Sader Law Firm Blog - Kansas City Bankruptcy Attorney Blog

Sader Law Firm attorney James Boyce provided legal insight into President Biden’s student loan relief announcement in an on-camera interview with KSHB 41 News in Kansas City. In the interview, Boyce noted to the reporter the importance of knowing who your provider is, what type of student loan you have and how much you owe. “The formula is going to be lower, meaning that your payment is going to be lower, and if your balance was lower, it will last for only 10 years instead of 20,” Boyce told KSHB 41 News regarding the new repayment options. “So that means lesser payments over a shorter period of time. If you legitimately can’t afford a thing, you can probably get a $0 payment plan.” The full story can be viewed and read here. If you’re concerned about outstanding student loan debt, Sader Law Firm can assist in working to resolve your…
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Millions of student loan borrowers nationwide with federally backed student loans breathed a sigh of relief when The White House announced that $10,000 of student loan debt can be forgiven to individual borrowers who make less than $125,000 per year or married couples who bring in less than a combined $250,000, and $20,000 forgiven for those with Pell Grants. It was also made known that the federal student loan pause was extended a final time, through December 31. Along with this news, the U.S. Department of Education will cut monthly payments in half for undergraduate loans and propose a rule that borrowers who have worked at a nonprofit, in the military, or in federal, state, tribal, or local government, receive credit toward loan forgiveness. Borrowers who qualify for student loan debt relief can sign up at this link to be notified when more information becomes available. However, for those who…
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The U.S. Department of Education recently announced that more than $10 billion in debt relief has been approved through the Public Service Loan Forgiveness program, which in October 2021 adjusted certain rules to make it easier for public servants with federal student loans to have debts canceled, according to the press release. Borrowers who apply prior to the October 31 waiver deadline are eligible to receive additional credit toward forgiveness. To date, more than 1 million borrowers have received additional credit toward forgiveness – with the average borrower receiving more than one year’s worth of progress – and a total of $32 billion in student loan relief has been approved for more than 1.6 million borrowers, according to the USDE. “(This) announcement that we’ve surpassed $10 billion in forgiveness for more than 175,000 public servants shows that the Biden-Harris administration’s efforts to cut red tape are turning the Public Service…
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