3 Student Loan Questions X 3 Minutes X Monday
Q1: Should I consolidate my private student loans into a federal student loan to get loan forgiveness under President Biden?
There’s no way to turn your private student loans into a federal student loan to get loan forgiveness. But you may be able to refinance your federal student loans with a private lender to get a lower interest rate.
Q2: The recertification period for my IBR plan was due during the coronavirus forbearance, should I submit my application now?
I have advised all of my clients to recertify according to their pre-coronavirus forbearance payment schedule. So if you were supposed to recertify, but didn’t, my position is to do so now. (That is unless it makes sense to wait until after you file your taxes for 2020 because your income is much lower than it was when you last recertified.)
Q3: Can money from a personal injury settlement be garnished to pay back my student loans?
Possibly. Student loans can take money out of your account without your permission only if they have a court order to do so. You’re unlikely to be sued for federal student loans. So most borrowers never have to worry about a bank garnishment for student loans. The borrowers that need to worry are usually those that have been sued for a private student loan.
? Want to get my help with your student loans? Schedule a free 10-minute phone call with me here: https://www.tateesq.com/contact