Bill Introduced to Allow Private Student Loans to be Consolidated Into Federal Loan

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.

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Steve Rhode is the Get Out of Debt Guy and has been helping good people with bad debt problems since 1994. You can learn more about Steve, here.
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