Over the past year or so, we’ve seen a lot of positive movement on student loans. President Biden campaigned on student loan reform, and after years of growing national student debt, it seems like we’re finally seeing progress. While some are still eager to see sweeping student debt cancellation, let’s not ignore some of the major reforms that we’ve already seen
The federal student loan program still isn’t perfect, and these changes won’t solve every problem, but they’re yet another step along a path of significant improvements. If you’re wondering how these changes could affect your situation, give us a call! Otherwise, stay tuned for more updates on the Biden-Harris Administration’s revamp of federal student loans.
Navigate isn’t a news organization, we’re student loan advisors and we make helping you our business. When we post tips, we do it to help our clients. We’re not here to catch attention, we do it to keep people informed and to help them save money. Student loans are expensive enough, so look to the experts when you need the best information.
Navigate isn’t a news organization, we’re student loan advisors and we make helping you our business. When we post tips, we do it to help our clients. We’re not here to catch attention, we do it to keep people informed and to help them save money. Student loans are expensive enough, so look to the experts when you need the best information.
When Navigate testified in front of the Dept. of Ed. last year, we identified a lack of servicer accountability as one of the core weaknesses of PSLF. Now, we’re seeing the government take real action against servicer malfeasance. We hope this is just the first step. #Onwards.
If you were dreading getting ready to resume your student loan payments in May, you have more of a reprieve. You can use this time, however, to make plans for making payments in the fall. If you’re not sure what to do, we have some advice to prepare yourself. If you’ve already gone through the effort to get ready to resume payments, you’re in a good place for when they do in September. Enjoy the extra cash you were expecting to pay, and consider saving it towards something nice for yourself!
If you were dreading getting ready to resume your student loan payments in May, you have more of a reprieve. You can use this time, however, to make plans for making payments in the fall. If you’re not sure what to do, we have some advice to prepare yourself. If you’ve already gone through the effort to get ready to resume payments, you’re in a good place for when they do in September. Enjoy the extra cash you were expecting to pay, and consider saving it towards something nice for yourself!
In the meantime, your best bet is to take advantage of existing programs such as the Limited Waiver Opportunity for PSLF. If you have any questions about it, we’re always here to help you with your specific needs!
To make things easy, think of it like this: use the US Department of Education (also known as FSA) via studentaid.gov for news about student loans and to review your loan data. If you have questions about repayment or loan forgiveness, talk to your servicer—which, if you’re a PSLF candidate, is FedLoan Servicing!
Under the LWO, those in full-time non-profit work can qualify for PSLF regardless of the payment plan they have been on, and most types of federal loans now qualify. Physician borrowers just need to take steps to convert their old loans into a Direct Consolidation Loan and submit a PSLF form to their employer before the period ends in October. Physicians with fewer than 120 payments have an extra step. You will need to get on an income-driven repayment (IDR) plan for your remaining payments to qualify.