A Time for Forgiveness
Updated: Oct 14, 2021
by Ja'Net Adams
Student loan debt is a thorn in the side of millions of Americans. Student loan debt affects new graduates as well as the grandma who co-signed for tens of thousands of dollars for a grandchild to go to college. This debt sits at $1.7 trillion dollars and it continues to grow each day. This week the Department of Education made an announcement that could erase billions in student loan debt and I want to share what the changes are and how it could save you money if you qualify.
The Department of Education is turning back the hands of time. They are looking at all loans that have been under the Public Service Loan Forgiveness Program since 2007. They are reviewing each one to see if student loan services made mistakes in denying debt forgiveness. Thanks to this action $4 billion dollars of debt could be wiped out for 50,000 borrowers and another 550,000+ could see the length of the payments they have left decrease dramatically!
What You Need To Do:
If you work in the public sector ( government, teachers, nurses, social workers, non-profit employees, etc) you need to take action immediately. Go to the official site for this opportunity which is www.studentaid.gov/pslfwaiver and here is where you can find out if your loan qualifies as well if your employer qualifies. This is also the website where you need to fill out the waiver which is temporary. The waiver expires October 31st, 2022 so you have a limited time to take advantage of this opportunity.
A New Financial Life In The Making:
Those that are able to take advantage of this waiver could see thousands, maybe tens of thousands of dollars erased from their debt. For many this could be a game changer for their financial life! If you are able to get any student loan debt relief make sure that you use it to reach your financial goals. For example if you no longer have to make a $300 a month student loan payment use that money to build an emergency fund or fund one of your dreams like owning a home.
This move by the Department of Education has never been done before and may never happen again so now is the time to make a move!
To see my complete explanation of this waiver head here Student Loan Forgiveness
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