Student Loan Cancellation Program Could Wipe Tens of Thousands of Dollars in University Debt for Civil Servants
GREENSBORO, NC – When you think of student loan debt, you might think that these payments only affect recent college graduates. Really, the age group with the most federal student loan debt is 35 to 49 and that total is huge at $ 601.7 billion.
This is a small fraction of the $ 1.57 trillion in outstanding student debt in the United States.
Now that you have the numbers from the Department of Education, financial expert Ja’Net Adams is looking at the solutions. Adams, who wrote the book, The money attractor says relief is coming, but not for everyone.
RELATED: Yes, the Biden Administration Has Wiped Out Over $ 9 Billion In Student Debt, But It’s Less Than 1% Of Total Student Debt
“Student loan debt is a thorn in the side of millions of Americans. Student loan debt affects new graduates as well as the grandmother who co-signed tens of thousands of dollars for a grandchild to go to college. This debt amounts to $ 1.570 billion. dollars and it continues to grow every day, ”Adams said.
This week, the Education Department made an announcement that could write off billions in student loan debt. We spoke with Adams about the big details you want to know.
Let’s start with the big question:
Who is eligible?
People who work in the public sector, including teachers, nurses or social workers, as well as people who hold jobs in the public service or work in a non-profit organization.
“The Department of Education reviews all loans that have been issued under the Civil Service Loan Cancellation Program since 2007. They review each one to see if student loan managers have made any mistakes. mistakes in refusing debt cancellation. With this action, $ 4 billion in debt could be wiped out for 50,000 borrowers and more than 550,000 more could see the terms of remaining payments decrease dramatically, ”Adams said.
Here is what you need to do:
“If you work in the public sector, you need to act immediately,” Adams said.
Visit the official site for this opportunity: www.studentaid.gov/pslfwaiver.
This link will help you determine if you qualify as well as if your employer qualifies. This is also the website where you must complete the waiver which is temporary. The waiver expires on October 31, 2022, so you have a limited time. to take this opportunity, ”Adams said.
For those swallowed up by student loan debt, this discount will provide you with new financial opportunities. So you’ll want to take advantage of this help now!
RELATED: CHECK Weekly: Student Loan Debt
“This move by the Department of Education has never been made before and may never happen again, so it’s time to take a step,” Adams said.
“Those who are able to take advantage of this waiver could see thousands, if not tens of thousands of dollars in debt,” said Adams. “For many people, this could be a game-changer for their financial lives! If you are able to get student loan debt relief, be sure to use it to meet your financial goals. For example, if you no longer have to make a student loan payment of $ 300 per month, use that money to build an emergency fund or finance one of your dreams, like owning a home. ”