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What you need to know about the SAVE plan, the income-driven student loan repayment plan

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Bethune Cookman

NEW YORK (AP) – More than 75 million student loan borrowers have signed up for the U.S. government’s latest repayment plan because it launched in August.

President Joe Biden recently announced he would cancel federal student loans for nearly 153,000 borrowers enrolled in the plan, often called the SAVE plan. Forgiveness was granted to borrowers who had repayments for at the very least 10 years and originally borrowed $12,000 or less.

The SAVE plan was created last 12 months to replace other existing income-driven repayment plans offered by the federal government. More borrowers at the moment are eligible to have their monthly payments reduced to $0, and lots of qualify for lower payments compared to other repayment plans.

For Lauran Michael and her husband, the SAVE plan cut their student loan payments in half.

Bethune Cookman
Bethune Cookman University (Source: Bethune Cookman University)

Since they got married, the two have been paying off her husband’s student loans, which could be about $1,000 a month if payments resumed after the pandemic break. Under the SAVE plan, their payments are currently $530 monthly.

“We don’t want our loans to dictate our life choices and stop us from doing other things because we’re paying so much money. The SAVE plan was definitely a game changer,” said Michael, a 34-year-old interior designer from Raleigh, North Carolina.

Michael’s family pays for day take care of their two children using money they’ve saved by not paying fees during the pandemic and reduced fees through the SAVE plan.

If you’re enthusiastic about applying for a SAVE plan, here’s what you need to know:

What is an income-driven repayment plan?

The U.S. Department of Education offers several repayment plans for federal student loans. Under the standard plan, borrowers are charged a set monthly amount that ensures that the entire debt is repaid after 10 years. However, if borrowers have difficulty repaying this amount, they will enroll in one in all several plans that supply lower monthly payments depending on income and family size. These are called income-driven repayment plans.

Income-driven options have been offered for years and usually limit monthly payments to 10% of the borrower’s discretionary income. If the borrower’s earnings are low enough, their bill is reduced to $0. And after 20 or 25 years, any remaining debt shall be worn out.

How is the SAVE plan different?

More borrowers in the SAVE plan are eligible for $0 payments. This plan won’t require borrowers to make payments in the event that they earn lower than 225% of the federal poverty line – $32,800 a 12 months for a single person. Meanwhile, the cutoff for other plans is 150% of the poverty line, or $22,000 per 12 months for a single person.

The SAVE plan also prevents interest from accumulating. As long as borrowers make monthly payments, their overall balance won’t increase. Once your adjusted monthly payment is roofed – even when it’s $0 – any remaining interest is waived.

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Other significant changes will come into effect in July 2024. Undergraduate loan repayments shall be capped at 5% of discretionary income, up from the current 10%. People with graduate and student loans can pay between 5% and 10%, depending on the original loan balance.

The maximum repayment period is restricted to 20 years for those with only undergraduate loans and 25 years for those with college loans.

Who qualifies for the SAVE plan?

The SAVE plan is out there to all student loan borrowers in the Direct Loan program who’re in good standing with their loans.

Read more about the SAVE plan Here.

How do I apply for a SAVE plan?

Borrowers can apply for the SAVE plan using Requesting an income-driven repayment plan via the Department of Education website.

How will I know that my debt has been forgiven?

If you are one in all the SAVE forgiveness borrowers, you will receive an email from the Education Department.

What other programs can assist you repay student loan debt?

If you worked for a government agency or nonprofit, the Public Service Loan Forgiveness program offers cancellation after 10 years of normal payments, and a few income-driven repayment plans cancel the remaining portion of a borrower’s debt after 20 to 25 years.

Borrowers should be sure that they register for the program the absolute best repayment plan based in your income qualify for these programs.

Borrowers who’ve been defrauded by for-profit colleges may apply for aid through a program often called Borrower Defense.

If you want to repay your federal student loans on an income-driven plan, the first step is complete an application through the Federal Student Aid website.

Will there be forgiveness in the future?

Several categories of borrowers could be eligible for relief under Biden’s second attempt at mass loan cancellation after the Supreme Court rejected his first plan last 12 months.

The proposed plan includes relief for borrowers who repay their loans for at the very least 20 or 25 years, automatic forgiveness for borrowers who qualify for income-driven repayment plans but aren’t enrolled, and loan cancellation for borrowers who participated in a program geared toward for profit. universities, which resulted in them being unable to repay, amongst other things, student loans.

There is a growing query whether any relief shall be realized as Conservatives vow to challenge any attempt to mass student loan cancellations. The latest proposal is narrower and focuses on several categories of borrowers who could face having some or all of their loans forgiven but are almost certain to face legal challenges.

According to the Department of Education, currently borrowers who qualify for forgiveness under the SAVE program will repay their loans on a rolling basis.


This article was originally published on : thegrio.com
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Education

Literacy materials being withdrawn from many schools are facing new pressure from parents of children with reading difficulties

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literacy, school literacy, literacy materials in schools, student literacy, student reading rates, learning to read, theGrio.com

A lawsuit filed by two Massachusetts families deepens opposition to an approach to teaching reading that some schools proceed to make use of despite evidence that it will not be probably the most effective.

States across the country were modernization of reading programs for research-based strategies, generally known as “learning to read”, including an emphasis on sounding out words.

This week’s lawsuit takes aim at an approach that does not try this emphasize phonics. These include the time-tested “three clues” strategy, which inspires students to make use of images and context to predict words by asking questions comparable to: “What happens next?”, “What is the first letter of the word? ” or “What clues do the photos give?”

The families of the Massachusetts students who did this it was hard to read filed a lawsuit against authors and publishers who supported this approach, including Lucy Calkins, a lecturer at Teachers College at Columbia University. He is demanding compensation for the families allegedly harmed by the fabric.

Thousands of schools once used the three-signal approach as part of the “balanced literacy” approach advocated by Calkins and others, which focused, for instance, on having children read books they liked independently and spend less time on phonics or letter relationships and sounds. Over the past few years, greater than 40 states have passed laws emphasizing evidence-based and research-based materials, in keeping with the nonprofit Albert Shanker Institute.

It’s unknown how many school districts still use the programs at issue since the numbers aren’t monitored — but there are many, in keeping with Timothy Shanahan, professor emeritus of education on the University of Illinois at Chicago. Many teachers have been trained to show the three-pointer, so it could actually be used even in classrooms where it will not be part of the curriculum, he said.

He said research does show the advantages of teaching phonics, but there may be less information in regards to the three-cue method.

“There is no research that isolates the practice of teaching three-pointers – so we don’t know if it helps, hurts, or is just a waste of time (although logically it would seem to conflict with phonics, which may or may not be the case when teaching children),” he wrote in an email.

How

A key part of the sport is the tricue Reading the recovery programwhich was utilized in over 2,400 US elementary schools. In 2023, the Reading Recovery Council of North America filed a lawsuit alleging that Ohio lawmakers violated the authority of state and native boards of education through the use of a budget bill banning the three-pointer.

The new lawsuit accuses Calkins and other outstanding figures in the sphere of childhood literacy of using fraud to trick schools into purchasing and using flawed methods. The parents who sued alleged that their children had difficulty reading after studying in public schools in Massachusetts, where a 2023 Boston Globe study found that almost half of schools used materials that the state Department of Education deemed to be of low quality.

The lawsuit asks the court to order authors, their corporations and publishers to supply an early literacy program that features reading instruction for gratis.

One plaintiff, Michele Hudak of Ashland, said she thought her son was reading at an elementary level until fourth grade, when he had difficulty reading his assigned textbooks. By then, tests showed he was reading at an elementary level, the lawsuit said, “solely because he could successfully guess the words from the pictures.”

Calkins didn’t reply to an email looking for comment. It has maintained its approach, even adding more phonics to its literacy curricula, called units of study.

But last 12 months Teachers College announced it was closing the Reading and Writing Project, which Calkins founded, saying it desired to foster more conversation and collaboration between different approaches to literacy. Calkins has since founded the Reading and Writing Project in Mossflower to proceed her work.

“Teachers must use the best approach and differentiate their instruction depending on the specific child they are working with,” Calkins said in a video posted on the new project’s website.

Michael Kamil, professor emeritus of education at Stanford University, said that although Calkins dropped phonics, it is just one component of teaching children to read.

“There are lots of reasons why students don’t learn to read, and the reading program is very rarely the main reason,” Kamil said.

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This article was originally published on : thegrio.com
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Education

Actor Michael Rainey Jr. donates $2.4 million to improve financial literacy in Staten Island schools

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Michael Rainey Jr., Staten Island Turkey Drive, R.A.R.E organization, theGrio.com

“Power Book II: Ghost” star Michael Rainey Jr. just made a significant move into power — starting this 12 months’s holidays early.

The 24-year-old actor has partnered with the Restoring America Through Recovery Education (RARE) Foundation to donate $2.4 million in financial literacy tools and support to three high schools in Staten Island, New York.

“A huge THANK YOU to (Michael Rainey Jr.) for sponsoring Port Richmond High School and providing each student and their parents with the necessary education in financial literacy and Equifax identity theft protection! Your commitment to empowering the next generation is truly inspiring,” RARE officials captioned the post on the web site Instagram.

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The post included a video from the day Rainey visited Port Richmond High School to present the organization with an enormous check. There, he spoke candidly about his financial literacy journey and posed for photos with students. School officials and community organizers were also available to talk to students about financial literacy.

“Together with the support of the RARE Foundation Board of Directors, this is the first step in our mission to ensure that every student in New York is financially prepared for adulthood,” the post continued. “This is just the beginning – there are many more schools to come! Let’s make financial literacy a priority for every student!”

According to the organization’s website, the RARE Foundation strives to provide disadvantaged communities with “essential financial recovery education and training.” By partnering with RARE, Rainey hopes to further empower disadvantaged and at-risk youth with sage advice in order that they can confidently navigate their financial future, local radio station HOT 97 reported.

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Rainey is from Louisville, Kentucky, and “Power Book II: Ghost,” a derivative of fifty Cent’s “Power” TV series, is ready in the five boroughs of New York City. In the spirit of the season, this wasn’t the one charity event Rainey took part in on Staten Island in recent days. According to videos uploaded to his Instagram Storiesthe actor also appeared on the Staten Island Turkey Drive, where he greeted guests and handed out T-shirts.


This article was originally published on : thegrio.com
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Education

VSU is the first HBCU with an accredited social work program

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Virginia State University, HBCU, Accredited Social Work Program

Virginia State University (VSU) is making HBCU history with a brand new accredited program.


Virginia State University distinguishes itself from other Historically Black Colleges and Universities (HBCUs) by adding a Master of Social Work degree program. The advanced degree program will likely be the first of its kind accredited by the Council on Social Work (CWSE) to be offered at an HBCU.

The university announced the accreditation of the program on November 21 on the university’s official website. The program has been operating since 2022, but only now has it received full accreditation. CWSE grants accreditation retroactively, covering previous semesters through fall 2022.

With the addition of the program, VSU’s mission is to teach culturally and socially competent mental health experts to assist support and lift up your communities.

“Preparing graduates to systematically and strategically address the well-being of people who have experienced trauma. It is also committed to promoting human rights and social and economic justice through community engagement, advocacy and collaborative research that influences professional practice at the local, national and global levels,” the press release reads.

VSU is not the only HBCU that has found success in academia. BLACK ENTERPRISES it was recently reported that Jackson State University is the first HBCU to win the Founder’s Award from the National Academy of Inventors (NAI).

NAI was founded in 2011 and has welcomed over 700 fellows. The organization promotes and honors creativity, diversity and invention. To join this prestigious organization, a scientist must hold no less than one U.S. patent.

JSU is a founding member of the organization and boasts many successful innovators who’ve change into NAI scholarship recipients.

Introduced in 2012, Ernest Izevbigie obtained two patents that led to the creation of EdoBotanics. The dietary complement helps cancer patients cope with the unwanted effects of chemotherapy and radiotherapy. Other inductees included Kamal Ali ’17 and Danuta Leszczyńska ’18.

JSU President Marcus Thompson accepted the honor: “This distinction further underscores our commitment to academic excellence, economic development and social progress. This is a significant milestone not only for JSU, but for all HBCUs and the state of Mississippi.”


This article was originally published on : www.blackenterprise.com
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