Two major student loan forgiveness programs end September 30th

BECKLEY, WV (WVNS) — A significant deadline is approaching for millions of student loan borrowers across the country. Two major student loan forgiveness programs stop at the end of September.

As September 30 ^th approaches, many student loan borrowers are trying to beat the ticking clock to take advantage of the student loan forgiveness deadline.

We spoke with the WVU Tech Campus Financial Aid Manager, Malik Wynes to learn more.

He explained that the programs helped some students from facing repercussions of being turned over to collections or being in an unfavorable status with the federal government.

Many may face the having to repay high prices for their loans. For those who miss the deadline, student loan servicers can even report absent or missed payments.

One of the programs affected by the grace period ending is the Fresh Start program – an IRS initiative to help borrowers with federal student loans in default regain student aid benefits and get out of default.

The student loan on-ramp began October of 2023.

Wyes stressed the importance of informing students and family members of impending financial changes.

“[We try to] update them as soon as we know things so that we can help them through the process so that they’re able to afford to come to college,” said Wyes.

Those who have borrowed would likely benefit for checking their loan status and from contacting their loan servicer to check upcoming steps.

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