Republican Proposals for Student Loans Unveiled

[@StudentLoanPlanner]

What student loan borrowers should know about Trump’s attempts to shut down the Department of Education: www.studentloanplanner.com/department-of-education-disrupt-student-loans/ Get the brand new 2025 IDR calculator that minimizes your student loan payments so you can use the money on better stuff: www.studentloanplanner.com/student-loan-calculator/

[@theseasonedpa]

IMHO, if they end the PSLF or “limit it” they would be damaging the party for a large cohort of voters

[@ak_fha_t]

What about Re-PAYE? Many of us were on it and moved to SAVE plan. What happens to us?

[@denisesteinwachs8543]

Also wondering this. Do we move out of save and go into PAYE or just wait it out interest free?

[@Destusto]

Re-PAYE became SAVE. As in pokemon evolution, "what's this?!?! Re-PAYE is evolving"....."Re-PAYE is now SAVE". Literally that's what they did and why you, and me, were moved without being asked. They also got rid of PAYE with the intent of SAVE being the only IDR plan to simplify the process, however, something something court injunction and not being allowed to implement SAVE the dept. of ED. then brought back PAYE so people would have something.

[@CB-sr8ee]

Where is this document from. You scrolled down and I saw a telehealth ban proposal. Would love to see the rest of this!!

[@BorntobeWild.]

So what exactly does this mean for people who have loans that were taken out say before 2017 And who make less than $75,000 a year?

[@janiceirby6035]

What about paying taxes on loan forgiveness.

[@marvl6472]

What about insolvency too?

[@LeroyGibbs6568]

If you have PSLF you don’t have to pay taxes on the forgiven amount. Not sure about any other forgiveness plans.

[@karolynchang8559]

Indiana, Mississippi, North Carolina and Wisconsin will tax the amount of your federal student loan forgiveness. I am not sure about rates though.

[@karolynchang8559]

@@LeroyGibbs6568 This is not true. Some states you have to report it and are taxed on it.

[@rickmooney5931]

Im on save should I switch now or will we have options once it's repealed? Been paying off higher interest debt ...

[@nsanenthembrane]

For people who took out loans pre 2024 would we be able to stay on paye?

[@thunderfool9]

if im on SAVE right now, should I switch to PAYE?

[@TheVelvetTallow]

Will the ibr still be available for older loans? I’m 4 years from forgiveness. I’m trying to get out of save & into regular ibr

[@rickmooney5931]

I think we can switch any time

[@amyt.9246]

What about those of us who have qualified for IDR forgiveness but are stuck waiting because we are in SAVE? I even tried to apply for IBR so that I could get the forgiveness but so far it seems my application is just sitting there.

[@benberghorn4422]

How about the One-Time Acct Adjustment? ED still hasn't applied mine (or many other individuals' one-time acct adjustments, yet) due to SAVE being in litigation. Is this still happening once the 8th circuit strikes down SAVE? I feel like many of us older borrowers who've been paying on our Federal loans for 20+ years are being forgotten. Not surprising with the GOP. Also what about loan forgiveness after 2025? I'm guessing that many of us will be taxed on that.

[@vulpixelful]

Limiting PSLF for physicians would lead to a physician shortage

[@edwardcumpstey9061]

I really appreciate these videos! I'm wondering what effects any of these Republican proposals would have on the Federal Work Study programs, particularly for students who attend college remotely.

[@timtebowfan628]

I was on Repaye and EDFinancial moved me to Save. What plan could I move to with a low monthly payment.

[@juliesabato8193]

What do you predict for people that were in REPAY for years and then automatically switched to SAVE (without notice/option 🙄), but all loans are from way before summer 2023? Will the other IDR options still be available again (repay, paye, icr) or only the standard 10-year vs NEW idr?

[@sampryor8287]

Will I still be able to get a federal loan for to get my masters ?

[@Nizzet]

Those proposals are from the list that the congressional republicans passed around among themselves a few weeks ago. My understanding is that it was more of wish list than a fully-baked plan of action that they were trying to push through.

[@Mandarin2099]

Thanks for the upload. It would be great to see a video about pros and cons (risks and benefits) of switching from SAVE to a generic IBR. It’s an important question as long as SAVE is still in limbo. Will SAVErs get grandfathered into something comparable to the SAVE or will they find themselves off of SAVE with no long-term (20-25 yr) repayment option?

[@saciafowler3549]

Anything on the Buy Back program? I hit my 10 years in June this year.

[@delialofton7225]

Me too. I plan to submit the request to buy back months.

[@steveshow-tos5394]

It’s a very slow and clunky process. I applied 8/31/24 after hitting 10 years of employment on 8/14/24 and certifying my employment. I had 11 loans that were all situated identically (in forbearance during the same periods). I got a buyback agreement on 12/21/24 for only 1 of the 11 loans. Paid MOHELA that day and received discharge 1/26/25 for that one loan. I submitted another buyback agreement 12/21/24 (the day I received the deficient buyback agreement) for the other 10 loans that weren’t included in the first agreement and a complaint asking for the first agreement to be modified/apply to the other 10 loans too. Crickets on both fronts as of 2/10/25. In sum, if you only have a few months to buy back, you may reach 120 before you get a contract and or get a contract processed as it’s about a 3.5 month wait for the agreement and another month+ for discharge (so almost 5 months all in from application to discharge). I’ll hit 120 naturally on 4/21/25. So I’m doubtful my 12/21/24 requests will go anywhere before then.

[@JonHulett]

This is key for people involved in the joint solidation split process right now. None of our loans send, since they are technically a refinance in 2025 and later only, fall after June 2024. It's important to know that they intend to keep the statutory IBR because this means we end up not being forced out of our existing plans that have already guaranteed a statutory credit. Also create some hope that they will not mess around with the existing IDR adjustment for our small group of borrowers.

[@racysheep]

All my Direct Loans are currently on SAVE. I ran the loan simulator on StudentAid and my payments would still be the same for the IBR plan. Should I just switch IDR plans now? And if I do, they wouldn't be able to do anything to change it? Is that correct?

[@denisesteinwachs8543]

Wondered this as well. No interest sitting in save but do i want to move out into PAYE so i get grandfathered in??

[@Enkaybe]

Wait what about those of us double consolidating with the loophole thing and just applied for SAVE for Parent plus loans ??

[@nickt.7305]

I believe that the interest capitalized for borrowers with FEEL loans that consolidated to a Direct Loan in order to be eligible for SAVE. Republicans and Democrats are likely to agree on ending future capitalization of interest. If SAVE gets repealed, it would be nice if they could somehow find a way to minimize the damage that was done to borrowers who had their principal increase so they could join SAVE.

[@ameliorategrey]

Are the approved student loans under Borrower Defense for closed schools like the Art Institute in jeopardy? Currently a number of accounts have approvals and group case numbers, but no update on those as they still haven't been written off by the Dept of Education.

What about those who applied for SAVE, but have just been in a holding pattern due to the lawsuit? Would we be able to apply for IBR still?

[@Jose-nw2lt]

What about ffel loans, originating from the 90's, that were directly consolidated under the payment count adjustment? Are they still considering the start date when you went into repayment, and what if the idr payment account adjustment hasn't yet accounted your loan history for your loans since direct consolidating? How will those factors impact? Thanks

[@BoyGeorgeGenius]

Is it likely that current PSLF-tracked borrowers (24 payments to go) would be grandfathered? Reason I ask is, for example, what if one of the reforms is not to exclude physicians etc but capping income? Some of us look better off on paper than we really are because of sky high cost of living.

[@porter.tyler_PT]

If I’m currently a travel PT looking to pursue PLSF by the end of this year due to my high student debt, should I try to switch as soon as I can and opt out of travel PT? Or continue staying on the SAVE plan until it’s discontinued and then switch over to the PLSF plan if it’s still in place and not dissolved? I don’t understand not taking advantage of the SAVE plan while working as a travel PT in for-profit clinics while it’s still active but also don’t want to miss out on the PLSF opportunity if it does happen to get dissolved before I’m able to get grandfathered in. Any advice is much appreciated!

[@mateowhitley9880]

Regarding Borrower Defense to Repayment applications, I didn't catch what you said there - is it that Republicans will make that harder to be successful with these applications? You also seemed to indicate that the $$ amount with borrower defense was smaller and they wouldn't be as concerned about changing the way these applications are handled? Also, since my consult with SLP, I've applied to switch to PAYE from SAVE. You mentioned being grandfathered in. These plan switching requests are taking forever to be processed. If this admin moves more quickly to establish their own student loan plans before I get confirmation that I've been moved to the PAYE plan, will I still be grandfathered in? Thank you.

[@Enkaybe]

I’m applying for Masters does it mean no grad plus loans??

[@carlr458]

5:00 it seems you'd need to start before July

[@Enkaybe]

@ Yeah that’s my plan, to even try and apply before March with the way things are looking😂🥲

[@douglasnieblas74]

What about PSLF Buy Back? My last payment should have been in November 2024 but I’m stuck in limbo. I did apply for IBR because I only have to make 3 more payments according to the payment counter. I applied for PSLF Buy Back in late November but haven’t heard anything.

[@Vazcov1609]

Nurses and not physicians? Insane, some nurses make 300k, 500k, etc. Some PCPs and pediatricians make much, much less

[@madeline-7748]

And public health practitioners like me have always been left out of any loan forgiveness programs, so…

[@yugnok]

Doctors give up a decade of earning potential essentially working as a slave for 3-7 years after medical school amassing nearly $500k in hopeless debt that is snowballing out of control. But who needs doctors. They can just take their brains and hard work and do something else and be happier and richer. Nuts.

[@karolynchang8559]

Yes!!! I don’t know why this idea persists! A lot of MDs make so much less than one would think and work 3x the hours of a nurse!

[@p.t.9171]

VERYYY few nurses make 100k+. Stop pulling numbers out of no where lol

[@universal3025]

Nurses don’t make a half million dollars a year ..

[@anitabrown3286]

Can we assume that anything you did not mention is still safe for now? PSLF buyback and how your payments will be calculated is still safe, even when the SAVE Plan is officially eliminated? Those stuck in SAVE will be able to have our buyback requests processed now? If needed, can we switch to IBR now? Mohela has not even begun processing my IBR request submitted in mid-December.

[@doragreen3887]

Yay so glad paye may still be here! And sounds like ppl in pslf who aren’t super high earners will still be on track for forgiveness…. If I’m understanding this correctly.

[@debdeb9336]

Question...I work for the federal government. 22 years, I am 55 years old and qualify for VERA. I am not yet at my 120 payments on income driven repayment plan. I would have to resign in September before taking my VERA. Can i make extra payments to catch up to remain qualified for PSLF, or if I resign, I no longer qualify for PSLF?

[@carlr458]

You could try getting buyback before they potentially remove it

[@jamieguzman9299]

We are lacking nurses.

[@catherinekuntz8306]

What about all my loans I have 303 payment I am waiting for my ibr I am in 60 day forbearance. My loans are over 25 years

[@SmecaWash]

So basically for any of us that have 20-25 years already only have IBR as a option for forgiveness which is crazy because if you have a higher income you won’t qualify for IBR- I talked to my loan servicer and they told me I don’t qualify and even if I did my payment would be so high because of all the interest that’s calculated over the years that I would end up paying my loan plus an additional $40-$50k in 10 years

[@KaraS-t5f]

How about those who suffered under high interest for over a decade? People signed a promissory note at 1.5% not 7% interest. Congress made that law keeping people in debt slavery so you'll never pay them off, then folks lost their jobs over government lawlessness. The government ruined my profession that I had to get a masters degree for. Offering bankruptcy would be more gracious. There a lot of us whose loans go back decades...

[@josephinebournes8212]

Americans voted for cruelty 😢

[@KateHennes]

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[@skotchmang166]

I think it’s wild doctors and nurses (less so) get pslf. They make so much money it’s ridiculous. That’s what’s making this look bad.

[@yugnok]

Many doctors have $500K + in student loans. They give up earning potential for 10+ years as their loans accumulate interest. Why would a doctor go into primary care when they could be making more money elsewhere? The point of PSLF is to draw people into professions that are necessary for society to function. But who needs doctors and nurses...

[@seank3597]

PCP's after tax income to debt ratio isn't that great as many people think. There's already a big shortage in primary care, especially the ones accepting medicaid. If PSLF doesn't apply to primary care docs, it will reduce the numbers of PCPs working for 501c3 organizations. It will certainly discourage med students to go into primary care. PCPs are already overwhelmed w/ less reimbursement and paperwork.

[@karolynchang8559]

It’s wild that MDs in residency (that lasts years) make 50-60K and work 80-100+ hours a week. Just give everyone a reasonable low interest rate {2-3%) and we would all be happy.

[@seank3597]

@karolynchang8559 i agree. Med student loan interest accrues like crazy during the residency despite making a monthly payment. Many residents who graduate w/ massive loans often make the mistake of taking a job solely based on salary.

[@skotchmang166]

While I’ll agree they come out with a lot of debt, when was the last time you saw an engineer driving a Porsche or join a country club? There may be a lot of caveats on being a doctor, but to the average person subsidizing one of the highest earning professions while paying through the nose every time you have to see them just doesn’t feel right. They will still make more than 95%+ of people. Treat them like any other graduate.

[@Enkaybe]

Wait what about those of us double consolidating with the loophole thing and just applied for SAVE for Parent plus loans ??

[@lupitas9069]

So under the IDR plan I only have 10 payments yo go, that should still stand right? I wanted to keep giving the payments to finish! but the representative at Mohela told me to wait bc my payment would change is that still a possibility?