By Marlene Seeklander Student loan borrowers wanting to apply for the Income-Drive Repayment Plan or Loan Consolidation can once again do so. A March 26 Press Release from the Department of Education announced that they have reopened the online income-driven (IDR) plan and loan consolidation applications for borrowers. In order to comply with the 8th Circuit […]
By Marlene Seeklander Schools can begin reviewing their FY 2022 draft cohort default rate information and prepare for making any necessary appeals. The Department of Education announced the distribution of the FY 2022 draft cohort default rate (CDR) packages on February 24 to all eligible domestic and foreign schools. The information, sent to the SAIG mailbox
FY 2022 Draft Cohort Default Rates available Read More »
By Marlene Seeklander Financial aid offices that haven’t closed out their 2023-24 Direct Loan Program Year will want to make note of an important date. The Department of Education announced that all school data must be received and accepted by the July 31, 2025 closeout deadline in order to be included in the final Ending Cash
2023-24 Direct Loan Closeout Read More »
By Marlene Seeklander It’s that time of the year – tax preparation time – and you may receive questions about the reporting of student loan interest payments. In a recent Electronic Announcement, Federal Student Aid (FSA) outlined general information about the reporting of 2024 student loan interest payments. Borrowers who made federal student loan payments in
Reporting of 2024 student loan interest payments by loan servicers Read More »
By Marlene Seeklander All good things must come to an end, including the Fresh Start initiative. The Fresh Start initiative, which was announced in a Dear College Letter dated August 17, 2022, allowed schools to award Title IV aid to a student who would have otherwise been ineligible due to a prior defaulted loan. This applied
Important reminders about the Fresh Start initiative Read More »
By Catherine Mueller Although there’s been a lot of controversy and confusion about student loan forgiveness, students should be aware that programs do remain, for which they may be eligible, to have at least part of their loans forgiven. Public Service Loan Forgiveness (PSLF) is a federal program which is, perhaps, available to the most borrowers.
Public Service Loan Forgiveness remains an option for borrowers Read More »
By Marlene Seeklander Impacted by the pandemic pause on student loan repayments, the national student loan default rate remains at 0% for the second year in a row. The Department of Education (ED) released their FY 2021 national default briefing and, as expected, the FY 2021 cohort default rates were affected by the pause on
FY 2021 national default rate briefing released Read More »
By Catherine Mueller Borrowers on track to receive Public Service Loan Forgiveness will soon see some changes in how their loans are serviced. The U.S. Department of Education (ED) is updating its systems and contact centers to better manage the Public Service Loan Forgiveness (PSLF) process to improve the overall borrower experience. For borrowers already working
Servicing changes for borrowers seeking Public Service Loan Forgiveness Read More »
By Beth Ziehmer The FAFSA is getting a lot of our attention and rightfully so. However, Mapping Your Future recognizes that you have a lot of other responsibilities in addition to helping incoming students. With graduation just weeks away, you may be preparing your graduating and withdrawing students for exit counseling. Whether you use the Department
Addressing those other items on your to-do list Read More »
By Beth Ziehmer In the March 20 “What financial aid professionals should know about student loan repayment plans” webinar, student loan expert Betsy Mayotte of The Institute of Student Loan Advisors (TISLA) provided valuable information to webinar attendees. The presentation included information on the various student loan repayment plans and addressed what repayment plan information needs
