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re: 49 year old musician gets 250k in student loans forgiven. Plans to take sabbatical
Posted on 4/21/24 at 9:07 am to FreddieMac
Posted on 4/21/24 at 9:07 am to FreddieMac
quote:
Psfl required 120 payments over 10 years at a qualified nonprofit or government agency. Sounds like he got some one time adjustment thing.
Yeah sounds like they’re basically applying the new IBR plans retroactively and forgiving loans with 25 years of qualifying payments.
In fairness, he’s probably made some progress, but the article says he basically put them in forbearance every opportunity he could so the interest accelerated upwards.
2
Posted on 4/21/24 at 7:45 pm to Dadren
quote:
Yeah sounds like they’re basically applying the new IBR plans retroactively and forgiving loans with 25 years of qualifying payments. In fairness, he’s probably made some progress, but the article says he basically put them in forbearance every opportunity he could so the interest accelerated upwards.
Yeah I mentioned in another post my wife didn’t qualify for PSLF most of her public service career because she didn’t have “direct loans” due to the way consolidation used to work. They were all Stafford fed loans. They changed the law but she only had a couple grand left and they won’t actually pay you money.
Very principled.
Posted on 4/22/24 at 11:33 am to Dadren
quote:
Yeah sounds like they’re basically applying the new IBR plans retroactively and forgiving loans with 25 years of qualifying payments.
That sounds right. A while back during the Trump administration the DOE expanded the definition of qualifying payments. So if you made payments on a student loan previous to PSFL they counted toward your 10 years, not just 10 years of payments in the plan.
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