Student Loan Forgiveness For Video Game Developers: Exploring Opportunities For Debt Relief

You need to visit a loan servicer to pay off your loan balance through various payment plans. That may change soon, as the federal government moves the loan on behalf of borrowers. Current service providers include MOHELA, Aidvantage, Nelnet and OSLA.

The White House plan also includes some changes to the current process for paying off loans and other ways to request loan forgiveness.

Student Loan Forgiveness: Student Loan Forgiveness: Who Is Eligible For The $39 Billion Student Debt Forgiveness Plan?

The Department of Education is offering a new version of the income-based payment plan (which adjusts borrowers’ monthly payments based on their current income as much as possible). The plan would cap monthly student loan payments at 5 percent of a borrower’s “discretionary income” (which you can calculate yourself), instead of the previous 10 percent, and adjust the amount of income used to calculate those payments. As the White House explained, with these changes, “no borrowers with incomes below 225 percent of the federal poverty level — the annual equivalent of the $15 minimum wage for individual borrowers — will have to make monthly payments.”

They are not done there. The proposals also include changes that would allow loan balance forgiveness after 10 years of payments for those with original loan balances of $12,000 or less (instead of the current 20 years) and cover unpaid monthly interest on income-based payment plans.

The Biden administration also intends to change and improve the Public Service Loan Forgiveness (PSLF) program, which provides loan forgiveness to employees of federal, state, local, tribal or nonprofit organizations.

Update: October 15, 2022, 1:04 p.m. EDT This article has been updated to include additional information about the Biden administration’s student debt relief program. On Friday, October 14, the Department of Education opened a beta test program for Americans to apply for student loan forgiveness.

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Chase joined the Social Good team in 2020, covering online stories about digital activism, climate justice, accessibility, and media representation. His work also addresses how these discourses are reflected in politics, popular culture, and fandom. Sometimes he is very funny.

This newsletter may contain advertisements, offers or affiliate links. By signing up for the newsletter, you agree to our Terms of Use and Privacy Policy. You can unsubscribe from the newsletter at any time. This story has been updated to correct that the program applies to some graduate programs if they are federally aided Grad Plus loans.

(NewsNation) – President Joe Biden announced Wednesday that the Department of Education will forgive tens of thousands of dollars in federal student loan debt for millions of people.

The Department of Education will release information on how to apply for student loan forgiveness in the coming weeks.

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About 8 million borrowers whose income information is registered by the department will be automatically enrolled in the loan. All others must complete an application that will be available later in the year.

“The Department of Education is working quickly and efficiently to create a streamlined application process for borrowers,” according to a White House statement.

The moratorium on federal student loan payments runs until December 31, 2022, but you must start making payments again next January.

Make sure the lender has all your correct details, including your postal address, email and phone number, so take any advice they give and follow the relevant instructions.

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Not sure who your provider is? The Department of Education has a website: “Who is my creditor?”

Keep an eye out for notifications from your loan servicer in the coming months and be careful – there are a lot of problems. If your balance is zero or your balance drops to $10,000 or $20,000, pay attention to the alerts. Save this information in case it changes later.

Current students may be eligible for loans until July 1, 2022, but if someone claims you as a dependent when you file your taxes, it will be based on that person’s income, not yours.

The Biden administration plans to help prospective students by cutting their monthly student loan payments in half and proposing appropriate loan rules for those who volunteer in the military or with federal, state or local governments.

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Setting monthly student loan payments at 5% of a borrower’s chosen income — half the interest borrowers must pay now — would push the average annual student loan payment to more than $1,000.

Yes, student loan forgiveness applies to parent loans and loans. Parents of 3.6 million students owe more than $107 billion in Parent Plus loans as of March 2022, according to the latest data from the Department of Education.

If all borrowers claimed the relief they were entitled to, it would provide relief to 43 million borrowers and eliminate all outstanding balances for approximately 20 million borrowers.

Among borrowers, 21% are under 25 years old and 44% are older.

Biden Announces $10,000 In Student Loan Debt Relief