Despite a court order granting a stay of debt discharge processing, borrowers are still encouraged to apply for federal student debt relief.
During a White House press briefing on Oct. 24, press secretary Karine Jean-Pierre said the Biden administration was continuing at full throttle in implementing its student debt relief plan. pursuant to an order of the Eighth Circuit Court of Appeals. The court ordered the administration not to proceed with student debt relief as it considers a petition from six states to block the program.
Jean-Pierre said the temporary order does not prevent individuals from applying for student loan relief from StudentAid.gov.
“The order also does not overturn the lower court’s dismissal of the case or suggest that the case has any merit. It merely prevents the debt from being discharged until the court issues a decision,” she said. “The Department of Education will continue to review applications and prepare them for transmission to loan services.”
As of October 17, Jean-Pierre said 22 million student borrowers had already applied for this groundbreaking relief.
If borrowers meet income requirements, individuals can get up to $20,000 in one-time debt relief if they received a federal Pell grant in college and up to $10,000 if they didn’t. have not done.
Applications are open online through December 31, 2023. Applicants must submit their names, social security numbers, dates of birth and contact information and sign an agreement confirming they meet the income requirements.
Northeastern State University Vice President of University Relations Dan Mabery said NSU is happy to assist students/borrowers by verifying proper documentation to complete the federal application.
“Student loan forgiveness programs are between borrowers and lenders. There are various loan repayment plans that affect anyone’s ability to participate in the programs. So each borrower’s situation is individual and unique,” Mayberry said. “The Public Service Loan Cancellation Website Review is the best place to start, they have great tools to meet borrowers needs.”
NSU students are required to undergo certain financial counseling when accepting a loan.
“When a student accepts their first student loan, there are some entry tips they need to follow,” said Mikie Stewart, NSU Student Financial Services Advisor.
Stewart said the entry guidance helps students understand the terms and conditions of their loans and their responsibility as a borrower.
“Entry counseling goes through several modules that teach students how federal loans work, how interest accrues, when repayment begins and who to pay, and the consequences of defaulting on their student loans,” he said. she declared.
Stewart said workshops are offered to students to provide information on how to finance their education.
“Before students begin their first semester at NSU, they are encouraged to attend a SOAR day. During each SOAR day, our office along with the Bursary Office and Bursary Services present a presentation of financial resources,” said Stewart. “Incoming students have the opportunity to attend this presentation to learn more about what each office does and what resources are available.”
More information
Individuals can learn more and apply for federal student debt relief at: https://studentaid.gov/debt-relief/application.