Borrowers awaiting student loan forgiveness have until April 30th to request loan consolidation, which merges federal loans into one. This could accelerate forgiveness, as you'll receive credit for all payments since your first loan, regardless of its disbursement date. However, remember that consolidation may reset the forgiveness timeline, so consult an expert before proceeding.
The Biden administration has released the proposed rules for its revised student loan forgiveness plan. It could reduce or eliminate debt for certain borrowers, including those eligible for existing cancellation programs, in long-term repayment, at questionable schools, or in financial hardship. Borrowers may also get up to $20,000 of unpaid interest forgiven. The plan is still subject to public comment and will likely be finalized and implemented in the fall.
Nearly half of voters consider student loan debt cancellation a crucial issue in the upcoming elections. This issue resonates particularly with younger generations, with 70% of Gen Z respondents saying it's very or somewhat important to them. The survey suggests that the government should take action, with around 70% of voters believing it should involve partial or complete loan forgiveness. Notably, even among young Republicans, there is support for loan cancellation, highlighting its growing popularity.
