In today’s episode of Financial Clarity for Doctors, Corey and Rachelle discuss the Biden administration’s recently announced student loan plan. The biggest question on everyone’s minds is do I qualify for any loan forgiveness? Chances are you may not qualify as an attending, but as a trainee, it’s very likely you do.
Some highlights of the new plan:
- Extended forbearance through 12/31/2022
- They say this is the last time! Get ready to make those payments.
- $10,000 of loan forgiveness for single filers making less than $125,000 or households earning less than $250,000
- You can potentially receive double the award if you received a Pell Grant for some of your college costs
- Changes to payment calculations for some borrowers/loans
- To keep up-to-date on federal student loan announcements, you can subscribe to updates from the Department of Education
Also, for listeners working toward Public Service Loan Forgiveness, keep in mind that the temporary limited waiver for PSLF is ending October 31st. This was an opportunity to potentially have more loans forgiven or more payments counted. If you have not looked into this yet, read more here: PSLF Limited Waiver
For more financial planning tips from Corey and Rachelle, find them on social media!