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Money Talks: PERS Encore

Guest, Ray Higgins - Director of PERS This podcast has information about PERS for retirees, those close to retirement, and those employees still working with retirement in the future.


You could read the Public Employee Retirement System of Mississippi handbook, or listen to MPB’s Money Talks broadcast and podcast with the director of PERS, Ray Higgins. You’ll get a good understanding of how PERS benefits state workers and retirees. 


Contact PERS at their statewide number: 1-800-444-7377 or email them at their email address: customerservice@pers.ms.gov

Website: pers.ms.gov


Department of Finance and Administration for Mississippi: Health Insurance for Retirees http://knowyourbenefits.dfa.ms.gov/

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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.