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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

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 straight up played by Mr. Biven. Are you one of those folks? Do you feel like he flat out lied to the people to win the election?

Figure 2: This is a photo of President Joe Biden at a press conference. He is wearing a blue suit while motioning towards the camera. There are American flags in the background.

 

 If we take a deeper dive into this Mr. Biden has provided some student loan forgiveness it just was not what we were expecting. People with disabilities who are totally or permanently disabled have seen their student loans wiped out and there have been many updates to the PSLF program. While these are all great strides it still doesn’t quite meet that across the board general student loan forgiveness that everyone was hoping for. How does this ultimately affect you if you have student loans? Do you have a plan to pay them off or have you already forgiven them yourself?


Figure 3: This is a photo of a sign that says “Student Debt” surrounded by $100 bills.


I work with many college students who I often ask how they are paying for school. Many of them respond by saying “Oh just student loans.” It’s almost like second nature for this to roll off of their tongues with no regard with how this decision will ultimately affect their financial future. If you are a college student who is reading this please do not just assume that your loans will be forgiven or that you have to take out student loans. As someone who got a master’s degree in counselor education for FREE there are other ways trust me! To hear about some of those other ways check out my latest video below and be sure to subscribe to my weekly email list to be the first to hear about any updates.

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