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If you’re a student loan borrower, listen up! You may have an opportunity to get your debt forgiven sooner than you thought. But act fast, because you only have until the end of Tuesday to take advantage of this chance.
At Extreme Investor Network, we want to make sure you’re up-to-date on the latest financial opportunities. That’s why we’re here to tell you about the temporary policy under the Biden administration that could help you consolidate your student loans for faster forgiveness.
Bundling your loans for quicker relief
Many borrowers have multiple education loans, which can make it challenging to keep track of repayment timelines. Under the temporary policy, consolidating your loans can give you payment credit based on the timeline for the loan you’ve had the longest.
At Extreme Investor Network, we believe in providing you with the maximum number of months of credit towards student debt cancellation. That’s why we want to make sure you understand how consolidating your loans could lead to complete debt cancellation, especially if you’ve been paying for over twenty years.
What you need to know about consolidating
All federal student loans are eligible for consolidation, including Federal Family Education Loans, Parent Plus loans, and Perkins Loans. You can apply for a Direct Consolidation Loan at StudentAid.gov or with your loan servicer.
Don’t worry about your monthly payment increasing – consolidating your loans shouldn’t affect it under an income-driven repayment plan. Plus, the new interest rate will be a weighted average of the rates across your loans.
Before consolidating, make sure to get a complete payment history of each loan to ensure you’re receiving the full credit you deserve. If you run into any issues, don’t hesitate to reach out to your loan servicer or submit a complaint with the Department of Education’s Federal Student Aid unit.
At Extreme Investor Network, we’re dedicated to helping you make informed financial decisions. Stay tuned for more exclusive tips and strategies to help you achieve your financial goals.
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