Office Hours 10.11.23: Why the administrative forbearance? How to lower Parent PLUS payments

Office Hours is a semi-monthly virtual student loan clinic presented by the @themccfw Maryland Center for Collegiate Financial Wellness that provides borrowers with a free, trusted venue to help them navigate student loans and prepare for financial success beyond repayment. The content in this video is based on information available as of October 11, 2023. This edition covered topics including: -why so many people are being placed into administrative forbearances -what parents can do if their student loan payment is too high -what happens when you apply to consolidate while in school -what to do when trying to prove an employer should be "Eligible" for PSLF Disclaimer: Office Hours is presented by the Maryland Center for Collegiate Financial Wellness for informational purposes only. The information presented does not represent financial or legal advice. Borrowers are responsible for all decisions and outcomes related to their student loan repayment and/or cancellation experience. The borrower experience is evolving, more changes are expected and we will share them in future editions of Office Hours. #studentloans #PSLF #PSLFwaiver #studentloanforgiveness #pslfcount #consolidation #studentloandebt #cancelstudentdebt #FFELP #FFEL #IDRadjustment #officehours #mhec #Maryland #Classof2023 Contents 00:00 Welcome 01:48 Disclaimer-Office Hours is presented for informational purposes only 02:20 Another half million in PSLF and IDR victories 03:38 How much debt MCCFW has helped borrowers get canceled since 2022 04:24 Event update-What parents need to know (about student loans) presented by the City of Gaithersburg Financial Empowerment Center 05:10 PSLF Pace-What's happened since Dr. Tisa applied for PSLF in September? 08:12 I received a notice that my loans will be in an administrative forbearance. Why? What does that mean? 12:00 Will the administrative forbearance count toward PSLF? 12:58 I need to find my account number to complete a paper consolidation application. I logged onto my servicer’s portal and I can’t find it. Where can I go? 15:54 The payment is too high. I have Parent PLUS Loans and a FFELP consolidation loan. What will happen if I attempt the double consolidation loophole to bring it down? 26:17 If I start the double consolidation now (10/11/23) will it be in time enough for the 12/31/23 deadline? 27:25 I have loans that entered repayment in early 2001 that I consolidated in 2017. I went back to school and I am still in school. Should I consolidate now for PSLF? 28:36 I am submitting my last PSLF Application. Since my count is probably higher than 120 should I select the forbearance? 31:46 Repayment is back. Here's the best place to go for information about your federal student loans 32:19 Options for accountability 33:04 Why you should show your customer servicer representative some grace (no pun intended) 33:58 What to do if you have a problem with your loan servicer and can't get it resolved by working with them 34:56 Information for Marylanders who want to complain about their student loan servicers 39:06 Sending support to Bowie State University and Morgan State University 41:07 How pre-K thru 12th grade educators in Prince Goerge's County can get free help with applying for PSLF 43:39 About MCCFW's 2022-23 Impact Report