🤑 Biden forgives another $9 billion...

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Hey ,

I hope you’re doing good today.

As payments restart and forgiveness rolls out, chaos has been the order of the week. But don’t worry—if you’re feeling stressed, this newsletter is here to ease some anxiety.

Let’s get into it:

• 🤑 Biden forgives another $9 billion

• 😳 Conservative groups challenge the IDR Waiver

• 🧮 Some borrowers’ bills are mixed up

• 🗳️ Poll: Will you pay your next loan bill? Let me know

• 💪 More ways to lower your private and federal loan bills

And more…

Grab a drink, take a seat and hit play on this week’s update 👇

🔍 No time to watch? Here’s the low down:

• 🤑Biden forgives another $9 billion
  In a press release last Wednesday, Biden announced his administration has approved another $9 billion in student loan debt for the following groups:

  • $5.2 billion in additional debt relief for 53,000 borrowers under Public Service Loan Forgiveness programs.

  • Nearly $2.8 billion in new debt relief for nearly 51,000 borrowers through fixes to income-driven repayment. These are borrowers who made 20 years or more of payments but never got the relief they were entitled to.

  • $1.2 billion for nearly 22,000 borrowers who have a total or permanent disability who have been identified and approved for discharge through a data match with the Social Security Administration.
    
    

• 😳 Conservative groups challenge the IDR Waiver forgiveness
  This news just landed today, so I didn’t cover it in the video. For context, this is an appeal against the case conservatives already lost a while back.
  
  So, will this new challenge win? I doubt it. That said, Biden’s $10-20k plan beat the first challenge and then lost on appeal twice. Once in Missouri and once before the Supreme Court.

  So what do we do? We control what we can control. We put in ourselves in the best position to get the most relief. And right now, that’s taking advantage of the waiver.
  
  

• 🧮 Some borrowers’ bills are mixed up
  The Washington Post reported that many borrowers have received miscalculated loan bills. The Education Department acknowledged their oversight and immediately put affected borrowers’ loans into forbearance while they fixed the issue.
  
  If you were affected, don’t worry—seems like they’ve got it under control. Slip-ups like this are to be expected with such large-scale forgiveness. The important thing is that they’re acknowledging their mistakes and acting fast.
  

• 🗳️ Poll: Will you pay your next loan bill? Let me know
  I asked this question in the Parent PLUS deep dive, but I want to hear from more of you. Will you be utilizing the on-ramp period while you figure out a strategy? Or will you be paying a bill you can’t afford? Let me know by voting below.
  

• 💪 More ways to lower your private and federal loan bills
  Last week I asked you all in a poll how you’re feeling about loan payments restarting. The majority of you are still super stressed because you can’t afford your bills despite the 12-month on-ramp for federal borrowers. So let’s tackle the most common concerns:
  

  1. “Private loan interest has skyrocketed”
     A lot of my clients are in this position. I’ll tell you what I tell them—you got 3 options. You could refinance and get a (slightly) better fixed interest rate. If you can’t refinance, you either negotiate a settlement with your lender or file student loan bankruptcy.
     

  2. “I’m drowning in debt and I don’t want to face it”
     I get that. But I promise you: with the right strategy, you can overcome this. But first you’ve got to face the dragon. If you need help finding a strategy, book a call with me.
     

  3. “My Parent PLUS bill is too high”
     In case you missed it, I did a deep dive on Parent PLUS loans last Friday. I shared tons of ways to lower your payments there.
     

  4. “My federal loans are unmanageable”
     Most of you should try to get on SAVE. But if you earn $100k+, you might be best on a different repayment plan. Weigh up your options. And if you need help deciding, I’m right here.

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That’s all for now .

If you ever need a hand finding way to tackle your loans, I’m happy to help.

Take care,

Tate