How to apply for Student Loan Forgiveness | PSLF

do you have any idea how much 1.75 billion dollars is well that's how much student loan debt Americans currently have which is why student loan debt has been a hot button topic for the past few decades after numerous false promises it looks like we're finally getting much needed debt relief I don't know about you guys but due to years of receiving these scammy phone calls talking about student loan forgiveness I hi this is Emily with the student loan forgiveness Center we're are contacting you today because our records indicate that you may qualify for a reduction of your student loan payments through Federal programs it can be pretty difficult to just believe anything that I see or hear on the internet and for that reason the information that I'm going to be disclosing in this video is coming straight from the horse's mouth the Beloved U.S Department of Education but before we jump into it I feel the need to discuss some red flags that you guys should definitely be aware of to make sure that you are not a victim of any of these student loan scams never give your personal information to a company who's claiming that they can get your debt canceled or get your loan discharged or get your loan forgiven for a small fee that's the biggest red flag also there's never a reason why you should ever give your password to someone whether it be for your student loan login your student aid login no password whatsoever keep those to yourself and lastly you may be receiving a lot of emails especially now with this student loan forgiveness program that are actually fraudulent and phishing attempts so I'm just going to give you the official emails that you want to look for that verifies that this is an official document so whenever you get an email click on the from so you can look at the email address and if it's not one of these next addresses I'm gonna tell you it's fraudulent and you want to report it no reply at studentaid.gov no reply at debt relief Dot studentaid.gov and ed.gov at public.gov delivery.com if it doesn't come from any of these three it's not legitimate and I want you to go ahead and report all scam attempts to the FTC the Federal Trade Commission by calling and following number which is one eight seven seven three eight two forty three fifty Seven or visiting their website which is fraud.ftc.gov simple enough now do me a favor and help me spread the word by liking this video and sharing it to anybody who is in need of student loan debt relief it feeds the YouTube algorithm which means YouTube will push this video out to more people just like yourself so that we can help spread awareness and help you avoid being scammed now there are technically two separate student loan forgiveness programs right now we have the primary Biden student loan forgiveness program where you can get up to twenty thousand dollars in student loan debt relief and then there's the pslf which is the Public service loan forgiveness program and if you qualify for that my friends you could potentially have all of your student loans forgiven [Applause] and I have a super important update that just came out this week about the pslf so make sure you watch this entire video otherwise you may miss out on thousands of dollars all right guys so first we're going to talk about who qualifies for the primary student loan relief program where you can get up to twenty thousand dollars in student loan debt relief so first let's talk about the individuals right so if you are an individual your income must fall under 150 000 now if you're a married couple or you file a head of household then your combined income must fall under 250 000 now I want to be clear about something real quick this is not I repeat this is not a stimulus check and what I mean by that is if your remaining balance is only about five thousand dollars and you qualify for up to twenty thousand dollars do not expect to receive a check in the mail for fifteen thousand dollars that is not how this works all right all right guys now let's talk about how to apply now at the time of recording this video which is October 13 2022 the application has not opened yet but any day now the application will be made public where you can apply sometime this month October 2022. to be the first to be notified when they release the application you want to make sure you go online and sign up for the notifications the website to do so is studentaid.gov forward slash debt relief now once this application is open maybe if you're watching this video a couple of days or a couple of weeks from now you will be able to do so from that point all the way through December 31st of 2023 so you have a full year and some months to apply for this loan but I will go ahead and tell you you want to apply as soon as possible possible because the longer you wait to apply the longer you will have to wait because it is first come first serve now earlier this week the official Twitter account for the White House did reveal some details about the student loan forgiveness application for one they said it's going to be short and simple no supporting documents will be required or federal student aid ID so if you don't know your FSA ID don't worry you can still apply the application will be made available in both English and Spanish and you can complete this application whether on a mobile device or a desktop now let's go ahead and pull up this preview of the application so we can see exactly what we can expect all right guys so as you can see I got it right over here and it's pretty simple and straight to the point you know as I look at it with you guys you can see that it acts for your looks like your personal information which is you know pretty simple and then they give you a few bullet points at the end probably just telling you what to expect next that's it hit submit and you're done I love that I mean I guess they did not lie when they said it's gonna be you know straight to the point very simple application which is always great now another important thing to mention is that there will be like eight million people according to the government that will be getting this automatically like you won't even have to apply and that's due to the fact that the US Department of Education may already have your income information on file and if that's the case then they already know whether or not you qualify based on the income information they have on file so for the rest of us we will need to apply the government does encourage that everyone no matter the fact you need to go ahead and fill out the application at the latest by mid November before the pause expires in December and what I mean by pause most of you should know by now that no student loan payments are technically required right now like when we first got into the pandemic they postponed all student loan payments and they kept extending it and as of right now it is set to expire December 31st 2022 which means at the start of the New Year everyone will be required everyone that still has a student loan will be required to resume making payments on those student loans so yeah you want to go ahead and apply before we get to that point where they lift that hold and everybody has to make their payments again now the ETA for anyone that does apply for the Joe Biden federal student loan forgiveness program will be about six weeks so you can expect to receive that ten thousand or Twenty Thousand off of your balance within six weeks of applying and now let's talk about the pslf the Public service loan forgiveness program again if you qualify for this you could have all of your student loan debt wiped away I repeat yes that means whatever your remaining balances are they could be forgiven completely now the qualifications for this is a bit unique the first thing is you have to have made 120 payments now we're talking about student loan payments so that's the first qualification and the second qualification is that you must have made those 120 payments while being employed full time by either the military a federal state or local government employer or a qualifying non-profit organization but here's the thing guys if you qualify your student loans may have already been forgiven so I want you to do me a favor if you qualify for this right here this pslf I want you to pause this video right now and check your balance now if you checked your balance and everything is paid off and you're shocked I want you to go ahead and tell me in the comments that your student loans have been forgiven so everybody can say congratulations and give you a shout out if your student loans have not already been forgiven you will need to go to their website and enroll in the public service student loan forgiveness program we are in open enrollment which means this application is available right now and all you got to do is go to studentaid.gov forward slash pslf again that's studentaid.gov slash pslf now here's the super important detail I've been telling you about since earlier in this video Drop some jams if you apply for the public service student loan forgiveness program prior to October 31st 2022 you may also have any recent payments since the time that they announced this pslf program until October 31st forgiven as well so you could get a credit for any recent payments that you made since this program opened now if you apply past then which is November 1st on you cannot get any credits for any payments you've already made recently it'll be just the remaining balance from the time that you enroll in this program so you definitely want to enroll ASAP all right that's a wrap so if you guys enjoyed this video and you found anything even remotely helpful do me a favor and again like this video And subscribe I'll be making a follow-up to this video as soon as I am notified just like you will be if you signed up for updates that the student loan forgiveness program application is made available if you have any questions about this student loan forgiveness program or if you just want to let me know that your student loans were forgiven whether it's ten thousand all the way up to 20 or the full remaining balance please let me know shout it out to the rooftops in the comments below and I hope all of you enjoy the rest of your evening or afternoon or morning whatever time of the day it is and as always thanks for watching foreign [Music]

Channel: Kelvin McNeil

Views: 16,583

Keywords: How to apply for student loan forgiveness, student loan forgiveness application, PSLF, PUBLIC SERVICE LOAN FORGIVENESS, HOW TO GET MY STUDENT LOANS FORGIVEN, student loan forgiveness, student loan forgiveness 2022, student loan forgiveness explained, student loan forgiveness how to apply, student loan forgiveness update, student loan forgiveness 2022 explained, student loans forgiveness, student loan forgiveness 2022 who qualifies, student loan forgiveness application form

Id: m_fcPS5tWXs

Length: 12min 34sec (754 seconds)

Published: Sat Oct 15 2022