My main questions here are whether there are stipulations about when the loan was taken, when the course of study finishes, and if having a cosigner affects whether one qualifies.
I'll just give my data and see if anybody can find this out for me: Say I have a student loan from Sallie Mae that was taken around January of last year, for a course of studies that terminate in October. One thing I'm wondering, I definitely make (way) less than the income, in fact I make pretty much nothing. But in order to get a loan in the first place I needed to have my parents co-sign, and I'm pretty sure they make more than 125k. Does the income of a cosigner come into play here, or can I still get $10k cancelled?
Any loan that requires a co-signer isn't going to qualify. Federal loans don't require a co-signer because they can't be discharged in bankruptcy (thanks, ironically to Brandon) and therefore creditworthiness isn't a factor.
But why did a state university fucking point me towards this dumb private loan then? I vaguely remember not qualifying for the first thing they recommended and had to go with this one instead. I'm so bummed
My guess is because your parents expected contribution was as much as the cost of attendance. From what I understand, when you fill out a FAFSA it considers your parents' income and assets and then says the amount they're expected to contribute to your education.
I dont remember even being asked about parents income. I'm 30, does that even apply to adults my age?
Your parents income is only considered on FAFSA if you’re like under 22 years old or something. You should have qualified for pell grants and federal student loans with no co-signer.
I feel you. I have a friend whose dad owns a business and he didn’t qualify for a bunch of the free grants because of that. Meanwhile, that same dad had thrown him through some drywall and kicked him out about 6 months prior to him applying for FAFSA and the guy was basically unhoused. So he was definitely not going to receive a contribution from his parents. But he was listed as a dependent on their taxes so he had to list them.
I'll look into that, not sure if it's an option. The classes I took should let me get a job with the income to repay the loan so it's not the end of the world, just weird that it's like "hey were canceling some student debt, but no, not you. You took the wrong loan, enjoy paying it off" lol
It shouldn't. No idea why they would have pushed you to a private loan.
They probably “partnered” with the institution who offered the loans
Edit: oh it was Sallie Mae lol
If they make more than 125k yeah they are. Upper middle class at least. Unless there’s like 10 kids in your family.
Two people making a total of $125k is not “rich” lol. That’s barely enough to keep us out of the hood but we still hear gunshots exchanging and sirens every week
If you’re married and file a joint tax return or are a head of household, you qualify if your income is below $250,000.
The cut off is $125k for a single person, $250k for a couple. Good news for you i think.
Well that’s True. But there is still plenty of people making $20,000/year in the Bay Area too.
The Bay Area minimum wage is around $16.25/hr which means a full time minimum wage worker makes $31,600/year.
But of course not everyone can work full time.
I was given a full time schedule as a cashier. Then they bumped up my wage by a few dollars then suddenly I was working just shy of 39 hours. Of course, I’m a very slow walker, and packer, and pisser. So I accidentally end up with 45+ hours :stalin-smokin:
Wait a sec... Does my loan not count because Sallie Mae is a "private" loan and not a "federal" loan? I'm actually going to be extremely butt hurt about this if that's the case and will not be voting for Joe Brandon. (Wasn't going to anyway but will enjoy telling all the libs I know that he lost my vote by not forgiving my debt).
Wow what the fuck? Why did the university tell me to take that one? I feel tricked, this sucks huge balls. Brandon can eat my ass
I'll survive. Hopefully my new career gives me the income to pay it off quick, if not guess I'll just leave the country and never pay it anyway. I already left the US but planning to go back temporarily to work as a software dev, pay all my debts and save some money, then leave again. It just sucks to have gone through the 5 minute long emotional rollercoaster of "hell yeah I just got $10,000! Oh wait nvm this does literally nothing for my poor broke ass".
Oh shit you're right. Yeah I won't do that to my folks, guess I'll just pay it one way or the other. At least the monthly payment is pretty low, the problem is I have a fuck ton of other debt (which actually is to the federal government but not classified as student loans). The good thing is if I can actually land just an average junior software engineer type job, I really ought to be able to pay it in like a year. I'm just thoroughly pessimistic about everything with the way my life has played out over the last few years that I'll never even get a job or something.
But if it’s a private loan you can probably get it discharged in bankruptcy.
If i could do that with my federal loans, i would’ve done it a long time ago but you can’t.
