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Arson attacks paralyze French high-speed rail network hours before start of Olympics, the Obamas endorse Harris for President; A NY county creates facial recognition, privacy protections; Art breathes new life into pollution-ravaged MI community; 34 Years of the ADA.

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Harris meets with Israeli PM Netanyahu and calls for a ceasefire. MI Rep. Rashida Tlaib faces backlash for a protest during Netanyahu's speech. And VA Sen. Mark Warner advocates for student debt relief.

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There's a gap between how rural and urban folks feel about the economy, Colorado's 'Rural is Rad' aims to connect outdoor businesses, more than a dozen of Maine's infrastructure sites face repeated flooding, and chocolate chip cookies rock August.

Student loan consolidation deadline could save older NV borrowers big

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Wednesday, February 21, 2024   

Student loan borrowers of all ages in Nevada and around the country have an opportunity to have their student loans canceled or the chance to receive credit toward loan forgiveness, but action will be needed soon.

The U.S. Department of Education will be conducting a one-time payment count adjustment this coming summer.

Cora Hume, attorney for the Consumer Financial Protection Bureau, said student loan debt does not discriminate. The average student loan debt for the more than 50,000 older borrowers in the Silver State is just under $44,000, according to the Education Data Initiative.

Hume pointed out borrowers who have non-federally held loans must consolidate them into a direct-consolidation loan with the Department of Education by April 30 to reap the potential benefits.

"Older borrowers are less likely to hold direct loans, which would already benefit from this pay count adjustment," Hume explained. "Those that do owe direct loans, they're less likely to participate in this IDR (Income Driven Repayment) program that caps their monthly payment based on family size and income."

Hume noted the Department of Education will give borrowers credit through its Income Driven Repayment program for repayment periods from July 1, 1994. She added 32% of older borrowers are struggling to pay their bills which is why she encourages borrowers to call 1-800-433-3243 or visit StudentAid.gov/loan-consolidation to find out if they are eligible for the significant adjustment.

Hume emphasized nationally there are 1.1 million older borrowers who are not in the direct loan program, and hold an average debt of $29,500 in student debt.

"The three loans that must be consolidated to receive this payment count adjustment are the commercially managed Federal Family Education Loan, Health Education Assistance loans and Perkins loans," Hume outlined. "Another loan that's sort of a quasi for consolidation are Parent PLUS loans."

Hume added the upcoming deadline has the potential to "change lives," and suggested taking action sooner rather than later.


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