borrowers
Millions of student-loan borrowers have yet to leave a key repayment plan — and the first deadline is approaching.A Department of Education spokesperson confirmed that 1.5 million of the 7.5 million borrowers on the SAVE plan had selected a new repayment plan as of Monday morning, “allowing them to make…
The clock is ticking for some student-loan borrowers to find a new repayment plan.September 29 is the first deadline for certain borrowers to transition off the SAVE plan, a Biden-era income-driven plan that gave borrowers cheaper monthly payments and a shorter timeline to debt relief.If borrowers do not select a…
The deadline for student-loan borrowers to receive a lower interest rate is fast approaching.Borrowers who enroll in autopay by the end of the day on September 30 will receive a temporary 1-percentage-point reduction on their student-loan interest payments, starting immediately.The benefit, which took effect July 1 for borrowers already enrolled…
On August 1, Daniela Perez received three separate emails from her student-loan servicer, MOHELA. The first read “Your payment is due soon.” Then “Account is over 210 days delinquent.” Finally: “Loan default is approaching.”She immediately logged in to her account, which said she had missed 15 payments and had a…
Some student-loan borrowers are losing credits toward a key loan forgiveness program.The Department of Education confirmed that it is adjusting its count of completed payments downwards for some borrowers pursuing Public Service Loan Forgiveness, which forgives student debt for government and nonprofit workers after 10 years of qualifying payments.This means…
