Posted on 01/28/2023 7:58:36 PM PST by 11th_VA
Early in December, thousands of dollars were deposited into my bank account from the US Department of Education. And though it's tempting to spend this money, I'm not taking any risks until there's clarity on student loan forgiveness.
Student loan borrowers have been on a wild ride this year. From wondering when federal loan payments were going to restart to nearly receiving $10,000 to $20,000 in federal loan forgiveness per borrower, we're all feeling whiplash from the back and forth.
Back in September, shortly after the White House's student loan forgiveness announcement, I wrote an article about how I requested a refund from my federal student loan servicer. During the pandemic, I paid down my student loan balance to about $14,000. Since I was eligible for $20,000 in forgiveness, requesting a refund of $6,000 would help me maximize my debt relief.
On Dec. 1, more than 10 weeks after making the request, that refund hit my bank account. Now I find myself with quite a bit more money than I expected in the middle of the holiday season -- but I'm not touching these funds until a decision has been made on student loan forgiveness. And if you receive a student loan refund, I recommend you don't either.
Here's what I'm doing with my refund money and how I'm creating a savings plan for my student loans while we wait for the Supreme Court's ruling on President Joe Biden's student debt relief plan….
(Excerpt) Read more at cnet.com ...
As stated by other posters: THE LENDER REFUNDED THE MONEY. This reset the borrowers account back to where it started.
CNET article is wrong about the refund coming from Dept of Edu.
Right. He (she?) simply re-borrowed $6000. The lender was happy to do it.
I missed the memo where Congress appropriated the $ and codified it into law.
The person that wrote the article isn't borrowing any more money. The loan servicer is just returning money that wasn't required to be paid during the pandemic.
I paid for my own college. I want a refund too.
Pay YOUR LOAN back. You signed papers that you would do so.
“$40,000 car loan? Sure, I’ll take two!”
“$20,000 student loan? I can’t pay that back!”
We have a Constitution?
If you find out, let me know so I can tell my friend.
Wait...why are they getting a check? Shouldn’t that be written to whoever actually holds the LOAN. Seriously...gave the money for college and now we are giving them more money?
The check, if we are going to do this, needs to go to the loan holder or bank? You never cut the forgiveness check directly to the debtor.
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