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Student Loan Pause Extended through Aug 2022

MySunset271
Frequent Contributor

Student Loan Pause Extended through Aug 2022

Message 1 of 15
14 REPLIES 14
ccquest
Established Contributor

Re: Student Loan Pause Extended through Aug 2022

I'll gladly take it, but hopefully in August they announce something more meaningful. Whether it's 0% forever, $10k forgiveness, $50k forgiveness, adjustments to PSLF, or just something concrete instead of kicking it down the road again.

This just seems like something to make it a topic again around mid-term elections.
as of 3/24/22
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Message 2 of 15
ZackAttack
Frequent Contributor

Re: Student Loan Pause Extended through Aug 2022


@ccquest wrote:
I'll gladly take it, but hopefully in August they announce something more meaningful. Whether it's 0% forever, $10k forgiveness, $50k forgiveness, adjustments to PSLF, or just something concrete instead of kicking it down the road again.

This just seems like something to make it a topic again around mid-term elections.

I don't think forgiveness will happen anytime soon. I remember in one of the YouTube videos from a news station that Biden is demanding the justice department to do an appeal in one of the states where a judge discharge a lot of student loan money for one person.

 

That would make it interesting to see how forgiveness may not happen at all just by those actions.

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Message 3 of 15
donkort
Valued Contributor

Re: Student Loan Pause Extended through Aug 2022

Does one have to actually apply for this forebearance----or does it happen automatically.

 

FICO 8: EQ 810; TU 816; EX 822 as of 7/5/2022
Message 4 of 15
unsungivy
Frequent Contributor

Re: Student Loan Pause Extended through Aug 2022

If your loans are Federal it should be automatic (it has been for everyone I know). But double check yours just in case.

SD - Biz -
Message 5 of 15
donkort
Valued Contributor

Re: Student Loan Pause Extended through Aug 2022

Thank you.

FICO 8: EQ 810; TU 816; EX 822 as of 7/5/2022
Message 6 of 15
LoriB2022
Established Member

Re: Student Loan Pause Extended through Aug 2022


@donkort wrote:

Does one have to actually apply for this forebearance----or does it happen automatically.

 


Mine happened automatically.  Matter of fact, all of a sudden they all reported closed on Transunion, EX and EQ dropped them altogether.  I'm over here like...WHAAAAT?!?!  I'm looking side-to-side to see if I'm being watched.  Will they come back?  Who knows but it sure did make my score jump up.  Those suckers have been there since the 1990's!!!

 

I had filed for a forbearance in January and got a letter from the Dept. of Ed saying "No need little lady, the Feds have yo back."  Then they disappear from my reports or closed.  Huh.  I did the happy dance all the way down the hallway...in front of the dogs!  

 

Good luck to you!

Message 7 of 15
semsmith
New Visitor

Re: Student Loan Pause Extended through Aug 2022

One of my federal loan providers is not allowing for the August 2022 extension because they say the new law is only in regards to federally owned federal loans, but not federal loans owned by a university. has anyone else heard that? 

Message 8 of 15
LoriB2022
Established Member

Re: Student Loan Pause Extended through Aug 2022


@semsmith wrote:

One of my federal loan providers is not allowing for the August 2022 extension because they say the new law is only in regards to federally owned federal loans, but not federal loans owned by a university. has anyone else heard that? 


Nope.  Never heard of that.  

 

I don't see how your FEDERAL loans don't qualify unless it's a PELL Grant, etc... 

Think about it, if you defaulted on your federal loan then they would send it right back to the Dept. of Ed who sent it to the University, hence it's a FEDERAL STUDENT LOAN.  Besides, it's not a new law... it's been in place for a few years.  ** Mod Cut - Not here please **

 

JMHO

Message 9 of 15
TheRedHat
Frequent Contributor

Re: Student Loan Pause Extended through Aug 2022


@semsmith wrote:

One of my federal loan providers is not allowing for the August 2022 extension because they say the new law is only in regards to federally owned federal loans, but not federal loans owned by a university. has anyone else heard that? 


If the student loan that you have is considered a private student loan, then no, the law does not cover that. 

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