PAYE and ICR for non-Parent Plus borrowers was supposed to be phased out under the SAVE regulations as of July 1. But those regulations are now blocked following the 8th Circuit’s order. So PAYE (and ICR) are available for borrowers to enroll, at least for now. But, the online IDR app is…
I had this ready to go last week, but just noticed it didn’t go out as planned. Still reviewing the impact of this Order, but it appears to block ED from implementation or action under the 2023 IDR regs that created SAVE and several other improvements to IDR while the…
Lots of fighting over student loan forgiveness right now. One of the big things we were (and still are) looking forward to is a change of law allowing bankruptcy debtors to obtain IDR credit for their plan payments. Previously, many debtors did not receive such credit because the Department of…
The 10th Circuit came out with a ruling a couple days after the Missouri and Kansas rulings modifying the stay/injunction on the SAVE plan and student loan forgiveness. It will allow the Department of Education to implement SAVE’s 5% payment calculation for undergraduate loans starting July 1. The rest of…
Just when we thought all things student loan related couldn’t get more complicated. The Department of Education (“ED”) has been trucking along with its plans to get everyone on SAVE, correct prior problems with PSLF and the heavily used forbearance option that only caused balances to increase dramatically. Now, on…
The Biden administration’s overhaul of the Department of Education has put a lot of things on hold during the pandemic, but has created a number of good programs and fixed existing programs that should be taken advantage of now. If your student loans are in default for instance, while rehabs…
We will be speaking at the Orlando Student Loan and Bankruptcy Workshop on June 7, 2024 along with Laurie K. Weatherford, Chapter 13 Trustee, Orlando Division, and Robert and Tammy Branson. For our fellow attorneys who practice bankruptcy, this is not one to miss. The cost to attend is only…
We’ve confirmed through the NCLC that the new regulation allowing credit for IDR for anyone in bankruptcy will NOT apply to FFEL loans. Or Perkins loans, or unconsolidated Parent Plus loans. So it’s best to consolidate to Direct Loans before filing, but now that the 4/30 deadline has passed, it’s…
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Bankruptcy is finally working for people with student loans — I expect to have a series up shortly about all the ways a bankruptcy can help now with both federal and private student loans. This didn’t used to be true, and you may find people out there who follow those…