Qualifying teachers receive a tax-exempt principal reduction of either $5,000 or $17,500 on their federal loans. The forthcoming coronavirus relief bill includes "no loan forgiveness and no extension of the payment pause and interest waiver," says student loan … A broader version of student loan relief was included in the $2 trillion economic stimulus package signed into law two weeks later. Student loan forgiveness for nurses. If your student loans payment is more than your budget can bear, you may be able to qualify for student loan relief.. College debt is something that many consumers struggle with, often into their 30s, 40s and even 50s. Louis May 6, 2016. Thank you for this article! Like teachers, nurses also have access to a variety of federal … The adjustments became effective March 13, 2020. Section 2206 of the Coronavirus Aid, Relief, and Economic Security Act (CARES Act), enacted on March 27, 2020, expands the definition of educational assistance described in section 2 of Pub. In addition, each of these borrowers will have the option to suspend their payments for at least two months to allow them … If your loans are in default, consolidation will be able to bring your loans into good standing. A tax incentive for businesses that could bring some relief to more than 44 million Americans saddled with student debt has been included in … At both public and private universities, the cost of tuition is rising at double or even triple the rate of inflation. Student loan debt has become a major drag on the American economy. Congress has approved a second coronavirus relief package, which includes $600 checks for many individuals but no additional student loan forbearance. They will review your case, evaluate your options for switching repayment plans, consolidating your loans, or pursuing forgiveness benefits, then set you up to get rid of the debt as quickly as possible. Rebekah Sanchez Norton applied for student loan debt relief nearly four years ago. Borrowers hope Biden will fix it. The interest rate on all U.S. Department of Education (ED) held student loans serviced by FedLoan Servicing have been temporarily reduced to 0% through January 31, 2021. Federal student loan borrowers will not be expected to make payments through January of next year, though they will continue to be … For help with Federal Student Loans call the Student Loan Relief Helpline at 1-888-906-3065. The TLF program is one of the most beneficial student loan forgiveness options. But the 18th Century English poet saw the future with this famous proclamation: “To err is human, to forgive, divine.” I’ve been on the IBR for 2 years as well. Reduce Your Student Loan Debt Student loan relief — which began in March through the CARES Act, and was then extended by the Trump administration — has provided relief … WASHINGTON – U.S. Secretary of Education Betsy DeVos announced today the extension of the federal student loan administrative forbearance period, the pause in interest accrual, and the suspension of collections activity through January 31, 2021. Student Loans The federal CARES Act provided much-needed relief for those with federal student loans who are struggling as a result of the COVID-19 pandemic, including automatic suspension of monthly payments and interest, and halting involuntary collection activity until after September 30, 2020. The move pushed student loan forgiveness into the spotlight this election year. The original coronavirus relief bill, known as the CARES Act and signed into law on March 27, 2020, helped most federal student loan borrowers … If you are currently being garnished, we can assist with placing you into a rehabilitation program that will lift your garnishment. It has also benefited holders of student debt remaining in … Another thing you could try is calling the Student Loan Relief Helpline, and asking their experts what they think. Student Loans – Debt Relief Options. 15-B to include certain employer payments of student loans paid after March 27, 2020, and before January 1, 2021. NO: Student loan relief has helped many low-income individuals and others left jobless by COVID-19. The student loan relief for federal borrowers that was started in March 2020 and set to end on September 30, 2020 has now been extended through December 31, 2020. Another stimulus package could extend the pause on bills for student loan borrowers for another year. 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