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They are smiling in your face while taking away your loan forgiveness options! SAVE has been blocked by a federal court following legal challenges brought by several Republican-led states. Every element of SAVE — including student loan forgiveness, lower payments, and the interest subsidy — are now suspended. And other IDR plans may be threatened, as well. The new SAVE program forbearance does not count towards loan forgiveness. IBR is not currently available while IDR processing remains temporarily on hold). PSLF borrowers can explore the new PSLF buyback option instead, but this largely untested new benefit won’t be immediately accessible for many borrowers. It’s clear that you should be challenging your student loans with an expert in loan forgiveness. IBR is not available to you. PSLF new program is not immediately accessible. SAVE program is on HALT. IDR’s are threatened to be HALTED. Protect your rights! Know your options! Get help immediately! September 30, 2024 will destroy many borrowers lives because of not being protected or proactive. If you believe you can’t afford an expert now, try getting help after your taxes are intercepted or 20% of your wages are being garnished. Here’s a likely scenario for a household with two well educated professionals. Your service loan provider starts to garnish yours and your mates wages because you both have student loans and they intercept your taxes. That’s 40% of your household income gone! Can you afford o lose that kind of income? Now the good news there is a program that can stop that financial nightmare for you. It’s complex and you need help. I’m sounding this warning to everyone that has a federal student loan to protect yourself and your family from financial harm.

IMPORTANT UPDATE: The Department of Education (ED) has extended the deadline for student loan forgiveness to April 30, 2024! This is great news for borrowers who have been struggling with student loan debt. If you're not sure if your loans qualify for the benefit, don't worry! We've created a guide to help you navigate the confusing process. It's important to act before April 20, 2024, to ensure you don't miss out on additional credit towards forgiveness. The payment count adjustment is a one-time initiative by the Department of Education to provide credit towards income-driven repayment (IDR) forgiveness and Public Service Loan Forgiveness (PSLF). This means that previous payments made by borrowers that were not counted in the original payment count may now be potentially counted. The Department of Education estimates that borrowers will receive at least three years of additional credit towards loan forgiveness, with many seeing their loans forgiven entirely. Since this summer, the Department of Education has approved almost $44 billion in debt relief for more than 900,000 borrowers. Don't wait until it's too late! If you're not sure where to turn, reach out to Silver Lion Student Loan Advisors and let us help guide you to loan forgiveness. Remember, converting your loans into qualifying loans can take 2-3 billing cycles, so start the process as soon as possible.

It’s Monday. So let’s bust a myth! 🔨 "Don’t Pay Back Student Loans if You Can’t Afford to" 🧑🎓 While it may feel overwhelming to make payments when money is tight, ignoring your student loans can have financial consequences. Here’s why repayment is important and the options available if you’re struggling to afford your payments. ⛔ Consequences of Default. Failing to make your student loan payments can result in wage garnishment, damaged credit, and loss of eligibility for future financial aid. It can also lead to penalties like added interest and even lawsuits in extreme cases. 💰 Income-Driven Repayment Plans. If you’re facing financial hardship, you don’t have to default. Federal loans offer income-driven repayment plans, which adjust your monthly payments based on your income and family size. Generally, they require you to make repayments that range from 5% to 20% of your discretionary income, depending on the plan. These plans forgive your remaining loan balance after 10 to 25 years of payments. 🙏 Loan Forgiveness Programs. For those working in qualifying public service jobs, loan forgiveness programs, such as Public Service Loan Forgiveness (PSLF), can discharge the remaining balance after a certain number of qualifying payments, giving you a path to debt relief. While it may be tough to make student loan payments, ignoring them will only make things worse. Instead, explore income-driven repayment plans or loan forgiveness options. These programs exist to help you manage your debt and avoid default.

A huge reason student loan borrowers struggle with repaying their loans is a lack of clear, concise, and easy-to-trust information. Because of this, many of my clients report feeling stuck and not knowing what to do next. I can't say that I blame them - they can't even trust what Federal Student Aid says! Here is a picture of my chat with an FSA representative this morning. They're unaware that beginning July 1, 2024, consolidating loans will no longer restart the clock toward forgiveness due to a change in federal regulation. Instead, the borrower will be credited with the weighted average credit toward forgiveness of the loans they consolidate. Not shown here: the representative reiterates that consolidating after April 30th will restart forgiveness credit at 0, despite my reiterating that it simply wasn't true. So, I started a chat with a new representative and....they said the same thing! When I asked to be directed to a supervisor, they told me to contact my loan servicer. Knowing that would be a waste of time, I googled and read through the federal regulations. Section 685.209(k)(4)(vi)(C) in Title 34: Education within the Code of Federal Regulation confirms my understanding. How can borrowers be empowered to repay their student loans if they don't receive accurate information from the very office designed to support them? If anyone should know and understand student loan rules and regulations, it's FSA! If you or anyone else needs student loan help, email me at emma@perkplanning.com. I'll provide trustworthy information and advice so you don't have to chat with FSA. :) I'll also be there with you as needed until your loans are paid off or forgiven.

Attention all student loan borrowers! Important changes to the Public Service Loan Forgiveness (PSLF) program have been announced. According to Suzanne Blake writing for Newsweek, Biden's administration, eligibility criteria’s for loan forgiveness are shifting, impacting millions of borrowers, including essential public service workers like teachers and nurses. The transition to a new loan servicer, MOHELA, is in progress and is expected to temporarily pause forgiveness until July. This may cause some inconvenience, but fear not! Despite the pause, borrowers can still make progress towards PSLF, albeit with some delays in processing(Published May 1, 2024) Read about it here: https://lnkd.in/eP2Yus-n   During this transition period, it's crucial for affected borrowers to stay informed and take advantage of available resources. Fiducius, a trusted student loan benefits company, is here to help navigate these changes. Our team can provide guidance and support to ensure your employees understand their options and make informed decisions regarding their student loan debt. We understand that navigating student loans can be overwhelming, especially during times of change. That's why Fiducius is dedicated in assisting borrowers every step of the way. Whether it’s helping managing debt, understanding the new forgiveness criteria, or simply staying updated on the latest developments, we're here to support.   Don't let these changes cause undue stress. Help your employees take control of their student loan journey with Fiducius by their side. #FinancialWellness #StudentLoans #EmployeeBenefit

The Biden Administration granted a new round of student loan debt forgiveness. This time, $1.2 Billion in Student Loan Debt for 150,000 Borrowers. The borrowers considered in this round were those enrolled in the income-driven repayment plan known as SAVE and had balances under $12,000 along with making at least 10 years of qualifying monthly payments. Yet, the Department of Education plans to complete all account adjustments for student loan borrowers by July 1, but an earlier deadline will determine if many end up receiving student loan relief. All borrowers without direct federal loans should consolidate their debt by April 30, 2024. In the latest from Newsweek, "Vanderhall anticipates some further form of relief is likely to be passed in the next few months, but it might not include all groups who are pushing for it." There are still many who aren't being included in the group chat about student loan debt forgiveness. Ranging from Parent Plus to those who have balances over $12,000 who still can't make loan payments. I'm intrigued to know what student loan debt forgiveness will look like years from now. Along with those who can't handle their payments during this economy. What do you think about the current pulse of student loan debt forgiveness and the latest efforts? Do you see any relief coming for you in the future? #studentloanforgiveness #studentloandebt #personalfinance

For federal student loans in default, consider loan rehabilitation to remove the default status from your credit report. This involves making a series of agreed-upon payments to bring the loan out of default. Successful completion of loan rehabilitation can improve your credit score by removing the default notation and reinstating your eligibility for federal student aid and other benefits. Check the comment section for more info⬇️📌 1. Understand Loan Rehabilitation Requirements - Start by contacting your loan servicer to learn about the steps for rehabilitating your loan. Usually, you’ll need to make nine on-time monthly payments over ten months to qualify. 2. Determine the Payment Amount - Your payment amount will be based on your income, ensuring it's something you can afford. Your loan servicer will help you figure out this amount. 3. Make Consecutive On-Time Payments - It’s crucial to make each payment on time for nine months straight. Missing even one can set you back to square one. 4. Complete the Rehabilitation Program - Once you’ve made all nine payments, your loan is rehabilitated. The default status will be removed from your credit report, giving your credit score a much-needed boost. 5. Check Your Credit Report - After completing the program, review your credit report to make sure the default status is gone. You should see a positive change in your credit score. 6. Explore Repayment Options - Your loan will be transferred to a new servicer, and you’ll have access to different repayment plans, including income-driven options. Choose a plan that fits your budget to prevent future defaults. 7. Maintain Good Financial Habits - Keep making timely payments on your loan and other debts. This consistency will continue to improve your credit score. 8. Reinstate Federal Student Aid Eligibility - Completing rehabilitation restores your eligibility for federal student aid, which is essential if you plan to go back to school or need additional financial assistance. 9. Avoid Future Defaults - Be proactive about managing your loans and seek help early if you face financial challenges. This will help you avoid falling into default again. 10. Seek Professional Guidance - If you’re unsure about the rehabilitation process or need extra support, consider talking to a credit counselor or financial advisor. They can provide personalized advice to help you succeed.

💎Credit Tip💎 ❌️STOP TRYING TO DELETE THOSE STUDENT LOANS‼️ ⚡️Most of the time your student loans are your oldest accounts. Removing those accounts also removes all of that credit age (15%). You’re also taking away from your credit mix (10%). ⚡️You have late payments. Okay then ask for the account to be updated to “paid as agreed “. Do not dispute for the account to be removed. ⚡️Your loan is in default. If your loan is a federal student loan enroll in the loan rehab program. What is that? It’s a program that deletes your default status after you make 9 on time payments. It doesn’t delete the late payments but we just talked about that above 👆🏾. After your loan is out of default you’ll write a letter to the bureaus asking them to update the account to “paid as agreed”. During the pandemic was the perfect time to enroll because all payments were suspended. So what does that mean? You could’ve gotten out of default for FREE. ⚡️You’re trying to buy a home and your DTI (debt to income) is too high. Well the Biden Administration has made it a bit easier for the FHA loan. Instead of he previous 1% calculation of your loan they are now considering your actual payments. If your payment is $0 then they will calculate 0.5%. There are also programs to lower your payments. ⚡️Just because the loans are removed from your credit report does not mean you don’t have to pay the government back. That debt still exists. The government has their own system to see 👀 if you’ve ever defaulted on a loan. So in conclusion, STOP TRYING TO REMOVE YOUR LOANS! Unless they have more negative than positive history which should be no one on federal student loans 🫣 If you need help with your credit, text "HelpMe" to 662.346.6118 so I can take a look at your credit report to see if any of my solutions would be a good fit for your situation.

📢 Student Loan Repayments: 1 in 5 Americans Skip Payments – What’s Next? A recent survey reveals that 20% of U.S. borrowers have never made a student loan payment, citing affordability as a major challenge. With the rising cost of living and uncertainty surrounding programs like the SAVE Plan, many are delaying payments, hoping for loan forgiveness. However, financial experts recommend taking proactive steps to manage student loans and avoid default, which can lead to severe consequences like wage garnishment and damaged credit. Here are a few key strategies to help borrowers avoid default: 1️⃣ Explore repayment options with loan servicers. 2️⃣ Stay updated on forgiveness programs. 3️⃣ Maintain open communication with your loan provider. 4️⃣ Seek financial counseling for personalized support. At Champion Empowerment Institute, we specialize in student loan default prevention, providing resources and mentorship to guide borrowers through repayment and help them avoid financial pitfalls. 📚 Read our latest blog to learn more about how to take control of your student loans and plan for the future: https://lnkd.in/erPTUNgw #StudentLoans #LoanForgiveness #DebtManagement #HigherEducation #FinancialLiteracy #ChampionEmpowermentInstitute #StudentLoanHelp #DefaultPrevention #DebtFreeJourney

Are you confused about the status of Public Service Loan Forgiveness (PSLF) student loan repayments? You are not alone. I am undergoing personal and professional strategic planning this month. This is when I reevaluate my plans and goals to ensure they are still aligned. One area I am evaluating is my student loan repayment strategy. The short version is that the federal government has paused processing PSLF applications while it updates its system to move PSLF and Teacher Education Assistance for College and Higher Education (TEACH) programs to the Department of Education for management. The process will take several months and is expected to last from May 2024 to July 2024. The Department of Education is still accepting applications; however, they are not processing them until they complete the updates and transfers. At the same time, the Missouri Higher Education Loan Authority (MOHELA) is transitioning to a new system. So, if MOHELA is your servicer, be on the lookout for an e-mail providing instructions on creating a new account and paying your student loans. Be sure to continue making your payments during the pause, and if you have questions, contact your loan servicer. If you believe you are/will be eligible for loan forgiveness during the pause, you should still submit your PSLF form. Reminder: If you have student loans, review your repayment strategy to ensure you are still on track to achieve your goals. #InSolidarity