Student Loan Debt Relief Plan
On August 24,2022, the U.S. Department of Education announced a three-part plan affecting current and future student loan borrowers. The Plan does the following:
- It extends the pause on loan repayment through December 31,2022,
- Provides targeted relief to low-and middle-income earners by forgiving $10,000-$20,000 for eligible borrowers and,
- proposes the creation of new income-based repayment plans that will substantially reduce monthly payments for eligible borrowers.
To qualify for the targeted loan forgiveness, most borrowers will need to complete a form. Information on when this form will be available will be provided prior to the end of the year, 2022, and before repayment resumes in January 2023. The U.S. Department of Education has set up a subscription page where borrowers can sign up to receive updates and information on the upcoming application process.
For detailed information on the Student Loan Debt Relief Plan visit https://studentaid.gov/debt-relief-announcement/one-time-cancellation
To review your Federal Loan and Pell Grant history please visit https://studentaid.gov/ , you will need your FSA ID and password to access this information. Don’t have an FSA ID? You may create one by visiting https://studentaid.gov/fsa-id/create-account/launch?continueTo=fafsa
Price of Borrowing
The goal of the Financial Wellness Program is to empower students to make informed decisions on borrowing, spending, and budgeting by helping students understand the long-term benefits of building healthy financial habits early on.
The program offers workshops on various financial and financial aid topics that include: student loan information for first-time and continuing borrowers, student loan repayment, the difference between private and federal loans, budgeting, credit and credit cards, identity theft, and more.
We also offer one-on-one meetings with a financial wellness representative to go over student loans, loan repayment, financial wellness checks which include an overview of financial aid and remaining eligibility.
Questions on student loans? Email us at lgonzalezhernandez@csustan.edu.
Facebook: @StanFinancialWellness | Twitter: @stanfinancialw1 | Instagram: @stanfinancialwellness
If you have any questions regarding your student loan(s) or would like to schedule a Financial Wellness review please click on the image below:
Topics covered in GradReady
Path 1 Paying for College
- Money Skills Videos
- How to fund your education
- Intro to Federal Loans
- Intro to Private Loans
- Budgeting
- Off campus living
- Make a Financial Plan
- Build a Budget
Path 2 Money Management
- Money Skills Videos
- Banking basics
- Credit basics
- Gauge your debt
- Identity theft
- Credit review
- Stay the course
- Debt-o-Meter
Path 3 Real-World Finance
- Money Skills Videos
- Big decisions
- Future finances
- Mortgages and more
- Manage your repayment
- Lost in repayment
- Repaying- electronic loan counselor
Updated: September 08, 2022