I appreciate you and I am genuinely happy for you! I can't revise history and it's pretty fruitless to dwell on, but I think back to a time after I graduated where my bank account consistently had ~$100 in in it and everything over that amount was getting transferred right to my student loan payments. If I had paid the minimum, I might be in a situation to get some huge relief in the future. I worked so hard to get to a situation where I had zero debt in all aspects of my life and now with this inflation we are seeing and this student debt relief it seems like the debtors are the ones getting advantages. I played the system wrong in that sense.
I'm only now seeing this comment. Your wife should be submitting the employment certification form. It's the best way to confirm that the payments qualify.
TEPSLF addressed a lot of those issues, and the waiver closed up many of the remaining gaps. It's really important to beat the October 2022 deadline for consolidation if you're depending on the waiver though.
Almost all of my loans were from grad school. Like many millenials, I entered the workforce during the height of Great Recession so even though I had a STEM master's degree, I had a hard time finding a job. I ended up finding work for an environmental nonprofit org and was really banking on the PSLF program. I'm so thankful it worked out in the end.
Consolidated all to private or consolidated some other way? If she still had loans eligible for partial forgiveness (I'm assuming Teacher Loan Forgiveness?) then are you sure the rest aren't eligible?
Right on. I switched over to state government 4 years ago, and yeah, I actually intend to stay long-term too. The big difference now is I won't have 80k looming over my shoulder.
Yeah, these numbers are blowing my mind. And I thought my 30k of student debt 25 years ago was ugly..things are so much worse now.
My loans are mostly for a Master's degree, but you'd be surprised about the number of doctors and lawyers who work in the public or nonprofit sector. Their loans are even more astronomical.
People have been getting forgiven, just at a really slow rate. That rate has been going up as more people qualify under the original rules as well as TEPSLF.
Has she already moved her loans to FedLoan? Is she counting on the waiver?
Congrats!
Since you're already on FedLoan, there's nothing for you to do. Everything that was already considered TEPSLF will count towards normal PSLF thanks to the waiver. You only need to worry about TEPSLF if you plan to be on a non-qualifying repayment plan when payments restart in May.
Not that uncommon for people doing PSLF. If your loans aren't high enough, you're more likely to pay them off before you can qualify.
