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Student Loan Borrowers in Default Get a Do-Over

The program won’t be automatic, but there’s no downside to it, says Betsy Mayotte, president and founder of The Institute of Student Loan Advisors.

“For those who say, ‘I can’t afford to pay it,’ you might be able to if it’s out of default because you’ll have access to lower payment options,” Mayotte says. “You’ll be able to potentially pursue forgiveness through existing forgiveness options.”