Crushing Debt Podcast
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Episode 462:Do I Have To Pay Back My Student Loans?Have you been paying your Student Loans?
Have you been waiting on forgiveness of your Student Loans?
Recently, the Department of Education has begun collection efforts for Student Loan borrowers behind on their payments, who have not repaid their debts or entered into some type of workout plan regarding their Student Loan debts.
The government estimates that there are 6.4 million Student Loan borrowers between the ages of 50 - 60, that owe a combined $282 Billion - or $46,000 per borrower.
For some history or background, Student Loan payments paused during the COVID pandemic. But in October 2023, Student Loan payments resumed (subject to any workout plan negotiated with the Department of Education). Now, the government is seeking collection against any defaulted Student Loans, and they have as tools, the authority, under certain circumstances, to: (1) garnish wages, (2) intercept and retain tax refunds, and (3) intercept and retain social security payments.
Unfortunately, Student Loans are still largely non-dischargeable under Bankruptcy Law, although there have been some in-roads.
So how can you manage? There are still options available, including:
- Income-Driven Repayment.
- Public Service Loan Forgiveness (PSLF)
- Modification
You can also plan ahead for the costs of Education, by researching the different borrowing programs, Grants, 529 (and similar) plans.
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To contact George Curbelo, you can email him at GCFinancialCoach21@gmail.com or follow his Tiktok channel - https://www.tiktok.com/@curbelofinancialcoach
To contact Shawn Yesner, you can email him at Shawn@Yesnerlaw.com or visit www.YesnerLaw.com.
And although the 2025 Purple Stride Walk is over, please consider a donation to Pancreatic Cancer research and education by joining Shawn's 2025 Team at MY Legacy Striders: http://support.pancan.org/goto/MYLegacy8 The link will be available until June 30.
