I was pretty excited to see when I logged in to make my monthly student loan payment last spring that my payments were put into forbearance (but I could still make payments if I’d like) and no interest was accruing! There are two things I’m going to touch on in today’s blog.
- For those that have student loans the final extension of the pause on payments ends on January 31, 2022. At that time payments will start again for federal loans that the forbearance pertained too, along with interest, and collection practices on defaulted loans.
- Another new update that has occurred; on October, 6th the Biden Administration announced some major changes that are going into place for the Public Service Loan Forgiveness program (PSLF). A limited waiver is in the works to allow those that have previously been denied, or who weren’t set up under the correct type of payment plan could now qualify. This is only available until October 31st, 2022 for completing. Here is a link to the Student Aid government website that explains the process further:
Our counselors at Center for Financial Resources (CFR) are certified in helping assist with student loans. We can help answer any questions from consolidating, PSLF, to working through a budget to help make student loan payments fit in more comfortably.
You can schedule an appointment by calling us at 1-888-258-2227 or by visiting our website at www.lsssd.org.
Written by Cassandra Johnson, Financial Counselor and Educator
Photo credit: nydailynews.com
LSS Center for Financial Resources
Consumer Credit Counseling Service | Housing Resources | Sharpen Your Financial Focus | Financial Fitness Education
705 East 41st Street, Suite 100 | Sioux Falls SD 57105-6047
605-330-2700 or 888-258-2227
Strengthening Individuals, Families & Communities