Significant student loan changes

There are some significant developments in student loan law that are extremely TIME-SENSITIVE. I want to make sure that everyone that is eligible for the new relief gets it so take a look at the below and pass it on to any of your friends, family or colleagues as the time to make changes is now so folks don’t miss out.

Here’s a summary of the new changes:

• Payment pause extended to 1/1/23

• Public service loan forgiveness waiver – DEADLINE TO APPLY is 10/31/22 (get credit for prior payments made while on the wrong loan and wrong payment plan; if you have FFEL loans you must consolidate them into Direct loans ASAP before you apply for the PSLF waiver by 10/31/22)

• One time cancellation of $10,000 or $20,000 (most will have to apply for relief)

• Fresh start program (in 2023, there will be no garnishment, Social Security offset or tax refund offset for 1 year to allow borrowers to get onto income driven repayment plans)

• Income driven repayment account adjustment for Direct loan borrowers to get credit for past payments or forbearances made while on the wrong plan or loan (if you have FFEL loans, you must consolidate them into Direct loans ASAP in order to obtain this one-time adjustment)

• New IDR program at 5% will lower payments (available in 2023)

• Borrower Defense Applications will be granted for certain borrowers and schools

PLEASE, PLEASE, PLEASE double and triple check your federal student loan status. You can go to the link below (which is my company), create an account and then submit your NSLDS report (student loan report – instructions can be provided if you email me at kathy@kathyjohnsonlaw.com) and we can see if you need to make changes to your existing loan(s)/payment plan. If you do need to make changes, we can set up a consult and can give you a road map so you can do it yourself. Here’s the link:

https://studentloantoolbox.net/studentloanresolutionservicespllc/client_login

Again, time is of the essence so start on what you need to do today. Please pass this on to any one you know who may have federal student loans. I don’t want any one to miss out on what they are eligible for.

Kathy Johnson Finn

kathy@kathyjohnsonlaw.com

kathy@studentloanresolutionservices.com

#studentloans #studentloanforgiveness #studentloandebt