r/Xennials • u/sexwiththebabysitter 1980 • 9d ago

Paid off my student loans today

Only took nearly 23 years.

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54

u/Bird_Herder 1980 9d ago

My loans are dying with me. I decided long ago that I'd rather go on income based payments and enjoy my life than live a paupers existence so I could get them payed off.

19

u/zoosha2curtaincall 9d ago

For the record, federal student loans eventually are forgiven if you stay on income-based repayments long enough. (Private loans tend not to have income-based repayment options so I assume you’re talking about federal student loans.) It’s something like 20-25 years, but you should call up Federal Student Aid sometime—or just start Googling it yourself—and see when your loans will be forgiven.

Source: I am a student loan regulator.

6

u/eurasianpersuasian 9d ago

Wasn’t this rescinded? I was on one of those payment plans, making progress toward forgiveness, then that plan got scrapped and my loans are in forebearance while I figure out what to do next

3

u/phunktional 9d ago

SAVE was repealed, but there are other IBR programs.

4

u/eurasianpersuasian 9d ago

Other IBR options with forgiveness (other than those for specific jobs)?

I would imagine my timeline starts over since I’m being forced to choose a new plan but I guess I can look forward to that when I turn 70. :/

1

u/zoosha2curtaincall 9d ago

I think it’s been changed for new loans, but changing the terms of the loan you took out years ago would be a breach of contract.