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January 13, 2020

8 million student loan borrowers must do this in 2020

  • Don’t miss the deadline to recertify your personal information.
  • By RYAN LANE
    NerdWallet

    More than 8 million federal student loan borrowers use income-driven repayment plans. These plans can drop payments to $0 based on a borrower’s income and family size. And after 20 or 25 years — 10 if you work in public service — any remaining balance is forgiven.

    But to stay on these plans, you must recertify your personal information annually. Failing to do so can lead to consequences like increased payments, a bigger loan balance and, eventually, default.


     
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