Imagine having your student loan debt completely wiped out within the next month! It may sound impossible, but for 800 thousand people, this dream is about to become a reality. The Education Department recently announced plans to write off over $39 billion of loans, tax-free, benefiting those who have been burdened by student loan debt for over 20 years.
In this video, we’ll break down the eligibility criteria for the program and reveal the hidden benefits of consolidation. Learn how combining your federal loans could accelerate your journey to loan forgiveness, as demonstrated by real success stories like Kyle’s, who eliminated almost half a million dollars in student debt.
Don’t miss this opportunity to take charge of your financial future. Watch now to explore the path to student loan forgiveness and find out if it’s time for you to consolidate.
*ADDITIONAL READING*
Want a deeper dive? Read our blog post on *How the IDR Waiver Works* available here: https://www.tateesq.com/learn/idr-waiver-adjustment
And on *Should I Consolidate My FFEL Loans to Direct Loans* available here: https://www.tateesq.com/learn/ffel-should-consolidate-direct-loans/
*TIME STAMPS*
00:00 Introduction
01:07 Context & Background
02:07 Explanation of Income-Based Forgiveness
02:48 IDR Waiver Explanation
03:34 Eligibility & Consolidation
05:11 Consolidation Superpowers
06:36 Case Study: Kyle
07:40 Clarifying Consolidation & Waiver
08:23 Outro
*NEED HELP?*
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*CREDITS*
Hosted by Stanley Tate
Produced by Marc Vilarnau
Editing by Marc Vilarnau
Motion graphics by Unai Vellido
Copywriting by Emma Head
Color Correction by Bojan Ilieski
Thank You Sir! It's all so confusing but you put it into words we can all understand
Got my letter on the 14th!
Oh, don't want to forget: thanks for posting these videos – they are very helpful!
This doesn't make sense to me, but this is from the studentaid.gov website (see quote below). Why exclude people who have already consolidated FFEL loans into a single consolidation loan and then took the step of doing a Direct Loan consolidation? I hope I'm misunderstanding something here.
"I have only one FFEL consolidation loan. Can I consolidate to take advantage of the account adjustment?
You can reconsolidate a single existing FFEL Consolidation, but only if you’re in one of these situations:
You’re in default or your loan is delinquent and has been referred for default aversion, and you agree to repay your new Direct Consolidation Loan under an IDR plan.
You’re consolidating in order to qualify for the PSLF Program.
You’re consolidating to use the “no accrual of interest benefit” for active-duty service members, which states that you’re not required to pay the interest that accrues during periods of qualifying active duty military service (for up to 60 months) on the portion of a Direct Consolidation Loan that repaid a Direct Loan Program or FFEL Program loan first disbursed on or after Oct. 1, 2008."
In regards to the 20 year timeline is that the origination of the loan or when you started paying back on the loan? For example: I took out a $5,000 student loan in August of 2006 but was not required to make payments on it until May 2010 due to being full time student. Thanks!
Thank you for this video. It was very informative. I have loans from the late 90's and early 2000's that I am still paying off. Do I qualify for this forgiveness program if I have never used an income-based repayment plan? I have always just paid the standard monthly amount and never applied for an IDR plan. However, I have paid the loans for about 20 years and recently consolidated them into a federal loan. Thanks!
Thank you for breaking down the details of the IDR waiver! Learned a lot as usual. Are those superpowers you mentioned applied to the double consolidation of Parent Plus loans? Because I'm doing that now and want to know if I will still get the magic of the timeline benefit and the no payment count reset benefit, you mention. You're so good at explaining this stuff and so you make it easy to follow. Love it when you throw in the graphics and the humor! Thanks!
Thank you for this video! And it’s professional manner ????????
Honestly this is still sinking in for me. I am another TX student loan borrower and client for Mr. Tate who is benefiting from these developments. Mr. Tate’s assistance has been truly transformative and life changing,. Don’t delay, check out how consolidation(if needed) can get you on track.