What You Need to Know About the Oct. 31 PSLF Waiver Deadline

Oct. 31, 2022 is an important date for student loan borrowers in public service, and it has nothing to do with Halloween. (Though missing it could be just as scary.)

That’s the last day you can apply for the limited Public Service Loan Forgiveness (PSLF) waiver, which allows borrowers to receive credit for past periods of repayment that typically don’t qualify in the program.

If you think taking advantage of the waiver while it’s still available won’t make much of a difference, you might want to think again. The differences between the standard PSLF requirements and the more lenient requirements available through Oct. 31 are significant.

Under the temporary PSLF waiver, you can receive credit for:

  • More loans count. Periods of repayment on direct, FFEL (Federal Family Education Loan) and Perkins Loans. Typically, only direct loans are eligible.
  • All plans count. Periods of repayment under any plan count, not just the 10-year standard plan or income-driven repayment plan.
  • More repayment counts. Periods of repayment on loans before consolidation count, even if on the wrong repayment plan.
  • More payments count. Late payments or payments less than the amount due count.
  • Different employment counts. Periods of repayment when unemployed or not employed by a qualifying employer at the time of application and forgiveness.
  • Other jobs count. Periods of service for teachers that led to Teacher Loan Forgiveness eligibility will count toward PSLF if teachers certify their PSLF employment for that period.

Remember, the PSLF program is unrelated to the government’s student debt

Read More

How We Retired In Our 30s With $1,000,000 And Travel The World

Are you interested in early retirement? Today, I have a great interview with Kristy Shen, who retired with $1,000,000 at the age of 31.

You probably know Kristy from the blog Millennial Revolution. Millennial Revolution is a popular early retirement resource, so I’m excited to share this interview with you on how she reached early retirement.How We Retired In Our 30s With $1,000,000 And Travel The World

In this interview, you’ll learn:

  • How they calculated how much money to save
  • What made them want to retire early
  • Whether they live comfortably or not
  • How much time they spend traveling
  • The careers they had before early retirement
  • The sacrifices they had to make

And more!

This interview is packed full of valuable information on reaching early retirement.


Related content:

1. Tell me your story. Who are you and what do you do? Can you go into detail on how much you saved for early retirement, how you chose that amount, etc.?

We are Kristy and Bryce, and we are world-traveling early retirees, having left the rat race in our early 30s back in 2015.

We were both working as computer engineers, but after almost a decade of trying to follow the “traditional career path” of buying a house and working until we’re 65 to pay it off, we realized that those old rules didn’t really work for our generation and we tried something different.

So we saved and invested our money instead, and when our portfolio hit $1,000,000, we retired and never looked back.

2. Can you explain how early retirement

Read More

What to Expect & How Bankruptcy Works

Filing for bankruptcy is never an easy choice.

But sometimes, it can feel like the only way to escape the vice grip of debt and move on with life.

Most personal bankruptcy files will turn to a Chapter 7 bankruptcy, which offers almost total debt forgiveness and a quick discharge time.

But before you can get a fresh start from a Chapter 7 bankruptcy, you should know the basics — and what to expect from the bankruptcy process.

What Is Chapter 7 Bankruptcy?

In researching your options, you’ll find there are two common types of bankruptcy for individuals and couples: Chapter 7 and Chapter 13. While similar in many ways, they differ in some big areas.

Chapter 7 bankruptcy, also known as “liquidation bankruptcy,” is a bankruptcy by which individuals or couples who are deemed to not have a high enough income to pay back debts can absolve themselves through liquidating their assets. You can include both secured debts and unsecured debts.

If the liquidation doesn’t cover the entire debt, then the remaining balance is typically forgiven.

Chapter 13 bankruptcyalso known as “wage-earner bankruptcy,” is for those whose income or other qualifiers make them ineligible for Chapter 7.

These individuals or couples will work with a trustee to create a payment plan lasting three to five years to repay most of their debt, and they won’t have to liquidate any assets unless they choose to.

Of the two, Chapter 7 is by far the most popular. Here’s how

Read More