Not to Pay 'Student Loans' for 2 Years, Get Forgiveness After 10 Years
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| Facts Abou Student Loan Forgiveness |
The Department of Education is planning to take action in the coming months to relieve the pressures on many post-graduate Americans in an effort to help reduce some of the student loan debt that thousands of borrowers have.
On May 1, the payment suspension will end. Although nothing official has been announced as of yet, there are more and more indications that President Biden will likely extend the student loan payment suspension once more.
For another three months, tens of millions of Americans will remain in student debt limbo. Through August 31, President Joe Biden intends to continue the moratorium on federal student loan payments.
The decision will result in the pause's fifth extension since it began in March 2020. With no clear direction for the borrowers, the $1.7 trillion student loan debt portfolio of the country keeps expanding. The Education Department has previously stated that the freeze helps 41 million borrowers save $5 billion each month.
Biden has come under pressure from some Democratic lawmakers, including Senate Majority Leader Chuck Schumer and Massachusetts Senator Elizabeth Warren, to use his executive authority to forgive up to $50,000 in student loan debt for each borrower.
However, Biden has stated that he thinks Congress must take such action. With the Senate being evenly divided and Republicans generally opposing debt forgiveness, that fight is probably uphill. In his campaign, the president promised to forgive borrowers' debts up to $10,000 each.
In order to pressure the president to forgive student loan debt, borrowers from California, Florida, New York, Massachusetts, Ohio, and Pennsylvania came to Washington. They gathered outside the Education Department holding placards that read, "Can't Pay, Won't Pay," or "You are not a loan." The event was organized by The Debt Collective, a debt cancellation advocacy group.
What is the Student Loan Forgiveness?
Many Americans may feel overwhelmed by their student loan debt, but the Public Service Loan Forgiveness (PSLF) program was implemented in 2007 to aid people in paying it off more quickly and conveniently.
Any eligible borrowers who meet certain criteria may, as part of the federal program, have their loans forgiven after ten years.
| A resounding majority of respondents in a survey conducted by the Student Borrower Protection Center (SBPC) and released last month supported extending the student loan payment suspension at least through the end of the year. Another poll, also released last week, found strong support for universal student loan forgiveness and hinted that policies to reduce student loan debt might influence the voting intentions of likely voters. |
The Requirements to have your Student Loan Forgiven after a 10-Year Period
-You must be employed full-time by the government or an eligible non-profit organization in a specific field, such as firefighting, teaching, government, nursing, public interest law, military service, or religious work.
-You must have made payments for a total of ten years, totaling 120 payments for the full amount, within 15 days of the date the monthly payments are due.
-You must have a loan(s) in the federal direct loan program, though you can consolidate your federal loans as part of the PSLF as one payment.
*Check this link to help individuals understand more about the PSLF: https://studentaid.gov/pslf/
Student loan forgiveness bill to combat veterinarian shortageArizona's Family has been reporting on the valley-wide shortage of veterinarians for months, and it is still causing problems for pet owners. To address this issue, a state legislator is proposing a new bill that would forgive up to $100,000 in student loans. It gives students who want to be veterinarians hope. Offering significant incentives, including up to $100,000 in student loan reimbursement for veterinarians who work in Arizona for at least four years. A requirement of the agreement is that the vets work for at least two years in a county, nonprofit shelter, or agricultural industry. |
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