Get the news that matters to all Californians. Start every week informed.Students walk along the bridge leading into campus on Scholars Lane at the University of California Merced campus on Nov. 4, 2022. Photo by Larry Valenzuela, CalMatters/CatchLight LocalStudent loan borrowers can become eligible for lower payments or faster debt forgiveness by applying for federal loan consolidation by June 30.
Why is the department doing this? To “remedy years of administrative failures that effectively denied the promise of loan forgiveness to certain borrowers,” said Education Secretary Miguel Cardona in a. The deadline for this remedy has been extended several times, but student loan advocates believe June 30 will be the final opportunity for this one-time benefit.
“It was created really to just have somewhere for borrowers to go and provide more help than I can provide,” Damian said. Until last week, she was the only person in state government doing this work. Damian stressed that a growing number of California borrowers are senior citizens who may struggle to complete the federal online application. “The oldest one I spoke to was about 83, 84”, she said. “These are loans they took out in the ‘90s.”
These loans are also ineligible for Public Service Loan Forgiveness, a loan program for government and nonprofit workers that forgives federal undergraduate and graduate student loan debt after 10 years of payments. The only way to qualify for that loan forgiveness is by repaying direct loans — which borrowers with Federal Family Education Loans can do if they consolidate by June 30.
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.
Source: Newsweek - 🏆 468. / 52 Read more »