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Yes! This is our youngest kid of four, and highest college costs by far! We are retired. He borrowed (age 24) and we borrowed (late 60's) It will be a huge help for us and our kid.
I would also like to add that our older children are 16, 13, and 10 years older than the youngest. They haven't been complaining because their costs were nowhere near what the youngest kid's have been. Also, all went to state schools and when we were working the company had a program to help with their college costs. Not available for us retirees now, but the company eliminated that perk a while ago.
Little brother made excellent grades, succeeded in lot of AP courses in high school and worked hard to help with costs. He graduated in four years too, which isn't true of everyone now days.
College costs have sky-rocketed, and our older kids appreciate their brother's situation.
Improvements to targeted loan forgiveness programs
Borrower defense to repayment. When borrowers believe they were defrauded by the school they attended, they can file a borrower defense claim. If they successfully prove fraud, their remaining student debt will be forgiven.
Closed school discharges. ....The new rules will provide automatic discharges one year after a school closes for borrowers who were enrolled at the time of the closure or left 180 days before the closure.
Total and Permanent Disability discharges. Borrowers who prove they are totally and permanently disabled will be getting additional pathways to relief. The new rule allows those borrowers who receive additional types of disability review codes from the Social Security Administration — aside from total and permanent disability — to qualify for a discharge.
Public Service Loan Forgiveness. The department already previewed changes it's making to the Public Service Loan Forgiveness (PSLF) program...
Preventing interest from spiraling
In July, the Education Department previewed its plan to tackle surging interest. Monday's announcement reflects the final version of that plan. Interest capitalization occurs when accrued interest is added to the original loan balance, and future interest grows based on that higher amount. The department plans to eliminate capitalization when it's not required under the Higher Education Act.
It is very hard to prove total and permanent disability. I've heard some real horror stories about that. The process can take years and even if you are successful you have to resign yourself to never working again and living off of a pittance.
2 years of community college, online classes are so much better an option than taking on debt that you can not afford to pay back.
With Total and Permanent Disability, one needs to make absolutely certain they can still do some kind of little job to bring in money. The rules may have recently changed, but when I thought about filing I didn't because it prevented one from ever working again.
It is very hard to prove total and permanent disability. I've heard some real horror stories about that. The process can take years and even if you are successful you have to resign yourself to never working again and living off of a pittance.
2 years of community college, online classes are so much better an option than taking on debt that you can not afford to pay back.
People have gotten it this last year. I've posted articles about it. One was a grandmother that had loans from two degrees, about $100k forgiven due to her being disabled. It is worth applying for.
Quote:
Originally Posted by pathrunner
With Total and Permanent Disability, one needs to make absolutely certain they can still do some kind of little job to bring in money. The rules may have recently changed, but when I thought about filing I didn't because it prevented one from ever working again.
People getting SSDI are allowed to work part time, I'm not sure if it would bite someone.
I was referring to loan forgiveness. you can't get loan forgiveness due to permanent disability and still work a job. They resume the payments. I just checked on that a couple three months ago.
A U.S. District Court in Texas on Thursday night blocked President Joe Biden's student loan forgiveness program on the grounds that the administration didn't have the authority to act.
The fresh injunction is in addition to a block from the Eighth U.S. Circuit Court of Appeals, which put the program on hold nearly three weeks ago while it considered a separate lawsuit brought by six states challenging the program and the president's authority to act.
Well if they don't allow the relief to go through, hopefully the changes they listed to be implemented by the summer will happen so that others don't get bogged down by student debt.
Nov 11 (Reuters) - The United States government has stopped taking applications for student debt relief, after a federal judge blocked President Joe Biden's loan forgiveness plan, according to a notice on a government website.
A judge in Texas who was appointed by former President Donald Trump ruled on Thursday that Biden's plan to cancel hundreds of billions of dollars in student loan debt was unlawful and must be vacated. The Biden administration is appealing the ruling.
2 minute readNovember 11, 20223:46 PM ESTLast Updated 5 hours ago
U.S. stops taking student debt forgiveness applications after ruling
By Nate Raymond
Nov 11 (Reuters) - The United States government has stopped taking applications for student debt relief, after a federal judge blocked President Joe Biden's loan forgiveness plan, according to a notice on a government website.
A judge in Texas who was appointed by former President Donald Trump ruled on Thursday that Biden's plan to cancel hundreds of billions of dollars in student loan debt was unlawful and must be vacated. The Biden administration is appealing the ruling.
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"Courts have issued orders blocking our student debt relief program. As a result, at this time, we are not accepting applications. We are seeking to overturn those orders. If you've already applied, we'll hold your application," the notice says.
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