Democrats propose to forgive student loans in four changes

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Democrats have a new plan to fix student loan forgiveness.

Here’s what you need to know.

Student loans

Student loan cancellation has faced multiple setbacks recently… Now cadres of US Senators and Representatives took a break from promoting student loan cancellation to focus on student loan forgiveness… IN letter US Education Secretary Miguel Cardone, members of Congress, including Senator Tim Kane (D-VA) and Senator Kirsten Gillibrand (D-NY), want a government service loan forgiveness to be fixed in at least 4 ways. They want to remove the obstacles, bureaucracy and obstacles that have led to a staggering 98% rejection of student loan forgiveness applications… it latest information on student loan forgiveness… Here are their 4 ways to fix student loan forgiveness:

1. All federal student loans must be eligible

The Public Service Loan Forgiveness Program, created in 2007, helps student loan borrowers who work full-time for a qualified government or nonprofit employer obtain a federal student loan forgiveness after 120 monthly payments, among other things. Technically, all federal student loans are eligible, but student loan borrowers have to take an extra step, such as if they have FFELP loans. To qualify for government service loan forgiveness, FFELP student loan borrowers need to consolidate their student loan debt into a direct consolidation loan. Rather than forcing student loan borrowers to take this extra step, Democrats want all federal student loans must be eligible and waive the student loan consolidation requirements first.


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