New Student Loan Relief Plan Unveiled

Who Qualifies and How to Apply

According to the report of Life Hacker, The U.S. Department of Education has announced a new plan to offer targeted student loan relief after the Supreme Court blocked President Biden’s broader forgiveness proposal. Borrowers should check their emails for details about whether they qualify under this new plan which focuses on four main groups: those who owe more than they originally did people with older loan dates and those already eligible for forgiveness but who haven’t applied and students from less valuable programs. The final rules are expected in October and eligible borrowers won’t need to apply separately.

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Tips for Borrowers and New College Students

Shaan Patel, CEO of Prep Expert says this new relief could help millions of borrowers through programs like Public Service Loan Forgiveness (PSLF), the Saving on a Valuable Education (SAVE) Plan, and income-driven repayment (IDR) plans. He also expects more relief measures such as waiving interest and providing extra help for those in financial trouble. Patel suggests borrowers regularly check studentaid.gov for updates and consider local scholarships and negotiating financial aid to get the best support.

For new college students, Patel advises exploring all funding options, including local scholarships and starting at a community college before transferring to a four-year school. This approach can help save on tuition costs. Staying organized and checking for financial aid updates often are key steps in managing the costs of college education effectively.

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