If you have a federal student loan,
listen up because April 30th is one of the deadlines
to complete a step that could get your loans adjusted
or forgiven altogether.
If you have one of the types of student loans
shown on screen or aren't sure which type of student
loan you have,
go to Student Aid Gov There you can get information
on your loan type and on how to consolidate those
loans.
Simply consolidating your loans could make you eligible for a
one time payment adjustment to reduce or forgive the loan
altogether.
The Department of Education says the process of finding out
if your loan will be forgiven or reduced could take
up to 60 days.
If you're watching this video after the deadline,
you might still qualify. Go to the link on your
screen where you can read all about the proposals the
Biden administration has for who qualifies for loan forgiveness or
reduction, including teachers, government employees,
nonprofit workers. Or if you've declared bankruptcy,
you could also qualify for student loan forgiveness under a
completely separate plan that was just announced in April.
This is for people who've been paying off their student
loans for 20 years or more.
Under this same proposal, an additional 10 million borrowers could
see $5000 or more wiped from their student loans.
So far, the administration has provided $138 billion in student
loan relief to four million Americans,
even after the Supreme Court rejected the president's biggest proposal,
which would have given $20,000 in forgiveness to anybody who
received a Pell Grant and $10,000 in loan forgiveness to
the vast majority remaining borrowers.