The STUDENT LOAN FORGIVENESS APPLICATIONS could open as soon as tomorrow! So here's a thread on how to tell if your loan actually qualifies and how to properly prepare for the application.
1/?
Qualifications for Student Loan Debt Relief:
- Adjusted Gross Income below $125k(Single), or $250k(Married or Head Of Household)
- Outstanding balance on a FEDERALLY OWNED student loan
- $10,000 Credit - No Pell Grant or Parent PLUS Loans)
- $20,000 Credit - Pell Grant Recipient
Sep 30, 2022 • 6 tweets • 2 min read
Commercially-held FFEL loans will no longer be eligible for the $10,000 or $20,000 in student loan forgiveness, even if consolidated into a Direct loan, unless the borrower submitted an application to consolidate prior to September 29, 2022.
The Federal Family Education Loan Program (FFEL) was a system of private student loans which were subsidized and guaranteed by the government from 1965-2010. At one point it was the primary student loan type, this effects more than 4 million borrowers!
Sep 29, 2022 • 8 tweets • 2 min read
🚨The Limited Public Service Loan Forgiveness(PLSF) Waiver Ends Oct. 31,2022🚨
What does this mean?
👉🏾Some Student Loan borrowers may receive credit for payments that previously did not qualify for PSLF or TEPSLF (Temporary Expanded Public Service Loan Forgiveness).
🧵--->
To qualify for PSLF:
-Employed by a federal, state, local gov or not-4-profit org. (includes military)
-Work full-time for qualified agency/org ⬆️
-Have Direct Loans (or consolidated fed loans to Direct)
-Be on income driven repayment plan
-AND make 120 qualifying payments.
