After what feels like an eternity of waiting, the IDR waiver FAQ has finally arrived. The Department of Education finally released answers to the questions plaguing borrowers’ minds since the program was first announced. It’s way more complex than the now-expired PSLF waiver, so there’s a lot to cover. I’ll take you through all the important details, including what counts towards time in repayment, the benefits and potential drawbacks of consolidation, and how the IDR waiver can impact your eligibility for forgiveness.
In today’s episode, you'll find out:
- The difference between the IDR and PSLF waiver, and which one is more complex
- Why the Department of Education is prone to making mistakes
- Why consolidating loans can be risky
- Whether President Biden would veto any legislation aimed at blocking the IDR waiver
- How the IDR waiver impacts borrowers based on time in repayment, deferment, forbearance, and repayment plans
- The potential cost of the IDR waiver to the Biden administration
- Why you should be cautious with consolidating loans if you have PSLF repayment
- The impact of Senator Warren's letter on loan forgiveness for millions of borrowers
- President Biden's stance on the IDR waiver and the potential FFEL legal concerns
- How consolidating loans can help PSLF borrowers get even more credit
- How ongoing developments may affect consultant availability for the IDR waiver FAQ
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