President Joe Biden delivers remarks on student loan debt at Madison College, Monday, April 8, 2024, in Madison, Wis. or credit toward cancellation. The Education Department is expected to conduct a one-time adjustment in the summer but borrowers who want to be considered for the adjustment have to submit a request to consolidate their loans by Tuesday.
Here’s what you need to know:Borrowers with these types of loans must consolidate first to take advantage of this one-time adjustment:If you have multiple federal student loans, you can combine them into one loan with fixed interest. If you decide to consolidate your loans into a Direct Consolidation Loan, you can do so for free. Once you have consolidated your loans, you will have one monthly payment instead of multiple payments a month..
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:
Loans Loans Latest News, Loans Loans Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Education Dept. fast-tracks forgiveness for borrowers with smaller student loansIn a surprise move, the Biden administration announced it is fast-tracking a change that will erase the debts of many federal student loan borrowers after just 10 years.
Source: NPR - 🏆 96. / 63 Read more »
Education Department Cancels Loans for Thousands of BorrowersThe Education Department announced the cancellation of loans for 65,000 borrowers enrolled in older income-driven repayment plans and 5,000 borrowers through the Public Service Loan Forgiveness program. The announcement comes as more people become eligible for student loan cancellation after 10 years of payments. However, the plan's legality is being challenged by two lawsuits filed by Republican-led states.
Source: NBCPhiladelphia - 🏆 569. / 51 Read more »
Biden Administration Cancels Student Loans for 206,000 BorrowersThe Biden administration is canceling student loans for another 206,000 borrowers as part of a new repayment plan that offers a faster route to forgiveness. However, the plan is facing legal challenges from Republican-led states.
Source: abc15 - 🏆 263. / 63 Read more »
Biden Administration to Cancel Student Loans for 206,000 BorrowersThe Joe Biden administration will cancel student loans for an additional 206,000 people as part of a new repayment plan that offers a faster path to debt forgiveness. The Department of Education announced the latest round of cancellations on Friday in an update on the progress of its SAVE plan. More and more individuals are now eligible to have their loans forgiven after making payments for 10 years, a new timeline that is a decade earlier than previous plans. However, two new lawsuits challenging the legality of the plan cast a shadow over the cancellations. Two groups of Republican-controlled states, led by Kansas and Missouri, recently filed federal lawsuits claiming that the government exceeded its authority in creating the repayment option.
Source: latimes - 🏆 11. / 82 Read more »