Sending An Advocacy Letter To Congress
Writing an effective advocacy letter to Congress requires you to be passionate but also to the point. Make your opinion clear but also succinct enough that the reader can engage with your entire letter. If you have additional thoughts to share or issues to bring up, theres nothing to stop you from writing more letters in the future! There are even apps for contacting Congress that make it easier to continue to contact your representatives on issues that matter to you. Stay updated on news about student debt in the presidential debates or student loans in the coronavirus information center to make sure your opinions on these issues are accurately represented in Congress.
Susan Shain contributed to this report.
Other Student Debt Relief Options For Healthcare Workers
There may be one reason or another that you do not qualify for student loan forgiveness. But there are other options that may help to relieve the burden of your federal student loans. Loan deferment or forbearance may give you temporary relief from your student loan debt. The key difference between deferment and forbearance is the amount of interest that accrues during the period of time your loans are in deferment or forbearance. When your loans are in deferment, no interest will accrue. When your loans are in forbearance, interest will accrue.
You can request a deferment with your student loan servicer, providing documentation that you meet the eligibility requirements for deferment. Eligibility will vary depending upon your situation. For example, you may qualify for an economic hardship deferment if you are enrolled in graduate study for the duration of that study. Loan forbearance, on the other hand, may be granted for no more than 12 months at a time and there is a limit on general forbearances of three years.
Healthcare workers may also consider entering into an income driven repayment plan, wherein your loan payment owed is based on your income. There are several different options available to you:
Revised Pay As You Earn Repayment Plan
Pay As You Earn Repayment Plan
Income-Based Repayment Plan
Income-Contingent Repayment Plan
Nonprofit Employees With Student Loan Debt:
Make sure you have the correct loan type and then are on track for eligibility by submitting the Employment Certification for Public Service Loan Forgiveness form . Submit this form periodically during employment once you do this, the student loan program will contact you to let you know if your loan repayments are on track to qualify as PSLF payments. Learn more:
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Can You Get Student Loan Forgiveness If Your School Closed
Yes, you can get student loan forgiveness if your school closed. This has happened to student loan borrowers who, for example, attended a for-profit school. If your college or career school closed while you were enrolled, or soon thereafter, you can get student loan cancellation through the U.S. Department of Education.
Student Loan Forgiveness: Education Department Clarifies Rules For Expanded New Program
DETROIT, MI NOVEMBER 17: U.S. President Joe Biden speaks at the General Motors Factory ZERO electric vehicle assembly plant on November 17, 2021 in Detroit, Michigan.
In October, the Biden administration announced significant new changes to Public Service Loan Forgiveness , a federal student loan forgiveness program.
Since its inception, the PSLF program has had complicated eligibility requirements and dismal approval rates. The new changes are intended to address the programs shortcomings and dramatically expand eligibility to reach more borrowers. But for weeks after its initial announcement, the Department of Education left many details regarding how the programs expansion would actually be implemented unaddressed. This week, the Department released critical new guidance.
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What What Are The Payment Requirements For Public Service Loan Forgiveness
You must be actively paying on your student loans under either an income-driven repayment plan or a 10-year standard repayment plan. You are permitted to switch between income-driven repayment plans however, you should consult a student loan forgiveness lawyer to make sure that you do not lose any qualifying time.
Additionally, consolidating your student loans is the one way that will reset the clock and start everything over however, if you do not currently have a Direct loan, this may be necessary to start the process. That is why its never too soon to contact a student loan forgiveness lawyer even if youve only recently graduated.
Student Loan Discharge For Total And Permanent Disability
If you are facing a total or permanent disability that makes you unable to work and support yourself and your dependents, you might be eligible for the Total and Permanent Disability Discharge .
This is a type of student loan and service obligation forgiveness offered by the U.S. federal government. And it is only suitable for federal student loans and TEACH Grant service obligations.
What are the reasons why a certification would be void?
To qualify for this program, it does not matter if the disability is physical or mental, but there are some specifications that the U.S. Education Department uses to filter who is eligible and who is not. They consider you to have a total or permanent disability if:
What are the steps to receive this loan discharge?
If you fit in any of the descriptions of disability from the U.S. Education Department, there are a few steps you must follow to receive the student loan discharge.
Office Hours: Monday Friday 8:00 AM 8:00 PM
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You’ve Got Options If You Were Denied Pslf
If your application for Public Service Loan Forgiveness was denied, you may be able to receive loan forgiveness under the Temporary Expanded Public Service Loan Forgiveness opportunity.
As part of this opportunity, the Department of Education reconsiders your eligibility using an expanded list of qualifying repayment plans.
This TEPSLF opportunity is temporary, has limited funding, and will be provided on a first come, first served basis. Once all of the funds are used, the TEPSLF opportunity will end.
Visit StudentAid.gov for detailed information on how to be reconsidered for loan forgiveness.
What Are The Major Changes To Student Loan Forgiveness
The Biden administration announced major changes to student loan forgiveness. As a result, student loan forgiveness will become more accessible and you can get student loan forgiveness more easily. By simplifying student loan forgiveness, for example, public servants can count prior student loan payments made for FFELP Loans and Perkins Loans, count late payments, get credit if they used the wrong plan for student loan repayment, and count student loan payments made before student loan consolidation. This is in addition to 22 months of student loan relief and temporary student loan forbearance as a result of the Covid-19 pandemic. As a result, student loan borrowers collectively will get $110 billion of student loan cancellation. .
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Who May Need To Consolidate Their Loans
If you have Federal Family Education Loan Program loans, Federal Perkins Loans or other types of federal student loans that arent direct loans, you must consolidate them into the direct loan program by Oct. 31, 2022, according to Federal Student Aid.
This is important for borrowers because you can’t receive credit for payments if you consolidate after that date. Once the consolidation process is complete, you must then submit a PSLF form to your loan servicer.
The help tool on the Federal Student Aid website will be updated in the coming months to process applications for borrowers in the Federal Family Education Loan Program and those with Perkins loans.
Right now, employment can still be verified for them in Step 1 of the help tool, and loan consolidation can still be requested, Federal Student Aid said on its website. But an application for the Public Service Loan Forgiveness program through the tool may not be available in the near term for those borrowers.
+ Student Loan Forgiveness Programs That Discharge Loans
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Help for current students: Emergency COVID-19 relief for students
Student loan forgiveness might seem too good to be true, but there are legitimate ways to get it through free government programs.
The following options are available only to borrowers with federal student loans. Some programs have very specific requirements that make them difficult to qualify for, but income-driven repayment plans are open to most borrowers.
The information below is about existing student loan forgiveness programs. Learn more about the potential for Biden Student Loan Forgiveness.
Youre not eligible for federal student loan forgiveness programs if you have private loans, but there are other strategies for managing private loan debt.
How To Get Your Student Loans Forgiven: Three Paths
Cancelling student loan debt is a popular subject in todays climate, but its been a popular topic for more than 20 years and 45 million people still owe $1.7 trillion.
That could change if Biden and Congress reach some sort of compromise on how much to cancel and qualifying requirements.
In the meantime, option No. 1 for student loan forgiveness is having a job that serves the public good. If youre a teacher or police officer or firefighter or social worker or health care worker or government employee who kept up with payments for 10 straight years, youve got a good shot. If you are a sign spinner or pet psychic, forget it.
Option No. 2 is through a repayment plan that is based on your income. You will still have to pay a large chunk of your debt over a long period, but under the current laws, a portion will be forgiven at the end.
Those options are available for federal student loans.
Option No. 3 is called a discharge and its available for federal or private loans, but you probably dont want to go there. A discharge is when you cant repay the loan for a variety of reasons, like death, disability, fraud, identity theft or bankruptcy.
Student Loan Forgiveness Options During Coronavirus
- Aftandil Shahbazli
The Covid-19 pandemic affected people both socially and economically. While some of us are still complaining about its negative consequences in the form of lockdowns and social distancing, others faced troubles to meet the ends with the lower-income level. It was estimated that more than 40% of adults struggle to pay their bills since the pandemic started.
Considering that more than 40 million people in the U.S have student loans, it is not hard to imagine how financial challenges due to Covid-19 hit the borrowers. Fortunately, the government cared about some borrowers- the ones with federal loans- and provided some benefits in economic stimulus packages which may ease your financial struggles and indirectly help you get student loan forgiveness during coronavirus.
However, such solutions also have their disadvantages. First, the government help brings only temporary relief. Second, the proposed facilitation does not cover some loans, such as private ones.
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Will There Be Wide
Last week, a Freedom of Information Act request revealed the apparent existence of a legal memo on student loan forgiveness that the U.S. Department of Education drafted. Some speculate whether this memo reflects the Education Departments long-awaited opinion on whether Biden has legal authority to cancel everyones student loans unilaterally without further congressional authorization. . Secretary of Education Miguel Cardona said the Biden administration is still considering wide-scale student loan forgiveness, implying that student loan cancellation is still alive. That said, theres a low likelihood that Biden will cancel everyones student loan debt. Instead, Biden is more likely to focus on targeted student loan cancellation for specific types of borrowers. So, dont expect wide-scale student loan forgiveness.
Does Public Service Loan Forgiveness Actually Work
There are several news articles and other reports out there talking about how low the success rate of public service loan forgiveness is. Many of these reports fail to take into account the fact that this program was enacted in 2007, only payments since October of 2007 count toward the program, and it takes 120 qualifying payment months . Therefore, we are just now starting to see people with the required amount of qualifying payments for public service loan forgiveness.
We fully expect the success rate numbers to be much higher in the coming years. Another way to raise the success rate is to make sure that you are working with a student loan forgiveness lawyer that can guide you through the process and set you up for success. The easiest and best place to start is to or e-mail us to speak with our top student loan forgiveness lawyers.
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Military Student Loan Forgiveness And Assistance
Not only does the military offer loan forgiveness for Army and Navy doctors, but it also helps armed forces members and veterans. The Army, Navy, Air Force and National Guard all offer loan repayment assistance programs.
- The Armys College Loan Repayment Program pays one-third of your loans every year for three years. In total, you could get up to $65,000 in aid.
- The Navy program also awards up to $65,000.
- The National Guard LRAP contributes up to $50,000.
There are plenty of other programs for military student loan forgiveness, so make sure you know what you qualify for.
Student Loan Forgiveness During Coronavirus
Sure, the debt non-collection period that was part of the government stimulus package is helpful for borrowers. The borrowers are revealed from making payments during the 8-month debt suspension period. Such government aid helps student debtors who cannot cover the monthly expenses with low income.
Yet, many borrowers are still expecting student loan forgiveness due to Coronavirus. President Joe Biden mentioned his support for direct forgiveness per borrower several times and created this expectation. However, forgiveness is not for sure yet.
Additionally, borrowers should not content themselves with a suspension period or the one-time direct forgiveness idea. Once the debt collection is resumed, the repayment struggles will most likely continue. Besides, even if debt forgiveness is accessible, it will again bring disadvantages, like tax requirements.
Instead, borrowers need to use this time to research and develop a plan to get rid of the debt quickly. In this guide, we will first discuss different stimulus packages utilized since the pandemic to give you a brief introduction about what happened. In the following sections, we will present student loan forgiveness options during coronavirus to help you get familiar with possible debt elimination strategies.
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Repayment Plan Forgiveness Programs
Even though repayment plans are not typical forgiveness programs, they can ease on you after some years of on-time repayments.
Depending on the repayment plan that you are currently at, and the circumstances you are facing, you can even get your student loans 100% forgiven.
Lets see if youre in luck:
Student Loan Repayment Assistance Programs For Teachers
The Teacher Forgiveness Program isnt your only option for student loan help. Many states also offer loan repayment assistance for teachers. Most of these programs require state licensure, as well as a commitment to working for two years in a qualifying area.
The Teach for Texas Program, for example, gives yearly assistance to teachers in designated shortage areas.
To find programs in your state, check out the full list of loan repayment assistance programs and filter the results by occupation.
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Your Status Disqualifies You From Employment In The Field You’re Studying
When you enrolled, you couldn’t meet the licensing requirements for employment in the field for which you were to receive training because of a physical or mental condition, age, criminal record, or another reason. For example, suppose you had a felony record and enrolled in a security guard course, but your state doesn’t permit prior felons to work as security guards. You would likely be eligible for a discharge in this situation.
Beware Of Student Loan Debt Relief Companies
Student loan debt relief companies charge fees for helping federal student loan borrowers enroll in income-driven repayment plans, consolidate loans, or get out of default. There is nothing these companies can do for you that you cant do on your own for free. You can review this U.S. Department of Education advisory on how to spot a student loan “debt relief” scam. If youve been deceived by a student loan “debt relief” company, please file a Student Loan Help Request.
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Loan Forgiveness For Lawyers
There are about a million jokes about lawyers being bloodsuckers on society, but the federal loan program begs to differ. There is a financial incentive for lawyers to practice in public service or government offices in order to have some portion of their law school loan forgiven.
For example, the Department of Justice provides up to $60,000 in loan forgiveness for lawyers who work there for at least three years. The Air Force Judge Advocate program offers up to $65,000 in loan forgiveness.
The best place to start looking might be your own law school, since several colleges forgive some or all of the student loans for students who make less than $60,000 a year.
That amount varies, so check with your school to get actual requirements and amount forgiven. If you cant qualify for a forgiveness program, look into refinancing your law school debt.