The Education Department under President Biden has extended deadlines for income-driven repayment plans and Public Service Loan Forgiveness.
Act Now to Secure Federal Student Loan Benefits
Student loan borrowers have a key chance to benefit from new measures easing their debt burdens. President Biden’s Education Department extended deadlines for income-driven repayment plans and Public Service Loan Forgiveness. These changes aim to ensure accurate payments and simplify forgiveness eligibility by September.
Borrowers must have federal direct loans or federally held loans through the Federal Family Education Loan program to qualify. Others need to consolidate into these programs by June 30th, a quick process usually under 30 minutes. This consolidation is crucial for accessing forgiveness benefits.
Under Secretary of Education James Kvaal emphasized promptly recognizing each qualifying month toward forgiveness. He urged borrowers with FFEL loans to consolidate quickly, noting this initiative has forgiven debts for nearly 1 million borrowers. These steps show the Department’s proactive approach to easing student debt, according to the report of Business Insider.
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(photo: Politico)
Education Department Announces $7.7 Billion Student Debt Cancellation Milestone
The Education Department canceled $7.7 billion in student debt for 160,500 borrowers and introduced the SAVE repayment plan. Despite legal challenges, efforts continue to benefit over 30 million borrowers with final rules expected soon.
