The US Department of Education is implementing a payment adjustment that could grant borrowers credit toward loan forgiveness. Mark Kantrowitz, student loan expert and author of "How to Appeal for More College Financial Aid," joins Wealth! to break down the details of this credit.
Kantrowitz highlights June 30 as the crucial eligibility deadline by which borrowers must consolidate their loans. He clarifies that this adjustment specifically applies to Federal Family Education (FFEL), Perkins, and Health Education Assistance (HEAL) loans.
"These are older loans that have probably been in repayment for a long time," Kantrowitz explains to Yahoo Finance. "And if they get the benefit of the payment count adjustment… they may have already met the requirements for forgiveness."
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