GREENSBORO, N.C. — Student debt relief is once again on pause.
An appeals court temporarily halted the President's program last week from processing forgiveness applications, but that doesn't mean there's a pause on taking in applications.
The program website, StudentAid.gov answers questions about the pause right at the top and gives directions for borrowers.
WHAT YOU NEED TO KNOW ABOUT THE APPLICATION PROCESS NOW
The application intake process is open
As a result of a court order, there is a temporary block on processing debt discharges.
Apply & the program will continue to review applications
When the program resumes, the site will quickly process discharges
You will not need to reapply if you apply in this period
WHEN SHOULD YOU EXPECT TO SEE YOUR ACCOUNT CREDITED?
So, if you’re applying now or you’ve already applied, when can you expect to see the forgiveness reflected on your account?
“Based on the fact that the Dept of Ed said if you applied by the middle of November, it will be processed by the time payments resume in January. I think that gives us a sense that they're looking at a 45-day window to process these,” said Betsy Moyette, President of the Institute of Student Loan Advisors.
Moyette says she gets this feels like a roller coaster time for student loan borrowers. The pauses, the unknowns of what happens next, and the anxiety of wanting to see their debt be forgiven make borrowers the target for scams.
“Be careful of scams. The scammers are out in full force. No one is going to call you about this debt relief and paying someone a fee is not going to get you the forgiveness any faster,” said Moyette.
Don't be duped. The one and only site for your student loan debt relief is StudenAid.gov and it’s free.