Apparently the loan forgiveness is for "E" category loans...

[WarGamer]

Which means that anyone who previously re-financed their student loans with an outside party are not eligible.

If your loan begins with J or D... you still must pay.

Just got a text from a colleague...

[Claustrum]

1. Unfortunately, I think Biden can only order the federal government to do the forgiveness.

He has no power to force a company to do the forgiveness.

[WarGamer]

2. Yup... exactly...

[ColinC]

3. Because the dept of education can only pay back the refi company

And the refi company is gonna hold onto that money cause they greedy af.

[Bluesaph]

4. Same as what happened with the mortgage modifications

Banks always figure out how to take the money and keep it while still collecting on the original debt. Double dipping.

[hlthe2b]

5. I'm glad some are going to benefit but this is why it is so complicated.

and why the RW will capitalize on all those who either don't qualify or paid off their loans already. I am actually one of the latter, but I'm honestly just glad I was ABLE to do so. RWers won't feel that way so brace for a lot of nasty blowback.

[70sEraVet]

6. A few minutes ago I called my 30 year old grandson, to give him what I thought was good news.

He has a small amount of debt from the Dpt. of Ed., and that will probably get wiped out. But the real monster debt is with a third-party lender. I hated to hear the hopelessness in his voice.
I hope Joe's plan is just the beginning.

[Celerity]

8. see post 7

[70sEraVet]

9. Thanks, Celerity! I'll see if that helps.

[Celerity]

10. I may be able to hep more right now. Did they take the large loans out DIRECTLY from a private

lender, with no DoE involvement? Or did they go through the DoE and since then the loans have been shifted (for servicing) to a private firm?

If the first (ie they always were purely private loans) then they are likely out of luck.

If not, and it says DEPT OF ED on their account, they will qualify for 10K usd OR (more likely as the majority get Pell Grants) 20K usd chalked off.

[70sEraVet]

11. I'll forward your questions to him. I don't know the answers.

Thanks again.

[Johnny2X2X]

13. Celerity is correct

Public student loans are transferred to a number of companies to consolidate and service. If you took out only Federal loans (Stafford eg) you’re qualified.

Private loans are another matter.

[Demsrule86]

12. You can't do anything if you are dealing with a third party lender.

[Celerity]

7. Login to StudentAid.gov Click on "view details", then look for "Loan Breakdown" on the Aid Summary

page to see a list of your federal student loans. If the servicer name begins with “DEPT OF ED”, the loan is owned by the U.S. Department of Education.

Even if you refinanced, as long as it says DEPT OF ED you are eligible.


https://studentaid.gov/debt-relief-announcement/

[WarGamer]

15. thx, Celerity!!! Helpful as always...

[Xolodno]

14. bookmarking

Can't get into Nelnet today, but fairly sure my loan starts with a D.