NH BANK Student Loan Forgiveness

On Mar. 14, NH BANK reported student loan cancellation opportunity.

  • NH BANK reported on full or partial student loan cancellation opportunity.
  • Agency released FAQs and information to assist student loan borrowers.
  • Cancellation Opportunity
  • The US Department of Education (DoE) will conduct a one-time adjustment this summer, but students may need to take steps to qualify by deadline of Apr. 30, 2024.
  • Students who want to consolidate their loans in order to get the benefit of the adjustment should submit a loan consolidation application by the stated deadline.
  • In general, it takes at least 60 days to process a direct consolidation loan application.
  • More than 3.6 million William D. Ford Federal Direct Loan (Direct Loan) Program borrowers will receive at least three years of credit toward loan forgiveness.
  • Many will see their loans forgiven automatically; adjustment is currently underway.
  • Effectiveness
  • Deadline to apply is Apr. 30, 2024, cancellation, or credit towards debt by Jul. 1, 2024.

Regulators NH BANK
Entity Types CNSM; Corp; Servicer
Reference PR, FAQs, Info, 3/14/2024;
Functions Financial; Product Administration; Registration/Licensing
Countries United States of America
Products Education; Loan
Regions Am
Rule Type Final
Rule Date 3/14/2024
Effective Date 4/30/2024
Rule Id 204818
Linked to N/A
Reg. Last Update 3/14/2024
Report Section US Consumer

Last substantive update on 03/19/2024