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PracticeCFO is committed to providing customized financial advice to dental practices and their owners. Below are our recent posts designed to keep you in-the-know.
They're Back: Student Loan Payments Resume & Interest Accrues
After a three-year pause on federal student loan payments, September 1st marked the first significant step toward restarting the process: borrowers will once again see interest accrue on their loan balances.  The milestone comes one month ahead of the next major date for millions of American borrowers: October 1st, when most payments will resume.  Here’s what […]
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Student Loan Update: No Forgiveness, But Perhaps a SAVE-ing Grace
In a significant blow to the Biden administration's student loan forgiveness plan, the Supreme Court has ruled against its implementation.  The court's decision, which came down in a 6-3 vote, deemed the proposed student loan forgiveness program as unconstitutional, stating that the President does not have the authority to unilaterally cancel federal student loan debt.  […]
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The Latest on Biden's Student Loan Forgiveness Plan & COVID Deferment
After the Supreme Court’s historic hearing on February 28th that will determine the fate of President Joe Biden’s student loan forgiveness initiative, millions of borrowers are anxiously awaiting updates. Biden’s plan, if it goes forward, would eliminate $10,000 in federal student loan debt for borrowers who earned under $125,000 in income in 2020 or 2021 ($250,000 if […]
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What You Need To Know On The Latest REPAYE Changes
The Biden Administration has just announced significant regulatory changes intended to reduce the cost of federal student loan payments for borrowers.  The Education Department’s proposed rules would revise one of its existing income-driven repayment plans — known as REPAYE — in which borrowers’ monthly payments are tied to their income and family size, and after a […]
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Student Loan Forgiveness: What's Next?
Student loan forgiveness has been halted by the courts. On October 21st, a federal appeals court temporarily blocked President Biden’s student debt relief program from moving forward while the court considers a bid for an injunction by six Republican-led states that want the program nixed. While it is unknown when the court will decide the case, it has […]
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A Welcome Relief (But Not For All): Student Loan Forgiveness
After years of public debate and swirling rumors about the size and scope of student loan forgiveness, the specifics of President Biden’s plan have finally been revealed.  This is welcome news for millions of borrowers, however there are important caveats to this unprecedented executive order. Forgiveness Qualification:There are roughly 45 million federal student loan borrowers in […]
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The Student Loans Reporting Rundown: Recertification vs. Recalculation
Recertification: Required annual reporting of income to your student loan servicer to update your IDR payment for the upcoming year. Recalculation: Reporting your income anytime outside of your normal recertification timeline. Why would you do this? Read on! Did you know you are NOT required to recertify your income before March 2023? If you get a notice […]
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The Great Student Loans Servicer Shake-Up
Extending the previous article, if you have student loans, your servicer likely has, or will very soon, be changing! Although different, a change in servicer may feel a lot like your bank is selling your home loan. Letters arrive notifying you of the new servicer and generally require you to create a new account online. It’s […]
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What You Need To Know About The IDR (Income Driven Repayment) Waiver
Last month we wrote about the “PSLF Waiver” that allowed a one-time recount of qualifying loan payments toward the 10-year forgiveness under the PSLF’s program for those with 10-years of employment with a government (including military) or nonprofit organization. In addition to the PSLF waiver, there is also an “IDR Waiver.” Refresher: “IDR” stands for […]
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Eligible For The PSLF Waiver? Act Now!
Note: If you’ve never worked for the government or a non-profit, the following is not applicable. Through October 31st of this year, 2022, you may be eligible to have your student loans forgiven if you previously worked for the government (including the military) or a non-profit organization and were not able to qualify your student loan […]
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