These changes wont affect every student debtor, but its still worth paying attention.
A small group of borrowers received letters saying their eligibility had been revoked.
But even under President Obamas administration, there was a proposal to cap the forgiveness at $57,500.
What Can You Do?
Keep that in mind when considering Public Service Loan Forgiveness, your employer and position.
Each of them comes with at least a couple of drawbacks.
Still, if youre in a tight spot,these can offer some relief.
But even that doesnt always work.
A servicers role is to collect payments owed by borrowers.
So where would consumers get that expectation?
First of all, if you dont already know who your loan servicer is, find out.
So you’re free to log onto theFederal Student Aidwebsite to find your federal loan servicer.
Submit a complaint to the Department of Education.
Submit a complaint to Navient (if its your student loan servicer).
As oneBoston-based lawyer specializing in student loans put it, the other servicers arent exactly rainbows and sunshine.
That said, if youre shopping for a servicer, theCFPB databaseis a good place to start.
For a long time, applicants had to manually enter the info, and the form was really complicated.
But the IRS then released a tool that made it really easy and automatic to fill in that data.
Unfortunately,that tool is now suspendeddue to security concerns.
College financial aid offices can help students who are confused or have difficulty completing the free federal tool.
No student should be deterred from completing a FAFSA despite the loss of the IRS DRT.
Also, to enter this info manually, youll need a copy of your previous years tax return.
You might also want to so check with your schools financial aid office to see what they recommend.
If being in debt isnt challenging enough, there are an added number of hurdles facing student borrowers lately.
