In the most recent Biden Administration student loan announcement, about 1.2 billion dollars of debt are being canceled for borrowers, but there are restrictions.
They have to be enrolled in the SAVE plan, have been in repayment for at least ten years and have taken out $12k or less in loans for college.
Western Kentucky University Director of Student Financial Assistance Bryson Davis emphasizes that people must meet these specific requirements, and that those who don’t meet them, cannot just request forgivable loans.
Davis said federal student aid things, right now, are changing on a daily basis almost, so students need to understand if they are borrowing a loan, that is something they are agreeing to repay.
To help students understand this financial commitment, the university meets with every incoming freshman to discuss their four year plan and the factor money plays in it.
Davis also warns students of scams.
He said they are going be looking for ‘dot Gov’ emails and the Department of Education is never going ask that student to pay for anything, as far as a processing fee or anything like that. If they are being asked to pay some type of a fee to be considered for loan forgiveness, that is a good indication that more than likely, whomever is contacting them is not associated with the Department of Education.
He says that any student who has issues or concerns should contact their loan servicer, first and foremost, especially since they will have the most recent information on any student loan announcements.
Source: WBKO
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