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My One Year Student Loan Payoff Update

  January 28, 2022 marked my one year anniversary of paying off my student loans . Reflecting back on choosing to pay off my student loans leaves me with several take a ways that I want to share with you! In September 2020 I decided to become debt free by utilizing the debt snowball method to pay off all my debt. Before this I had struggled to save and really understand basic financial principles. As a first-generation college student, I received a scholarship to attend undergrad for free, but the scholarship did not cover summers. During the summers I took out student loans to cover costs without paying interest rates or how much I was taking out. By the end of undergrad I had amassed a little under $17K. Fast forward to graduate school I received another scholarship that covered my education. At the time I was a teacher in a new very expensive city and I had missed the cutoff to have my paycheck last me throughout the summer. So, I decided to take out a loan for two summers to keep
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More Student Loan Forgiveness From Mr. Biden?!

Alright y’all the Biden Administration is back with another poke at student loan forgiveness. This time with a complete overhaul of the Public Service Loan Forgiveness Program also know as PSLF. This overhaul could provide immediate relief to over 22,000 folks!  PSLF is for eligible workers within public service i.e. police officers, government workers, and teachers who made 120 payments (10 years) on the right type of loan and that were enrolled in the correct payment plan. 

Figure 1: This is a thumbnail of my latest YouTube video on “More Student Loan Forgiveness from Mr. Biden?! where I have a curious look on my face next to a picture of Joe Biden.”

The problem is that only 6% of people were being approved for PSLF in addition to a world of other issues. Many people were also denied due to paying on the incorrect loan, not being enrolled in the correct payment plan, and working for the wrong type of employer. With Biden’s overhaul individuals who were paying on the wrong loan or enrolled in the wrong payment plan can now have these payments counted towards there 120 payments if they work for an eligible employer. To take advantage of this borrowers will now be able to complete a PSLF form by October 31, 2022. 

Figure 2: This is a photo of a document that reads “Public Service Loan Forgiveness Program next to a pen, calculator, money, and yellow book.”

Now, what’s my thoughts on all this ? I have noticed a trend of student loan forgiveness only being provided to certain groups and not the widespread forgiveness that we were all hoping for. Therefore I’m paying off my student loans! Considering I’m on my last loan I don’t plan on waiting around for anyone to do the work for me. What are your thoughts ? Will you be affected by Biden’s changes to PSLF? Drop down in the comments and let me know! Be sure to check out my latest video below!

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My One Year Student Loan Payoff Update

  January 28, 2022 marked my one year anniversary of paying off my student loans . Reflecting back on choosing to pay off my student loans leaves me with several take a ways that I want to share with you! In September 2020 I decided to become debt free by utilizing the debt snowball method to pay off all my debt. Before this I had struggled to save and really understand basic financial principles. As a first-generation college student, I received a scholarship to attend undergrad for free, but the scholarship did not cover summers. During the summers I took out student loans to cover costs without paying interest rates or how much I was taking out. By the end of undergrad I had amassed a little under $17K. Fast forward to graduate school I received another scholarship that covered my education. At the time I was a teacher in a new very expensive city and I had missed the cutoff to have my paycheck last me throughout the summer. So, I decided to take out a loan for two summers to keep
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Biden to Forgive Student Loans in August 2022?

  Alright folks I’m back with another student loan update! According to CNBC, Biden is set to make a decision on student loan forgiveness by the end of August 2022. Now while I’m not entirely sold that this is actually happening, there are several things for you to be aware of. First things first there is still no clear information on how much will be forgiven. While Biden did discuss student loan forgiveness of $10K during his campaign trail other sources have reported higher amounts of 50K. Of course, none of this is set in stone and we are all waiting to hear something. This is a thumbnail of my latest YouTube video on “Biden to Forgive Student Loans in August?” I am looking at the camera suspiciously while seated in my office. The background is red. There may also be income restrictions of who may qualify for student loan forgiveness. Single folks may have a threshold of 125K-150K while those who are married may be between 250K-300K. There is also some talk surrounding what typ
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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
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