The program requires 120 qualifying payments, which takes about 10 years. The rules for what kinds of payments qualify, however, are strict. Although Quick worked as an adjunct and then a tenure-track professor for 17 years, only the payments she made while she was a full-time employee count toward the program.
Her monthly payments will also increase to $568 each month from $88. If she follows the current payment plan set by her servicer, she will end up paying roughly $170,000 to eliminate her debt. Her husband, a jewelry artist who went back to school to become a computer scientist, also has student loans and has a payment that's more than $500 each month.
"When people aren't able to pay their bills or their student loans as quickly as they should, there is a level of shame and sometimes guilt," said Aja Evans, a licensed mental health counselor who works with Laurel Road, a digital banking platform."That can quickly turn into feeling bad about yourself and not feeling like you can present who you truly are to other people because you're worrying about the financial stresses in your life.
, a nonprofit that helps student loan borrowers with free advice and dispute resolution. But that isn't true, she said, pointing to millions of older borrowers who are struggling to pay down debt and save for retirement or are retired and still repaying loans.There are many reasons why having student loan debt takes a toll on the mental health of borrowers.
The Biden administration also relaxed rules for PSLF, making it easier for some borrowers to get forgiveness, and has wiped away all the debt of some borrowers, such as those who were taken advantage of by for-profit institutions.
acorns As a student tf you need to borrow?
acorns Many of the individual who want their loan debt eliminated made bad decisions. Why should tax payers pay for someone's bad decision?
acorns I guess people did not think about it as they were racking up the debt just when they have to pay it back.
acorns You took the loan, just like a car or house, pay it!
acorns Damn thing is people choose this shit lol.
acorns But lockdowns and masks are good for you 👍
That applies to ANYONE who takes out a loan.