Last year the US Department of Education announced temporary changes to the PSLF Program. With these changes, borrowers receive the following benefits, but this opportunity ends on 10/31/2022! The PSLF Program allows a borrower to receive forgiveness on Direct Loans after making 120 qualifying monthly payments under a qualified repayment plan while working full-time for a qualifying employer. Any balances…
There’s been a lot of media attention about President Biden’s new Student Loan Relief Plan, but how do you know if you qualify? And what else does his plan propose? The White House has released a fact sheet, showing the burden of living with student loan debt for years and years after school, and the ever-increasing cost of attending college….
Senators Dick Durbin (D-IL) and John Cornyn (R-TX) have introduced the “Fresh Start Through Bankruptcy Act,” the first bipartisan bankruptcy legislation to come through the Senate in years. The Act also has the endorsement of the National Association of Consumer Bankruptcy Attorneys. The Act would allow student borrowers to discharge federal student loans, something that has not been possible since before 1998. The Act however, does not alter the dischargeability of private student loans.
In this blog post in the student loan series, we will be talking about rehabilitation and consolidation for defaulted student loans. You default on a loan when you don’t make full payments on your loan for 270 days. There are very real consequences for defaulting on your loans, such as wage garnishment, liability for lawsuit, inability to receive further federal…
To officially kick of our blog series about student loan management options, we are going to discuss income-driven repayment plans. These plans are only available to people with qualifying federal student loans that are in good standing. If your loan is in default you are going to have to rehabilitate your loan before pursuing one of these plans. There are…
Here at DRF, we regularly get calls from people that are struggling with student loan debt. Many of them have not had the chance to learn about several very powerful strategies that can be used to manage and pay off their student debt. Because of this, we have decided to start a short blog series about these management strategies, who…
Although a bankruptcy discharge can provide a much needed fresh start, there is one type of debt that nearly always survives, preventing the true ability to start over: student loan debt. Under the current law it can be extremely difficult to discharge student loan debt in bankruptcy, and because the lenders usually fight tooth and nail to prevent the discharge, any…