There's a 97% Chance This Doesn't Work For You

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[angelbacon]

I definitely didn't wait for false hope about the forgiveness program. Once covid hit and there was no interest and no payments for student loans I went full force and took advantage of it and paid it all off. Lol

[jjb]

Never wait for the government to fix your life.

[redsaint]

it’s you’re debt not anyone else’s, just get it done. I’ve been in a similar spot and it helps you sleep at night once it’s over 😊

[jeffreyrj]

I’m a financial advisor and have been for 18 years. I listen to these to get an idea of what my average client might hear out there. I’ll leave those thoughts of it but this video and advice to basically pay them off instead of waiting for forgiveness has to be the WORST advice I’ve ever seen on here. Ramsey should be careful when he talks whatnot doesn’t know about. 95% of my clients are physicians and I’ve seen forgiveness work for all of them. Never once seen someone not get forgiveness. Was it as low as 3% at one point? Yes. Ramsey doesn’t explain why though. If even one signature was missing, one date was put wrong, one box not checked then it was rejected and counted as a rejected application. Doesn’t mean they couldn’t do another one the next day, correct the mistake and fix it. This advice is terrible and based on fear and a misunderstanding. Frankly, if I told a client that was 96 payments in to use savings to pay off their loans and not wait for forgiveness I would fully expect they sue me

[RamiAyla]

Hey everyone! Since i started following The Ramsey show I've been a member of this amazing

society of investors for a while now, and I can't articulate how much it has transformed

my life. We're not just here to earn money; we're here to uphold one another, grow

collectively, and rejoice in every stride toward our financial aspirations.

[joej]

Bottom line is that you should never take on debt with any expectation other than it being a debt you’re going to have to pay back in full and in accordance with the terms you signed. The average student loan debt of a new graduate is less than the cost of a new car. Live lean and pay that crap off as soon as possible and never look back. Paying student loan debt for a decade or more is like making the minimum payment on a credit card and it will ruin you.

[scotland]

Paid my own way through college, no debts whatsoever. Will I get a refund for sacrificing and living in poverty during that time?

[AlaskanLady]

Theres other loan forgiveness programs too…certain medical fields for indigenous health services for example. My friend got her Masters paid off just for working for a couple years as a mental health clincian at a hospital.

[ICatheraTashaI]

It sounds like the loan forgiveness thing is a gamble, and the odds are not good.

[TheWormsEquals]

This is a lie! Each year you recertify you send in a new application just so that they can review your payments and mark you as eligible. You'll do this at least 10 times before you're actually applying for forgiveness. You apply and check one of two boxes, want to make sure my payments are on track and eligible or want to apply for forgiveness. And as long as you're following the rules which is income-based repayment or standard repayment and you work for the government or a non-profit that's a 501c3 you're good. Dave Ramsey is flat out lying.

[JTMoney]

Funny, we had no problem benefitting from this. The paperwork is very specific and time-consuming. Took a couple of weeks to hear back for approval. It can be done, and these percentages are changing for the better. We've heard COUNTLESS stories of people benefitting.

[kennethheern]

There shouldn’t be any student loan forgiveness.

[lorddenithal]

I'm lucky. My student loans are at 0% interest. With a family and as long as I make less than 100k a year, my payments are under 100 a month.

The arbitrage is awesome on this one. It also helps that I got a real job through my education.

[jebsmith]

I negotiated a payment for my last loan down to $35 a month. There's no need to pay off the loan. Negotiate the payment through the website.

[khag.]

Pslf works fine, the 3% number just shows a lot of people don't make it to 10 years, but if you do make it you can get the balance forgiven. Dave is wrong on this one

[spacemanjet]

Cap. People have been getting theirs approved

[jenniferbmendezful]

I got student loan forgiveness in 2023.

[AidaJof]

It is mystifying to me to get into so much debt with the expectation that perhaps someday may be forgiven ... how entitled are you??? You tighten your belt, make sacrifices and work to pay off those loans yourself. How dare you expect the tax payers to pick up the tab for your lack of responsibility.

[steves]

Dave is out of date on this one by a couple years. Bad advice.

[brentlaurin]

If these are qualified payments towards to the actual program put in place (which it sounds like) then this is stupid advice. Students that have 120 qualified payments during this presidency have had their loans forgiven through the program. Ramsey should gain more knowledge on this subject versus just a blanket line of 97% when that percentage is not consistent for students who actually abide by the program and has no relation to any student loan forgiveness discussion over the past number of years.