CSLA Institute

Loan Forgiveness

student loan forgiveness explanations

Closer to Student Loan Forgiveness? Major Changes Announced

Student Loan Forgiveness – New Updates IDR Program Adjustment With all the recent changes in the student loan space, we have seen many borrowers ignore the latest updates as they have already concluded that it does not likely apply to them. On the other hand, we have seen other folks sitting patiently, awaiting government approval …

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student loan income based repayment plans

Student Loan Repayment Solutions – The Saga Continues

Student Loan Repayment Solutions – Updates Public Service Loan Forgiveness (PSLF) Waiver An emergency waiver was put in place back in October, which could allow for many borrowers to retroactively get qualifying PSLF months that were previously not eligible based on current PSLF rules. Many who were not on an Income-Driven Repayment plan or had …

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White House

Student Loan Forgiveness Updates

Today the U.S. Dept. of Education announced a series of significant changes to the Public Service Loan Forgiveness Program (PSLF). These changes have the potential of positively affecting the repayment status of over 500,000 student loan borrowers. According to the release, 22,000 borrowers who’ve consolidated loans that were previously deemed ineligible will now be immediately …

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CSLP Online Education for financial advisors

PSLF CHANGES IMPACTING STUDENT LOAN FORGIVENESS

In the 4th quarter of 2020, the Department of Education (ED) made two major changes to the administration process of the Public Service Loan Forgiveness Program. The following is a summary of changes made and what borrowers and their financial advisors need to know. Public Service Loan Forgiveness (PSLF) has proven difficult for borrowers to …

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Certified student loan advisors for clients with student loans

Dept of Education on Cares ACT and Loan Repayment

As previously noted on 8/8/20, President Trump signed an executive order extending the repayment flexibility offered under the CARES act through December 31, 2020. Last Friday, the Departmentof Education (ED) and Federal Student Aid (FSA) provided further clarification through this press release.  Interest-free period extended The action extends the actions taken by Secretary DeVos at …

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The CARES ACT and Public Service Loan Forgiveness

In March of 2020, the Department of Education placed all federal student loans owned by the DOE into administrative forbearance. Payments federal loans are paused through October and no interest is charged. Borrowers and advisors should take note of the following: PSLF Participants Making Payments During Suspension Period Borrowers who continue to make payments during …

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