Breaking News for Utah Students: Federal Program Offers Relief from Student Debt Strain!

Utah Student Loan Borrowers Urged to Seize Opportunity for Debt Relief with IDR

According to published article of cedarcityutah, Student loan borrowers in Utah spanning all age groups have a limited window of opportunity to potentially alleviate their student debt burden through the Income Driven Repayment (IDR) program. This initiative administered by the U.S. Department of Education offers the chance for loan cancellation or credit towards loan forgiveness. However to take advantage of this program borrowers with non-federally held loans must act swiftly. By consolidating these loans into a direct-consolidation loan with the Department of Education before April 30 they can unlock the potential benefits of the upcoming one-time payment count adjustment.

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Breaking News for Utah Students: Federal Program Offers Relief from Student Debt Strain! Lighten Your Load!( PHOTO: Cedar City News)

Older Borrowers in Utah Urged to Act Now for Student Debt Relief through IDR Program

Many older borrowers particularly those holding non-direct loans stand to benefit significantly from this initiative. Cora Hume an attorney with the Consumer Financial Protection Bureau highlights the importance of timely action especially for older borrowers who are struggling financially. With the average student loan debt for older borrowers in Utah hovering around $44,000 and nationally affecting 1.3 million borrowers with an average debt of $29,500, accessing the IDR program could provide much-needed relief. To determine eligibility and explore consolidation options borrowers are encouraged to reach out to the Department of Education.

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