Capitol Hill Blue Forums Political Issues The Biden Administration Biden to Cancel $10,000 in Student Loan Debt

I just received notification from the Department of Education that my FFELP Student Loan is being pulled from Navient and is being transferred to a new Department of Education servicer called aidVantage as a Direct Student Loan, loan consolidation and no longer to be a FFELP Student Loan.

As a FFELP Student Loan, I was not eligible for loan forgiveness or payment hiatus due to COVID - I had to pay no matter what. Forgiveness is only allowed for Direct Student Loans older than 20 years.

Now my 29 year old loan (March 9, 1994) is on its way to being discharged because the age of the Navient loan carries over to this new loan.

it's getting there...



I called the Dept of Ed today to find out what's going on with my loan. It's paid off at Navient, but does not show up at aidVantage. Dept of Ed said to call aidVantage.

I called aidVantage, they said the loan is in the process of being transferred to MOHELA. MOHELA is the servicer that forgives loans when folks have done government service or non-profit jobs. I worked for a school district for 12 years planning menus and buying food for a school district whose population was 83% of the students qualified for free and reduced meals.

Even though the account was closed with Navient on February 27, 2023, Navient just reported the account closed this past week in April 2023, backdating to the March 3, 2023 statement date.

The highest balance Navient is reporting is the original $29,500.00, not the payoff amount of $129,541.77.

That would make it seem that it took me 29 years to pay off a $29,500.00 loan. Navient needs to report the true highest balance as the true and correct highest balance.

Companies like Navient never cease to think of new and clever ways to screw people over. It's just amazing - and not in a good way.

I received the following email from the Department of Education:

The Opt-out is an option now because of the Frank Garrison lawsuit I wrote about on page 1 on September 28, 2022.

Some states are requiring that the loan forgiveness be considered income and state taxes are to be paid on that amount. I live in WA state and we have no personal income tax to pay.

Navient collected over $113,000.00 on the interest on an original loan amount of $29,500.00 from my loan They have made more than enough profit.

I filed a complaint against Navient with the Consumer Financial Protection Agency this morning. Republicans are trying to defund the CFPB. Navient has never corrected the high balance to be $129,541.77 to the credit reporting agencies - they're still reporting the balance of $29,500.00.

The CFPB has the ability to fine and sue companies that are egregious to consumers. No wonder the Republicans want the CFPB to be defunded.

On July 14, 2023, I received an email from the Department of Education stating that my student loan, all or in part, will be forgiven. I had until August 13, 2023 to opt out.

News of 804,000 loans to be forgiven made big news.

The CATO Institute, a Koch Bros entity filed suit to block this forgiveness. On August 14, 2023, the judge ruled that the CATO institute did not have standing. Read here why the judge stated that CATO Institute did not have standing.

Congratulations, Rick! It appears from your series of posts that they are exactly the kinds of behaviors that the Biden administration has been focusing on. That your $29K loan ballooned to nearly 4 times the original debt is the biggest problem with the program, and why it is such a drain on the economy.

It's ridiculous that the loan existed at 9% interest the entire time. That type of rate is usury.