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Student Loan Forgiveness Is Still Up in the Air What to Do in the Meantime
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Student Loan Forgiveness Is Still Up in the Air What to Do in the Meantime
nbcconnecticut.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from nbcconnecticut.com Daily Mail and Mail on Sunday newspapers.
After graduation
Federal student loans go into repayment when a borrower graduates or leaves school. However, most federal student loan borrowers are given a grace period.
Borrowers with Direct Subsidized, Direct Unsubsidized or Federal Family Education Loans are given a six-month grace period before they are expected to start making payments.
Borrowers with Perkins Loans are given a nine-month grace period.
After the grace period, borrowers are expected to make regular payments in accordance with their selected repayment plan.
15 days after payment is due
Persis Yu, director of NCLC s Student Loan Borrower Assistance Project says that most federal student loans give borrowers a roughly 15-day grace window after their regular due date to make a payment. This means if you are less than 15 days late making a federal student loan payment, there will likely be few consequences.
Still, nothing is certain, and many borrowers have a lot of questions while they wait to learn the fate of their debt, which can impact everything from when and if they re able to buy a home to the careers they pursue.
Here are some answers, based on what we know at the moment.
When could forgiveness happen?
If Biden chooses to cancel the debt through executive action, in theory borrowers could see their balances reduced or eliminated pretty quickly. But such a move may be met by court challenges, which could lead to delays.
A clearer picture may soon emerge.
Currently, there are pending reports from the U.S. Department of Education and the Justice Department on whether the president has the legal authority to implement loan forgiveness through executive action, Kantrowitz said. It s still unclear when the findings will be published.
In the meantime, he added, borrowers should not take any precipitous action in anticipation of loan forgiveness.
When could forgiveness happen?
If Biden decides to go ahead and forgive the loans through executive action, in theory borrowers could see their balances reduced or eliminated pretty quickly. But such a move may be met by court challenges, which could lead to delays.
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