Limited Time Remaining for Student-Loan Borrowers to Take Advantage of Temporary Measure Leading to Debt Cancellation

Biden’s Student Loan Deadline Approaching: What Borrowers Need to Know

Are you a student-loan borrower looking for some relief from your debt? If so, you may want to pay close attention to the upcoming deadline of June 30 to take advantage of President Joe Biden’s one-time account adjustments.

These adjustments, set to be fully implemented in September, are designed to evaluate borrowers’ accounts and ensure their payments are up to date. This could bring you closer to the loan forgiveness promised through your repayment programs or even automatically grant you debt relief.

However, there is a catch – only borrowers with federal direct loans or federally held loans in the Federal Family Education Loan program qualify for these adjustments. If you do not have qualifying loans, you will need to consolidate into one of these programs by the June 30 deadline in order to benefit from this measure.

The good news is that the consolidation process typically takes less than 30 minutes to complete, so it’s a relatively quick and easy step to take. By consolidating your loans, you could be on your way to receiving the debt relief you’ve been hoping for.

In addition to the one-time account adjustments, the Education Department is also enacting relief for borrowers on the new SAVE income-driven repayment plan. Borrowers with original balances of $12,000 or less are eligible for relief with as few as 10 years of qualifying payments.

Furthermore, the department is working on finalizing its broader student-loan forgiveness plan, which aims to benefit over 30 million borrowers. Despite legal challenges and threats, the Education Department is committed to providing relief to student-loan borrowers in accordance with the law.

So, if you’re a student-loan borrower looking for some relief, now is the time to take action. Don’t miss the June 30 deadline to consolidate your loans and potentially benefit from President Biden’s one-time account adjustments. Your path to debt relief could be just a few clicks away.

Leave a Reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.