Index Investing News
Saturday, May 10, 2025
No Result
View All Result
  • Login
  • Home
  • World
  • Investing
  • Financial
  • Economy
  • Markets
  • Stocks
  • Crypto
  • Property
  • Sport
  • Entertainment
  • Opinion
  • Home
  • World
  • Investing
  • Financial
  • Economy
  • Markets
  • Stocks
  • Crypto
  • Property
  • Sport
  • Entertainment
  • Opinion
No Result
View All Result
Index Investing News
No Result
View All Result

Help may be coming for those with student debt; until then, help yourself

by Index Investing News
February 26, 2024
in Opinion
Reading Time: 3 mins read
A A
0
Home Opinion
Share on FacebookShare on Twitter


By Yvette Walker

Monday, Feb. 26, 2024 | 2 a.m.

Another 153,000 student loan borrowers got good news Wednesday: They were the latest group to receive student loan debt forgiveness from the Biden administration. These borrowers had a collective $1.2 billion wiped away.

I wrote about student loan debt last summer, when hundreds of thousands of borrowers also received forgiveness. What’s the difference between the two groups? It’s the program they were enrolled in. What makes them similar is that both groups had a record of actively trying to pay off their loans.

Let me make it plain: The majority of these borrowers aren’t deadbeats. They deserve relief.

Prior to the pandemic, when the government froze payment plans, these Americans were actually trying to pay back their loans, however difficult it might be. Forgiveness is like Christmas coming early.

Still, not everyone agrees with forgiveness.

To the critics of President Joe Biden’s plan: You might disagree with his spending practices, but he’s not throwing good money after bad. There’s study after study detailing why student loan debt can compromise education outcomes, or exacerbate mental health, or suppress consumer spending.

And forgiveness programs aren’t just letting people off. Everyone doesn’t get a pass. Most programs required people to have a record of paying back.

The borrowers with debt forgiven in this latest announcement are those enrolled in the Saving on a Valuable Education, or SAVE, Plan. SAVE participants normally would have debt forgiven after 10 years — or 120 qualifying payments.

U.S. Secretary of Education Miguel Cardona spoke about the SAVE program on the Department of Education website last November, when data about the program was released.

“I’m thrilled to see that in less than three months,” Cardona said, “nearly 5.5 million Americans in every community across the country are taking advantage of the SAVE Plan’s many benefits, from lower monthly payments to protection from runaway student loan interest.”

If you have a student loan, you might be in the SAVE program and not know it. SAVE replaced the Revised Pay As You Earn or REPAYE Plan in mid-2023. Not sure? See the contact information below to find out about your plan.

Bottom line, SAVE was created to help lower monthly payments and not default.

Other borrowers are in another called the Public Service Loan Forgiveness program.

People in PSLF have to have a certain amount of time working in public service (public school teachers, or employee of a government or not-for-profit organization) and have so many consecutive payments to qualify, like those in SAVE.

President Joe Biden froze payment plans during the pandemic, but most payments resumed in October 2023. Those in the PSLF program received their first rounds of loan forgiveness last year.

So, let’s see: To have debt forgiven under that program, you had to be a public servant and have a history of on-time payments. Where’s the freeloaders there?

When I wrote about the PSLF loans forgiven last August, members of a Facebook group of educators and other public servants were ecstatic. They wrote about how crippling student loan debt affected them and their families. Many of them in the social media group got a break and more were waiting.

This time around, other good stewards of their loans are receiving the relief.

As someone whose PSLF loans ultimately were forgiven, I’m happy for the newest class. Welcome to an opportunity to better budget your income on food, gas, saving for a new house or maybe paying for your kids’ education so they don’t have to take out loans.

Either way, congratulations. And if someone accuses you of not paying your own way, just smile, feel the extra bills in your pocket, and know you did your best.

If you have student loan questions, go to the Department of Education website. To find out who your servicer is, call the Federal Student Aid Information Center at 1-800-433-3243.

Yvette Walker is a columnist for The Kansas City (Mo.) Star.





Source link

Tags: comingdebtStudent
ShareTweetShareShare
Previous Post

Canadian Apartment Properties: If You Like The North, Look At Northview (OTCMKTS:CDPYF)

Next Post

Brokerages, Lenders Anticipate Recruitment Push In 2024: Triple-I

Related Posts

Task Knicks: Beat Boston!

Task Knicks: Beat Boston!

by Index Investing News
May 10, 2025
0

Can the Knicks do it? Can they beat the favored Boston Celtics, take this spherical of the playoffs and, possibly,...

Socialite Sally Quinn, In ‘Worry’ Of Trump, Wants A Welfare Verify – FREEDOMBUNKER

Socialite Sally Quinn, In ‘Worry’ Of Trump, Wants A Welfare Verify – FREEDOMBUNKER

by Index Investing News
May 9, 2025
0

Of Trump presidency 2.0, my favourite sub-genre by far is the neurotic Democrat who publicly reveals her extreme melancholy, which...

Closure of NIOSH condemns employees to hazard –
Las Vegas Solar Information

Closure of NIOSH condemns employees to hazard – Las Vegas Solar Information

by Index Investing News
May 9, 2025
0

Friday, Could 9, 2025 | 2 a.m. I’ve spent my profession guaranteeing American employees have the safety they should keep...

WhatsApp vs Pegasus: A nicely deserved win for Zuckerberg

WhatsApp vs Pegasus: A nicely deserved win for Zuckerberg

by Index Investing News
May 9, 2025
0

The case revolved round nations that used its Pegasus software program to hack the WhatsApp accounts of 1,400 folks, together...

Tweaked discovery legal guidelines nonetheless don’t present sufficient assist to spice up liberal NY’s abysmal conviction price

Tweaked discovery legal guidelines nonetheless don’t present sufficient assist to spice up liberal NY’s abysmal conviction price

by Index Investing News
May 9, 2025
0

An optimist will have a look at the discovery-law “deal” that Gov. Hochul struck with the New York Legislature throughout...

Next Post
Brokerages, Lenders Anticipate Recruitment Push In 2024: Triple-I

Brokerages, Lenders Anticipate Recruitment Push In 2024: Triple-I

Bitcoin Price Prediction: BTC Surges 23% In A Month, But Analysts Say This Bitcoin Cloud Mining Token Might 10X

Bitcoin Price Prediction: BTC Surges 23% In A Month, But Analysts Say This Bitcoin Cloud Mining Token Might 10X

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

RECOMMENDED

Nolan’s Time Flip Movie ‘Tenet’ Returns to Theaters on February 23rd

Nolan’s Time Flip Movie ‘Tenet’ Returns to Theaters on February 23rd

January 26, 2024
The Fed Just Got One More Reason to Hike Mortgage Rates

The Fed Just Got One More Reason to Hike Mortgage Rates

July 21, 2023
Zelensky's Dream and the Weakening Consensus on Ukraine

Zelensky's Dream and the Weakening Consensus on Ukraine

October 22, 2022
How one can reconcile elevated inexperienced public funding wants with fiscal consolidation

How one can reconcile elevated inexperienced public funding wants with fiscal consolidation

March 8, 2022
VinFast Stock Slides Below Listing Price After Warning of Insider Share Sales

VinFast Stock Slides Below Listing Price After Warning of Insider Share Sales

October 3, 2023
The Intelligence Sport is Altering. Are We Prepared?

The Intelligence Sport is Altering. Are We Prepared?

April 21, 2022
Trump Says He Requested Mexico to Let U.S. Army In to Struggle Cartels

Trump Says He Requested Mexico to Let U.S. Army In to Struggle Cartels

May 5, 2025
Crypto Analyst Touts Base As Next Memecoin Hotspot: Top 8 Picks

Crypto Analyst Touts Base As Next Memecoin Hotspot: Top 8 Picks

March 21, 2024
Index Investing News

Get the latest news and follow the coverage of Investing, World News, Stocks, Market Analysis, Business & Financial News, and more from the top trusted sources.

  • 1717575246.7
  • Browse the latest news about investing and more
  • Contact us
  • Cookie Privacy Policy
  • Disclaimer
  • DMCA
  • Privacy Policy
  • Terms and Conditions
  • xtw18387b488

Copyright © 2022 - Index Investing News.
Index Investing News is not responsible for the content of external sites.

No Result
View All Result
  • Home
  • World
  • Investing
  • Financial
  • Economy
  • Markets
  • Stocks
  • Crypto
  • Property
  • Sport
  • Entertainment
  • Opinion

Copyright © 2022 - Index Investing News.
Index Investing News is not responsible for the content of external sites.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In