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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 ...
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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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