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June 4, 2016

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…

August 28, 2015

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)…

By Heather  |  Category:  Public Service Loan Forgiveness  

February 20, 2015

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…

February 9, 2015

Administration Suggests Changes to PAYE and PSLF in Budget Proposal

Each year, the executive branch submits a budget PROPOSAL to the legislative branch.  The administration's budget serves as a starting point for negotiations in congressional committees.  To me, there is no world in which this congress passes this president's proposal precisely as it has been submitted.  More on the bizarre budget process from the Center on Budget and Policy Priorities and from the Washington Post. In my view, the substance of the budget proposal is important for two reasons:  first, it…

August 10, 2014

Only Direct Loans Are Eligible for Public Service Loan Forgiveness

Public Service Loan Forgiveness (PSLF) is available for Direct Loans ONLY.  If you have older federal loans from the FFEL Program, Perkins loans, or Health Professions Student Loans, you may consolidate those into a Direct Consolidation Loan (which is eligible for PSLF) and then start making payments towards forgiveness.  Any payments you may have made on the ineligible loans before they were consolidated into Direct do not, cannot and will never count toward the required 120 qualifying payments. Sorry.  I don’t make the rules,…

By Heather  |  Category:  Public Service Loan Forgiveness  
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