Here's what to do about your student loans during the COVID-19 crisis:
2. If You’re Working Toward Public Service Loan Forgiveness
For these borrowers, it doesn’t make much sense to keep paying loans, even if you can. If and when you do qualify for PSLF, you’ll receive forgiveness on the outstanding balance without needing to pay income tax on the amount forgiven.You don’t have to make payments right now, but since new interest won’t accrue, any payments you do make will be turbocharged. That’s because more of your payment will go toward your principal balance, helping you pay off the loan faster.
The government will not withhold your pay, your tax refund or your Social Security payment — known as Treasury offsets — for at least 60 days if you’re in default, starting from March 13. Additionally, the Department of Education said on Wednesday that it will refund $1.8 billion in offsets to more than 830,000 borrowers whose offsets were in the process of being withheld on March 13, when President Trump declared a national emergency due to COVID-19.
If you’re worried you’ll need help after the government’s pause on payments has ended, you can sign up for anto limit your monthly bill to a percentage of your income for as long as you need to. You’ll also get forgiveness after 20 or 25 years of payments, and you’ll pay income tax on the forgiven balance. If you took out federal direct PLUS loans to help your child pay for college, these are included as part of the stimulus package’s relief offerings.
Norge Siste Nytt, Norge Overskrifter
Similar News:Du kan også lese nyheter som ligner på denne som vi har samlet inn fra andre nyhetskilder.
Man arrested in alleged coronavirus cure investment schemeCalifornia man arrested by FBI on fraud charges for allegedly soliciting investments for phony coronavirus cure.
Les mer »
Kentucky Resident Tests Positive for COVID-19 After Attending 'Coronavirus Party,' Governor SaysA Kentucky resident tested positive for the novel coronavirus (COVID-19) after attending a “coronavirus party,” Kentucky Governor Andy Beshear said at a press conference Tuesday.…
Les mer »
86-year-old Italian woman's recovery from COVID-19 offers glimmer of hope in Northern ItalyAn 86-year-old woman in the crisis-hit region of Lombardy, Italy, has made a full recovery after being hospitalized with the novel coronavirus—offering a rare glimmer of hope as the country continues to struggle with the pandemic.
Les mer »
Peter Andre shares his home schooling regime with fansPeter Andre is educating his children at home during the coronavirus pandemic but son Junior - who announced he was showing Covid-19 symptoms yesterday - has not been present
Les mer »
COVID-19 symptoms: How can I tell if I’ve got the coronavirus?When is a cough and a slight fever more than just a cough and a slight fever? When we’re in the midst of a coronavirus pandemic. Here’s what you should do next.
Les mer »
How to watch, live stream Coronavirus Task Force briefing for latest COVID-19 announcementsThe task force will update the American public Thursday evening as cases of the new coronavirus in the U.S. surpass 69,000.
Les mer »