Form Instructions 4797 for St. Petersburg Florida 2024-2025

Form Instructions 4797 for St. Petersburg Florida: What You Should Know

Senate version of the bill eliminates a provision in current law that requires the borrower to be eligible for loan relief  through a program that would not be available without the provision to the borrower. The bill is also designed to  increase the amount of time for federal loan relief. The proposed change to current law to allow loan relief in lieu of repayment while the borrower is completing an application for student aid would make the loan relief available to a borrower who is not currently enrolled  under FAST's Plan for the Subsidized Stafford Loan or has received an IBR or PAY. The provision of this bill is not meant to prevent borrowers from applying for relief through other means. For those borrowers who are enrolled under the existing program and have filed Form 1094-X or Form 1095-X, the Secretary of Education may  determine that they are in default based on a demonstrated need for educational aid in lieu of repayment. The loan  relief would be provided through Direct Loan or FEEL program and would end upon the completion of the final  required monthly payment after completing both the Direct and FEEL loan process. It would also end  upon graduation from any degree program or program of study and would be in addition to the borrower's existing  debt forgiveness options. The bill does not change a borrower's obligation to repay any principal or interest, but only  provides for the continuation of the current loan repayment plan. The bill's effective date would be August 1, 2016. The  title of the bill is the Student Loan Relief Act. It would give students the option to pay their federal student loans over 10 years at a rate of 10 percent (the  current 10-year fixed interest rate), or 10 percent of the amount of a new loan under the current 10-year (3- Year fixed interest) or 6-year variable rate schedule, if that rate is lower than the current rate. The bill's effective date would  be October 1, 2017. It would also let student loan borrowers defer more than half their monthly payments as long as the borrower made an  assessment showing that the borrower is no longer in a qualifying school of higher education. The payment deferral  option would be available for a period of up to 18 months. This would cover up to 18 percent of the borrower's payments on any  loan.

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