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Cancellation of Debt & Other Changes to the Federal Student Loan System That Impact Older Borrowers

September 20, 2022
Source: National Center on Law & Elder Rights (NCLER)

Student loan debt is one of the biggest contributors to the rise in the amount of debt held by older adults. The Biden-Harris administration and the U.S. Department of Education recently announced a number of initiatives to ease the debt load of federal student loan borrowers. This plan includes cancellation of up to $20,000 in student loan debt, an extension of the payment pause, and proposed changes to the income-driven repayment plan to make monthly payments more affordable. In addition, temporary changes to the Public Service Loan Forgiveness program, set to expire on October 31, 2022, make it easier for borrowers to qualify for the program.

Read our new Practice Tip [PDF] for a summary of the recent announcements and upcoming important deadlines for cancellation of debt or other relief for borrowers with federal student loans. Advocates can use this information to help older consumers navigate their student loan debt in the context of these new programs and relief.

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