April 30 Student Loan Consolidation Deadline Could Relieve Thousands

Photo Credit: DNY59 from Getty Images Signature Black students owe an average of 188% more student loan debt than white students — and consolidation could lead to total cancellation. By Renata Sago This article was originally published on& Word In Black. After decades of what it calls& “historical failures in administering student loans,”& the U.S. Department of Education is providing relief to college graduates navigating the volatile economy.& Borrowers with multiple federal student loans, such as Perkins Loans, Parent Plus Loans, and Federal Family Education Loans, have until April 30 to& apply for consolidation. The process requires applicants to select an income-driven repayment plan, which could, in some situations, lead to total loan cancelation.& “Many people went to school, borrowed to get higher degrees to enter those fields, and don’t make a lot of money,” says Jill DesJean, Senior Policy Analyst at the National Association of Student Financial Aid Administrators.& The application asks when borrowers originally took out their student loans and how much money they make each month. DesJean says borrowers in certain professions might qualify for& public service loan forgiveness.& Debt Disparity The path after college is often wrought with competition, persistence, and all types of debt. An&...