We’re listening to from people that they imagine there’s a 7/28 deadline to file a BDTR utility for auto approval.
The case Preliminary Settlement Approval listening to in Candy v Cardona is 7/28/22. It’s NOT a deadline, however we must always know extra after that listening to. Hopefully, they may set FINAL Settlement Approval listening to date for this fall someday.
Nevertheless, any new functions submitted after June 22, 2022 will likely be evaluated on their deserves — not the identical as auto approval. When you bumped into the identical types of points which were investigated up to now for a specific faculty, I imagine that ED has telegraphed its intention to incorporate that inside its pointers for approval. The timeframe for forgiveness might not be all that completely different both as it’ll take as much as a 12 months for the auto approvals and any new utility should be reviewed inside 36 months. It’s extremely unlikely that the Biden administration will go away any undecided strays after the 2024 election – so that you’re possible taking a look at as much as 2.5 yrs of ready throughout which the funds would stay on forbearance. It’s possible a lot of the new functions could be reviewed inside 18 months to permit sufficient time for the precise forgiveness to happen earlier than the 2024 election. All this can be a guess after all.