Do Student Loans Disappear After 20 Years?
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- čas přidán 30. 06. 2024
- Are you one of the millions of people who are struggling to pay off their student loan debt? Have you heard rumors that your debt may disappear after 20 years? Well, you're in luck! In this video, we're going to discuss whether or not student loans go away after 20 years.
We'll talk about what kind of student loans are eligible for forgiveness, how to qualify for forgiveness, and what you can do if you don't qualify. We'll also discuss some common misconceptions about student loan forgiveness and what you can do to stay on top of your payments.
ADDITIONAL READING
Want a deeper dive? Read our blog post on the same topic “Forgiveness After 20 Years” available here: www.tateesq.com/learn/student...
And learn everything about the one-time adjustment mentioned in the video “IDR Waiver Account Adjustment: How to qualify” available here: www.tateesq.com/learn/idr-wai...
TIME STAMPS
00:00 Introduction
00:29 What happens to student loans after 20 years?
01:25 How to qualify for student loan forgiveness after 20 years
02:40 How does the process work?
03:29 What steps can individuals take to maximize their chances of getting forgiveness?
04:48 Disadvantages to the 20-year student loan forgiveness program
06:07 Can you get retroactive credit?
06:58 Differences in the process for private and government loans
08:23 Outro
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CREDITS
Hosted by Stanley Tate
Produced by Bisuala
I was on the IDR plan for over 20 years, I was just notified all of my student debt was forgiven. I am still in shock! Big thanks to the Biden-Harris Administration. ALL STUDENT DEBT GONE!!
I had an FFEL loan I started paying in 2003. When Covid hit I consolidated mine into a Direct Loan. I coincidently signed up for the IDR plan and mine were forgiven last week. I got 5 figures forgiven and ended up paying what my loan balance was 20 years ago. So basically an interest free loan. I’ll take it.
I was in IDR program and they forgave mine. Mine were 20 to 25 years old. ... I was in the IDR plan since 2014 and hadn't made a payment since Covid... Received my letter from Mohela this weekend...
Congratulation!
Hi. Did you consolidate yours? Mine is also 20 years old.
Thank you for this information!
Glad it was helpful!
Great info! Thank u!!!
Glad it was helpful!
your videos have really helped me thank you!
You’re welcome! Glad I could help
@@stanleytatewhat can you do once it's taxable income?
I had undergrad loans from Direct Loan (that turned into Mohela later on) that started in repayment when I graduated in 2003. I've always been on an IDR of some sort. But I've mostly been in deferrment/forbearance. I filled out my info for the Biden plan when it was proposed, and that said I qualified.
Does that info trickle down to Mohela? Do I just need to call Mohela up and ask about forgiveness? Thanks for your insight.
Great vid but IBR is also 20 years for undergrad loans
You're partially correct. It's 20 years for undergrad loans under the new IBR plan, which only applies to people on or after July 1, 2014. For most people, IBR is 25 years, no matter if they borrowed for grad or undergrad. See here: studentaid.gov/manage-loans/repayment/plans/income-driven#repayment-period
Hello amazing video. So if my IDR plan is 0 dollars a month. Will mine still be forgiven after 20 years? Thanks
same
question
I have a FFLEP from 2002 that was through Navient but Ascendium paid a default claim this month. Is it better to consolidate into a direct loan or apply for the Fresh Start program.
I'd probably just consolidate. But I wouldn't know for sure until I checked out your loans.
I have a consolidated direct plus parent loan that I have been paying on the extended plan since 4/9/2004. If I change it to an ICR plan, will my loan be forgiven in April 2024 when I reach 20 years of making loan payments regardless of the payment plan that I started on in 2004?
Parent PLUS Loans take 25 years to be forgiven.
What happens to private student loans that haven’t been paid for over 7yrs? They don’t show on my credit or anything else
Depends on the applicable statute of limitations on where you live.
Hi! I have had federal student loans from 2002 that are now with a collection agency (they haven't reached out to me). I also have 3 grad school loans that are from 2008. I haven't done anything to relieve my debt. What do you suggest I do since I am so lost on what to do!
Without looking at your loans, I wouldn't be able to offer specific advice. You can check out our information in other videos and our website if you want a DIY approach. You can use this link to book a call with us: link.tateesq.com/book-call-youtube
Is it that you have to be in an ibr plan all 20 years, or only when you apply for forgiveness?
I was about to type this, but check out 6:50 I think this is what you are looking for.
QUESTION: what kind of attorney can I ask about student loan bankruptcy? Who qualifies for it? How does a settlement work?
A student loan bankruptcy lawyer can help. Unfortunately, those types of lawyers are rare. There’s only a handful of us.
Just saw your video today. How do I reach out.
You can book a call with Mr Tate using this link: www.tateesq.com/book-a-call
Great info! What if you've never made a payment on your federal student loans since you've graduated all the back since about 2006? Not enrolled in anything. 😞
You can still take advantage of the IDR Waiver.
@stanleytate federal loan was forgiven but not my private loan. Any idea what I should do to get it forgiven? Appreciate it
If it gets forgiven and you owe the IRS the balance. Can you just file chapter 7 and remove the income tax?
Short answer: yes. Longer answer: you may have to wait 3 years after the tax hit to get a discharge of that debt.
@@stanleytate what if you have an income that’s considered “poverty “. Would you owe back the student loan balance or because your considered poverty you’re not obligated to pay?
My loans are old and had forbearance hole time I had the loan I dont understand why I'm not forgiven I went to school with a friend she has been forgiven but not me
You may not have enough time yet or you may have the wrong type of loan. It really depends. Just because you went to school at the same time doesn't mean your situations are identical.
How bout if you have been in default for 20 years?
You may benefit from the hardship forgiveness plan the Education Department is considering currently.
So, with graduated payments and FFLEP, I dont get forgiven after 20 years.
I'm not sure if what your question is, but let me try to help. The IDR Waiver gives people with FFEL Loans credit toward loan forgiveness -- regardless of what plan they've been in -- after they consolidate into a Direct Loan.
@@stanleytate YES! I had an FFEL I started paying in 2003.
When Covid hit I consolidated mine into a Direct Loan. I coincidently signed up for the IDR plan and mine were forgiven last week. I got 5 figures forgiven and ended up paying what my loan balance was 20 years ago. So basically an interest free loan. I’ll take it.