Skip to main content

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

What's Biden Doing for Student Loan Forgiveness? (You May Already Qualify!)

 



(This a photo of me smiling at my desk used as a thumbnail for my YouTube video on What's Biden Doing with Student Loan Forgiveness?)


A hot topic right now in politics is the Biden Administration and student loan forgiveness. I myself have been keeping up with all headlines regarding this matter because like most of you all I have a student loan balance. While the balance is small compared to most folks, it’s still a balance and where I’m at currently in my debt free journey. In case you were unaware, about two weeks ago a report came out that President Biden asked Michael Cardona, the Secretary of Education to write a memo regarding the legalities of him being able to forgive student loan debt through an executive order and how much can be forgiven.

Biden’s main buzz around his campaign to become president was that he would forgive $10,000 in student loan debt. However, now democrats are pressuring him to forgive at least $50K but Biden seems to be unsure about this citing that he would rather go through Congress, which is very unlikely to happen. According to this student loan plan, Biden would allow those with student loans who make under $125K to be eligible for student loan forgiveness. In case you were unaware, two groups of people have already qualified for student loan forgiveness.

Individuals with disabilities declared totally disabled and those who attended for profit schools who have gone out of business have recently received student loan forgiveness. While there is, no timeline on when a decision will be made it seems as if something will most likely happen by September 30, as this is when the moratorium regarding no payments and interest accrual will end.

If you’re like me and paying off your debt you’re probably wondering if you should pay your student loans with student loan forgiveness seemingly being so close to actually happening. My personal views for myself are that until I hear the news that loans are being forgiven I plan to pay them. What do you think? Should we hold off on paying or take advantage of no interest? Check out the video below for more information.

SUBSCRIBE: What's Biden Doing for Student Loan Forgiveness?

Comments

Popular posts from this blog

Fall Refunds are Here for College Students

 It’s my favorite time of the semester…REFUNDS! A few weeks after the semester begins all of your financial aid pays out and if there’s any left over you get a refund! You will know that your receiving a refund if there’s a negative balance on your account. It’s the one time in history where you actually want to see a negative balance!  Figure 1: This is a thumbnail of my latest YouTube video where I am in my office with a surprised look on my face.  This semester I paid $241 in fees and I received a $500 grant for individuals who work at community colleges. Oh yeah  did I mention I work at a community college too part time as a tutor? Anyhoo, since I had already paid off my student account I received the $500 as a refund. If you’ve been watching my YouTube videos or reading my blogs then you already know this money is going to debt.  Figure 2: This is a photo of three $100 bills and three $50 bills. With refunds posting to accounts daily you want to make sure that you are constantly c

Fall 2021 HEERF & CARES Act Funding is Here!! (FREE Money for College Students!!)💵🤑💰

  A few days ago, I was surfing on my universities homepage and I noticed that there was a message at the top regarding summer II HEERF and CARES Act funding. Since I was enrolled in both summer semesters, I decided to send an email to the person listed as the contact to ask if I could receive more CARES Act funding for the fall semester. Since I had been enrolled in the first part of the summer and had already received funding I was not eligible but I was told that another round of CARES Act funding would be given in the fall! In case you did not know HEERF funding is the Higher Education Emergency Relief Act that was enacted for college students due to the pandemic. HEERF provides billions of support in education through CARES Act funding for enrolled students. Figure 1: This is a thumbnail of my YouTube video on “Fall 2021 HEERF & CARES Act Funding is Here” where I am wearing a black shirt with a surprised look on my face. Now while I am not sure on how much you will receive thi

President Joe Byron Student Loan Forgiveness Update

  BING BONG! President Joe Byron has made an official statement regarding student loans. One that many of us were not expecting to hear. Well not me because I suspected this all along hence to why I am paying my student loans off. If you have not heard, Mr. Biden is not extending the federal pause on student loans. That means that on February 1, 2022 you will need to begin making payments again and your interest is back in affect. Figure 1: This is a thumbnail of my latest YouTube video “President Joe Byron Student Loan Forgiveness Update” where I am seated in my office while looking at the camera with a suspicious look on my face. I am wearing a black sweatshirt that reads, “They go low we go high.  As you all know I decided to pay off my student loans about a year ago when I started by debt free journey. Thanks to Jesus and all of my hard work, I am almost there and will update you at a later date on what I did to pay off my student loans. Many folks are in an uproar and feel straigh