TechIsForEveryone
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I got my degree in 2011 and started a nonprofit in 2013. I didn't pay myself for the first 8 years as I grew it. 60 to 80 hour weeks with no pay and the most supportive wife in the world.
Obama started the nonprofit program I used, which pays off the balance of your student loans if you make the right number of minimum payments for 10 years. Due to COVID and the constant assholery of the Republican administrations, it has become harder and harder to qualify, and it took a few more than 10 years to get the payments made. I made the last payment I 'needed' in February, but it took until yesterday for them to click the button and Do The Thing. 2 days ago I was still $120,000.00 in debt for college. Now I own my brain! Celebration time!
EDIT: looks like it was signed into law in 2007 by Bush.
2nd edit: first post to make most viral! Send those bobs!
wisher1977
I remember when I paid my student loans off. Great feeling. Congrats @op!
OtisTDrunk
FarmerTed
Congrats, I still have about 25k/55k left myself. Was able to make good headway by continuing to pay during the Covid interest deferments.
xenjamin
Ah FUCK YEA!!! YOU DESERVE THIS!!!
BlindPiranha
Here ya go: https://media1.giphy.com/media/v1.Y2lkPWE1NzM3M2U1dDlqbGNoZjQxcjNiajN5aDN0cnQwdWZ1bTY4d25xaWNqMHh5cWJieiZlcD12MV9naWZzX3NlYXJjaCZjdD1n/Er5Mkg8kxNKbz2HIgl/200w.webp
smason19975772
YAY for you! Mine are under review.
RedLanternGrodd
Aow, congratulations
DWandRFaremyspiritbeings
Congrats yo!
Imademyselfsquirtle
120k for school is fucking wild.
usernametakenisthestoryofmylife
Congratulations!! Now you can lease your brain to the highest bidder!
BeaverOnFire
https://media4.giphy.com/media/v1.Y2lkPWE1NzM3M2U1Zjk0cngwdTM5M3FjOGJ6ZmJqbmpmb251MzI5MGlsZTBhd21nOGtoOCZlcD12MV9naWZzX3NlYXJjaCZjdD1n/l2Sqi7qm1KhFEhsmA/200w.webp best I can offer is
ElbowDeepInGod
Not quite the same but I'm working my way through 16k of medical debt after I almost died in December of last year. It's a good feeling watching the number go down but it's upsetting how high it is
mypylon
How long did it take? I've been waiting 7 months.
TechIsForEveryone
February is when I did the last needed payment. Still had to pay every month until June to stay current. They sent a check to refund the last one, though. So 5 months for me. Hope yours is soon!
Grinch01
Hiw does one survie 8 years without an income and still has an NGO?
GabbyJayYay
PSLF applies to state, fed, & nonprofits for anyone reading this about to graduate college. Doesnt pay as much as private industry but at least you got a path for loan forgiveness!!
LogicKitty
MmmYesShallowAndPedantic
Living the fucking dream… congrats
KarateCanine
120k? Down to zero? Are you about to retire?
TechIsForEveryone
Thinking about it. Gotta get some of those big bags with the dollar signs on them first.
tiderfish
Hell yeah
MadamPuddifoot
I owe $100,000 and can't afford my minimum, even though I'm on income based repayment! Yaaaay! I'm going to end up homeless when they garnish my wages!
Karma1970
Congratulations
UprootedGrunt
It is *insane* that 10 years+ of minimum payments and you still had 6 figures of debt. Were you in the situation where the minimum wasn't covering the interest, or was your principal actually going down with the minimums?
TechIsForEveryone
Because I was not making any money at my job (the non profit was my full time gig, my wife paid all the bills) I paid way less than a 'normal' minimum payment. Due to that, the interest kept building. The shit part of the predatory student loan industry is when I graduated I owed around $90k, and it ballooned to the $120k over the decade.
UprootedGrunt
Yeah, there are far too many in that situation. Glad you no longer are.
Ac1dBurn72
I'm actually looking at the prospect of dipping into my 401K to pay mine off... I dunno that the stock market will last another 40 years and would rather be debt free. It's not advised HOWEVER I know that I have land and money in inheritance which will be paid out before I'm ever old enough to retire.
IrishPub
It's fucking bullshit that you even need to pay for 10 years. Education in this country should be free. Healthcare should be free. We have money for all of the wars, but nothing that would benefit society. Because billionaire's can't exist in an educated society and continue to exist. This is all just an effort to bring back feudalism.
TechIsForEveryone
Every word is true.
yamsonyamsonyams
My wife refinanced her loans when the government told her they wouldn’t be doing forgiveness, even tho she met the qualifications for loan forgiveness thar were ironed way before Biden did wholesale forgiveness to win some youth votes
Now we’re still paying loans that would have been forgiven
They should forgive the debt of the people theh fucking lied to, too.
Moral of the story is the government blows so do banks and so do universities
DarkJaeger
Same. A few of my loans got poofled, I still owe just not as much. I didn't know if it's from grinding down the pile, or Government action. Less debt is Less Debt, and that's a good thing.
supersmashmother
Watch for a large tax bill-that $120k may count as taxable income
OtisTDrunk
Bob
xj4low
I should have my payments finished by next spring. Im 47.
WarThunderLeakedMySpecs
Congrats!
JohnThatcher
Congrats! Now, get it in writing! If they haven't sent you a physical letter confirming the loan has been satisfied, bug them until they do. If the demented cheeto tries to walk back loan forgiveness, you have evidence stating "too late, I'm free, fucko's!"
RooGryphon
Paper won't stop them from getting your money into the pocket of the billionaires. They will get ghat they are ging to try everything and sed what shit sticks to the walks before smearing it
JohnThatcher
True, it is a small shield, but it is a shield none the less.
bigk001
as a Canadian, good, but this confusing like your medical bills
noReallyIamPrincessBob
My interpretation is that they had to pay off a certain amount of their loan before the rest of it was forgiven.
They just paid that amount, and now the remaining loan has been wiped.
It is indeed a joyous day to have *that* off your back, I’m sure!
crazyspelling
10 continuous years of working for the gov't or a qualified nonprofit while never missing a payment - and the payments can be income-based (because gov't and nonprofits pay not so much). Which means, if your income-based payment plan isn't enough to actually pay the interest each month, you get negative amortization, i.e., your debt goes *up*. And if you ever get laid off or switch jobs even for a month, or the nonprofit fucks up their paperwork, the timer resets to zero. Yay!
kahooki
That's understandable.
We (Canada/Europe) are just confused why there was a loan necessary in the first place.
JonnyTightlips
Tbf many Canadians take out loans for degrees in canada, just usually way way lower because we don't have private universities charging 60k a year for undergrad
kahooki
Tbf02: In Europe life isn't free as well and somehow times fir study have to be financed as well but yes - these big numbers are very... obscure.
noReallyIamPrincessBob
Okay, but as a Canuck, I had a pretty hefty student loan for university. It’s not free. Loans are absolutely necessary.
Racealistic
European here and yeah da heck.
fknbastard
That’s intentional.
bigk001
you across the pond have NO idea how insane it's been since 2016. America is insane. ...Republicans are our drunken crackhead neighbour guy & Dems are their angelic sweet sober wife.