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The Biden administration is attempting to reduce or eliminate student loan balances for borrowers again, according to a report from The Wall Street Journal. The president and founder of The Institute of Student Loan Advisors Betsy Mayotte joins Yahoo Finance's Wealth! to discuss student loan relief measures.

Mayotte explains the "one-time account adjustment," which would give borrowers an opportunity to consolidate their current loans "to get the most benefits they can." With a deadline of April 30th, this option has a loan forgiveness benefit. She explains that every period an individual has been under repayment, borrowers will receive credit toward the "forgiveness component" under Income-Driven Repayment (IDR) or SAVE plans.

Despite the uncertainty surrounding the potential legislative changes, Mayotte believes individuals who qualify for relief will not be affected even if Biden's proposal is ultimately struck down. She emphasizes that the process is already "halfway to the finish line," encouraging borrowers to take advantage of the available options while they can.

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Editor's note: This article was written by Angel Smith