A student loan solution for a teacher and many other public servants
In this case, your most recent monthly payment and your payment one year prior to requesting the cancellation of your remaining debt should generally have been greater than what you would have paid had you been enrolled in a qualifying plan. How can you understand this for sure? The education department has yet to explain this, but it already has a reimbursement calculator it can help you make an estimate.
Finally, this $ 350 million fund is limited. Although it seems like a lot of money, if 7,000 eligible people with an average debt of $ 50,000 line up for it, it will go away – unless Congress allocates more money or provides a solution. permed. And the line cannot form until the education department explains how it will administer the reparation fund. It is supposed to do so by the end of May, although federal agencies sometimes miss such deadlines.
What if you’re in Mr. Shafer’s place, where you run out of 120 payments when you suddenly realize you’re not on the right loan or repayment plan, even though you were adamant about your desire to benefit from the forgiveness program? Do what he did. Complain to the ombudsman at the Ministry of Education, especially if, like him, you encountered a particularly problematic agent called ACS several years ago.
Also contact your House Representative and your two Senators and ask to speak to someone constituent services. Many of the people in these jobs are young and in debt themselves and have contacts with the Department of Education that can be helpful. The Senate staff I spoke to this week echoed this; louder volume can produce more action or at least inject a greater sense of urgency.
As for Mr. Shafer, he’s just starting to imagine what he’ll do with the extra money once his loan payments are over in 2020. “What would someone do in his hometown if he had? $ 500 more per month? ” he said. “They bought furniture from local stores, hired local contractors, bought cars from local parking lots.”
He also expressed some trepidation. In the past two weeks, her loan officer sent her inaccurate information about her current payment and the total number of her remittance payments. It makes him imagine himself back on the negative side of the forgiveness equation. “I would like to be an example of what the response can do, and I wouldn’t want to be an example of what the response can do,” he laughed.
Ms Warren said she was disappointed that a more permanent or extended solution to this issue was not politically possible this time around and vowed to remain vigilant.
“I certainly intend to keep an eye on Secretary DeVos,” she said, referring to Education Secretary Betsy DeVos. “The fight will not be over until every nurse, teacher, police officer and firefighter gets the student loan forgiveness they deserve.”