If you have a student loan then you should be well aware of loan repayments resuming next month (October) after being on hiatus since March-2020. This comes just in time for the holidays. Thanks Uncle Sam! However, there could be help for you. On a recent Consumer Financial Protection Bureau (CFPB) blog, they noted loan cancellations are still an option and assistance with lowering loan payments is available too. I have included a link to the original article, but keep reading for a quick summary.
Getting Cancelled (But In a good way)
Per the CFPB blog, the Department of Education continues to discharge, aka cancel, student loans for eligible borrowers. This includes borrowers who have been in repayment for more than 20 years or borrowers who took out less than $12,000 in loans and have been in repayment for more than 10 years. Borrowers who work at qualifying employers like non-profits or government agencies, could also be eligible. If you have been totally or permanently disable, you also could qualify. Plus, borrowers who were deceived by their schools or their school closed may be eligible as well.
Getting Low(er) Student Loan Payments
If you can’t get your loan cancelled, you may be able to get your payments lowered instead. The Department of Education has a new income-driven program (Saving on a Valuable Education or SAVE) designed to decrease the payment on undergraduate loans by half, compared to their previous income-driven plans, and ensures the eligible borrowers’ balance will not increase as long as they stay current on their required payments. In fact, if you are a single borrower making $15 an hour or less, you may be eligible to not to make any payments.
With all the other things going on in our economy right now, everyone’s dollars are pushed to do more. Finances are being stretched, but there could be help available. Select the links below to get details on eligibility requirements and how to apply.
To find out if you qualify or to apply, contact your service provider or go to studentaid.gov and check out the Student Loan Forgiveness and SAVE Repayment Plan Offers Lower Monthly Loan Payments pages.
Until Next Time♥…
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