"Student Loan Forgiveness Scam Calls" Discussion

Upsolve Community Member
You most definitely can! This story is about an Upsolver: https://www.cbsnews.com/news/student-loan-debt-bankruptcy-mis-loe/

Upsolve Community Member
We have a lot of resources on Adversary Proceedings, so make sure to check them out. https://upsolve.org/learn/what-is-an-adversary-proceeding-in-bankruptcy/

Upsolve Community Member
If you do an adversary proceeding, please share what you learn with the group! Would love to hear your journey

Upsolve Community Member
Thanks for the positive support guys. Not the best situation to be in alone :) 

Upsolve Community Member
J W., I teach this subject and the misinformation out there is really something! Historically, the separate Adversary Proceeding has had a bad rap, and justifiably so. But if you've heard of the Public Service Loan Forgiveness (PSLF) repayment program, that's had just as bad, if not worse reputation. Yet, BOTH are on the front burner right now in congress. BEFORE THE PANDEMIC, in a year's time, a quarter-million borrowers with student loans file Chapter 7 but only a small fraction takes the time to understand and file the Adversary Proceeding ---- and I've heard that up to HALF of these AP filings SUCCEED! Do not let conventional wisdom, rulings, and old stats prevent you from going forward with your plans to relieve your financial stress! Go for it.  :-)

Upsolve Community Member
This is especially interesting for https://upsolve.org/learn/pslf/ as the Department of Ed just recently made some adjustments to how they were handling applications under this program. If you were denied in the past, it may be worth resubmitting everything. 

Upsolve Community Member
YES! The waiver is retroactive so advisors are suggesting submitting ECF's from every qualifying employer you worked for! Here is the best source for current facts: https://studentaid.gov/articles/see-whats-new-pslf-program/ This is from the federal government's Dept. of Education website.

Upsolve Community Member
Over 25% of the workforce is in the public sector and the greatest love coming out of the Federal Gov is in this area. I am encountering folks discovering they may be DONE paying for their education because, believe it or not, until AT LEAST October 31, 2022, every type of Federal loan you've ever made a payment on is now ACCEPTED as a qualified payment for the PSLF program which has forgiveness upon reaching 120 of these qualified payments. Keep reading and checking back in Upsolve's Student Loan "Room" for further info as released by the Department of Education. :-) 

Upsolve Community Member
Great question Kristina! Being proactive is the most important thing when it comes to student loans. Unfortunately, in bankruptcy, your options are somewhat limited. Are you interested in learning more about that or are you more curious about non-bk options for student loan management? 

Upsolve Community Member
As an example of what Andrea's mentioning, there's options for student loan forgiveness and student loan cancellation available. These options can be finicky at times, but they've been lifesavers for some people. Learn more here! https://upsolve.org/learn/six-options-student-loans/

Upsolve Community Member
Advocacy groups are also working to change the rules around student loans- we may someday see the rules change! 

Upsolve Community Member
Mark is incredible and has a lot of knowledge and experience to share! Ask away!! 

Upsolve Community Member
Thank you for being here to help folks, Mark. So many people will benefit from your help. 

Upsolve Community Member
I appreciate the kind words, Rohan and Claire. Note: Like Upsolve, my role is for education purposes only and not intended to be professional advice. 

Upsolve Community Member
Thanks for sharing, Mark!! 

Upsolve Community Member
Student loan debt is so complicated, your help is certainly needed and appreciated! I'm excited about the New York legislation that will help release transcripts to people with student debt. https://upsolve.org/learn/getting-school-transcripts/ is a struggle when you owe student debt! 

Upsolve Community Member
The DOE is meeting this week and I've been able to sit in on some industry sessions. This is why you might have heard Schumer, Warren, and the usual folks repeat their call for $50K forgiveness. I have my opinions, thoughts, and intel but I'll save it since crystal balls can be worthless. HOWEVER, there are some measures being talked about that would benefit lower income undegrads so that's a plus! Stay tuned! :-) 

Upsolve Community Member
Hello Stacy, Unfortunately Student Loans aren't often discharged through bankruptcy, but there are other options. https://upsolve.org/learn/six-options-student-loans/. Here is another article to guide you: https://upsolve.org/learn/bankruptcy-for-student-loans-5/

Upsolve Community Member
Hi Stacy! I can help narrow the information for you. Do you have federal loans, private loans, or both? 

Upsolve Community Member
Student debt forgiveness is a "political football" and it doesn't appear there will be any forgiveness for a while anyway so it is good you are thinking that way, Stacy! If you have federal loans, you want to make sure you are on the best IDR program that fits your present (an immediate future) finances. 

Upsolve Community Member
A great way to answer that question is to use the https://studentaid.gov/loan-simulator/. Let us know if you have further questions! :-)

Upsolve Community Member
If you do have a private student loan, I recommend reading https://upsolve.org/learn/private-student-loans/.