Spotlight on Student Loans:
New Year, New Plan for Your Student Loans? Maybe…
Time for a critical look at your student loan strategy?
In the dwindling days of 2021, most are starting to think in earnest about the year ahead—more specifically, you may be considering whether to make a New Year’s resolution. While things like joining a gym, balancing your checkbook (if you’re someone who still uses one!), or spending less time on social media—guilty!—are commendable, we don’t usually encourage people to use the occasion as an excuse to change course on their student loan strategies.
If you’ve already done the work of doing your research, gotten the best advice, and made a plan, it’s usually best to stick with it: keep filing your paperwork and wait for it to do it’s work. This is especially true if you’re pursuing Public Service Loan Forgiveness: changing strategies—such as consolidating or refinancing—can have major ramifications, ones that could extend repayment.
A unique PSLF opportunity after a unique year
This time around, our advice is a little different: take a hard look at your student loans. By choosing the status quo, you could be missing out on a temporary opportunity to have those loans forgiven.
This fall, the Department of Education announced expanded opportunities for those pursuing Public Service Loan Forgiveness as an opening salvo to a broad examination and reformation of the program. Under this Limited Waiver Opportunity, borrowers who were previously denied PSLF could become eligible, with issues like being on the wrong repayment plan or having the wrong type of federal loans now being waived retroactively.
If you’re still looking to find a New Year’s resolution for 2022, think about taking a hard look at your student loans. It may not be as sexy as some other options, but it could save you a whole lot of money! Now is the perfect time to reexamine your strategy, and if you need some help: give us a call.
If you’re pursuing Public Service Loan Forgiveness and you haven’t met with us yet, schedule your free 15-minute Discovery Session to find out if you qualify for PSLF, or what you can do if you don’t.