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☆ 4 key things student-loan borrowers should watch out for after applying for Biden's debt cancellation
▼ + stars: | 2022-10-23 | by ( Ayelet Sheffey | ) www.businessinsider.com time to read: +4 min

Student-loan borrowers can now officially apply for up to $20,000 in debt cancellation. But after submitting the form, borrowers should keep track of follow-up notices from the Education Department. The Education Department will take it from there, notifying borrowers if it requires any additional documentation to ensure the applicant's income is under the $125,000 threshold. "Bringing student loan debt relief to folks that need it most as they recover from the pandemic and prepare to restart loan payments keeps that commitment." Your loan servicer will apply the debt relief to your account.

☆ How to Apply for Student Loan Forgiveness
▼ + stars: | 2022-10-22 | by ( ) www.wsj.com time to read: +15 min

The official student loan forgiveness application is available on the Federal Student Aid website. What you can do now to prepare for student loan repayment and reliefFirst and foremost, you can fill out the application for up to $20,000 in student loan forgiveness on the Federal Student Aid website. “January will almost certainly be a chaotic time for the [student loan] servicers,” says Michael Lux, attorney and founder of The Student Loan Sherpa. You might also check out alternative options for student loan forgiveness, such as Public Service Loan Forgiveness and Teacher Loan Forgiveness. If your state charges a tax rate of 5%, for example, expect to pay about $500 in taxes on $10,000 in loan forgiveness or $1,000 on $20,000 in loan forgiveness.

☆ U.S. student debt relief: What you need to know now
▼ + stars: | 2022-10-20 | by ( Chris Taylor | ) www.reuters.com time to read: +6 min

But the Biden administration’s new U.S. student debt relief program is not just an academic subject for her. That is because McKay is still dealing with student debt from her days getting a graduate degree at Carnegie Mellon University. So she is not just studying the student debt relief application that went live the other day (https://studentaid.gov/debt-relief/application) – she is filling it out herself. When and if the debt relief goes through, your loan servicer will let you know. BEWARE OF SCAMSThe student debt relief program has already brought scammers out of the woodwork, warns the Federal Trade Commission (https://consumer.ftc.gov/consumer-alerts/2022/10/now-student-loan-debt-relief-application-open-spot-scams).

Apply for student-loan forgiveness ASAP. Spencer Platt/GettyHere's what: The student-loan forgiveness application is liveAfter lawsuits, and beta testing, and much hand-wringing, the Biden administration's student-loan forgiveness application is live and available to federal borrowers. All this to say: Student-loan forgiveness is complicated, and there's a possibility it could remain complicated for a while. Biden's student-loan forgiveness plan could lower my monthly payment from $370 to $150. All your questions about applying for student-loan forgiveness answeredStill have questions about forgiveness?

☆ Student-loan borrowers who combined debt with their spouses can now legally separate their balances — but they need to take action by the end of October to get federal relief
▼ + stars: | 2022-10-19 | by ( Ayelet Sheffey | ) www.businessinsider.com time to read: +4 min

Biden just signed into a law a bill that would allow borrowers with spousal loans to separate their balances. But the waiver for PSLF is expiring on October 31, leaving those borrowers with little time to take advantage. The spousal joint consolidation loan program gave married couples the option to combine their balances, with the intent of a more affordable monthly payment with a single interest rate. A specific process is now in place for borrowers with joint consolidation loans, and it requires you to submit a reconsideration request for PSLF and attach your signed PSLF form. When you upload the form as an attachment, you must write this in the description: "I am a borrower impacted by the Joint Consolidation Loan Separation Act."

☆ If you want to opt out of Biden's student-loan forgiveness, you have less than a month to do so. Here's how.
▼ + stars: | 2022-10-18 | by ( Ayelet Sheffey | ) www.businessinsider.com time to read: +2 min

The Education Department is notifying borrowers who are automatically eligible for debt relief. Around 8 million borrowers will receive that notice, but some of them might choose to opt out. On Monday, President Joe Biden and Education Secretary Miguel Cardona officially launched the application site for student-loan forgiveness. Here's how you would do that, according to Federal Student Aid:Determine who your student-loan servicer is by logging into studentaid.gov, selecting "My Aid," and then selecting "View loan servicer details." Contact your servicer by phone or email and tell them you do not want to receive federal student-loan relief.

The student-loan forgiveness application is live on the federal student aid website. Over 8 million Americans applied for student-loan forgiveness using the beta version of the application, released on Friday, October 14. Can I still get student-loan forgiveness if I haven't filed my tax return? To receive a non-filing letter from the IRS, fill out Form 4506-T.Will the amount of student-loan forgiveness I receive get taxed? Parents whose children are also applying for student-loan forgiveness must file a separate application for debt relief for their Parent PLUS loans using the same application.

☆ How to find out your new monthly student-loan payment after applying for Biden's debt cancellation
▼ + stars: | 2022-10-18 | by ( Ayelet Sheffey | ) www.businessinsider.com time to read: +3 min

But he emphasized that borrowers with remaining balances still have to resume payments next year. Once borrowers apply, their student-loan company should notify them of their new monthly payments. But Biden also reminded borrowers that the student-loan payment pause is not going to last forever. "In relieving student debt, we're also resuming a student loan program that we paused during the pandemic," Biden said during his Monday remarks. If you have a remaining balance, your loan company will let you know what your new monthly payment will be once payments resume in January.

☆ Student loan forgiveness application is in a beta period. Here's what to know if you apply
▼ + stars: | 2022-10-17 | by ( Annie Nova | ) www.cnbc.com time to read: +5 min

Wpadington | Istock | Getty ImagesWithout much fanfare, the U.S. Department of Education made available on Friday evening an early version of its student loan forgiveness application. A number of Republican legal challenges have been brought against the Biden administration's student loan forgiveness plan, risking to put the policy in jeopardy. Any borrower who has already received forgiveness will likely get to keep it, even if the courts block the President's plan. After a borrower applies for forgiveness, they'll receive an email confirmation from the Education Department, Kantrowitz said. Make sure your servicer, as well as the Education Department, has the most recent contact information for you.

☆ The student debt forgiveness application is live online: Here's how to apply
▼ + stars: | 2022-10-17 | by ( Kamaron Mcnair | ) www.cnbc.com time to read: +2 min

U.S. President Joe Biden speaks about student loan debt at the White House on Aug. 24, 2022 in Washington, DC. Following a successful beta test over the weekend, President Joe Biden announced on Monday the student debt forgiveness application is now live. You can visit the Federal Student Aid website to apply for up to $20,000 of student debt relief. What do I need to apply for student loan forgiveness? When is the deadline to apply for loan forgiveness?

☆ What we know so far about the student loan forgiveness application coming soon from the Education Department
▼ + stars: | 2022-10-13 | by ( Annie Nova | ) www.cnbc.com time to read: +3 min

Delmaine Donson | E+ | Getty ImagesThe U.S. Department of Education has said that its student loan forgiveness application will go live in "early October." The Education Department will be considering people's so-called adjusted gross income, or AGI, which may be different than your gross salary. The White House also says borrowers won't need their FSA ID to apply for forgiveness and that they can request the cancellation on a desktop computer or on their mobile phone. Some borrowers may need to verify incomeAlthough you won't be asked prove your income on the main forgiveness application, some borrowers may later need to provide documentation at the Education Department's request. "In addition, a borrower who lied on the form might be subject to wire fraud or mail fraud [charges]," he said.

☆ The Biden administration swears its online student-loan forgiveness application can support a flood of borrowers seeking relief, even after past hiccups: 'We can handle the traffic'
▼ + stars: | 2022-10-11 | by ( Ayelet Sheffey | ) www.businessinsider.com time to read: +3 min

Student-loan borrowers got a first look at the online debt relief application on Tuesday. Administration officials dismissed concerns that the site will not be able to handle the traffic. On Tuesday, President Joe Biden's administration gave borrowers their first look at the application for debt cancellation that is expected to become available later in October. When asked if the application site will run into the same hurdles, administration officials dismissed the concerns. Another official added that "we have been hard at work because we know the interest, we know the excitement, we know the potential demand.

☆ You can now see the application for Biden's student-loan forgiveness — and the 5 pieces of information you will need to apply
▼ + stars: | 2022-10-11 | by ( Ayelet Sheffey | ) www.businessinsider.com time to read: +3 min

The White House just released a preview of the student-loan forgiveness application. It will require borrowers provide basic information like their email and Social Security Number. There is still no exact date yet for when the application will be officially live. On Tuesday, the Education Department released details on all of the information federal borrowers will need to access President Joe Biden's up to $20,000 in debt relief for those making under $125,000 a year. Here are the five main pieces of information they will need to apply:Name Social Security Number Date of birth Email And phone number.

The Free Application for Federal Student Aid, or FAFSA, is a form used to apply for financial aid. If you're a dependent, you'll need your parents' financial information in addition to your own. Gather your personal financial informationBefore you start filling out the FAFSA, you should gather your basic personal financial information. You log in with a government ID called the Federal Student Aid ID. Work with your school's financial aid office to make up the rest.

The amount of money you can get depends on your financial need, which is determined by your college's cost of attendance minus your Expected Family Contribution (EFC). Your college's financial aid office will determine your financial aid package, which includes both federal and institutional assistance. The more financial need you have, the higher likelihood you have to qualify for more financial aid. Work-study is a type of financial aid that provides part-time positions for students with financial need to earn money for academic expenses. Work-study is a type of financial aid that provides part-time positions for students with financial need to earn money for academic expenses.

You'll receive $10,000 in student-loan forgiveness if you meet the income requirements. You'll receive $20,000 in forgiveness if you received a Pell Grant and meet the income requirements. If you meet the income requirements above and did not receive a Pell Grant, you're eligible to receive $10,000 in student-loan forgiveness. Which loans qualify for student-loan forgiveness? studentaid.govThere is no partial student-loan forgiveness for people who do not meet the income requirementAt the time of this writing, student-loan forgiveness is not available for people who make more than the income requirements outlined in Biden's plan.

Leopatrizi | E+ | Getty ImagesAs part of President Joe Biden's historic student loan forgiveness plan, up to 8 million people could get automatic debt relief, according to the White House. Those who will get automatic loan cancellation are those for whom the U.S. Department of Education already has income data on file and can therefore verify eligibility without waiting for an application. Who qualifies for the automatic loan cancellation? Review your recent tax returns to confirm your income fell below those thresholds in 2020 or 2021 (either will work). The Education Department will be considering people's so-called adjusted gross income, or AGI, which may be different than your gross salary.

To qualify for forgiveness, FFEL and Perkins loan borrowers can consolidate into a Direct loan. Student loan expert Sonia Lewis, who has worked with over 20,000 clients to help them navigate their student loans via the Student Loan Doctor LLC, says most people don't know their loan type in the first place. studentaid.govHere's a list of all the different loan types, and whether or not they qualify for student loan forgiveness. If you have privately-held FFEL loans, you must consolidate your FFEL loans into a Direct loan to qualify for Biden's student-loan forgiveness plan. Additionally, if you refinanced your federal student loans with a private lender, those loans are no longer eligible for Biden's student-loan forgiveness plan.

☆ 'Maximize that free money first.' The best time to apply for financial aid for college is coming up
▼ + stars: | 2022-09-22 | by ( Jessica Dickler | ) www.cnbc.com time to read: +1 min

Whether it's due to belt-tightening or the promise of federal student loan forgiveness, suddenly families are paying closer attention to financial aid for college. Of those parents with college-bound students who didn't plan on applying for federal aid, 58% have now changed their minds, according to a new report by Discover Student Loans. That's where the Free Application for Federal Student Aid comes in. "You want to maximize that free money first," such as scholarships and grants, said Sallie Mae spokesman Rick Castellano, "before you borrow." For the 2023-2024 school year, the FAFSA filing season opens on Oct. 1 — and the sooner students file, the better.

The US Department of Education suggests students accept aid in the following order: grants and scholarships, work-study programs, subsidized federal loans, unsubsidized federal loans. With that rule in mind, here are the four types of financial aid, ranked from most to least desirable:1. Subsidized federal student loanOnly after accepting any free and earned financial aid should a student consider taking on federal student loans, which generally come in two varieties: subsidized and unsubsidized. Unsubsidized federal student loanBy contrast, unsubsidized federal student loans do accrue interest while the student is in school, beginning from the very first disbursement. Before turning to private loans, make sure you've exhausted all federal sources of financial aid.

☆ I was paying off school loans while I was the secretary of education under Obama. Here's why Biden needs to cancel student debt.
▼ + stars: | 2022-02-23 | by ( John B. King Jr. | ) www.businessinsider.com time to read: +7 min

He says he was still paying off his student loans while serving as a Cabinet member. President Biden should use his executive authority to unilaterally cancel student debt for each borrower. I was still paying off my own student loans while serving as US Secretary of Education for President Obama. Some have argued that it would be odd to cancel student debt retroactively without solving the problem going forward. Republican A. Wayne Johnson, former Federal Student Aid chief, proposed canceling up to $50,000 of student debt for each borrower.

A legitimate federal forgiveness option is the Public Service Loan Forgiveness program. Student loan scams are common, especially as confusion remains over if and when student loans will be forgiven on a nationwide scale by the Biden administration. There are currently forgiveness programs in place for federal student loans, like Public Service Loan Forgiveness, and accommodating repayment options, like Income-Driven Repayment Plans. Keep in mind that student loan forgiveness isn't the only option to take control of your debt. Ryan Wangman, CEPF Loans Reporter Ryan Wangman was a reporter at Personal Finance Insider reporting on personal loans, student loans, student loan refinancing, debt consolidation, auto loans, RV loans, and boat loans.

Persons: Scammers, Biden, isn't, Ryan Wangman Organizations: Public, Federal, Federal Trade Commission, of Education, Finance, Northwestern University, Boston Globe Locations: forbearance

☆ A Covid Emergency Surprise
▼ + stars: | 2020-03-13 | by ( The Editorial Board | ) www.wsj.com time to read: 1 min

Politics is full of surprises, even some pleasant ones. On Tuesday 62 Senators, including 12 Democrats, voted to end the Covid national emergency declaration that the Biden Administration is using to justify its student loan write-off. President Biden declared the pandemic “over” two months ago, but he has yet to lift the national emergency that Donald Trump declared on March 13, 2020. Probably because his Administration claims the 2003 Heroes Act allows the Education Secretary to waive any financial student aid provision during a national emergency, including the requirement to repay debt.

I want to set aside money for my child for post-secondary education expenses, but my husband and I didn't want to assume he'll go to college. I'm Canadian, so there could be a chance my son will go to college there, meaning the 529 plan wouldn't get the tax advantages that make it so appealing. For many parents, a 529 plan seems like a logical way to go when saving for their child's education. Instead of opting for a 529 plan, we're doing a combination of a high-interest savings account and a Roth IRA (in my name, not his). But if you and your family decide that a 529 plan makes sense, do your research and good luck!

Persons: wouldn't, Roth, —, doesn't, I'm, That's, what's, — we've, we're Organizations: Service, YOLO, he's, IRA, Roth IRA Locations: China, Canada

If you need student loans for college, here's a quick guide on how to choose one. APR Variable: 1.79% - 12.99%, Fixed: 3.22% - 13.95% Editor's Rating 4.5/5 A five pointed star A five pointed star A five pointed star A five pointed star A five pointed star APR Variable: 3.25% - 13.59%, Fixed: 3.75% - 13.72% Editor's Rating 3.25/5 A five pointed star A five pointed star A five pointed star A five pointed star A five pointed star APR Variable: 2.52% - 11.11%, Fixed: 3.89% - 13.16% Editor's Rating 3.5/5 A five pointed star A five pointed star A five pointed star A five pointed star A five pointed star Find your rate On College Ave's website Find your rate On Sallie Mae's website Find your rate On Ascent's websiteHow to choose a student loan1. Research federal loan optionsWhen you fill out the FAFSA, your award letter will outline which federal student loan options are available to you. For example, federal student loan borrowers who go on to work in the public sector are eligible for student loan forgiveness under the Public Service Loan Forgiveness program. Research private loan optionsIf your federal student loans don't cover all of your costs, you may consider private student loans as well.

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