Student debt

April 30 Deadline To Consolidate Student Debt

Our union can help! 

The Department of Education is continuing to improve the Public Service Loan Forgiveness plan and now they are going back to review ALL payments for borrowers who apply and complete Income Driven Repayment plans by April 30, 2o24.

Click here to register for Summer and to attend a webinar for union members. There are webinars scheduled. The next is Feb. 19, at 7:00 p.m., so get the information to save yourself money.

This could mean thousands of dollars of debt relief for student borrowers – and even some who took Parent Plus Loans will benefit from the Income Driven Repayment program.

Public Service Loan Forgiveness is a federal program that forgives the remaining balance on your direct federal loans after you’ve 1) made the equivalent of 120 qualifying monthly payments under an accepted repayment plan 2) while working full-time for an eligible employer. As an employee at Rutgers University, you are eligible for this program. 

URA members  have access to Summer—though our parent union, the American Federation of Teachers (AFT). Summer will help you simplify and navigate your student loan, including help to: 

  • Enroll in income-driven repayment plans and managing annual income recertifications;
  • Complete the PSLF Employment Certification Form and managing the PSLF certification and application process; and
  • Find other loan forgiveness programs and maximize loan repayment and forgiveness options.
  • 120 months sounds like a long time, but the months of the COVID payment “pause” may also be counted towards that number. 

One Member of Many Who Saved

URA building rep Colleen Klein, program coordinator at the Dance Department in Mason Gross said: “I finally received a judgment on my PSLF application re: my student loans. They have been forgiven! The amount forgiven: $34,988. The years I worked at Pillar College, Princeton & Rutgers fulfilled the service requirement.

I am so thankful to the union for helping with this process. It’s daunting & takes some time but having Summer work with me was key to getting this result.”

Do Not Delay

See also  Union Plus Scholarships

Your last chance to have previously ineligible payments on any federal loans count toward PSLF ends on April 30, 2024. You must consolidate FFEL Loans and Perkins loans before this deadline to maximize the number of qualifying payments. Complete the consolidation application using Summer or at Federal Student Aid before April 30, 2024.