Cliff Notes: Latest Information on Student Loan Forgiveness

Earn Your Leisure

Welcome to another insightful session of our EYLU Master Class series! In this episode, Dr. Sonia Lewis, widely known as "The Student Loan Doctor," delves into the intricacies of student loan forgiveness programs and provides expert guidance on establishing your own nonprofit organization.

*Key Highlights:*

*1. Borrower's Defense:*

Dr. Sonia Lewis begins by exploring the Borrower's Defense Loan Discharge program. This essential program offers loan forgiveness to students who attended schools that engaged in misconduct, leading to harm or financial loss. Dr. Lewis emphasizes the importance of understanding eligibility criteria and the long administrative process involved. Schools automatically eligible for this program, such as the University of Phoenix and DeVry University, are discussed, with resources available on Dr. Lewis' Instagram page for further reference.

*2. One-Time Account Adjustment:*

Dr. Lewis introduces the significant benefits of the one-time account adjustment for those in Income-Driven Repayment (IDR) or Public Service Loan Forgiveness (PSLF) plans. This adjustment will count all repayment periods, including those previously ineligible due to forbearance or deferment. The discussion highlights the importance of keeping track of repayment status on studentaid.gov and ensuring eligibility for this beneficial adjustment.

*3. Repayment for Older Loans:*

For borrowers with loans from before 2003, Dr. Lewis provides advice on consolidating loans by April 30 to become eligible for available forgiveness programs. The process of submitting complaints to seek forgiveness for these older loans is discussed, emphasizing the potential for successful outcomes.

*4. Establishing a Nonprofit:*

Dr. Lewis encourages viewers to consider starting their own nonprofit organizations, especially if they don't currently work for a nonprofit. The step-by-step process includes filing federal and state paperwork, completing PSLF paperwork, and enrolling in an IDR program. The importance of setting up the nonprofit correctly and showing profitability within four years is emphasized, making it an accessible option for many seeking loan forgiveness through PSLF.

*5. PSLF Program Updates:*

Exciting updates to the PSLF program are shared, including the potential ability to make multiple payments in a month to expedite loan forgiveness. This flexibility aims to help borrowers reach the required 120 payments sooner, leading to quicker loan forgiveness. Dr. Lewis also discusses the possibility of enrolling family members in your nonprofit to maximize the benefits of PSLF.

*6. Biden Administration Announcements:*

Lastly, Dr. Lewis provides crucial updates on the latest announcements from the Biden administration regarding loan forgiveness. These updates are essential for staying informed about new opportunities and changes in loan forgiveness programs.

Dr. Sonia Lewis' expertise and thorough explanations make this master class a valuable resource for anyone navigating the complexities of student loan forgiveness and considering the establishment of a nonprofit organization. Be sure to watch the full video for detailed insights and practical advice.

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