Oct 6 – Gesher Human Services Webinar for Michiganders Struggling with Student Loan Repayments
Gesher Human Services, one of the largest human service agencies in metro Detroit, is offering a free webinar to Michiganders struggling with student loan repayments now that the three-year payment moratorium has ended. The nonprofit organization, which offers financial education to metro Detroiters, has been receiving calls from worried families unsure of how they will cope with finding hundreds of dollars more each month out of their already-stretched incomes. A report by Education Data in 2022 showed that Michigan residents had a student loan debt of $51 million, with 52 percent of them under the age of 35. The average student loan debt was $36,116, with 14 percent of Michiganders being burdened by student loans. The free webinar will be available via Zoom on Fri. Oct. 6 from 1 – 2 p.m. with registration available at bit.ly/gesherstudentloans.
The student loan webinar will help participants to confirm how many loans they have, explore refinance and budget options, and review recent loan forgiveness options including those that are income driven.
“Interest rates are at an all-time high, gas prices are high, and food prices continue to rise too,” said Financial Education Manager Laltsha Cunningham. “People are very nervous about how they are going to find an extra $300 or $400 a month to cope with loan repayments which begin again in October. And regulations have changed so much recently that it is confusing for everybody.”
Cunningham explained that part of the program would also provide attendees with information on how to create and budget the education debt payment into their overall household bills. Resources will also be provided on understanding payments and payment calculations, and how some individuals may be able to receive student loan reductions based on their employment. For example, employees working for a nonprofit or the government may be eligible for loan forgiveness, cancellation, and/or consolidation under the Public Service Loan Forgiveness program (PSLF) if they have made 120 qualifying payments.
For those who are struggling with student loans or other debt, and who need more individualized financial counseling, Gesher Human Services offers one-on-one free counseling. Email financialhelp@geshermi.org or call 248-233-4299.
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