Monday, August 29, 2022

My Student Loans

 There's been a lot of buz lately with student debt relief and I've been very interested!

 The Biden-Harris Administration's Student Debt Relief Plan (BHASDR) announcement

the U.S. Department of Education will provide up to $20,000 in debt cancellation to Pell Grant recipients with loans held by the Department of Education and up to $10,000 in debt cancellation to non-Pell Grant recipients. Borrowers are eligible for this relief if their individual income is less than $125,000 or $250,000 for households.


Letter in the mail




The letter mentions:

Please be aware that the U.S. Department of Education will be conducting a one-tine adjustment later this fall to give borrowers with certain federal loan types qualifying months toward loan forgiveness under IDR.  Under the adjsutment, borrowers can receive credit for all the months their loans have been in repayment (including months prior to consolidation) and for certain forbearance and deferment periods.  However commercial held FFEL loans must be consolidated into the Direct Loan Program to receive this credit.


My student loans  (all serviced by NAVIENT)

studentaid.gov is a great resource

This site also shows that I received 750$ in a pell grant (long ago)

Loan Type
Principal
Interest
Total Balance
FFELP Consolidation
$29,856
$30
$29,886
FFELP Consolidation
$6,054
$6
$6,060
FFELP Consolidation
$0
$0
$0
Total
$35,910
$36
$35,946


Similar to the letter studentaid.gov also had a notification for me suggesting to consolidate.

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