Deadline Approaches for Biden's Student Loan Consolidation Plan

Federal student loan borrowers must consolidate their loans by April 30 to qualify for debt cancellation under the Biden administration's latest initiative.

The plan allows for the consolidation of multiple federal student loans into a single loan with a fixed interest rate, potentially lowering monthly payments.
Eligible borrowers include those on income-driven repayment plans or the Public Service Loan Forgiveness program.
The Department of Education is conducting a one-time payment-count adjustment, affecting over 3.6 million borrowers.
No cost is associated with the consolidation process, which can be completed online within 30 minutes.
The initiative follows the Supreme Court's rejection of a broader student debt relief plan last year, prompting the administration to explore alternative relief methods.