Special One-Time Student Loan Forgiveness Count Adjustment

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Climbing Mt. Debt case showing a veterinarian saving more than $65,000 in student loan payments by consolidating to qualify for the one-time forgiveness count adjustment available for federal student loans. Learn how you can benefit using the VIN Foundation Student Debt Center and new one-time forgiveness count adjustment infographic to help make sense of this time-limited special federal program.
PLEASE NOTE: The one-time forgiveness count adjustment deadline for consolidation has been extended to Dec 31, 2023 since this video was made.
List of resource links used in the Climbing Mt. Debt Case Study:
- Federal Student Aid: studentaid.gov/
- Student Debt Center: www.vinfoundation.org/studentdebtcenter
□ My Student Loans tool: vinfoundation.org/mystudentloans
□ Student Loan Repayment Simulator: vinfoundation.org/loansim
- VIN Foundation Application: www.vinfoundation.org/vfapp
- Student Debt & Income Signalment Form: www.surveys.vin.com/s3/VF-StudentDebtIncomeSignalment-CaseStudy
- Student Debt Message Board Case: www.vin.com/doc/?Id=11274448&... (Requires VIN Foundation Username/Password)
- New VIN Foundation One-Time Forgiveness Count Adjustment Infographic: vinfoundation.org/resources/v...
Explore additional resources and helpful tools on the VIN Foundation website: vinfoundation.org

Опубликовано:

5 янв 2023

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Комментарии : 4

@TheFreeman4955 7 месяцев назад

I graduated in 2004 with an undergraduate and master’s in business. Both are federal loans serviced through NelNet. I have Ben paying on-time since 2004. Still own 48,000. Used the graduated payment program. I’m 64 and income has been drastically reduced. My ears perked up when you said one time forgiveness till December 31 2023. I’m not a vet but would appreciate your input!

@RavishingSailor 10 месяцев назад

Great video. I have been in repayment since 2008 since graduating Medical school and have worked in public service with all my employers being qualified employees since 2008. My loans were FFELP loans and I recently consolidated with MOHELA (after learning about the one time account adjustment and missing the old 10/31 waiver deadline). All loans are now direct. I submitted my entire history 15 year history of qualifying employment via the PSLF help tool which has been accepted by MOHELA. Will the one time adjustment and switching to IBR still fall under the 120 payment count for PSLF count (since I have made more then 120 payments previously) and lead to forgiveness of my remaining (63k). I just heard about the 250-300 payment requirement but am unsure if this will apply to my situation. Any guidance is very much appreciated. Thanks for all that you do.

@jamesconnelly9055 Год назад

Hi, I am not in the veterinary world but your video is the only information I can find anywhere about this upcoming one-time payment count adjustment. I have asked my loan servicer and the Dept of Ed this question and neither can answer it: I have had a federal student loan since 2002. I spent a considerable amount of time in forbearance, deferment, and being seriously past due in repayment programs so i am nowhere near the 240 payments required for the normal forgiveness. Will the forbearance and deferment, and the time I was technically in "repayment" be included in this one-time payment count adjustment? If so, it would seem that my loan will be forgiven since I have had it for 21+ years. Any input is appreciated.

@vinfoundation 11 месяцев назад

Thanks for watching and for your comment! It depends on the types of federal student loans you have remaining and whether or not they all have the same amount of forgiveness-eligible time. Any repayment time and certain deferment and forbearance time will counted towards forgiveness under the one-time count adjustment. If you have multiple loan types with various times in repayment, then consolidating your loans can make a lot of sense to maximize your forgiveness count adjustment. If you have all undergrad loans, then 20 years of forgiveness time is all you need to reach forgiveness. With any graduate school loan, you will need 25 years of qualifying time to reach forgiveness. We've been seeing many folks receive loan forgiveness under the one-time count adjustment. If you want to be considered, then make sure you consolidate (if necessary) before the Dec 31, 2023 deadline. Follow the links in the video and description for more information. Good Luck 🙂