The White House could make an announcement on student loan forgiveness any day now. Here are some steps borrowers can take while they wait.
Impacted borrowers should get multiple notices, said, executive director of the Student Loan Servicing Alliance, a trade group for federal student loan servicers.
Come September, if you mistakenly send a payment to your old servicer, the money should be forwarded to your new one, Buchanan said."In all likelihood, student loan forgiveness will be limited in eligibility and amount, so you can't count on it erasing all of your student loan debt," Kantrowitz said.Mark KantrowitzFor example, $10,000 in cancellation would only fully clear the debt for a third of borrowers.
As a result, Kantrowitz recommends starting to salt away some money now to ease the pain of the bills resuming.Even though interest rates are low at the moment, Kantrowitz said borrowers should think twice about refinancing their debt with a private lender.You don't want to miss out on debt cancellation while pursuing a lower interest rate.
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