TISLA in the News
Over 700,000 borrowers no longer qualify for student loan relief—how to check if you’re still eligible
“As recently as yesterday, the site said they were working on a solution for these borrowers,” Betsy Mayotte, president of The Institute of Student Loan Advisors, tweeted. “This is a gut punch, to say the least.”
Biden Administration Changes Student Loan Guidance, as Republican-Led States File Lawsuit
It was not immediately clear what led to the decision. A spokesman for the Education Department said “our goal is to provide relief to as many eligible borrowers as quickly and easily as possible, and this will allow us to achieve that goal while we continue to explore additional legally available options to provide relief to borrowers with privately owned FFEL loans.”
Betsy Mayotte, president of the Institute of Student Loan Advisors, said the updated guidance is “a gut punch, to say the least.”
In Reversal, Biden’s Education Dept. Excludes Many From Student Debt Relief
On Thursday, the department changed the language to: “As of Sept. 29, 2022, borrowers with federal student loans not held by ED cannot obtain one-time debt relief by consolidating those loans into Direct Loans.”
According to federal data, more than 4 million borrowers still have commercially-held FFEL loans.
It was not immediately clear what led to the decision.
“As recently as yesterday, the site said they were working on a solution for these borrowers,” Betsy Mayotte, president of the Institute of Student Loan Advisors, tweeted. “This is a gut punch, to say the least.”
In a reversal, the Education Department is now excluding some borrowers from student loan relief
“As recently as yesterday, the site said they were working on a solution for these borrowers,” Betsy Mayotte, president of The Institute of Student Loan Advisors, tweeted. “This is a gut punch, to say the least.”
Paid off your federal student loan during pandemic? You could get a refund
With so many parents and former students struggling with federal student loans, President Biden’s forgiveness plan will forgive up to $10,000 of federal student loans per borrower, and up to $20,000 for those who received a Pell Grant.
“If you have a Direct Loan, it doesn’t matter if it’s a Parent Plus Loan, or a Stafford Loan, or a graduate loan or undergraduate loan,” explained Betsy Mayotte, President and founder of The Institute of Student Loan Advisors.
Student Loan Forgiveness Expansion for Nonprofit Employees May Benefit Some BU Staff
The University has arranged a webinar to explain the waiver on Monday, September 19, from 3 to 4:30 pm. The Massachusetts-based Institute of Student Loan Advisors will conduct the webinar; register here.
When to apply for student loan forgiveness — 4 key dates to know
Use one of the calculators at Studentaid.gov or Freestudentloanadvice.org to compare repayment plans, said Betsy Mayotte, president of The Institute of Student Loan Advisors, a nonprofit.