Dear Clients, Friends and Colleagues,
I trust this message finds you well, and thriving. Happy summer of 2017!
I am writing with a quick, important update on national student loan news. Read on below.
About the PSLF Program
In the last year or so, many of you have expressed a lot of concern over the potential loss of the Public Service Loan Forgiveness and other programs, as the result of the new administration’s stance on student loan policies.
I have continuously reassured everyone who shares these concerns that, due to grandfathering laws inherent in student loan regulation, any new changes will almost surely only effect new borrowers who take out loans, for the first time, after the new regulation would take effect.
After studying the current president’s new budget, this is confirmed in the language of the proposal. It specifically states, “All student loan proposals apply to loans originated on or after July 1, 2018, except those provided to borrowers to finish their current course of study.”
This is great news! This means that even in the worst case scenario, the PSLF program is still reliable for everyone already enrolled in the program, and everyone that has already taken out of all their loans. The grandfathering regulations win again.
Please let me know if you have any questions about this, or anything else.