We also would want to take advantage of any other programs out there such as the IDR recount going on right now. Normally, we walk borrowers through the process for that during our strategy session and get it done then. The IDR recount is huge – it’s allowing forgiveness for people with older loans, counting extended forbearances and other things to get to 20/25 yrs – the only requirement is that a borrower consolidate to Direct loans which would allow re-dating all of the loans for IDR purposes to the earliest repayment date of ANY loan contained with the consolidations. It works really well especially for those with older loans, or gaps between education. For instance someone who went to grad school during covid, can consolidate now with their undergrad loans perhaps in 1990s and their IDR start date for ALL loans would be six months after graduation from undergrad. Borrowers could obtain a full forgiveness of even the grad loans as soon as the consolidation finishes and the loan is reviewed under the IDR recount.
For our attorney followers in the Middle District Tampa Division, I’m speaking at the TBBBA Sept consumer luncheon September 12 about student loans including this IDR recount if you’d like to listen in.
For borrowers, we offer strategy sessions where we go over your specific loans and figure out your options, often doing it right then with you on the phone or via shared screen on Zoom.