Loved visiting @chisholmdcps to work w/teachers this week. 18 sessions covering home buying, investing, taxes, student loans, and much more.
Thanks to @JasmineBrann for inviting me and for fostering a culture of financial empowerment! Excited to continue this partnership.
@StudentLoanTrav Any idea about borrowers who switched to Standard or Extended Repayment rather than recertifying, since recertifying would skyrocket their payment? Can they contact servicer to revert to their old IDR plan?
Very excited to share that I was named a "2024 Top Financial Adviser" by Washingtonian Magazine! Only 11 fiduciary advisors from DC made the list.
https://t.co/k7rxG6KHIW
$0 versus $92,000 in student loan forgiveness:
I had someone sign up for a student loan consultation on January 3rd.
I reached out to ask her if she would like to meet in December as the waiver ends 12/31.
She agreed and made time in her schedule (taking a day off of work)...
She has FFEL loans and has made 195 payments on them since October 2007.
We met today and got the process started to get all $92,000 forgiven (consolidation and PSLF application).
Had we met on January 3rd, she would be ineligible for any forgiveness!
The IDR Waiver is huge and it ends in 16 days!!!!!!!!
There are so, so, so many teachers who need this who don't even know.
#teachertwitter #TEACHers #pslf
Do you have Parent Plus loans and struggle with an extremely high repayment amount?!
This could be for you!
I've been doing a TON of double consolidations recently...
And I want to share why I'm doing this and how to complete it with you!
Follow along to learn more:
First the why:
When you do a double consolidation of Parent Plus loans, you can "break" the Parent tag off of the loan.
If you were to get into an income-driven repayment plan with Parent Plus loans (doing only a single consolidation)...
You would only have the option of ICR (income-contingent repayment).
This repayment plan doesn't allow you to use the 2.25 multiplier like the new SAVE repayment plan.
You also have to pay 20% of discretionary income rather than 10% on the SAVE plan.
All of this to say, you will likely pay WAY less by getting your loans out of the Parent status.
Ok, on to the how:
This can get complicated quickly.
First, we do two separate paper consolidation applications, with two different loan servicers.
I take half of the loans to consolidate at one loan servicer (usually Nelnet) and the other half at another loan servicer (usually Aidvantage).
The reason you have to do paper is because you can only do one electronic consolidation per year and we want to save it for the final step!
You will also have to include an income-driven repayment (IDR) plan application choosing ICR as the repayment plan and a copy of your most recent tax return or paystub with each direct loan application.
All of these paper applications can be found on studentaid . gov .
Once the original round of consolidations have been processed, and you now have your loans at two different loan servicers...
Then you can complete a 3rd consolidation application (this time electronically).
If you are working towards PSLF, you will want to choose MOHELA for your final loan servicer.
You will have access to ALL of the repayment plans once the final consolidation goes through and your loans break free from the Parent Plus tag.
This double-consolidation loophole only lasts until July of 2025, so make sure that you take advantage while you can!!!
@Eboni_RoseDC@WTUTeacher Emailed this out to all 9,000 educators on our email list today! We love @mrkatzmo and student loan forgiveness for educators! Check it out, teachers!
We’re inviting all DC educators to our second virtual Student Loan Forgiveness webinar, covering essential insights to navigate student loan repayments, optimize the Public Service Loan Forgiveness program, and more.
🗓️Monday, September 25
⏰4PM-5PM
➡️ https://t.co/eQaSYSm9xo
I’d like to do a free student loan plan for someone pursuing Public Service Loan Forgiveness on Monday at 4pm.
Do you or somebody you know need this? DM me!
Must be able to zoom on Monday at 4. Bonus points for DCPS/ DC Gov employees.