Court Stops US Dept. of Ed. From Using Newest Borrower Defense and Closed School Discharge Rules: What Borrowers Need To Know
Student Loan Borrowers Assistance Blog
by Ella Halpine
9h ago
Each year, thousands of borrowers struggle with repaying their federal student loan debt after they attended predatory schools that lied or withheld important information to get them to enroll, or closed and prevented them from completing their program. These borrowers are often left with debt but without a valuable degree–or often any degree at all. And without relief, many of these borrowers wind up in default.  The Department of Education has two critical programs that can provide much needed relief to these borrowers: borrower defense and closed school discharges. But too few borrower ..read more
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Introducing NCLC’s Student Loan Toolkit
Student Loan Borrowers Assistance Blog
by Ella Halpine
1M ago
Whether you are just starting your student loan journey or have been dealing with student loan debt for decades, you can use NCLC’s newly created Student Loan Toolkit to help you take charge of your student loan situation and move forward. Download the toolkit today! The Toolkit explains the basics of the student loan system, how to assess your own student loan situation, and your options for managing your student loan debt. It includes fillable pages where you can record your own student loan information to help you work through your situation and track your progress toward becoming debt-fr ..read more
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Consolidation Deadline Extended to June 30th! Don’t Miss Out on Credit Toward Loan Forgiveness
Student Loan Borrowers Assistance Blog
by Ella Halpine
2M ago
Consolidation Deadline Extended to June 30, 2024 Today, the  Department of Education announced that the consolidation deadline to take advantage of the payment count adjustment has been extended until June 30, 2024.  Borrowers with older federal student loans that are not held by the Department need to apply to consolidate those loans into a Direct Consolidation Loan in order to get additional credit toward having their loans canceled through income-driven repayment (IDR) or Public Service Loan Forgiveness (PSLF) under the payment count adjustment.  Borrowers with these loans wh ..read more
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The Latest Student Debt Relief Announcements (Part 3): Share Your Thoughts on the New Debt Relief Plan
Student Loan Borrowers Assistance Blog
by Ella Halpine
2M ago
In an earlier post, we shared information about the new student debt relief plan that President Biden announced on April 8, 2024. The Department of Education later published proposed regulations for most of the new plan. You can now see the full details of how the Biden Administration is proposing to provide relief to borrowers in the following categories: Borrowers who have had their balances balloon with interest and now owe more than they did when they began repayment;  Borrowers who have been trapped in debt for two decades or more;  Borrowers have missed out on debt cancellatio ..read more
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Last Chance for Many to Get More Credit Toward Student Loan Cancellation
Student Loan Borrowers Assistance Blog
by Ella Halpine
3M ago
The deadline to apply to consolidate many older federal student loans to be included in the one-time payment count adjustment is Tuesday, April 30th.  Do I need to consolidate my loans to get additional credit toward debt relief? How do I know if I have FFEL Loans, Perkins Loans, or Health Education Assistance Loans (HEAL) that are privately held? I have loans I need to consolidate – what do I do next? After I consolidate, when will I see credit toward loan forgiveness on my account? More information on the payment count adjustment The one-time payment count adjustment is a big deal. Fe ..read more
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The PSLF Processing Pause – What You Should Know
Student Loan Borrowers Assistance Blog
by Ella Halpine
3M ago
Overview The Department of Education is temporarily pausing processing of PSLF applications & forms PSLF borrowers should download their information from their MOHELA account before April 30th Why is the Department pausing PSLF processing? Is my account still with MOHELA during the pause? Is MOHELA still going to service my loans after the transition to the new BPOs? Do I still have to make payments on my loans during the processing pause? Should I still submit my PSLF Employment Certification Form (ECF) during the processing pause? What should PSLF borrowers expect after the pause ends ..read more
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The Latest Student Debt Relief Announcements (Part 2): New Plans Aim to Expand Debt Relief to 30 Million Americans
Student Loan Borrowers Assistance Blog
by Ella Halpine
3M ago
So far, over 4 million people have gotten student debt cancellation as a result of relief programs and fixes to those programs by the Biden Administration. However, the biggest student debt relief program proposed by the Biden Administration, which would have provided up to $20,000 in debt relief for tens of millions of working and middle class borrowers, was blocked by the Supreme Court last summer. President Biden Announces New Student Debt Relief Plans that Aim to Provide Debt Relief to 30 Million Americans On Monday, President Biden announced that the Department of Education was working on ..read more
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The Latest Student Debt Relief Announcements (Part 1): 277,000 More Borrowers Get Debt Relief
Student Loan Borrowers Assistance Blog
by Ella Halpine
3M ago
This week there have been two big student debt relief announcements from the Biden Administration. Today, President Biden announced that 277,000 more people are having their federal student loan debt canceled. And Monday, President Biden announced plans for new debt relief rules that aim to provide some measure of debt relief to nearly 30 million Americans with student loans. This article covers what borrowers need to know about today’s debt relief announcement. A second article, available here, covers what borrowers need to know about President Biden’s plans to expand debt relief to 30 millio ..read more
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153,000 borrowers are getting their loans automatically canceled thanks to the SAVE Plan
Student Loan Borrowers Assistance Blog
by Ella Halpine
5M ago
Today, the Biden-Harris Administration announced that nearly 153,000 borrowers enrolled in the Saving on a Valuable Education (SAVE) Plan are getting their loans canceled thanks to early implementation of the shortened time to forgiveness component of the new repayment plan. We previously wrote about this issue in our January blog post, but the first round of borrowers eligible for cancellation will now officially receive the good news that their loan balances have been wiped out. This big news is an important reminder that many more borrowers could be eligible for loan forgiveness if they tak ..read more
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Consolidation deadline extended to April 30th–make sure you get debt relief!
Student Loan Borrowers Assistance Blog
by Ella Halpine
5M ago
To help fix massive past problems in the student loan system that prevented people from getting the credit they should have toward loan forgiveness, the Department of Education is currently working on giving borrowers retroactive credit toward loan forgiveness. The Department is calling this credit a “one-time payment count adjustment.” The goal of the payment count adjustment is to help borrowers who have been hurt by loan servicing failures get the credit they should for the time they have already spent in repayment. This will help millions of borrowers get closer to having their loan balanc ..read more
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