Student Loans and the Coronavirus Aid, Relief, and Economic Security Act (CARES Act)
Borrowers closely tracking the student loan news are likely to have heard many contradictory things as a result of the rapidly changing government response to the COVID 19 crisis. On March 13, 2020, the Executive Branch suspended interest on federally held student loans and announced that borrowers could suspend payments temporarily by requesting administrative forbearance. Shortly after, the Senate proposed additional student loan relief provisions. Ultimately, on Friday, March 27th, the Coronavirus Aid, Relief, and Economic…
Temporary Expanded PSLF
FIRST COME, FIRST SERVED! Hurry, hurry, step right up, if you've filed an application for PSLF and been denied due to a nonqualifying repayment plan, you might be able to get some relief. The Consolidated Appropriations Act provided limited funding (350 million) to help borrowers who made payments that would have counted towards the 120 required to earn PSLF, except that they were enrolled in a nonqualifying repayment plan (like Graduated or Extended). The Department of Ed is calling this opportunity Temporary Expanded…
Direct Loan interest rates to be half percent lower for 2016-17
Not exactly thrill worthy but better a tiny bit lower than any higher, am I right? Federal Direct Student Loans 2016-2017 Interest Rates (For Loans First Disbursed on or After July 1, 2016 and Prior to July 1, 2017) Loan Type Borrower Type Index/10-Year Treasury Note Add-On Fixed Intrest Rate Direct Subsidized Loans Undergraduate Students 1.710% 2.05% 3.76% Direct Unsubsidized Loans Undergraduate Students 1.710% 2.05% 3.76% Direct Unsubsidized Loans Graduate/Professional Students 1.710% 3.60% 5.31% Direct PLUS Loans Parents of Dependent Undergraduate…
May clergy qualify for Public Service Loan Forgiveness?
Yes, as long as they spend at least 30 hours a week engaged in activities “unrelated to religious instruction, worship services, or any form of proselytizing.” How do we know? The statute and regulations governing Public Service Loan Forgiveness are clear: The statue establishing Public Service Loan Forgiveness specifies that employment for a 501(c)(3) organization qualifies. Churches have status as 501(c)(3) organizations. The regulations governing administration of Public Service Loan Forgiveness assert that a 501(c)(3)…
Lawyers Representing Student Loan Borrowers
I am delighted to provide free general information for student loan borrowers and the people who love them, but as an attorney, I must be very careful not to inadvertently establish a client-lawyer relationship with folks I don't represent. I am licensed to practice in the state of North Carolina only and lawyers are specifically prohibited from practicing in states in which we are not licensed. Also, lawyers can establish a client-lawyer relationship even without agreeing to do so. That's why I…
