What do I need to do before student loan forgiveness deadline?

Some student loan borrowers get another opportunity to have all or some of their student debt canceled by consolidating their federal loans by April 30. The U.S. Department of Education will make this one-time payment adjustment this summer to help those hurt by past loan servicing failures.

As President Joe Biden continues to iron out his student loan forgiveness plan, which was initially roadblocked by the U.S. Supreme Court last year, his administration announced last January that 73,600 borrowers saw $4.9 billion approved in loan cancellation by making fixes to income-driven repayment (IDR) forgiveness and Public Service Loan Forgiveness (PSLF).

Borrowers can potentially qualify for loan forgiveness through IDR and PSLF if they meet the April loan consolidation deadline, which was extended from Dec. 31. However, consolidating loans does not guarantee forgiveness, and the processing period takes at least 60 days, according to the Department of Education.

How to get a one-time adjustment

Borrowers with federal loans automatically qualify for the adjustment.

Prep for the polls: See who is running for president and compare where they stand on key issues in our Voter Guide

To have a chance at student debt cancellation, borrowers with the following loans must consolidate them:

Find what type of loan you have at StudentAid.gov.

Commercially held Federal Family Education Loan (FFEL)
Parent PLUS loans: Borrowers with Parent PLUS loans managed by the Department of Education and 25 years of repayment qualify for automatic cancellation.
Perkins loans
Health Education Assistance Loan (HEAL) Program loans

Credit: Source link

What's Hot

Jim Thorne: US$5,000 Gold by 2028? “Crazy Phase” Still to Come

Gemini Eyes Miami Expansion as SEC Case Nears Conclusion

Assays Results Confirm Overland Uranium Intersections in Near-Surface Mineralisation

What do I need to do before student loan forgiveness deadline?

US appeals court blocks Biden student debt plan

Student Loan Update: Republicans Back Plan To Help Borrowers

The Supreme Court will soon decide whether to sabotage student loan relief again

Here’s Where Harris Stands On Key Money Issues

Federal Court Freezes Assets of USA Student Debt Relief

Appeals court blocks Biden student loan repayment plan

Leave A Reply Cancel Reply

Greenvale to Commence Test Program 6 on the Alpha Project, after receiving $1.175M R&D Rebate

Brad Pitt love life

How to Invest in Gold

The Year in Crypto: Bitcoin and Ethereum ETFs Bring More Investors Into Crypto

Regulator stops big California home insurance price hike

What's Hot

Keep Reading

Leave A Reply Cancel Reply

Subscribe to Updates