Money Talks

9/13/2022

Money Talks: Student Loan Forgiveness

We’ve got a new angle on Student Loans to discuss today – the canceling of student debt. What’s the difference between canceling and forgiveness? Who is eligible and when? What happens after your debt is wiped away? We’ll discuss the new student debt elimination programs between your other personal finance questions.President Biden's plan to forgive federal student loan debt – up to $20,000 for Pell Grant recipients and up to $10,000 for others who qualify was announce last month.Borrowers are eligible for this relief if their individual income is less than $125,000 ($250,000 for married couples). No high-income individual or high-income household – in the top 5% of incomes – will benefit from this action. https://www.whitehouse.gov/briefing-room/statements-releases/2022/08/24/fact-sheet-president-biden-announces-student-loan-relief-for-borrowers-who-need-it-most/What can borrows do now?Make sure your information is up to date with your loan servicer. To see who your servicer is: studentaid.gov/dashboard or call Federal Student Aid Information Center 1-800-433-3243Be ready to submit the online application with the Dept of Education: ed.gov/subscriptions Email alerts begin in October. After application is submitted, debt should be forgiven in 4 – 6 weeks. You should apply for forgiveness before Nov. 15th . The payment pause ends Deb. 31st, 2022To ensure a smooth transition to repayment and prevent unnecessary defaults, the pause on federal student loan repayment will be extended one final time through December 31, 2022. Borrowers should expect to resume payment in January 2023.The ability for public service workers to have debt forgiven has changed. Fixing the broken Public Service Loan Forgiveness (PSLF) program by proposing a rule that borrowers who have worked at a nonprofit, in the military, or in federal, state, tribal, or local government, receive appropriate credit toward loan forgiveness.To ensure borrowers are aware of the temporary changes, the White House has launched four PSLF Days of Action dedicated to borrowers in specific sectors: government employees, educators, healthcare workers and first responders, and non-profit employees. You can find out other information about the temporary changes on PSLF.gov.You must apply to PSLF for the waver before the temporary changes end on October 31, 2022. Check to see if you qualify for public service loan forgiveness (PSLF). Go to Studentaid.gov/pslf  to check to see if your employer qualifies: studentaid.gov/pslf/employer-searchIf you paid off your loans in full during the federal payment freeze, you are likely still eligible for both a refund and student loan forgiveness. You can request a refund of the payments you made during the pandemic and your balance will return to the pre-pandemic amount. https://www.forbes.com/advisor/student-loans/student-loan-payment-refunds/#:~:text=If%20you%20paid%20off%20your,to%20the%20pre%2Dpandemic%20amount. 
8/9/2022

Money Talks: Money & Kids

When you add a child to your family you add joy and happiness and extra expenses. What costs can you control? Which costs are flexible? We’ll talk about the extra costs of impending parenthood. We also can take your other personal finance questions. New Legislation: While adoption can be expensive, it doesn’t have to be. In fact, many parents adopt children at little or no cost through the Mississippi foster care system. Expenses totaling $1,000 to $5,000 can be subsidized or reimbursed. https://adoption.com/mississippiOn February 6th of 2018, Money Talks discussed Child Care Options for your Budget. http://moneytalks.mpbonline.org/5cd31f1533f6c1be55607d91According to a Mississippi Department of Human Services 2021 survey: Average weekly, full-time rates for childcare in Mississippi ranged from $125 for infant care to $111 for preschool care. When they are enrolled in full-time care, rates for school-age children average $102 per week.https://www.mdhs.ms.gov/wp-content/uploads/2021/10/Market-Rate-Report_Final_9.3.pdfPaying for College?4/19/2022 Community Colleges http://moneytalks.mpbonline.org/episodes/money-talks-community-colleges9/15/2020 Treasurer David McRae http://moneytalks.mpbonline.org/episodes/money-talks-treasurer-david-mcrae9/3/2019 529 Savings Plans http://moneytalks.mpbonline.org/episodes/money-talks-529-savings-plans10/10/2017 Paying for College http://moneytalks.mpbonline.org/episodes/5cd31f1633f6c1be55607d9eAlso parts of:http://moneytalks.mpbonline.org/episodes/money-talks-student-loans-2022http://moneytalks.mpbonline.org/episodes/money-talks-its-a-numbers-gamehttp://moneytalks.mpbonline.org/episodes/money-talks-october-open-topic-episodehttp://moneytalks.mpbonline.org/episodes/money-talks-back-to-school-financeshttp://moneytalks.mpbonline.org/episodes/5cd31f1533f6c1be55607d6ehttp://moneytalks.mpbonline.org/episodes/5cd31f1533f6c1be55607d74