this post was submitted on 22 May 2024
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[–] [email protected] 61 points 6 months ago* (last edited 6 months ago) (7 children)

"Of the total announced on Wednesday, $5.2 billion in forgiveness went to about 66,900 borrowers who qualified through adjustments that the Education Department made to the Public Service Loan Forgiveness program. It aids teachers, firefighters, and other government and nonprofit workers.

About $600 million in relief will go to around 54,300 borrowers who are enrolled in the SAVE plan, which ties monthly payments to income and household size, and who took out smaller loans for graduate school. All borrowers enrolled in the plan can receive forgiveness after 25 years at the most, but borrowers who took out $12,000 in loans or less can qualify after 10 years of payments."

Awesome seeing this all go to long term payers and public service workers!! Helping loyal citizens is exactly why we institute a governing body

[–] givesomefucks 31 points 6 months ago (6 children)

Awesome seeing this all go to long term payers and public service workers!!

I mean...

This program has existed for decades...

It's just the government put loan servicers in charge of it. You know, the people with a financial incentive to not forgive any loans.

So through intentional and wilfully incompetence, they just weren't forgiving loans they should have.

The people getting forgiveness today, should have gotten it a long time ago, and the government is still paying the inflated costs so the servicers are still getting more than they should. And there are a lot more that have fulfilled their obligations but don't have forgiveness yet.

Is finally doing what we should have done a long time ago better that not doing it?

Absolutely.

However acting like this is progress and something new that people are getting isn't really correct.

I'd hate to see how much of these amounts is interest accumulated after the loan should have already been forgiven.

The government should have ordered back pay from servicers to the borrowers including interest. As well as an investigation and criminal charges if evidence shows they were intentionally failing to forgive loans intentionally. And the government should be returned any funds they paid these servicers to operate PSLF.

We can be happy the bare minimum was done for some people, but we shouldn't stop asking for what we deserve

[–] guacupado 0 points 6 months ago

Always one person to complain about anything.

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