(Ep. 226) How Is the PSLF Waiver Going?
Join me in this episode as we delve into the PSLF waiver report card. While I'm thrilled to see a growing number of individuals in our community receive forgiveness through the PSLF waiver, the low 20% success rate highlights the confusion borrowers face in determining where to apply and which loans to consolidate. I'll then draw a comparison between the PSLF waiver and the student loan forgiveness initiative, which boasted a much higher 60% take-up rate and a simplified application process. Finally, we'll assess the successes and disappointments of the Biden administration's student loan relief initiatives to date.
In today’s #StudentLoanPlanner episode, you'll find out:
✅ The confusion among borrowers that led to the low success rate of the PSLF waiver
✅ Why student loan debt cancellation faced legal challenges, but the PSLF waiver did not
✅ How the PSLF waiver widened the racial wealth gap
✅ The difference between PSLF and IDR waiver
✅ The biggest determining factor on the success of the IDR adjustment
✅ Why the student loan cancelation plan is entirely political
✅ The importance of the 12/36 rule
✅ What it takes to get transformational savings on your student loans
✅ How modifying an existing income-based repayment plan can be dangerous
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Legal: Student Loan Planner is a financial coaching company and does not claim to provide financial advice on investment products. Refinancing federal loans causes the borrower to lose access to income-based repayment plans as well as the PSLF program. We may earn compensation from advertising partners when you click on links on our site. Student Loan Planner is not a debt settlement or debt relief company. We do not provide tax or legal advice.
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