Student Loan Debt Relief
August 4th update from the Office of Student Financial Servies (firstname.lastname@example.org)
On July 31, 2023 the US Department of Education released the BETA application for a new, income driven repayment plan.
The application can be found here:
July 10, 2023 update from the Office of Student Financial Services (email@example.com)
On June 30, 2023, the Supreme Court of the United States (SCOTUS) ruled against President
Biden’s one-time Student Debt Relief Program.
The United States Department of Education has responded with the following actions:
- The Secretary of Education initiated a rulemaking process aimed at opening an alternative path to debt relief for as many working and middle-class borrowers as possible, using the Secretary's authority under the Higher Education Act.
Franklin Pierce University borrowers are encouraged to identify their student loan servicing agency by visiting www.studentaid.gov. Additional loan and servicer details can be found under “My Aid.”
Once identified, borrowers are encouraged to speak to their loan servicer regarding the following items:
- The United States Department of Education has finalized the most affordable repayment plan ever created. The SAVE (Saving on a Valuable Education) repayment plan ensures that borrowers will be able to take advantage of this plan this summer—before loan payments are due. This plan is expected to help the typical borrower save more than $1,000 a year. For more information on the SAVE program go to https://studentaid.gov/announcements-events/save-plan. Any additional questions about your payment plan options should be directed to your loan servicing agency for assistance.
- In addition, to protect the most vulnerable borrowers from the worst consequences of missed payments following the payment restart, the US Department of Education is instituting a 12-month "on-ramp" to repayment, running from October 1, 2023 to September 30, 2024, so that financially vulnerable borrowers who miss monthly payments during this period are not considered delinquent, reported to credit bureaus, placed in default, or referred to debt collection agencies. While missed payments will not adversely affect loan status or credit reporting during this time, please note interest will resume and missed payments will not count toward any loan forgiveness programs. Alert your loan servicing agency of any financial hardships you are experiencing.
The Franklin Pierce University Student Financial Services Office will continue to monitor initiatives from the US Department of Education and will update this page as developments occur.