The volatile economy has many consumers worried as they inquire about personal loans. Perhaps your main concern is lowering your monthly student loan payment. Here’s everything you need to know about loan status.
Understanding The Current Loan Status
Student Loans
Perhaps you’re struggling to make your monthly student loan payments. Luckily, there should be relief coming your way.
Low income borrowers may qualify under new legislation to have their student loan balance slashed. The new legislation especially prioritizes cutting the interest accumulated on student loans.
Potential Modifications
Financial analysts point out that the legislation hasn’t officially passed yet, which means there may be some modifications. There are still ongoing conversations regarding handling these personal loans.
Long-Time Borrowers
The legislation also seeks to provide relief to student loan borrowers who have been making payments for over 20 years. Financial analysts expect those borrowers to have their remaining balance forgiven. Legislators recognize that some loan borrowers are at risk of defaulting due to other serious debt, including expensive medical bills.
Potential Pushback
Legislators who aren’t on board with the plan are expected to fight. There’s a strong chance that the Supreme Court may weigh in before the plan is approved. This is a concerning time for borrowers who are seeking a clear solution.
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