Student loan update and the steps you need to takeOct 14, 2022
Student Loan Update
Last night Biden and his team announced that federal student loans currently owned by private banks would not be eligible for student loan forgiveness.
Borrow from one of these companies? Then you're still eligible for student loan forgiveness:
- American Education Services (AES)
- EdFinancial (HESC)
- FedLoan Servicing (PHEAA)
- Granite State (GSMR)
- Great Lakes Educational Loan Services, Inc.
- OSLA Servicing
All of these companies are Federal Student Loan providers and are not private companies.
The loan that this new plan is talking about is the FFEL Consolidation Loans and Direct Consolidation Loans.
But there's hope, but you have to take action NOW
In order to be eligible for student loan forgiveness, you must apply to consolidate the FFEL loans.
1. Set up an account with studentaid.gov
2. It should take about 30 minutes to complete. So give yourself time to fill out the form
Notes: There is NO fee for consolidating, so if you hear from private companies offering to do this for you for a fee, it's a scam!
Don't know if you have privately held federal loans? Call your provider now.
Please share this vital information with friends and family who have student loans. You never know how your kind gesture could change someone's life.
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