The Biden Administration is attempting to reduce or eliminate student loan balances for borrowers again, according to a report from The Wall Street Journal. The President and Founder of The Institute of Student Loan Advisors Betsy Mayotte joina Yahoo Finance's Wealth! to discuss student loan relief measures.
Mayotte explains the "onetime account adjustment", which would give borrowers an opportunity to consolidate their current loans "to get the most benefits they can." This option, which has a deadline of April 30th, has a loan forgiveness benefit. She explains that for every period an individual has been under repayment, borrowers will receive credit towards the "forgiveness component" that exists under IncomeDriven Repayment (IDR) or SAVE plans.
Despite the uncertainty surrounding the potential legislative changes, Mayotte believes individuals who qualify for relief will not be affected even if Biden's proposal is ultimately struck down. She emphasizes that the process is already "half way to the finish line," encouraging borrowers to take advantage of the available options while they can.
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