Student loan payments
are starting back soon,
and there's still a lot of
question about how that works as
well as student loan forgivenes.
So to get you up to speed on
what's happening and when,
President of the Institute of
Student Loan Advisors Betsy Maye
is here to take your questions.
So this is how you get your question to
the expert who can answer it for you.
You text that question to the nr
that's at the bottom of your sc,
336, 379-5775. And we're going e
answering your anonymous questions live on
the air so that you'll be able to get the
real information that you're looking for,
not what you think is happening. All right.
Speaking of what we think is happening,
there's been a lot of stuff in the court
system dealing with loan forgiveness.
Yeah, it certainly has been a wild ride.
You know, the.
So the bad news was on June 30t.
Of course, we know the Supreme
Court struck down what was calld
the Biden Harris debt relief,
and that was the program that ws
going to give some borrowers 10r
even 20,000 forgiven on their l.
The good news is more,
and this is happening as we spe.
On July 14th,
800,000 federal student loan
borrowers received an e-mail from the
Department of Ed telling them tt
at some point this month in Aug,
they would see their loans
completely forgiven.
And those that forgiveness
is happening as we speak.
It started yesterday.
And these are borrowers that
have been paying on their loans
for a minimum of 20 years,
some of them 30 or even 40.
So this is,
this is pretty exciting.
Yeah. And we want to make it really clear.
So this, like, loan forgiveness
is not for people who have just
gotten out of college who just
started paying on their loans.
These are people who have been paying on
their loans for years and years and years,
decades, decades, decades,
you know, and this,
this program, this waiver,
it's a one time account adjustmt
and of course it's controversial
on the political scheme.
So there was a lawsuit trying to stop it,
but that lawsuit was dismissed yesterday.
The plaintiffs have since appea,
but at this point,
the the program is not under th,
right. And right now we're kindf
looking like at a timeline withe
loan type and if you're eligible after
so many years this, that and the other.
So if people at home are wonderg
am I going to be in on this,
how would they figure out?
Yeah, I'm going to be one of those people.
OK. So anybody with a loan that
has enjoyed the COVID pause,
so you haven't been due for pays
for the last three something yes
and you've got a 0% interest ra.
Your account is going to get
some sort of adjustment.
Whether that results in immediae
forgiveness depends on how
long your loans have been in
repayment and some other factor.
Your loans have been in repaymet
for 20 or 25 or more years.
You could very well receive forgiveness.
As soon as this adjustment is m,
everybody else will get additional credit,
probably get additional credits towards
the loan forgiveness that is bad
into the repayment plans we call
the income driven repayment pla.
OK, so a lot of people got these emails
like on July 14th like what you said.
And so some people may have oped
up their e-mail and thought
to themselves, is this real?
Is this true? Is this a scam?
How do they know when it's someg
is real and something isn't?
I I love that question because
unfortunately the scammers are g
this situation to their advanta.
The best thing to do is to log o
your student loan services webse
and you know over the next coup.
If you got that e-mail on July ,
log on to your services website
and you should see a 0 balance
on your loans if not already
then within the next week or so.
And in general,
it's always a good idea to justg
on your services website and call the
phone number that's on that webe
and ask about the letter you received.
And if for some reason in the
e-mail it doesn't say who your
loan person is and you're not s,
whatever cuz it's been a while,
you can always go to student aiv
to figure out who has your loan.
Absolutely. That's the best place to go.
OK. And so when that happens and you go
to student aid Gov and you look at that,
wouldn't it be fantastic to see
$0.00 owed on your student loan?
And you said people have actualy
gotten money into their account
and seen that it's forgiven.
I've seen hundreds, just myself,
I've seen hundreds in the last 4
hours of people that were part of that
800,000 borrower July 14th coho.
Now if you weren't, don't freak.
They're going to be working all
these accounts in batches about
every two months until they're ,
which won't be until sometime
towards the middle or end of 20.
So it's time to put our patients pants on.
But you don't have to apply for this.
This adjustment will just happen
if your loans are eligible.
Yeah. So don't believe anybody who says
that they can get your final adjustment
faster for you or anything like that.
It's happening automatically.
Go to student aid, Gov That is where you're
going to find all your information. OK.
So that's for the people who've been paying
on their loans for a really long time.
What about the people who are hg
that they're going to get some d
of adjustment and they're going
to have to resume payments?
We're going to talk about that
when we come back after the bre.
Remember you can text your quesn
33637957 75.