{"id":2827,"date":"2023-03-06T14:03:43","date_gmt":"2023-03-06T19:03:43","guid":{"rendered":"https:\/\/communicator.pef.org\/?p=2827"},"modified":"2023-03-10T10:24:03","modified_gmt":"2023-03-10T15:24:03","slug":"pef-member-achieves-loan-forgiveness-erasing-154k-in-debt-dont-wait-see-if-youre-eligible-now","status":"publish","type":"post","link":"https:\/\/communicator.pef.org\/issue\/volume-41-no-2\/pef-member-achieves-loan-forgiveness-erasing-154k-in-debt-dont-wait-see-if-youre-eligible-now\/","title":{"rendered":"PEF member achieves loan forgiveness, erasing $154k in debt; don\u2019t wait, see if you\u2019re eligible now!\u00a0"},"content":{"rendered":"
\"PEF
PEF Region 8 Coordinator Danielle Bridger<\/figcaption><\/figure>\n

March 10, 2023<\/em> \u2013<\/em> Region 8 Coordinator Danielle Bridger successfully navigated the PSLF program and recently received confirmation that her loans, totaling more than $154,000, had been forgiven.<\/span>\u00a0<\/span><\/p>\n

Bridger applied before the expiration of the limited waiver last year. While she initially tried to tackle the program on her own, she eventually contacted Summer, a company brought in by PEF\u2019s parent union, AFT, to assist members.<\/span>\u00a0<\/span><\/p>\n

\u201cThe Department of Education tried telling me I only had 26 of the 121 payments,\u201d Bridger said. \u201cI knew I had made more that qualified. That\u2019s when I got Summer involved. They were able to verify that I had in fact qualified for all the payments and the Federal Student Loan Program updated my qualifying payments accordingly.\u201d<\/span>\u00a0<\/span><\/p>\n

For Bridger, like many others, loan forgiveness has made a huge impact on her family.\u00a0<\/span>\u00a0<\/span><\/p>\n

\u201cI cannot describe the weight that has been lifted off my shoulders now that this financial burden has been relieved,\u201d she said. \u201cI began my career in the public sector under the promise of student loan forgiveness and it has finally come true.\u201d<\/span>\u00a0<\/span><\/p>\n

She has a message for members who haven\u2019t applied yet.\u00a0<\/span>\u00a0<\/span><\/p>\n

\u201cApply! I was skeptical, but no more,\u201d she said. \u201cWhen individuals ask, what does your union do for you? Financial freedom is what they gave me. Thank you, my union family!\u201d\u00a0<\/span>\u00a0<\/span><\/p>\n

You can still apply; don\u2019t wait<\/span><\/b>\u00a0<\/span><\/p>\n

\"StudentThe outcome of the Supreme Court\u2019s decision on the Biden\/Harris student loan debt forgiveness plan is still up in the air, with federal student loan payments set to resume 60 days after a decision is handed down but no later than September 1. Whatever the court decides, their decision will have no effect on PEF members\u2019 eligibility for Public Service Loan Forgiveness (PSLF), which will continue to be an option.\u00a0<\/span>\u00a0<\/span><\/p>\n

The limited Public Service Loan Forgiveness (PSLF) waiver period ended last Halloween, but there\u2019s another opportunity that all members should take advantage of, and the deadline for that relief option is May 1, 2023.\u00a0<\/span>\u00a0<\/span><\/p>\n

That\u2019s when a one-time adjustment of income-driven repayment (IDR) counters will address past inaccuracies and fix payment counting going forward.<\/span>\u00a0<\/span><\/p>\n

\u201cIf you were deemed ineligible in the past because you had the wrong loans (primarily FFEL loans), or were in an ineligible repayment plan, this will correct that,\u201d said Marty Lynch of <\/span>Cambridge Credit Counseling<\/span><\/a>, a PEF member benefit vendor, who spoke at the Region 1-5 Leadership Conference in Ithaca February 25. \u201cThis is a game changer.\u201d<\/span>\u00a0<\/span><\/p>\n

Loans not made through the William Ford \u201cDirect\u201d loan program must be consolidated into a Direct consolidation loan by May 1 to receive the adjustment. Borrowers should request a Direct loan consolidation on studentaid.gov, not through their servicer or any private lender such as SoFi, College Ave, or LendKey.\u00a0<\/span>\u00a0<\/span><\/p>\n

\u201cThey\u2019re all reputable lenders, but if you consolidate your loans through any of them, you\u2019ll have converted your federal loans into private loans and made yourself ineligible for all federal loan forgiveness programs,\u201d Lynch said. \u201cIf you only have Direct loans already, you won\u2019t need to do anything. The nice thing about this mini-waiver is that it applies to for-profit and non-profit workers alike.\u201d<\/span>\u00a0<\/span><\/p>\n

The one-time account adjustment that will count toward loan forgiveness includes:<\/span>\u00a0<\/span><\/p>\n