Yesterday, I talked to the Department of Education regarding my FFELP loan. The guy on the phone convinced me to apply for a new "consolidation loan." That would take my FFELP and bring it into the fold of the "Direct Student Loan" program. I applied yesterday evening.

Now I read this:

Biden administration scales back student debt relief for millions amid legal concerns

Quote
The Education Department will no longer allow borrowers with privately held federal student loans to receive loan forgiveness under the administration’s plan, according to guidance updated on the agency’s website Thursday. The administration had previously said that those debt-holders would have a path to receive the administration’s relief of $10,000 or $20,000 per borrower.

The federal student loans held by private entities — through a program known as the Federal Family Education Loan program — is a relatively small subset of outstanding federal student loans. It accounts for just several million of the 45 million Americans who owe federal student loans.

I only found out last year that my loan was owned by Deutsche Bank. All this time, I thought the federal government owned it. The federal government only guaranteed the loan.

Today, this offer is rescinded, but those who applied prior to the announcement will be granted. I can't believe I got my application in under the wire. eek

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