Office Hours is a semi-monthly virtual student loan clinic presented by the Maryland Center for Collegiate Financial Wellness. We answer your questions in this free, trusted venue to help you navigate student loans and prepare for financial success beyond repayment.
The content in this video is based on information available as of October 9, 2024. Hosted by Dr. Tisa (@tisasilvercanady).
This edition covered topics including:
+ how to interpret the new PSLF Payment Count letters
+ status of income-driven repayment plans, the application is back!
+ help with FAFSA for transfer students
+ financial aid changes to expect when you change from an undergraduate to a graduate program
Disclaimer: Office Hours is presented by the Maryland Center for Collegiate Financial Wellness for informational purposes only. The information presented does not represent financial or legal advice. Borrowers are responsible for all decisions and outcomes related to their student loan repayment and/or cancellation experience. The borrower experience is evolving, more changes are expected and we will share them in future editions of Office Hours.
#Maryland #financialaid #FAFSA #studentloans #studentloanforgiveness #IDRadjustment #consolidation #parentplus #PSLF #gradschool #studentloandebt #FFELP #FFEL #officehours #mhec
Content
00:00 Welcome
01:36 Update on SAVE, PSLF, Fresh Start and IDR
03:38 The payment count you've been waiting for
04:16 How to apply for IDR now
04:41 One hiccup with the online IDR application
05:40 How to read the new PSLF Payment Count letter
06:56 I completed a consolidation a year ago and have pursued PSLF for my wife and me. I received communication from ED this week and am unsure what it means. Are there any updates on what we can do for spousal deconsolidation?
10:51 How to a separate joint spousal consolidation loan
12:41 Team MCCFW helped me with PSLF during a site visit to my elementary school. I received a letter this week. I have been working in education for over ten years, and the number on the paper is just 3 in only one column. Does this mean I don’t qualify for forgiveness?
15:05 I received an update from PSLF with 132 EPs and 0 QPs due to missing the employment certification.. If employment is certified and qualifying, will all the eligible payments (EPs) convert to qualified (QPs)? And I’ll be forgiven?
18:14 I completed my Fresh Start application this summer. I started receiving communications from my new servicer in September. My payments are high. Can I decrease the payment amount? How do I know if my loans qualify for PSLF?
22:03 After being in a holding pattern since July, my last ECF was updated, and my counts were adjusted to reflect 120 payments on 9/30. Do I need to take active steps to get the smiley face/letter of freedom?
23:47 I'm transferring, and I've been trying to add the new school to my FAFSA for months. Every time, I get "FAFSA Form Unavailable." If I don't get the school updated, they can't process my financial aid. Is it worth calling the help center to talk to someone about making the correction? Can they assist with pushing this through?
26:09 I applied for SAP Approval in July and got approved today. Since it is almost halfway through the fall semester, I wondered if I could still get FAFSA money or if I'd have to wait until the new semester.
27:54 My institution changed my aid since I am graduating (UG) in the Fall. I plan on moving into my Graduate program. Will that impact my loans for both Fall 2024 and Spring 2025? Do I need to do anything to my FAFSA?
30:48 How financial aid for graduate programs is different--and more expensive--than aid for undergraduate programs
32:46 How the Student Loan Ombudsman can help Marylanders resolve student loan servicing issues
