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4 dead as severe storms hit Houston, TX; Election Protection Program eases access to voting information; surge in solar installations eases energy costs for Missourians; IN makes a splash for Safe Boating Week.

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The Supreme Court rules funding for the Consumer Financial Protection Bureau is okay, election deniers hold key voting oversight positions in swing states, and North Carolina lawmakers vote to ban people from wearing masks in public.

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Utahns with student debt: this could ease your burden

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Tuesday, February 27, 2024   

Student loan borrowers of all ages in Utah and around the country have an opportunity to maybe have their student loans cancelled or the chance to receive credit towards loan forgiveness, but they've got to act soon. The U.S. Department of Education will be conducting a one-time payment count adjustment this coming summer. It's called Income Driven Repayment, or IDR.

Cora Hume, an attorney with the Consumer Financial Protection Bureau, says borrowers who have non-federally held loans must consolidate them into a direct-consolidation loan with the Department of Education by April 30 to reap the potential benefits.

"Older borrowers are less likely to hold direct loans, which would already benefit from this pay count adjustment and then those that do owe direct loans, they're less likely to participate in this IDR program that caps their monthly payment based on family size and income," Hume explained.

Hume said the program applies to repayment periods from July 1st, 1994, and added that 32% of older borrowers are struggling to pay their bills, which is why she encourages people to call 800-433-3243 or visit StudentAid.gov/loan-consolidation to find out if they're eligible for the adjustment.

The average student loan debt for the almost 30,000 older borrowers in the Beehive State is just over 44,000, according to the Education Data Initiative. Hume said nationally there are 1.3 million older borrowers that are not in the direct loan program, and owe an average of $29,500 in student debt.

"The three loans that must be consolidated to receive this payment count adjustment is the commercially managed Federal Family Education Loan, Health Education Assistance loans and Perkins loans." Hue explained. "Another loan that's sort of a quasi for consolidation are Parent PLUS loans."

The upcoming deadline has the potential to "change lives," Hume added, and suggests taking action sooner rather than later.


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