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Friday, February 7, 2025

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January jobs report: Unemployment rate falls to 4%, wages rise more than forecast; Trump signs order imposing sanctions on International Criminal Court over investigations of Israel; Ten Commandments in public schools debate reaches South Dakota; Virginia ranks among worst states for wage theft; Mexican long-nosed bat makes appearance in Arizona.

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Attorney General Pam Bondi strikes a Trump tone at the Justice Department, federal workers get more time to consider buyouts, and an unclassified email request from the White House worries CIA vets.

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During Black History Month, a new book shares how a unique partnership built 5,000 schools for Black students, anti-hunger advocates say ag communities would benefit from an expanded SNAP program, and Americans have $90 billion in unpaid medical bills.

Crucial deadline approaches for AL student loan borrowers

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Friday, February 23, 2024   

Student loan borrowers in Alabama and across the country have a chance to slash their college debt or see it disappear entirely.

The U.S. Department of Education said it will conduct a one-time "payment count adjustment" this summer. It would provide borrowers credit toward loan cancellation through the Income Driven Repayment program for repayment periods from July 1, 1994.

Cora Hume, attorney for the Consumer Financial Protection Bureau, said historically, borrowers of all ages have struggled to access the benefit.

"It's really important that they do, because it can lower their monthly payments based on their income and family size," Hume pointed out. "This April 30 deadline applies to some loans."

Hume urged borrowers to find out what types of loans they have and take the necessary steps. She said borrowers who have nonfederal loans must consolidate them into a direct-consolidation loan with the U.S. Department of Education by April 30 to reap the potential benefits.

In Alabama, most debt belongs to people ages 25 to 35, owing an average of more than $33,000.

Hume noted almost one-third of older borrowers are still struggling to pay student debt. She added nationally, more than 1 million senior citizens are not in the direct-loan program and hold an average of more than $29,000 in debt from their college days.

"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. People can call 800-433-3243 or look online at StudentAid.gov/loan-consolidation to find out if they are eligible for the adjustment.


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