Student-loan borrowers in Arkansas and nationwide could have their debt reduced or eliminated through a new one-time adjustment by the U-S Department of Education. The department will give Arkansans credit toward loan cancellation through this adjustment if your loan is federally managed. Cora Hume is an attorney with the Consumer Financial Protection Bureau and says this adjustment is designed to count more of the payments made, so they can be added to the payments required for cancellation. Hume says the adjustment counts your loan payments made after July 1st, 1994, and in some situations your deferments, economic hardship and forbearances.
Hume says borrowers will need to consolidate their loans by April 30th to take advantage of the potentially lower monthly payments. In Arkansas, more than 134-thousand borrowers aged 25 to 34 owe an average of more than 29-thousand dollars.
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