#studentloanforgiveness #studentloans #debtforgiveness

Student loan debt forgiveness

1. Give most recent updates with student loan forgiveness 0:49
2. Explain who might qualify for debt forgiveness 4:14
3. I will attempt to help you more than the government can 9:12

AS OF June 28, 2024

8 million borrowers enrolled in the SAVE plan since August. Less than a week away from seeing their monthly payments drop by half or more.
$32,800 or less have a $0 payment.
2 federal court judges apparently paused parts of student loan repayment plan that Biden admin launched last year to try and lower borrowers monthly payments and give a quicker route to debt forgiveness

2 lawsuits filed by republican led states argue Biden admin overstepped its authority when implementing the SAVE repayment plan

They cannot cancel anymore federal student debt enrolled in SAVE (Saving on a Valuable Education). Borrowers qualify for debt forgiveness once they make at least 10 years of payments.
Public Service Loan Forgiveness:
Need to apply and work for a government or non profit organization and make 120 qualifying payments


Under other repayment plans borrowers must make at least 20 years of payments.

Existing income driven repayment plans ties monthly payments to borrowers income and family size.

Higher Education Act:
Cancel up to $20k in interest on top of their loans
Cancel student debt for borrowers with undergraduate loans who entered repayment at least 20 years ago; graduate loans at least 25 years.

2.
Ways to Qualify for debt forgiveness:
Teacher 2.5%
Government Employee 13.4%
Nonprofit
Nurse, Dr, Medical Professional 10.8%
Disability
IDR Plan

Loan Discharge for Certain Schools:
If School has Closed
If School Misled You
Federal Perkins Loan Borrower (aren’t around anymore. $27,500/$32,500 max, fixed rate of 5%)
Parent Borrower
Victim of Forgery
Declared Bankruptcy* not all
Due to Death

3.
What actually can help you:
1. Understand the government doesn’t care about you and YOU are your best chance of helping yourself
2. Right mindset
3. IDR
4. Refi to a lower interest rate
5. Extra payments (wife situation after 2 years)
6. Side hustles
7. Need to make more in careers / manage expenses a bit more



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