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Do you think any student loan forgiveness will be possible for refinanced loans?

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  • Do you think any student loan forgiveness will be possible for refinanced loans?

    I refinanced in 2018 out of residency about 160k worth of federal med school and undergrad loans. The interest rate has been low so have not paid them off yet. I still get a 1098 E stating all the interest I paid on the loans that I can deduct as student loan interest on my taxes.

    Now that there is more buzz about loan forgiveness in the news today what do you think the chances that any forgiveness law can include those who have refinanced?

    I’m guessing next to 0 but also no one saw the COVID 0 payments counting for PSLF coming. I guess we fall into the same group as those who paid down their debt fast who gets overlooked for fogiveness. Stings bc we’re trying to be fiscally responsible and are essentially getting punished for that but i begrudge no one getting any loan forgiven.

  • #2
    0%.

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    • #3
      Originally posted by Duckworth View Post
      I refinanced in 2018 out of residency about 160k worth of federal med school and undergrad loans. The interest rate has been low so have not paid them off yet. I still get a 1098 E stating all the interest I paid on the loans that I can deduct as student loan interest on my taxes.

      Now that there is more buzz about loan forgiveness in the news today what do you think the chances that any forgiveness law can include those who have refinanced?

      I’m guessing next to 0 but also no one saw the COVID 0 payments counting for PSLF coming. I guess we fall into the same group as those who paid down their debt fast who gets overlooked for fogiveness. Stings bc we’re trying to be fiscally responsible and are essentially getting punished for that but i begrudge no one getting any loan forgiven.
      Is it the persons owing student loans, those that have paid them off or the politicians that are simply asking for government to give out money for political benefit? I really can't tell you.

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      • #4
        I think you summed up the rationale why it's not going to happen.

        Financially responsible individuals don't need a bailout.

        You are a better person than I am. I begrudge those getting the handout and wanting more.

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        • #5
          As they say...don't confuse outcome with strategy. It would have been basically stupid for you to have not refinanced back then. I'd still be shocked if there was any cancellation, especially if it didn't ignore higher earners, but that would make the current end-date on the pause actually make sense.

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          • #6
            And you're probably not getting any tax deduction for the interest, that phases out at $85k single, $175k married.

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            • #7
              Originally posted by Duckworth View Post
              I guess we fall into the same group as those who paid down their debt fast who gets overlooked for fogiveness. Stings bc we’re trying to be fiscally responsible and are essentially getting punished for that but i begrudge no one getting any loan forgiven.
              The real group that is getting overlooked are those who don’t have student loans because they didn’t have the opportunity for higher education or just didn’t go for various reasons (which include because it was too expensive).

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              • #8
                I don't see private loans being forgiven at this point. Those big changes were for federal loans.
                Helping student loan borrowers manage their student loans. StudentLoanAdvice.com. [email protected]

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                • #9
                  Zero percent chance of refinanced loans being forgiven. Also very low chance of loan cancellation for anyone earning over 200k per year. If they do make an income threshhold for forgiveness, residents will catch a lucky break. Since this is clearly a political move, they should just be done across the board if they do it. Its a political handout so they might as well buy as many votes as possible! Haha, all jokes aside you’ll be just fine since you refinanced early. I didn’t refinance so I plan on riding this as long as possible then refinancing and paying off within 3 ish years

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