Ok, while we’re not inclined to inundate you with updates that don’t affect you, we understand that there’s a lot of noise out there currently related to student loan stimulus expectations, servicer changes and legislative proposals. To this end, we wanted to provide insight so that you’re aware of recent and upcoming changes that might affect you.
- FedLoans has sent more batches of IDR recertification letters in error. If you got one stating your renewal is due prior to 9/30… it’s a mistake. Ignore it.
- The Department of Education is considering including the Temporary Expanded PSLF application in the standard PSLF application. As a part of this change, they are also now willing to permit (count towards PSLF) payments made on Dept-held FFEL loans in certain cases. This is a critical update that may warrant consideration for many borrowers who had previously been informed they are not eligible for PSLF. If you have FFEL loans (or you’re unsure), and you’d like us to review your profile, you can register for consultation with us at https://slplive.wpengine.com/service/consultations/. Use the Coupon Code DWOQ20 for a 20% discount.
- There will likely be some added stimulus benefits included for federal student loan borrowers in Cares Act 2. What these benefits will look like is to be determined, and as soon as we know what they are we’ll inform you. Both Democrats and Republicans have their own ideas and we’ve learned not to try to predict which side, if any, will prevail at the end. Naturally, an extension of the no interest/no payments benefit to those in need of relief would be a welcome announcement. Beyond that, we shall see…
- Lastly, there will likely be changes to the federally-contracted loan servicers you’ve been accustomed to in December as some of their contracts are up and new servicers are being considered. This is still playing out, and no changes are expected immediately. We will keep you posted on these changes if and when they may impact you; it’s our expectation that these changes will be seamless to us, but perhaps that’s just wishful thinking…
That’s all for now. We expect that as medical professionals your priorities lie elsewhere during this increasingly challenging year, but we’re here to help anytime, just email us at help@slplive.wpengine.com.
Brandon Barfield is the President and Co-Founder of Student Loan Professor, and is nationally known as student loan expert for graduate health professions. Since 2011, Brandon has given hundreds of loan repayment presentations for schools, hospitals, and medical conferences across the country. With his diverse background in financial aid, financial planning and student loan advisory, Brandon has a broad understanding of the intricacies surrounding student loans, loan repayment strategies, and how they should be considered when graduates make other financial decisions.
