On Aug. 8, 2020, President Trump extended the 0% student loan interest rate and suspension of payments on federal student loans owned by the Department of Education (ED) until Dec. 31, 2020. These relief measures began on March 13, 2020, and below you’ll find a recap of the resulting repayment flexibilities for student loan borrowers and relevant considerations.
Chances are you’ve at least heard of the Public Service Loan Forgiveness (PSLF) Program, but do you know if your loans qualify? Or, how to apply? If not, we’re here to help!
First, what is PSLF? PSLF is a program that forgives the remaining balance on your Direct Loans after you have made 120 qualifying monthly payments under a qualifying repayment plan, while working full-time for a qualifying employer. However, your loan will only be forgiven if you meet all of the PSLF Program eligibility requirements.
Here’s a common question from customers who have taken out student loans… Is it really possible to have my federal student loans forgiven or to get help repaying them?
The answer: Yes!
However, there are very specific eligibility requirements you must meet to qualify for loan forgiveness or receive help with repayment. Loan forgiveness means you don’t have to pay back some or all of your loan.
You never know what you may be eligible for, so take a look at the options we have listed below.
There’s such an abundance of information about financial aid for college or career school that it can be hard to tell the difference between fact and fiction. We’ve got you covered! Here are some common myths—and the real scoop—about financial aid and the Free Application for Federal Student Aid (FAFSA®) form.
If you need financial aid to help pay for college, you must complete the Free Application for Federal Student Aid (FAFSA) form. The 2020–21 FAFSA form is available beginning Oct. 1, 2019. You should fill it out as soon as possible on or after Oct. 1 at the official government site, fafsa.gov.
It’ll be easier to complete the FAFSA form if you gather what you need ahead of time. Here’s what you’ll need to fill it out.
1. Your FSA Account
If you haven’t already, create a Federal Student Aid (FSA) account by setting up a username and password. Each student, and—if you’re a dependent—one of your parents, will need an FSA account (also known as an FSA ID) to complete the FAFSA process on fafsa.gov. We recommend creating your account early—even before you’re ready to complete the FAFSA form—to avoid delays in the process. That’s because you may need to wait up to three days to use your FSA account after creating it.
Picture this: you receive a call from an unknown number, and the person on the other end of the phone is promising to help you pay off your student loans. All you need to do is provide some personal information and pay an upfront fee. It sounds too good to be true, right? It probably is.
Even if you haven’t gotten a phone call exactly like that, you have probably seen countless ads on social media offering to help you manage your student loan debt.
While the U.S. Department of Education (ED) does offer some legitimate student loan forgiveness programs and ways to lower your student loan payments, they are all free to apply for through your official loan servicer. Don’t pay for help when you can get it for free!
Ah, deadlines: sworn enemy of students across the nation. When you’re busy with classes, extracurricular activities, and a social life, it’s easy to let due dates whoosh by. Exam, term paper, Spanish club meeting…We get it.