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The Department of Education Changed the rules for student loan forgiveness

 The Department of Education has "silently" changed the rules to student loan forgiveness that will affect at least 800,000 borrowers. On September 29, 2022 the Department of Education made a few changes for those who obtained the Perkin's and Federal Family Education loan.  Here is the language directly from the Dept of Education "As of September 29, 2022 borrowers with federal student loans not held by ED cannot obtain one time debt relief by consolidating those loans into direct loans". Previously individuals who did obtain theses loans were able to receive loan forgiveness. Figure 1: This is a thumbnail of my latest YouTube video "Student loan forgiveness guidelines have changed" where I am sitting in my office while looking at the camera with a suspicious look.  Many speculate that potential lawsuits could be the reason why the Dept of Ed has changed it's language recently. Long story short the banks who insured these loans will not receive an

Adult Daily Living Skills: STOP Making Minimum Payments on Your Debt !

 

(This a photo of me holding my hand up with my palm facing outward while looking serious used as a thumbnail for my YouTube video on Stop Making Minimum Payments on your Debt.)


Stop making minimum payments on your debt! Sounds crazy right? I know especially since I just paid off close to $4K in credit card debt but hear me out. This past week we received our stimulus checks and I decided to pay the remaining balance on a $4K personal loan that I had taken out in 2018 for a certification that I did not even need. In hindsight, it was a bad decision because I should have saved my money and paid cash versus taking out a loan. So for the past three years I have been paying the minimum balance on this loan. I even took “advantage” of skipping payments during the holidays and summer months. I don’t even want to think about how much interest I willingly paid to the bank.

After finally paying off this debt it dawned on me Duggan, you could have paid off this loan much sooner! You SHOULD have paid off this loan much sooner! Especially since, I paid off close to this amount in 6 months. That brings me to my point STOP making minimum payments on your debts! I was able to pay off such a large balance in a short amount of time because I paid double even triple at times!

I paid so much that I would even get an alert that asked if I was sure that I wanted to make another payment! Uhh YEAH! Now I understand that you may not be able to pay a lot in extra towards your debts however, if it is only an extra $10 or $20 it all helps. Remember, the banks want you to pay more so don’t fall into that trap like I did. You got this! Check out the video below for more information on why you need to stop making minimum payments.

 

SUBSCRIBE: STOP Making Minimum Payments on your Debt !


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