How Hardship Student Loan Forgiveness REALLY Works

[@sdnmkhn]

Man that opening broke my heart! Can't Timothy file for REPAYE/SAVE to join the fresh start program- and benefit off near-zero monthly payments?

[@stanleytate]

Yes, but he’d have to carry the loan for a decade more if the hardship forgiveness program doesn’t work out. That’s a heavy emotional load.

[@nikkid7631]

They still got their money. Free Timothy✌🏽

[@tellingmyage]

Some of the most comprehensive data I've found has been on this channel. Thaaank you! Got my loans forgiven and helped my partner who just got a forgiveness email. Trying to pay it forward so having accurate information for these people is critical. Again, appreciate your expertise and keep the great content coming!

[@stanleytate]

Great to hear!

[@iotanb1772]

Thank you for the information 🙏 What if your loans have already defaulted & in collections for over 15 years.

[@fitmom0609]

I have old loans (back from 1994 is when they originated) and new loans (currently in graduate school). I consolidated my FFEL loans last September to direct loans (because I would have qualified for the forgiveness that was struck down). I am not on SAVE. I was sent a letter from DOE that I may qualify but I have to be on SAVE. Can I just apply my old loans to SAVE to see if they qualify?

[@markmcallister7076]

This is the Tate I remember, fighting for the lil guy!! For myself, I simply DO NOT TRUST the dept of ed. Utter chaos and lies.

[@C_Jee]

My cousin graduated college in 2004. The first 2 /3 years his loans were in deferment (?) Then he got on the income repayment plan. He did consolidate the education and private loans this year. The letter he received said estimated pay off date 2035😮

[@ChicagoWheels]

I Forgive My Loan Myself with The Power of Weed🎉🎉🎉🎉😂!

[@TsigolohcysP77]

Bahahahahaha😂

[@OliviaCox-m8u]

Any updates?

[@tiffanysteen1845]

Never need third party companies to take care of loans. Hardship deferment is crap bc high accumulation of interest. It just delays paying loans off better to 0 payments per month. Loans are a broken systems to benefit the loan servicers not us! These are mistakes I learned after having pay in between jobs or grad school deferment

[@melk.175]

Are you still recommending consolidatjng FELP loans back to the Fed. govt.

[@stanleytate]

For nearly everyone, yes.

[@LaurieFloodTeacher]

I think another big question is, "What are the tax ramifications if we get our student loans forgiven?"

[@stanleytate]

None at the federal level through 2025. We have a video breaking tax stuff down.

[@Robier1447]

Do you think they will forgive for age? I’m 64 and with PSLF, I’ll be 72 by the time my loan is forgivable as things stand right now.

[@stanleytate]

No. People can borrow loans later in life, so tying forgiveness to age makes little sense. That said, tying forgiveness to the number of years you've had the loans in repayment for can make a lot of sense.

[@catherinekuntz8306]

Thats what is happening. I have never been in default.

[@tiffanysteen1845]

This sucks bc mine never forgiven while working min wage jobs just make payments or while paying over 22 years minus my in school grad deferment only 1-2 years. I should be at 20 year mark of undergrad this year. Loans suck is teach folks pay cash school or pay while in school if you can. Pslf sucks!