Student Loan COVID Forbearance Ends Jan. 31st
With student loan payments resuming in less than two months, it’s a good idea to start preparing sooner rather than later.
PHEAA/FedLoan is exiting the federal student loan business
On July 8th, the Pennsylvania Higher Education Assistance Agency (PHEAA) announced that it will not renew its contract with the Department of Education. After December 14th, they will no longer service the federal student loans, including those of PSLF pursuants.
Don’t wait to “phone a friend” for student loan advice
For those pursuing PSLF, they’ve had the added benefit that these months of forbearance have counted toward their 120 qualifying payments required for forgiveness. The economy, however, remains fragile, and many are wondering what will happen as student payments resume in the coming months—not to mention the end of expanded unemployment benefits for millions of Americans.
So what’s the solution? Where do we go from here?
Bastille Day: The Democratic Approach and Student Debt
For those pursuing PSLF, they’ve had the added benefit that these months of forbearance have counted toward their 120 qualifying payments required for forgiveness. The economy, however, remains fragile, and many are wondering what will happen as student payments resume in the coming months—not to mention the end of expanded unemployment benefits for millions of Americans.
So what’s the solution? Where do we go from here?
A Brief History of Public Service Loan Forgiveness
For those pursuing PSLF, they’ve had the added benefit that these months of forbearance have counted toward their 120 qualifying payments required for forgiveness. The economy, however, remains fragile, and many are wondering what will happen as student payments resume in the coming months—not to mention the end of expanded unemployment benefits for millions of Americans.
So what’s the solution? Where do we go from here?
Student loans and the importance of leisure time
Studies have shown a strong correlation between debt and anxiety, especially student debt. Greater debt tends to be reflected in a greater amount of anxiety, which hits folks like physicians—who already have high-stress, demanding jobs—especially hard. Couple that with the added catastrophic strain of a pandemic on healthcare professionals and you’ve got a one-two punch to your mental health.
So what’s the solution? Where do we go from here?
PSLF and combating student debt
When Congress passed the CARES Act in 2020, it placed all federally-owned student loans in forbearance, freezing all payments, interest accrual, and income recertifications. That means if you have Direct, Perkins, PLUS, FFEL, or HEAL loans owned by the Dept. of Education, they’re on hold until the end of September 2021. Any privately-held loans, unfortunately, do not count.
Held hostage by your student loans?
When Congress passed the CARES Act in 2020, it placed all federally-owned student loans in forbearance, freezing all payments, interest accrual, and income recertifications. That means if you have Direct, Perkins, PLUS, FFEL, or HEAL loans owned by the Dept. of Education, they’re on hold until the end of September 2021. Any privately-held loans, unfortunately, do not count.
Income recertification extension – Part 2
When Congress passed the CARES Act in 2020, it placed all federally-owned student loans in forbearance, freezing all payments, interest accrual, and income recertifications. That means if you have Direct, Perkins, PLUS, FFEL, or HEAL loans owned by the Dept. of Education, they’re on hold until the end of September 2021. Any privately-held loans, unfortunately, do not count.
Navigating student loans with Financial Residency
Join us June 7, 14, 21 & 28 as Joy and Ryan navigate the muddy waters of student debt and how you can “flip the script on student debt.”