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3 Major Changes to Public Service Loan Forgiveness (PSLF) Program for Student Loan Borrowers
by Robert Stoll, Financial Design Studio
On October 6, 2021, the Department of Education announced 3 major changes to the Public Service Loan Forgiveness (PSLF) program that make it a lot easier to get student loans forgiven. While this doesn’t help all borrowers struggling with student loan debt, these changes will help those that work in nonprofit industries, such as teachers and certain medical professionals. In this post we’ll look at what changed and how these changes may help you.
Didn't Get Public Service Loan Forgiveness? Try Again!
by Jim Bradley, Penobscot Financial Advisors
Federal student loan programs have had forgiveness built-in for a while now, but forgiveness takes a long time. The standard period for most loans to receive forgiveness is 20-25 years. Standard payoff plans for federal student loans are 10-year paybacks, so these would obviously not be helpful. However, there are a several “Income-Driven Repayment” (IDR) plans available that can extend payments for a much longer period.
Take Advantage Of The Public Service Loan Forgiveness Overhaul
by Alvin Carlos, District Capital Management
Do you want your federal student loans to be forgiven? Have you been working for the government or a non-profit? If your answer to both is yes, here’s some good news for you.
In October 2021, the U.S Department of Education announced an overhaul to the Public Service Loan Forgiveness program. Now, for a limited period of time, borrowers may receive credit for past payments made on loans that would otherwise not qualify for PSLF.
Student Loan Repayment for Childfree Individuals
by Jay Zigmont, Live, Learn, Plan
Student loans are a 1.7 Trillion Dollar problem in the U.S. As Childfree individuals, we do not have to worry about paying for college for kids, but we do have to pay for our own education (and student loans). While there has been a lot of talk about student loan forgiveness lately, the bottom line as of today is that you must find a way to pay off your student loans. Keep in mind that currently, the only way for all student loans to be forgiven is to die or be permanently disabled.
Following along with the blogs of financial advisors is a great way to access valuable, educational information about finance — and it doesn’t cost you a thing! Our financial planners love to share their knowledge and help everyone regardless of age or assets.
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Good Financial Reads: Questions about your student loans?
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