation of Teachers published a joint report titled, “The Mohela Papers,” finding that four in 10 student loan borrowers in repayment serviced by Mohela “experienced a servicing failure since loan payments resumed in September 2023.”
On April 10, the U.S. Senate Committee on Banking, Housing and Urban Affairs Subcommittee on Economic Policy held a hearing about Mohela’s performance as a student loan servicer.
“Today, Mohela surrendered more than 10 percent of its total loan servicing business, showing that its executives now recognize what borrowers have long understood: Mohela’s position as a leader in the student loan industry was a mistake,” Mike Pierce, the executive director of the Student Borrower Protection Center, said in a statement.
Officials at Mohela did not immediately respond to a request for comment.
Pierce added that he hopes Education Secretary Miguel Cardona “builds on this progress and continues to protect borrowers by stripping the scandal-plagued firm of its remaining business.”
After the transfers, Mohela will still service the federal student loans of at least 6 million borrowers, Kantrowitz estimates.
They will then need to establish an online account with their new servicer.
If you were enrolled in automatic payments with your servicer, which usually leads to a small discount on your interest rate, you may need to reenroll, Kantrowitz said.
If a borrower has a problem with their servicer, they can submit a complaint to the Department of Education’s Federal Student Aid unit.
The Education Department will transfer some student loan borrowers to a different servicer. Here’s what you need to know
The US Department of Education sign hangs over the entrance to the federal building housing the agency’s headquarters on February 9, 2024, in Washington, DC.
J. David Ake | Getty Images
If your current federal student loan servicer is Mohela, or the Missouri Higher Education Loan Authority, the U.S. Department of Education saidit will soon transfer some student loan borrowers to different servicers.
Here’s what you should know about the change.
Change impacts Mohela borrowers
The Education Department began transferring a portion of Mohela’s borrowers this week to different companies, it said in an April 29 blog post.More than 1 million borrowers may be impacted.
“A different servicer will begin managing these loans and assisting these borrowers,” the department said.
The Education Department contracts with different companies to service its federal student loans, including Mohela, Nelnet and EdFinancial. It pays the servicers more than $1 billion a year to do so, according to higher education expert Mark Kantrowitz.
Why the transfer is happening
Mohela requested the transfers, the Education Department said, but the company has also been a magnet for controversy of late.At the end of October 2023, the government accused the servicer of failing to send timely billing statements to 2.5 million borrowers when the Covid-era pause on payments expired, resulting in more than 800,000 borrowers becoming delinquent.
The Education Department withheld $7.2 million in payment to Mohela for its error.
“The disruption to Mohela’s servicing last fall may have been caused by capacity issues,” Kantrowitz said.
More from Personal Finance:
Advice about 401(k) rollovers is poised for a big change. Here’s why
IRS free filing pilot processed more than 140,000 returns, commissioner says
Here’s why new home sales inch higher despite 7% mortgage rates
In February, the Student Borrower Protection Center and the American Federation of Teachers published a joint report titled, “The Mohela Papers,” finding that four in 10 student loan borrowers in repayment serviced by Mohela “experienced a servicing failure since loan payments resumed in September 2023.”
On April 10, the U.S. Senate Committee on Banking, Housing and Urban Affairs Subcommittee on Economic Policy held a hearing about Mohela’s performance as a student loan servicer.
“Today, Mohela surrendered more than 10 percent of its total loan servicing business, showing that its executives now recognize what borrowers have long understood: Mohela’s position as a leader in the student loan industry was a mistake,” Mike Pierce, the executive director of the Student Borrower Protection Center, said in a statement.
Officials at Mohela did not immediately respond to a request for comment.
Pierce added that he hopes Education Secretary Miguel Cardona “builds on this progress and continues to protect borrowers by stripping the scandal-plagued firm of its remaining business.”
After the transfers, Mohela will still service the federal student loans of at least 6 million borrowers, Kantrowitz estimates.
What borrowers should do amid transition
Borrowers who are being transferred to a different servicer should receive alerts from Mohela and their new servicer, the Education Department explained.They will then need to establish an online account with their new servicer.
If you were enrolled in automatic payments with your servicer, which usually leads to a small discount on your interest rate, you may need to reenroll, Kantrowitz said.
If a borrower has a problem with their servicer, they can submit a complaint to the Department of Education’s Federal Student Aid unit.
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I can't remember what my last update was, but a about a month ago I got an e-mail from my servicer (Aidvantage) saying that I didn't need to recertify until Summer 2025.
Then I got a letter saying my loan terms had changed,
then another saying to disregard a previous letter,
then another letter recently saying that they put me on Administrative Forbearance for 2 months (until June).
..so I called my servicer to ask what was up, but they weren't much help as usual. They asked me if I applied for any other programs recently (I'm already Consolidated and in S.A.V.E., so nah) and just told me that my next payment isn't due until June and it looks like my account was flagged for review.
Then I finally called StudentAid.gov and they weren't much help either. They told me more of the same and said that I'll eventually get a letter (presumably before my next payment due date) updating me on my account status. They said if I wanted to reach out to get specifics, I could file a complaint letter with the Dept. of Ed so I'ma do that just to see what they say and so that something is officially logged in writing.
Then I got a letter saying my loan terms had changed,
then another saying to disregard a previous letter,
then another letter recently saying that they put me on Administrative Forbearance for 2 months (until June).
..so I called my servicer to ask what was up, but they weren't much help as usual. They asked me if I applied for any other programs recently (I'm already Consolidated and in S.A.V.E., so nah) and just told me that my next payment isn't due until June and it looks like my account was flagged for review.
Then I finally called StudentAid.gov and they weren't much help either. They told me more of the same and said that I'll eventually get a letter (presumably before my next payment due date) updating me on my account status. They said if I wanted to reach out to get specifics, I could file a complaint letter with the Dept. of Ed so I'ma do that just to see what they say and so that something is officially logged in writing.
Graduation season is upon us. Where are you headed for law school in the fall?
YO... my servicer sent a letter saying they forgave my joints. I almost don't want to say shit until I can call them tomorrow to confirm. Unbelievable if true:
..does this sound like what ya'll have heard happens when they get the forgiveness?
Ahh shit my nigga. HELL FUCKInG YEAH!!
Taking a shot for the good news my fellow Comrade received!!!
You’re showing an 84 month loan. Show the price of a 30k car with a 48 or 60 month loan at a 7.3% Apr which is what most people get. You’ve never been able to get a 30k car for $500 a month unless you had a 0% APR and stretched the payments out to over 7 years which 0% APR won’t allow anyway and even with taxes title and fee’s you going over that. Here I’ll show you.You haven't bought many cars if you think a 30k car with a 500 monthly payment is ok. I bought a loaded Yukon Denali in 21 & my note is $1,006.36 a month & it was 88K
Not actually correct brother... (I said car, not loan cost)
Plus I am a GM employee, so incentives are added in
I was just talking to a broker to locate a car for my 15 year old....
Your estimated monthly payment on a $30,000 new car loan at 7.3% is
$598