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Student Loan Forgiveness

calyx
Super Contributor

Re: Student Loan Forgiveness

@Rottweilerlvr  - well, the 10k is all speculation (and nothing has happened wrt to that anyway).
I would recommend writing letters to your servicers.   Since they're paid (and may be incorrectly reporting anyway), you might be able to get a good will removal.  I did from my servicers, so it's worth a try.



F8 EQ: 809 | EX: 802 | TU: 805 | Accounts: 2/6 4/12 7/24
Happy practitioner of AZE7or8or9or10 | Team Finances > FICO
Message 21 of 25
calyx
Super Contributor

Re: Student Loan Forgiveness

FYI:  In the most recent Pandemic/Stimulus bill, they added language that means forgiveness will not be taxed. 
It's legislation a number of congresscritters have tried to get into law previously, and they finally got it.


So *if* there's any forgiveness (due to cancellation by the current administration or other methods), it looks like one wouldn't have to worry about paying taxes on it (which is good, because if you really needed that forgiveness, I can't imagine that suddenly being hit with a large tax bill would help at all).

 



F8 EQ: 809 | EX: 802 | TU: 805 | Accounts: 2/6 4/12 7/24
Happy practitioner of AZE7or8or9or10 | Team Finances > FICO
Message 22 of 25
LivingMyLife
New Member

Re: Student Loan Forgiveness

Thank you.  I will draw up some letters to see what happens.  I appreciate it.

EQ 8 02/2020 650
Cur 04/2020 729
Goal 900
TU 8 02/2020 666
Current 713
Goal 900
EX 8 02/2020 629
Current 668
Goal 900
Message 23 of 25
LivingMyLife
New Member

Re: Student Loan Forgiveness

Great info.  Thank you.

EQ 8 02/2020 650
Cur 04/2020 729
Goal 900
TU 8 02/2020 666
Current 713
Goal 900
EX 8 02/2020 629
Current 668
Goal 900
Message 24 of 25
JamP
Valued Contributor

Re: Student Loan Forgiveness

50k would wipe mine out. I've been garnished for almost 20 years and still have 18 years left (2 years out of rehab). I've continued to pay my regular payment during the 0%. But I think I should have just kept the money...

 

My DW on the other hand has like 60K or so in school loans being garnished for over 20 years. I want her to rehab her loans but she is not interested in any of that. I could only hope and pray that if they give 50k forgiveness she would be included.

 

I would do anything I could to pay the rest off myself immediately. 

 

I hope this turns out to be good news for all of us. 

250k+ CL and climbing.
Message 25 of 25
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