Plan for $50,000 of Federal Student Loan Forgiveness or Cancellation

Michael Lux Student Loan Blog, Student Loan Forgiveness 0 Comments

The calls for $50,000 worth of federal student loan forgiveness or cancellation continue to grow louder… borrowers should plan accordingly. Democrats have put forward resolutions in both the House and the Senate calling on President Biden to cancel up to $50,000 of federal student loans per borrower. Earlier this year, …

Private Student Loans and Public Service Loan Forgiveness (PSLF)

Michael Lux Student Loan Blog, Student Loan Forgiveness 0 Comments

Private student loans are not eligible for Public Service Student Loan Forgiveness (PSLF). Other than a couple of rare exceptions, private loans cannot be converted into eligible federal student loans. While it might seem that eliminating private student loans and chasing after PSLF might be entirely different goals, they are …

Mailbag: Fixing FFEL Issues with Public Service Loan Forgiveness (PSLF)

Michael Lux Student Loan Blog, Student Loan Forgiveness 0 Comments

Though discontinued, FFEL loans continue to cause significant issues for federal student loan borrowers seeking Public Service Loan Forgiveness (PSLF). Federal Family Education Loan (FFEL) program loans not federally held are not eligible for PSLF. However, borrowers can convert them into eligible loans through Federal Direct Consolidation. Unfortunately, this fix …

The Pros and Cons of Chasing After Student Loan Forgiveness

Michael Lux Student Loan Blog, Student Loan Forgiveness 0 Comments

Chasing after student loan forgiveness seems like an obvious decision. Student debt disappearing is far preferable to the painful process of repayment in full. However, if we look beyond the obvious, there are significant pros and cons to going after student loan forgiveness. Student loan forgiveness comes in many forms. …