Borrowers who paid down their debt during a pandemic freeze that started in March 2020 can in fact get a refund — and then apply for forgiveness.
Laura Baum, a 30-year-old resident of Chicago, paid $5,000 during the payment freeze toward her $15,000 remaining debt. She is eligible to have $20,000 canceled since she was a Pell grant recipient when she was an undergraduate. At the beginning of September, Baum called her loan servicer and asked for a refund.
But because of the uncertainty, she is planning to save that money until the Department of Education confirms her debt has been canceled.When Is The Deadline To Apply?is December 31, 2023. However, Welbeck recommends that you apply for a refund before you apply for debt forgiveness. “If you apply first, you can process the refund to get your money back, and then that balance in your account is canceled,” Welbeck said.The Department of Education is offering a subscription pageYou can get a refund for the entire amount you paid during the payment freeze, according to the Department of Education. However, you can choose a lower amount.
You might pick this option if, during the pandemic, you paid enough to get your debt below the maximum amount of forgiveness. You could get a partial refund, then apply to have your remaining debt wiped out. Say you had $15,000 worth of debt remaining at the beginning of the payment freeze and have since paid $8,000, but qualify for $10,000 in debt relief. You might decide to ask for a refund of just $3,000. Then, your debt balance will be exactly $10,000, and you can apply for maximum loan forgiveness.Borrowers should expect to receive their refund six to 12 weeks after requesting it, according to the Department of Education. But you might want to double-check with your loan servicer.
Brasil Últimas Notícias, Brasil Manchetes
Similar News:Você também pode ler notícias semelhantes a esta que coletamos de outras fontes de notícias.
How to get a student loan refund if you paid during pandemicBorrowers who paid down their debt during a pandemic freeze that started in March 2020 can get a refund and then apply for forgiveness, but the process hasn’t always been clear.
Consulte Mais informação »
Paid your student loans during the pandemic? Here's how to get a refundBorrowers who paid down their debt during a pandemic freeze that started in March 2020 can in fact get a refund — and then apply for forgiveness.
Consulte Mais informação »
How to get a student loan refund if you paid during the pandemicBorrowers who paid down their debt during a pandemic freeze that started in March 2020 can in fact get a refund — and then apply for forgiveness – but the process for doing that hasn’t always been clear.
Consulte Mais informação »
Pennsylvania March for Life: First official state march in the US since Roe v. Wade overturnedThousands are set to gather at the Pennsylvania State Capitol in Harrisburg Monday to march in support of the pro-life movement.
Consulte Mais informação »
Hundreds march along S.F. waterfront to raise awareness of rare brain disordersDespite the rain and chill Sunday, several hundred people set off from San Francisco's Crissy Field on a walk to raise support and awareness of rare brain disorders.
Consulte Mais informação »