Скачать или смотреть Office Hours 7.26.23: When loans will be canceled through IDR, PSLF app changes and waiting for SAVE

Office Hours is a semi-monthly virtual student loan clinic presented by the @themccfw Maryland Center for Collegiate Financial Wellness that provides borrowers with a free, trusted venue to help them navigate student loans and prepare for financial success beyond repayment.

The content in this video is based on information available as of July 26, 2023.
This edition covered topics including:
-how to consolidate after an application is denied
-how the SAVE plan is expected to cut monthly payments (Update as of 7/31: The SAVE Plan is now viewable in the Direct Consolidation Loan Application and the Loan Simulator on studentaid.gov)
-when borrowers can expect to see loan forgiveness through the IDR Adjustment
-how the PSLF Application has changed for the better

Disclaimer: Office Hours is presented by the Maryland Center for Collegiate Financial Wellness for informational purposes only. The information presented does not represent financial or legal advice. Borrowers are responsible for all decisions and outcomes related to their student loan repayment and/or cancellation experience. The borrower experience is evolving, more changes are expected and we will share them in future editions of Office Hours.

#studentloans #PSLF #PSLFwaiver #studentloanforgiveness #pslfcount #consolidation #studentloandebt #cancelstudentdebt #FFELP #FFEL #IDRadjustment #officehours

Contents
00:00 Welcome
2:18 I tried to consolidate my loans in April and the application was denied because I was in school. I tried to apply again and the website said I had an application and needed to contact the servicer. How can I apply again?
7:42 What is SAVE?
9:20 How does SAVE make my monthly payment lower?
10:15 How SAVE will help borrowers whose payments are too small to cover the interest accruing each month
12:50 How IDR can get complicated for married borrowers.
13:39 What happens when you cosign an IDR application
18:00 I am moving from Maryland to Georgia. I used the Loan Simulator and my payments are exactly the same in both states. What difference does it make?
20:31 I have a Parent PLUS Loan with Navient from 1997. Can it get forgiven with the IDR Adjustment?
24:04 How a 26 year-old FFELP Parent PLUS can get cancelled through the IDR Adjustment, *Update: ED now says if your loans reach the 20 or 25 year milestone by September 1,2023, then it expects to forgive your loan before repayment resumes.*
26:54 Nine consequences of default
30:15 I saw the payment my servicer said is due and I can’t make it. Will I go into default if I don’t pay it?
31:55 Two reasons why you should not treat the on-ramp like the payment pause
33:50 Help! The PSLF Application has changed! Take a look at the old versus new
39:30 Get ready for repayment
46:50 Will the IDR Adjustment payment count consider other consolidations prior to 2010? Note: There is an exception to the 25-year threshold for cancellation on graduate school loans. If the borrower is enrolled in PAYE, then the threshold is 20 years.