Update: Vice President Kamala Harris is now the Democratic presidential nominee
- Thread starter DC_Dude
- Start date
I think the difference, especially in contentious elections like this, is that voting for the other side will often seem like a betrayal.
I guess the same emotions can happen in religion too but it seems like in most cases it would just result in feelings of disappointment rather than betrayal.
Fair enough. The way I see it, the Dems lost this long before the Republican won it. Their agendas been out of touch for some time now which caused the middle to leave. And that was to a maniac. If you would have had someone sensible up there with a vision and a plan, I think even more of that middle would’ve shifted right, given what the Democratic Party has become. People want normalcy I feel. They’re desperate for it. Just my take.
Good catch. Thanks
ForbesMoneyPersonal Finance
Your Student Loan Payments May Go Up In 2025 As Loan Forgiveness Paths Narrow
Former US President and Republican presidential candidate Donald Trump speaks during an election ... [+]
AFP via Getty Images
As Donald Trump prepares to return to the White House, President Joe Biden’s student loan forgiveness initiatives are increasingly in jeopardy. But even borrowers who weren’t expecting loan forgiveness anytime soon could be facing a new threat: higher payments.
With mass student debt cancellation initiatives effectively dead on arrival once Trump is sworn in again, the question for many borrowers will largely be what repayment plans will look like. The SAVE plan, a new income-driven repayment program that provided borrowers with lower monthly payments and an interest subsidy, appears destined for elimination — either by the 8th Circuit Court of Appeals in an expected ruling that could be issued at any time, or by a Trump administration repeal (SAVE was established by the Biden administration without direct involvement by Congress, and can be repealed via the same process).
That, combined with the end of the associated SAVE plan forbearance and upcoming required income recertifications for IDR plans, means that millions of borrowers are almost certainly going to experience significant increases in their monthly payments. Here’s a breakdown.
PROMOTED
Several Student Loan Forgiveness Pathways Soon To Be Cut Off
The Biden administration had several student loan forgiveness initiatives in the works that could have provided relief to more than 25 million borrowers. These included:- The SAVE plan, which allows some borrowers with smaller initial balances to get loan forgiveness in as little as 10 years (as opposed to the normal 2o- or 25-year repayment term for most other borrowers enrolled in IDR plans). The plan is currently blocked by a federal appeals court due to a legal challenge brought by Republican-led states.
- So-called “Plan B” student loan forgiveness, which would wipe out the federal student loan debt, in whole or in part, for borrowers who owe more now than what they originally borrowed due to runaway interest, those who attended low-value schools with poor outcomes, people who first entered repayment at least 20 or 25 years ago, and borrowers who qualify for existing loan forgiveness programs but haven’t applied.
- Hardship-based student loan forgiveness, which would allow borrowers who are at a high risk of default due to personal and financial struggles to receive debt relief either automatically or through an application process.
With these programs essentially dead, borrowers who expected to get debt relief will now instead be in repayment going forward.
End Of SAVE Plan Forbearance And Shorter Loan Forgiveness Will Likely Be Sooner Than Expected
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More than eight million borrowers have been in a forbearance due to the court order blocking the SAVE plan. During this forbearance, no payments are due and no interest accrues while the litigation continues, although the period doesn’t count toward loan forgiveness.
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The Education Department had previously indicated that the SAVE plan forbearance could last another six months or longer. That’s because it will take some time for the 8th Circuit to issue a ruling on the program. And it was widely expected that whatever that ruling is, the Biden administration would appeal the decision to the Supreme Court. Borrowers would be expected to remain in the forbearance during that time, which could last at least through the summer of 2025.
But with Trump’s victory and the 8th Circuit seemingly poised to strike down the SAVE plan, the forbearance may end much sooner. If the court issues a ruling relatively quickly, the Trump administration could simply choose not to appeal to the Supreme Court as the Biden administration had intended. That would effectively end the SAVE plan — and the associated forbearance — possibly within the next few months. Once the SAVE plan forbearance ends, interest would start accruing again, and borrowers would need to return to repayment.
Higher Payments And Longer Student Loan Forgiveness Term Under IBR Plan Than SAVE Plan
With the SAVE plan likely coming to an end, and the ICR and PAYE plans having been phased out, the only viable IDR option for many borrowers will be Income-Based Repayment, or IBR.IBR is an older income-driven plan created by Congress, and therefore will be more difficult for the incoming Trump administration to interfere with. There are two versions of IBR. A newer version of IBR for borrowers who first took out student loans on or after July 1, 2014 features lower payments and a 20-year loan forgiveness term. Borrowers who took out student loans prior to July 1, 2014 would have higher payments and a 25-year loan forgiveness term. But both versions of the IBR plan could be more expensive than the SAVE plan would be for most borrowers — in some cases, dramatically so.
An single undergraduate borrower with an Adjusted Gross Income (or AGI) of $65,000 would have a SAVE plan payment of only $130 per month. If they qualify for the post-2014 version of IBR, their IBR payments would be more than $350 per month. If they borrowed prior to July 1, 2014, their IBR payments would be around $530 per month — more than three times the SAVE plan payment.
The Education Department recently announced that officials would be taking steps this fall to reopen the ICR and PAYE options for borrowers in light of SAVE’s likely demise. But it’s unclear if that would actually result in lower student loan payments for most borrowers, as ICR tends to be more expensive than IBR in most cases, and PAYE is similar to the newer version of IBR.
Income Recertifications For IDR Plans Could Drive Up Monthly Payments
Many borrowers are also facing the prospect of recertifying their income for IDR plans in 2025. Typically, borrowers must update their income information with the Department of Education every 12 months under IDR plans. Any changes to their income would result in a recalculation of their monthly payment for the subsequent 12-month period.Because of the Covid-19 payment pause, which lasted for more than three and a half years, many borrowers in IDR plans haven’t had to recertify their income in years, with many IDR recertification dates pushed into 2025. And their current IDR payment may be based on income from before the pandemic even began. Borrowers who have experienced an increase in their income since then could be in for a dramatic surprise when their IDR payments skyrocket following the recertification of their income, particularly if they were on the SAVE or Revised Pay As You Earn plan, and their only option going forward will be IBR.
Take, for example, the borrower referenced above with an AGI of $65,000. Let’s say that was her AGI in 2019, which was the basis of her payment calculation in 2020. That income information then has carried through to this year due to the Covid-19 forbearance and the associated waiver of annual income recertification requirements. Let’s say that she now has an AGI of $80,000. If her SAVE payment, based on that older income figure, was $130 per month as noted above, and she now must switch to IBR and provide updated income information with the $80,000 AGI, her payment could be as high as $720 per month — more than a 500% increase.
That's where I disagree with you the most. People don't want normalcy. If they did, Trump would be the last choice. I think the electorate is tired of the traditional, over-polished candidate and want a shit show because it seems more "authentic."
That said, I believe the Dems are also out of touch but for the reasons Bernie has said. The perception is the Dems aren't fighting for the working class enough and are too close to corporate interests. And, honestly, they are.
Neither one is supported by ADOS. You should know that.
I agree but it’s not just that. There’s the cultural aspect that’s wildly overlooked. Someone struggling to find their next paycheck doesn’t wanna hear about gays and bathroom choices. The minorities that shifted right have proven that. People associate the left with that agenda now and they’re tired of it. When I say “normalcy” I’m referring to that aspect of it.
ForbesMoneyPersonal Finance
Your Student Loan Payments May Go Up In 2025 As Loan Forgiveness Paths Narrow
Former US President and Republican presidential candidate Donald Trump speaks during an election ... [+]
AFP via Getty Images
As Donald Trump prepares to return to the White House, President Joe Biden’s student loan forgiveness initiatives are increasingly in jeopardy. But even borrowers who weren’t expecting loan forgiveness anytime soon could be facing a new threat: higher payments.
With mass student debt cancellation initiatives effectively dead on arrival once Trump is sworn in again, the question for many borrowers will largely be what repayment plans will look like. The SAVE plan, a new income-driven repayment program that provided borrowers with lower monthly payments and an interest subsidy, appears destined for elimination — either by the 8th Circuit Court of Appeals in an expected ruling that could be issued at any time, or by a Trump administration repeal (SAVE was established by the Biden administration without direct involvement by Congress, and can be repealed via the same process).
That, combined with the end of the associated SAVE plan forbearance and upcoming required income recertifications for IDR plans, means that millions of borrowers are almost certainly going to experience significant increases in their monthly payments. Here’s a breakdown.
PROMOTED
Several Student Loan Forgiveness Pathways Soon To Be Cut Off
The Biden administration had several student loan forgiveness initiatives in the works that could have provided relief to more than 25 million borrowers. These included:
The SAVE plan and Plan B student loan forgiveness both remain blocked by federal courts. If those courts eventually strike down the programs — which seems likely — the Trump administration could simply choose not to appeal those decisions. Meanwhile, the Education Department probably would just not move forward with implementation of the hardship-based student loan forgiveness program, since the Biden administration has not finalized the governing regulations.
- The SAVE plan, which allows some borrowers with smaller initial balances to get loan forgiveness in as little as 10 years (as opposed to the normal 2o- or 25-year repayment term for most other borrowers enrolled in IDR plans). The plan is currently blocked by a federal appeals court due to a legal challenge brought by Republican-led states.
- So-called “Plan B” student loan forgiveness, which would wipe out the federal student loan debt, in whole or in part, for borrowers who owe more now than what they originally borrowed due to runaway interest, those who attended low-value schools with poor outcomes, people who first entered repayment at least 20 or 25 years ago, and borrowers who qualify for existing loan forgiveness programs but haven’t applied.
- Hardship-based student loan forgiveness, which would allow borrowers who are at a high risk of default due to personal and financial struggles to receive debt relief either automatically or through an application process.
With these programs essentially dead, borrowers who expected to get debt relief will now instead be in repayment going forward.
End Of SAVE Plan Forbearance And Shorter Loan Forgiveness Will Likely Be Sooner Than Expected
Investing Digest: Know what's moving the financial markets and what smart money is buying with Forbes Investing Digest.
Sign Up
By signing up, you agree to receive this newsletter, other updates about Forbes and its affiliates’ offerings, our Terms of Service (including resolving disputes on an individual basis via arbitration), and you acknowledge our Privacy Statement. Forbes is protected by reCAPTCHA, and the Google Privacy Policy and Terms of Service apply.
More than eight million borrowers have been in a forbearance due to the court order blocking the SAVE plan. During this forbearance, no payments are due and no interest accrues while the litigation continues, although the period doesn’t count toward loan forgiveness.
The video player is currently playing an ad.
The Education Department had previously indicated that the SAVE plan forbearance could last another six months or longer. That’s because it will take some time for the 8th Circuit to issue a ruling on the program. And it was widely expected that whatever that ruling is, the Biden administration would appeal the decision to the Supreme Court. Borrowers would be expected to remain in the forbearance during that time, which could last at least through the summer of 2025.
But with Trump’s victory and the 8th Circuit seemingly poised to strike down the SAVE plan, the forbearance may end much sooner. If the court issues a ruling relatively quickly, the Trump administration could simply choose not to appeal to the Supreme Court as the Biden administration had intended. That would effectively end the SAVE plan — and the associated forbearance — possibly within the next few months. Once the SAVE plan forbearance ends, interest would start accruing again, and borrowers would need to return to repayment.
Higher Payments And Longer Student Loan Forgiveness Term Under IBR Plan Than SAVE Plan
With the SAVE plan likely coming to an end, and the ICR and PAYE plans having been phased out, the only viable IDR option for many borrowers will be Income-Based Repayment, or IBR.
IBR is an older income-driven plan created by Congress, and therefore will be more difficult for the incoming Trump administration to interfere with. There are two versions of IBR. A newer version of IBR for borrowers who first took out student loans on or after July 1, 2014 features lower payments and a 20-year loan forgiveness term. Borrowers who took out student loans prior to July 1, 2014 would have higher payments and a 25-year loan forgiveness term. But both versions of the IBR plan could be more expensive than the SAVE plan would be for most borrowers — in some cases, dramatically so.
An single undergraduate borrower with an Adjusted Gross Income (or AGI) of $65,000 would have a SAVE plan payment of only $130 per month. If they qualify for the post-2014 version of IBR, their IBR payments would be more than $350 per month. If they borrowed prior to July 1, 2014, their IBR payments would be around $530 per month — more than three times the SAVE plan payment.
The Education Department recently announced that officials would be taking steps this fall to reopen the ICR and PAYE options for borrowers in light of SAVE’s likely demise. But it’s unclear if that would actually result in lower student loan payments for most borrowers, as ICR tends to be more expensive than IBR in most cases, and PAYE is similar to the newer version of IBR.
Income Recertifications For IDR Plans Could Drive Up Monthly Payments
Many borrowers are also facing the prospect of recertifying their income for IDR plans in 2025. Typically, borrowers must update their income information with the Department of Education every 12 months under IDR plans. Any changes to their income would result in a recalculation of their monthly payment for the subsequent 12-month period.
Because of the Covid-19 payment pause, which lasted for more than three and a half years, many borrowers in IDR plans haven’t had to recertify their income in years, with many IDR recertification dates pushed into 2025. And their current IDR payment may be based on income from before the pandemic even began. Borrowers who have experienced an increase in their income since then could be in for a dramatic surprise when their IDR payments skyrocket following the recertification of their income, particularly if they were on the SAVE or Revised Pay As You Earn plan, and their only option going forward will be IBR.
Take, for example, the borrower referenced above with an AGI of $65,000. Let’s say that was her AGI in 2019, which was the basis of her payment calculation in 2020. That income information then has carried through to this year due to the Covid-19 forbearance and the associated waiver of annual income recertification requirements. Let’s say that she now has an AGI of $80,000. If her SAVE payment, based on that older income figure, was $130 per month as noted above, and she now must switch to IBR and provide updated income information with the $80,000 AGI, her payment could be as high as $720 per month — more than a 500% increase.
Biden could prevent this instead of letting it go to the courts in the first place. Warren and others progs were begging him to.
That's not what I asked. I asked why ADOS only celebrated the victory of one of these men despite both being white supremacist.
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ADOS hasn’t celebrated the victory of either one. You should know this.
Yeah, I figured that's where you were going and I'm not buying it. Gays and trans are becoming another scapegoat about the failure of the Dems and there really isn't anything supporting that.
LGBT candidates performed strongly this election which isn't what you would expect to see if ppl fled the Dems because of their support for that community.
Yes, they have including on this board.
Who on here who claims ADOS has celebrated?
Demobots were loving Fuentes and sharing his tweets when he condemned Trump and endorsed Kamala.
So the people on here who claimed Kamala isn't Black aren't ADOS? I don't need to name any names because I know you've seen the posts.
How is that true when the Dems implement bills that benefits the working class , yet MAGA repubs blocks them. Yall never mention that though...why is that
MAGA's tax breaks for corporations and wealthy clearly proves which party doesn't give a damn about working class.
Sorry, I should have clarified. I mean claim and endorse #ADOS as their primary political ideology. Which ones, other than me?
Thou I believe that Latinos want to assimilate, there’s absolutely nothing in that video that hints to that.
Because the Dems are terrible at explaining to people all of the good they've done. It's not about who the Dems actually support. It's about who people perceive they support.
That and people are stupid. I think Mehdi Hasan hit the nail on the head about how fickle voters are.
Yeah I m not gonna be able to convince you that the sky is blue.
Bingo! If this election has taught anything.
It’s that’s PRECEPTION is more important than reality when it comes to politics.
GOP presented a preception that everything was shit when in fact it wasn’t.
That’s all that was needed(and some help from Elon and Russia) to win the election.
One of the dems biggest problems is they trusted the general public to be smart enough to see past the Trump B.S. (Your kid goes to school as Steve and comes back as Laura!)
They erred badly and put too much trust in the uneducated and lazy to do their own research populace.
It costed them the election.
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The general public is so dumb 1/3 pounder burgers haven't been a big hit because too many people think a 1/4 pounder is bigger because 4 is larger than 3. Those are the people we are saturatated with. I have no confidence in the ability of the masses to apply critical thinking.
It’s easy. All you would have to do is quote the line that was said.
