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Biden pardons nearly 2,500 nonviolent drug offenders; Israeli security cabinet recommends Gaza ceasefire deal; Report: AL needs to make energy efficiency a priority; Lawmaker fights for better health, housing for Michiganders; PA power demand spurs concerns over rising rates, gas dependency.

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Biden highlights the challenges faced reaching a Gaza ceasefire, progressives urge action on the Equal Rights Amendment, the future of TikTok remains up in the air, and plans for protests build ahead of Trump's inauguration.

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"We can't eat gold," warn opponents of a proposed Alaskan gold mine who say salmon will be decimated. Ahead of what could be mass deportations, immigrants get training about their rights. And a national coalition grants money to keep local news afloat.

Student loan consolidation deadline could save older NV borrowers big

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Wednesday, February 21, 2024   

Student loan borrowers of all ages in Nevada and around the country have an opportunity to have their student loans canceled or the chance to receive credit toward loan forgiveness, but action will be needed soon.

The U.S. Department of Education will be conducting a one-time payment count adjustment this coming summer.

Cora Hume, attorney for the Consumer Financial Protection Bureau, said student loan debt does not discriminate. The average student loan debt for the more than 50,000 older borrowers in the Silver State is just under $44,000, according to the Education Data Initiative.

Hume pointed out 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," Hume explained. "Those that do owe direct loans, they're less likely to participate in this IDR (Income Driven Repayment) program that caps their monthly payment based on family size and income."

Hume noted the Department of Education will give borrowers credit through its Income Driven Repayment program for repayment periods from July 1, 1994. She added 32% of older borrowers are struggling to pay their bills which is why she encourages borrowers to call 1-800-433-3243 or visit StudentAid.gov/loan-consolidation to find out if they are eligible for the significant adjustment.

Hume emphasized nationally there are 1.1 million older borrowers who are not in the direct loan program, and hold an average debt of $29,500 in student debt.

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

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


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