PITTSBURGH (KDKA) – Several key changes to the federal student loan forgiveness program could benefit tens of thousands of people.
As reported by currency editor Jon Delano, the Biden administration is trying to help the students while it waits for the authorities to fulfill their campaign promises.
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President Joe Biden has campaigned to cancel the first $10,000 of each college student loan. But so far, Congress has not come along.
So the president used existing powers to cancel $15 billion in debt, and he’s now trying to cancel another $6.2 billion in student loans.
Daniel Barkowitz said: “I had my student loans when I was in graduate school and some of the parent loans were forgiven about $102,000 of the total loan forgiveness as I worked for a while. public service for 10 years or more,” said Daniel Barkowitz.
Barkowitz, an Orlando resident with a family in Pittsburgh, has written off a lot of debt under the Public Service Loan Forgiveness program, which Biden is making easier to access.
To qualify, you must make 120 months or ten years’ worth of payments while working in a public service job or for a nonprofit organization.
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“It’s a program that will allow more students to qualify than people who haven’t been eligible before,” said Alyssa Dobson, director of financial aid at Slippery Rock University. “They are addressing the issue of poor student loan service providers, either advice or process, allowing payments that may not have been timed before in the new leniency program.”
Dobson, past president of the Pennsylvania Association of Student Financial Aid Administrators, said the changes would expand the PSLF program to another 100,000 borrowers.
“It’s great news for students in Pennsylvania, even for people my age, my colleagues, who are now getting their student loans based on them,” Dobson said. new program.
Meagan Landress, who advises individuals on student loan forgiveness through the Student Loan Planner, said the changes would be helpful.
“That’s a big deal because a lot of people are getting a lot closer to getting their debt forgiven or getting their loan forgiven immediately that they never expected. So it’s a really great opportunity,” said Landress.
It really is for some people, but millions are still waiting for Congress to cancel the first $10,000 debt, as the president wants.
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Meanwhile, the pandemic-related moratorium on all student loan payers remains in effect until May 1. Many expect President Biden to extend that moratorium again. , with some saying he should delay the payments indefinitely or until Congress acts.
https://pittsburgh.cbslocal.com/2022/03/14/biden-administration-expands-public-service-loan-forgiveness-program/ Biden Administration Expands Public Service Loan Forgiveness Program to Support More Borrowers – CBS Pittsburgh