Report after report has shown that majority Black- and Latinx-communities to bear the greatest burden of student debt and its effects. In 2015, the CFPB documented the effects of the Great Recession on student debt in communities of color, “with many families seeing their net worth nearly cut in half.”
Oftentimes, we and our clients have to correct mistakes made by loan servicers, and having your payment plan messed with can be one of the most detrimental. If your loan servicer tells you that you no longer qualify for your plan, they’re wrong. When you enroll in an IDR plan, it’s “‘til death do you part,” or—to put it in a more positive light—“‘til PSLF do you part.” Have no fear, give us a call, and we’ll help you ride the cap all the way there.
What can we do to change the culture around student debt? First off, we need to start talking about it.
With student loan payments resuming in less than two months, it’s a good idea to start preparing sooner rather than later.