The Biden administration's new IDR plan, called SAVE, is going to be a sweetheart deal for many borrowers. If you are a borrower of federal student loans, especially undergraduate ones, this episode is worth a listen.

Since our last episode, quite a few things have occurred in the college and student loan planning space. In this episode, I mention a few of those changes, including the IDR payment adjustment and Biden's SAVE plan. More episodes - with more detail - are coming!

This is the first of a three-part segment explaining Biden’s student loan debt relief announcement.

Clergy now qualify for Public Service Loan Forgiveness (PSLF), so they might need to take action under the new PSLF waiver program. Forward this episode long to any clergy you know when your life, and let them know that they can reach out to me at jason@gradmetrics.com if they have any questions.

Yesterday, the Biden-Harris administration announced sweeping loan forgiveness for federal student loan borrowers. This unprecedented program will allow up to $20,000 of loan forgiveness based on income levels and financial need. Specifically, households with an individual income of less than $125,000 or a household income of $250,000 will get $10,000 in debt cancellation. Borrowers who received Pell Grants while in college will get $20,000 in loan forgiveness.

Teacher Loan Forgiveness is a program designed for teachers with federal student loans. Public Service Loan Forgiveness (commonly shortened to PSLF) is the more commonly recognized of the two programs. According to the Department of Education, borrowers cannot pursue both of these programs simultaneously. Under the new PSLF waiver program, the double-counting restriction is temporarily waived, as are many other normal PSLF requirements. Check out the full blog post here: https://gradmetrics.com/teacher-loan-forgiveness-and-pslf/.