Uhhh… In theory, if you are on one of the IDR plans, it is supposed to work that anything you have not paid off after 10 years gets “forgiven”… But I don’t even know if these plans existed 10 years ago, I think the one I am on was an Obama era program. I know there are a lot of government programs that are supposed to “forgive” some amount of the loan, or the entire loan, after a certain amount of time for people working in certain sectors (like teachers or other civil servants) that just aren’t actually working. I didn’t get on the program right away (I just let them ruin my credit for a decade…), so I’m not 10 years in yet (also because everything was on “pause” during covid from mid 2020 until late 2023, so those 3 years didn’t count toward the 10).
There have been news stories of people whose loans were supposed to be forgiven under one of those “civil servant” programs (because apparently we know they are horribly under-paid but instead of fixing that, we just made a program to forgive their massive student debt?) that just didn’t. The departments that handle the forgiveness play the “we are short staffed and too backed up, we will get to you eventually” card and they keep receiving bills every month, or they say their records don’t agree that they qualify anymore (blah blah whoopsy poopsy, you know how bad the gov’t is at keeping records, right?). And since the plans are usually dependent on not missing payments, you have to keep paying or risk losing the status needed for the forgiveness in the first place and/or they absolutely won’t forget to ruin your credit and fast.
It is a fucking nightmare all around to be honest. But at least it isn’t constantly ruining my credit anymore and I can afford to pay what they want each month without giving up on food or rent.
Uhhh… In theory, if you are on one of the IDR plans, it is supposed to work that anything you have not paid off after 10 years gets “forgiven”… But I don’t even know if these plans existed 10 years ago, I think the one I am on was an Obama era program. I know there are a lot of government programs that are supposed to “forgive” some amount of the loan, or the entire loan, after a certain amount of time for people working in certain sectors (like teachers or other civil servants) that just aren’t actually working. I didn’t get on the program right away (I just let them ruin my credit for a decade…), so I’m not 10 years in yet (also because everything was on “pause” during covid from mid 2020 until late 2023, so those 3 years didn’t count toward the 10).
There have been news stories of people whose loans were supposed to be forgiven under one of those “civil servant” programs (because apparently we know they are horribly under-paid but instead of fixing that, we just made a program to forgive their massive student debt?) that just didn’t. The departments that handle the forgiveness play the “we are short staffed and too backed up, we will get to you eventually” card and they keep receiving bills every month, or they say their records don’t agree that they qualify anymore (blah blah whoopsy poopsy, you know how bad the gov’t is at keeping records, right?). And since the plans are usually dependent on not missing payments, you have to keep paying or risk losing the status needed for the forgiveness in the first place and/or they absolutely won’t forget to ruin your credit and fast.
It is a fucking nightmare all around to be honest. But at least it isn’t constantly ruining my credit anymore and I can afford to pay what they want each month without giving up on food or rent.