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An important student loan forgiveness deadline is just hours away

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Some student loan borrowers have until the end of Tuesday to take advantage of an opportunity to get their debt forgiven sooner than they would have otherwise.

Borrowers with multiple student loans who request a so-called loan consolidation the end of the day on April 30 — a move that will combine their federal student loans into one new loan — may benefit from the Biden administration’s temporary policy.

Applying for consolidation is a straightforward process: It should take under 15 minutes to fill out the forms, said Jane Fox, the chapter chair of the Legal Aid Society’s union.

Here’s what borrowers should know ahead of the deadline.

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Many former students have multiple education loans, either because they borrowed on repeated occasions throughout college or returned to school at some point. If these borrowers are enrolled in an income-driven repayment plan, it can mean that they’re also on multiple different timelines to forgiveness. (Depending on the plan, borrowers can get any remaining debt excused after 10, 20 or 25 years.)

Under the temporary policy, borrowers who consolidate will get payment credit on all their loans based on the timeline for the one they’ve been paying on the longest.

“This will ensure folks get the maximum number of months of credit towards student debt cancellation,” Fox said.

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Consolidating while this policy is in place could be an especially good deal for many, experts say.

For example, say a borrower graduated from college in 2004, took out more loans for a graduate degree in 2018, and is now in repayment under an income-driven plan with a 20-year timeline to forgiveness.

Consolidating before May 1 could lead them to quickly qualify for forgiveness on all those loans, experts say, even though they’d normally need to wait at least another 14 years for full relief.

“Many borrowers will get complete debt cancellation, particularly those who have been paying for over twenty years,” Fox said.

Usually, a student loan consolidation restarts a borrower’s forgiveness timeline to zero, making it a terrible move for those working toward cancellation.

What to know about consolidating your student loans

All federal student loans — including Federal Family Education Loans, Parent Plus loans and Perkins Loans — are eligible for consolidation, said higher education expert Mark Kantrowitz, in a previous interview with CNBC.

You can apply for a Direct Consolidation Loan at StudentAid.gov or with your loan servicer.

“So long as the application is submitted by April 30, they should be fine, even if the servicers take longer to process it,” Kantrowitz said.

Some borrowers who took out small amounts may even be eligible for cancellation after as few as 10 years’ worth of payments, if they enroll in the new income-driven repayment option, known as the SAVE plan.

Consolidating your loans shouldn’t increase your monthly payment, since your bill under an income-driven repayment plan is based on your earnings and not your total debt, Kantrowitz said.

The new interest rate will be a weighted average of the rates across your loans.

Before consolidating, try to get a complete payment history of each loan. In doing so, according to experts, you can make sure you’re getting the full credit you’re entitled to.

You should be able to get a history of your payments at StudentAid.gov by looking into your loan details. You can also ask your servicer for a complete record.

If a borrower believes there is an issue with their payment count, they can talk to their loan servicer or submit a complaint with the Department of Education’s Federal Student Aid unit.

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Here’s how workers feel about return-to-office mandates

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Many workers hate the prospect of returning to the office five days a week — so much so that they’d quit their jobs if told to come in full-time.

To that point, 46% of workers who currently work from home at least sometimes would be somewhat or very unlikely to stay at their job if their employer scrapped remote work, according to a recent poll by Pew Research Center.

Yet, employers have reined in remote work.

About 75% of workers were required to be in the office a certain number of days per week or month as of October 2024, up from 63% in February 2023, Pew found.

“There’s a certain creeping up” of return-to-office policies, said Kim Parker, director of social trends research at the Pew Research Center.

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Companies like Amazon, AT&T, Boeing, Dell Technologies, JPMorgan Chase, UPS and The Washington Post have called at least some employees back to the office five days a week. President Donald Trump signed an executive action on Monday calling federal employees back to their desks “as soon as practicable.”

Similar to the Pew survey, a poll conducted by Bamboo HR found that 28% of workers would consider quitting due to a return-to-office mandate.

The data “underscores how comfortable people have become with this arrangement, and how it really fits in with their lifestyle,” Parker said.

Workers consistently cite a better work-life balance as a “huge benefit” of remote work, Parker said.

Indeed, they see the financial value of hybrid work as being equivalent to an 8% raise, according to research by Nick Bloom, an economics professor at Stanford University who studies workplace management.

Economists say remote work is here to stay

Maskot | Maskot | Getty Images

Many economists think that the higher prevalence of remote work, relative to the pre-pandemic era, has become an entrenched feature of the U.S. labor market.  

“Remote work is not going away,” Bloom previously told CNBC.

That’s largely because it boost profits for companies: Workers quit less often, meaning employers save money on recruiting and other functions tied to attrition, Bloom said. Meanwhile, data shows that productivity doesn’t suffer in hybrid work arrangements, he said.

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More than 60% of paid, full workdays were done remotely in early 2020, during the Covid-19 pandemic — up from less than 10% before the pandemic, according to WFH Research, a project run jointly by researchers from MIT, Stanford, the University of Chicago and Instituto Tecnológico Autónomo de México.

That share has fallen by more than half. However, it has leveled out between 25% and 30% for about two years, according to WFH Research data.

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About 31% of employers reduced remote work opportunities in 2024, down from 43% in 2023, according to according to a ZipRecruiter survey. Yet, another 33% expanded remote work, up from 32% the prior year.

Companies that imposed RTO mandates have annual rates of employee turnover that are 13% higher than those that have become “more supportive” of remote work, ZipRecruiter said.

“The ability to work from anywhere remains a top priority for many professionals,” according to a 2024 poll by consulting firm Korn Ferry of 10,000 workers in the U.S., U.K., Brazil, Middle East, Australia and India.

Companies may want workers to quit

About half of workers — 53% — who work from home at least part-time say it “hurts” their ability to feel connected with co-workers, Pew found in a 2023 poll.

“It’s the one big downside we’ve seen consistently,” Parker said.

“That seems to be a tradeoff: You get the work-life balance but lose some connectivity with coworkers,” Parker said.

Even if workers quit, they may not be able to find a job.

The labor market remains strong, with low unemployment and low levels of layoffs, meaning workers have good job security, according to economists. However, companies have also pulled back on hiring, making it a challenging environment for job seekers.

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Recruiters weigh in if LinkedIn’s ‘open to work’ feature helps or hurts

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By now, you’ve probably seen the green badges splashed all over LinkedIn, advertising that person is #opentowork.

Whether unemployed and actively seeking a new position, or quiet quitting in their current role, more people are choosing to make their job-seeking status known on the career site.

Globally, more than 220 million people currently have turned on the “open to work” feature, either privately or publicly, according to LinkedIn. That’s a 35% increase from around the same time last year, the company said, which showcases the challenging job market.

Linkedin Open To Work badge

Source: Linkedin

LinkedIn rolled out its “open to work” option in 2020. People can decide if they want to more discreetly signal their status to recruiters only, or to everyone with a public green badge on their profile.

But is it always a smart move? Some recruiters are torn.

“There’s been such a massive debate on LinkedIn about the ‘open to work’ badge, with a mix of employers and recruiters firmly entrenched on both sides,” said Tatiana Becker, founder of NIAH Recruiting.

‘Avoid the green banner’

Debra Boggs, founder and CEO of D&S Executive Career Management, has concerns about the green “open to work” badge or banner for those who make their job seeking status available to all.

“You are bringing the focus to your employment status and away from your unique value in the market and qualifications for the role,” Boggs said.

Meanwhile, Boggs said, “many recruiters and hiring managers feel that it makes a job seeker look desperate, which is not an attractive quality when looking for a stand-out leader to run a function or a business.”

For entry-level and mid-level job seekers, she suggest they use the “open to work” option that only recruiters can see.

“That way, when recruiters are looking for qualified candidates, you are still signaling to them that you are actively searching, but it’s not considered a red flag,” Boggs said.

But for everyone, she said: “Avoid the green banner” that all can see.

Old-fashioned to see the green badge ‘as a red flag’

Yet Becker sees no shame in signaling your job status to the world. “I say: Put the badge on,” she said.

In the past, being a job hopper was “looked down upon,” Becker said. But that changed when millions of people lost their employment during the Covid pandemic through no fault of their own, and later, with the waves of layoffs that followed the over-hiring boom, she said.

“It’s old fashioned and biased to see the ‘open to work’ badge as a red flag,” Becker said.

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Plus, Becker said, why turn down the help? The badge lets companies and recruiters more easily identify who is looking for a job, she said.

Indeed, using the “open to work feature” doubles someone’s chances of getting a recruiter to message them, according to LinkedIn. Those who flash the green badge under the public option can up that likelihood by 40%, the company said.

“I think there are far more desperate practices on LinkedIn,” said Tiffany Dyba, a recruitment consultant.

So where does all this leave you?

“Do what you feel is best for you,” Dyba said. “It sounds trite, but I really don’t think there is a right or wrong to the ‘open to work.'”

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How to know if a rental listing is a scam, fraud experts say

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It’s exciting to find a new place to rent in your neighborhood or in a new city. That is, of course, unless you get duped.

In so-called rental listing scams, scammers will make up listings that aren’t available for rent or simply do not exist in order to fraudulently take your money, according to the Federal Trade Commission. Scammers will often ask for payments like an application fee, a security deposit, the first month’s rent or a mix of such charges.

“Once the payment is sent, the [so-called] landlord or listing person … disappears,” said John Breyault, vice president of public policy, telecommunications and fraud at the National Consumers League, a consumer advocacy group.

Potential tenants lose cash to rental scams

It’s not uncommon for individuals to fall victim to fraudulent rental listings, experts say.

About 9,521 real estate fraud complaints were filed in 2023, resulting in more than $145 million in losses, according to the latest Internet Crime Report by the Federal Bureau of Investigation. Those figures are down from 11,727 victims and more than $396 million in losses in 2022. 

The agency defined real estate fraud as a loss of funds from a real estate investment or fraud involving a rental or timeshare property.

While it’s convenient to look for a new rental online, experts urge future renters to be cautious, as you may lose hundreds to thousands of dollars if not careful.

For example: Let’s say you fall for a scam that asked for a security deposit — which is often the equivalent to a month’s rent — the first month’s rent upfront, or both. Nationwide, the median monthly rent was $1,373 in December, according to Apartment List.

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A separate report by Rently, a leasing automation platform, found that 62% of respondents who experienced a rental scam lost more than $500, with 48% losing more than $1,000. A smaller share, 8%, were duped out of more than $5,000, according to the report.

The survey polled 500 U.S. adults in November who have rented an apartment, condo or house over the past five years and have either experienced or are aware of rental scams and fraud.

If you need a new place to rent this year, here are some things to watch for to determine if a rental listing is a scam and what to do, according to experts.

4 red flags to watch out for

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Experts say if you’re contacted via text message or a phone call for a rental listing, look at the phone number’s area code. If it’s outside your area, be careful.

If you get an email, take a look at the sender’s address. Does the address contain multiple characters like a mix of letters, numbers and varied punctuation marks or symbols? Or is it coming from a personal account like a Gmail or Yahoo, but poses as a company email? If the answer to either is “yes,” delete it right away, Kitten Goldberg said.

2. Unusual forms of payment required

If the so-called landlord or listing agent requests you to pay an application fee or the first month’s rent through a wire transfer, a gift card or through cryptocurrency, that is “a huge red flag,” Breyault said.

Also be wary if they request a payment through payment apps like Apple Pay, CashApp, PayPal and Zelle, per the Federal Trade Commission.

“What all of those payment methods have in common is that the money goes from you to the recipient nearly instantaneously,” Breyault said. The transactions are often irreversible, even if you determine that it was a fraudulent payment.

Federal laws regarding compensation under fraudulent losses often don’t apply to such transactions, he said. Therefore, if you’re met with these payment options from the so-called listing agent or landlord, stop the application process in its tracks.

3. Refusing to meet or show the property in person

“You should always meet these people face-to-face before you fill out any kind of paperwork,” Kitten Goldberg said, as well as tour the property.

If a landlord or listing agent makes up excuses about why they can’t meet you in person or why you can’t see the rental property in person, that alone should be a red flag, Breyault said.

If you’re out of town or moving to a new city and do not have the ability to vet the apartment yourself, request a virtual tour of the space, experts say. If possible, ask a friend or relative to visit the property for you. 

“That’s really the litmus test to find out if an apartment is for real or not,” Breyault said.

4. Unusually low asking price

If a rental listing is “priced unusually low” compared to similar properties in an area, be careful, Breyault said.

“The reason scammers put listings like that up is because they know that it will attract a lot of eyeballs and potential victims,” he said.

Make sure to compare the listing price to others in your city or area of interest, and be wary of offer that may be too good to be true, Breyault said.

“Do bargains exist? Absolutely, but so do a lot of scams,” Breyault said.

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