The administration announced an extension to the CARES Act forbearance until December 31, 2022. Forgiveness of $10,000 to $20,000 will be available for loans held by the Department of Education. A new IDR plan has been suggested that could really help borrowers with just undergraduate loans. Watch the video to learn more!
You may have borrowed $30,000 but with all the interest that has accrued the total is close to $100,000! How much of that is forgiven?
I’m 75 years old, retired attorney NC approx 9 yrs. Fixed income of $55-$60,000/ yr. Which includes my spouse. I paid $33,000 in private loans many years ago and approx $14,000 to federal who gave me credit for $1,000. $200/mo has been withdrawn from my SocialSecurity since I retired at age 66. Original loan for law degree in same amount as private loan. Practiced bankruptcy. I likewise saw the dark side.
Great video, Josh. I’ve been pulling all these details together myself and it’s nice to have everything confirmed by THE expert. One tip that I’m giving my clients: register for updates from the Department of Education at https://www.ed.gov/subscriptions and select the top checkbox for student loan updates. Keep up the good fight brother!