We will have to see where this proposal ends up but yesterday a bill was introduced in Congress that would all certain private student loans to be consolidated into a Federal Direct Consolidation Loan. That’s a big deal for people who are struggling with the lack of payment plans on private student loans.
According to the proposed bill, the borrower would have to have an adjusted gross income from the three most recent calendar years that is equal to or less than the borrower’s total education debt.
The Bill, HR 5487 Student loan Fairness Act was introduced by California Representative Karen Bass.
You can read the current version of the introduced bill, here.
If you have a credit or debt question you’d like to ask just use the online form. I’m happy to help you totally for free.
- Plastic Pandemic: US Credit Card Debt Surges Nearly 20% in Q1 2021! - May 12, 2023
- The IRS Resumes Collections Notices: What You Need to Know Before It’s Too Late - May 12, 2023
- How Can I Deal With Payday Loan Debt? - May 12, 2023