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Time is Running Out to Merge Federal Student Loans
Apply Now for Student Loan Cancellation. (PHOTO: The Communicator)
Pros and Cons of Loan Cancellation
Federal student loan borrowers have a short time to merge their loans which could help them reduce their debt. President Biden says borrowers who don’t have federal loans should combine them by April 30 to possibly get help. The Education Department aims to finish adjusting accounts by July 1 but merging loans takes about two months so borrowers should act fast. This program has already helped many borrowers and more help might come soon. Even though there were some problems at first negotiations are happening to expand the help. Financial experts think more help could ease stress for borrowers and help them save money for other goals. But borrowers should think carefully about merging their loans because it might not be right for everyone according to Newsweek.
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Considerations Before Merging Loans
Merging loans makes it easier for borrowers like Chris Kee to manage their payments and make a plan. It simplifies everything into one statement which makes it simpler to handle other expenses too. But borrowers need to think hard about whether merging is the best move for them before doing it.
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